Market Perspectives – May 21, 2020

U.S. Export Statistics

Corn:  Net sales of 884,200 MT for 2019/2020 were down 18 percent from the previous week and 10 percent from the prior 4-week average.  Increases primarily for Japan (332,600 MT, including 39,600 MT switched from unknown destinations and decreases of 4,100 MT), Mexico (215,000 MT, including 30,000 MT switched from unknown destinations and decreases of 5,200 MT), South Korea (133,000 MT, including decreases of 2,900 MT), Peru (64,000 MT), and the Dominican Republic (35,000 MT), were offset by reductions for the French West Indies (4,400 MT) and Egypt (2,400 MT).

For 2020/2021, net sales reductions of 29,400 MT resulting in increases for Honduras (3,700 MT), Canada (1,100 MT), and Guatemala (400 MT), were more than offset by reductions for Mexico (34,500 MT).

Exports of 1,261,300 MT were down 4 percent from the previous week, but up 10 percent from the prior 4-week average.  The destinations were primarily to Mexico (362,900 MT), Japan (263,800 MT), China (129,600 MT), South Korea (122,000 MT), and Colombia (115,100 MT).

Optional Origin Sales:  For 2019/2020, options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding balance of 777,000 MT is for South Korea (517,000 MT), Vietnam (195,000 MT), and Taiwan (65,000 MT).

Barley: Net sales of 200 MT for 2019/2020 were reported for Taiwan.  Exports of 600 MT were down 5 percent from the previous week, but up noticeably from the prior 4-week average.  The destination was Japan.

Sorghum:  Net sales of 83,100 MT for 2019/2020 were down noticeably from the previous week and down 29 percent from the prior 4-week average.  Increases for China (131,500 MT, including 116,000 MT switched from unknown destinations and decreases of 200 MT), were offset by reductions for unknown destinations (48,000 MT) and Japan (300 MT).  For 2020/2021, net sales of 32,000 MT for China (65,000 MT), were offset by reductions for New Zealand (33,000 MT).

Exports of 263,800 MT–a marketing-year high–were up noticeably from the previous week and up 91 percent from the prior 4-week average.  The destinations were primarily to China (254,100 MT) and Japan (9,700 MT).