Market Perspectives – May 17, 2018

U.S. Export Statistics

Corn: Net sales of 985,700 MT for 2017/2018 were up 42 percent from the previous week and 15 percent from the prior 4-week average. Increases were reported for Japan (401,500 MT, including 154,500 MT switched from unknown destinations), Colombia (122,500 MT, including 50,000 MT switched from unknown destinations and decreases of 2,300 MT), Vietnam (120,600 MT, including 130,000 MT switched from unknown destinations and decreases of 9,400 MT), Mexico (92,700 MT, including decreases of 18,600 MT), and Taiwan (79,200 MT, including decreases of 2,100 MT). Reductions were primarily for unknown destinations (279,400 MT). For 2018/2019, net sales of 129,200 MT were reported for Mexico (119,200 MT) and Taiwan (10,000 MT). Exports of 1,563,800 MT were down 12 percent from the previous week and 4 percent from the prior 4-week average. The destinations were primarily to Mexico (364,900 MT), Japan (318,000 MT), Taiwan (162,300 MT), Vietnam (120,600 MT), and Colombia (80,800 MT).

Optional Origin Sales: For 2017/2018, options were exercised to export 174,000 MT to unknown destinations (104,000 MT) and South Korea (70,000 MT) from other than the United States. The current optional origin outstanding balance of 534,000 MT is for South Korea (344,000 MT), Vietnam (65,000 MT), unknown destinations (75,000 MT), and Egypt (50,000 MT).

Barley: Net sales reductions of 7,000 MT for 2017/2018 resulted as increases for South Korea (100 MT), were more than offset by reductions for Japan (7,100 MT). For 2018/2019, net sales of 7,100 were reported for Japan. Exports of 500 MT were to South Korea (300 MT) and Taiwan (200 MT).

Sorghum: Net sales of 59,400 MT for 2017/2018 were reported for Japan (65,200 MT, including 6,100 MT switched from unknown destinations), Taiwan (700 MT), and Mexico (400 MT). Reductions were primarily for unknown destinations (6,100 MT). For 2018/2019, net sales of 38,000 MT were reported for Mexico. Exports of 65,900 MT were down 66 percent from the previous week and 43 percent from the prior 4-week average. The destinations were Japan (65,300 MT), Taiwan (400 MT), and Mexico (300 MT).

Export Adjustments: Accumulated exports to China were adjusted down 58,250 MT for week ending March 15th. The correct destination is Japan and is included in this week’s report.