Market Perspectives – May 14, 2020

U.S. Export Statistics

Corn:  Net sales of 1,073,200 MT for 2019/2020 were up 39 percent from the previous week and 14 percent from the prior 4-week average.  Increases primarily for China (371,000 MT), Mexico (239,600 MT, including 63,000 MT switched from unknown destinations and decreases of 27,900 MT), Japan (163,100 MT, including 20,100 MT switched from unknown destinations and decreases of 1,600 MT), Colombia (117,200 MT, including 32,000 MT switched from unknown destinations and decreases of 15,000 MT), and South Korea (74,500 MT, including 10,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (160,700 MT).  For 2020/2021, net sales of 554,500 MT were for China (315,000 MT), Mexico (193,900 MT), Panama (26,600 MT), and unknown destinations (19,000 MT).  Exports of 1,311,100 MT were down 6 percent from the previous week, but up 16 percent from the prior 4-week average.  The destinations were primarily to Mexico (386,900 MT), Japan (304,300 MT), Costa Rica (99,100 MT), South Korea (80,600 MT), and Tunisia (63,700 MT).

Optional Origin Sales:  For 2019/2020, new optional origin sales of 65,000 MT were reported for Vietnam. The current outstanding balance of 842,000 MT is for South Korea (582,000 MT), Vietnam (195,000 MT), and Taiwan (65,000 MT).

Barley: No net sales for 2019/2020 were reported for week.  Exports of 600 MT were up 78 percent from the previous week and up noticeably from the prior 4-week average.  The destinations were primarily to Japan (400 MT) and Taiwan (100 MT).

Sorghum:  Net sales reductions of 15,300 MT for 2019/2020–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average.  Increases for China (70,000 MT, including 65,000 MT switched from unknown destinations) and Japan (300 MT), were more than offset by reductions for unknown destinations (65,000 MT) and Mexico (20,600 MT).  For 2020/2021, total net sales of 65,000 MT were for China.  Exports of 4,300 MT were down 98 percent from the previous week and from the prior 4-week average.  The destinations were to Japan (3,300 MT), China (900 MT), and Mexico (100 MT).