Market Perspectives – May 24, 2018

U.S. Export Statistics

Corn: Net sales of 854,300 MT for 2017/2018 were down 13 percent from the previous week, but up 3 percent from the prior 4-week average. Increases were reported for Japan (326,900 MT, including 60,000 MT switched from unknown destinations and decreases of 3,700 MT), South Korea (223,300 MT, including 150,000 MT switched from unknown destinations), Mexico (150,800 MT, including decreases of 28,200 MT), China (88,200 MT, including 65,000 MT switched from unknown destinations), and Vietnam (68,900 MT, including 65,000 MT switched from unknown destinations). Reductions were primarily for unknown destinations (318,400 MT). For 2018/2019, net sales of 273,400 MT were reported for Japan (188,000 MT) and Vietnam (60,000 MT). Exports of 1,469,300 MT were down 6 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to Mexico (371,700 MT), South Kora (286,900 MT), Japan (172,300 MT), Egypt (116,600 MT), and China (72,200 MT).

Optional Origin Sales: For 2017/2018, new optional origin sales 66,000 MT were reported for unknown destinations. The current optional origin outstanding balance of 600,000 MT is for South Korea (344,000 MT), unknown destinations (141,000 MT), Vietnam (65,000 MT), and Egypt (50,000 MT).

Barley: No net sales were reported for the week. Exports of 900 MT were to Japan (700 MT) and Taiwan (200 MT).

Sorghum: Net sales of 29,800 MT for 2017/2018 were reported for unknown destinations (20,000 MT), South Africa (9,000 MT, switched from unknown destinations), and Mexico (800 MT). Exports of 11,100 MT were down 83 percent from the previous week and 89 percent from the prior 4-week average. The destinations were South Africa (9,000 MT), Vietnam (1,100 MT), Mexico (800 MT), and Taiwan (200 MT).