Market Perspectives – May 19, 2022

U.S. Export Statistics

Corn: Net sales of 435,300 MT for 2021/2022 were up noticeably from the previous week, but down 36 percent from the prior 4-week average. Increases primarily for Taiwan (64,900 MT, including decreases of 100 MT), South Korea (59,500 MT, including decreases of 8,400 MT), China (59,300 MT, including decreases of 8,700 MT), Guatemala (49,500 MT), and Canada (40,000 MT, including decreases of 10,900 MT), were offset by reductions for unknown destinations (24,700 MT), Colombia (7,300 MT), Japan (6,500 MT), and Panama (1,000 MT). Net sales of 588,500 MT for 2022/2023 resulting in increases for China (544,000 MT), Mexico (52,500 MT), Japan (50,000 MT), and Costa Rica (13,700 MT), were offset by reductions primarily for Guatemala (46,700 MT) and El Salvador (21,100 MT).

Exports of 1,380,100 MT were down 8 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Mexico (366,100 MT), South Korea (259,800 MT), Colombia (205,400 MT), China (195,300 MT), and Japan (97,500 MT).

Optional Origin Sales: For 2021/2022, new optional origin sales of 60,000 MT were reported for unknown destinations. Options were exercised to export 30,000 MT to Morocco from the United States. The current outstanding balance of 408,300 MT is for unknown destinations (300,000 MT), South Korea (65,000 MT), Italy (34,300 MT), and Saudi Arabia (9,000 MT). For 2022/2023, the current outstanding balance of 35,400 MT is for Italy.

Late Reporting: For 2021/20222, net sales and exports totaling 46,500 MT of corn was reported late for Italy (35,300 MT) and Venezuela (11,200 MT).

Barley: No net sales were reported for the week. Exports of 500 MT were unchanged from the previous week, but up noticeably from the prior 4-week average. The destination was to Japan.

Sorghum: Net sales reductions of 67,300 MT for 2021/2022–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average. Increases reported for China (63,700 MT, including 124,700 MT switched from unknown destinations and decreases of 63,100 MT), were more than offset by reductions for unknown destinations (131,000 MT). Exports of 192,000 MT were down 29 percent from the previous week and 18 percent from the prior 4-week average. The destination was to China.