Market Perspectives – May 20, 2021

U.S. Export Statistics

Corn:  Net sales of 277,600 MT for 2020/2021 were down noticeably from the previous week, but up 19 percent from the prior 4-week average.  Increases primarily for Mexico (294,100 MT, including 24,000 MT switched from unknown destinations and decreases of 12,600 MT), Japan (65,300 MT, including 7,400 MT switched from unknown destinations and decreases of 4,600 MT), South Korea (64,600 MT, including 68,000 MT switched from unknown destinations and decreases of 3,400 MT), Venezuela (41,500 MT, including 16,500 MT switched from unknown destinations), and Panama (21,300 MT), were offset by reductions primarily for unknown destinations (195,300 MT).  For 2021/2022, net sales of 4,061,800 MT primarily for China (3,740,000 MT) and Mexico (199,800 MT), were offset by reductions for Nicaragua (31,200 MT).

Exports of 2,239,900 MT–a marketing-year high– were up 45 percent from the previous week and 23 percent from the prior 4-week average.  The destinations were primarily to China (1,009,700 MT), Mexico (467,100 MT), Japan (310,900 MT), Colombia (113,000 MT), and Israel (111,200 MT).

Optional Origin Sales:  For 2020/2021, the current outstanding balance of 268,500 MT is for unknown destinations (189,500 MT) and South Korea (79,000 MT).

Late Reporting:  For 2020/2021, exports totaling 16,500 MT of corn were reported late to Venezuela.

Barley:  No net sales were reported for the week.  Exports of 600 MT were up 68 percent from the previous week and 40 percent from the prior 4-week average.  The destination was to South Korea.

Sorghum:  Net sales of 119,800 MT for 2020/2021 were up 69 percent from the previous week and up noticeably from the prior 4-week average.  Increases were for China (119,800 MT, including decreases of 5,200 MT).  Total net sales for 2021/2022, of 53,000 MT were for China.  Exports of 59,800 MT were down 68 percent from the previous week and 72 percent from the prior 4-week average.  The destination was to China.