Market Perspectives – May 3, 2018

U.S. Export Statistics

Corn: Net sales of 1,019,900 MT for 2017/2018 were up 46 percent from the previous week and 16 percent from the prior 4-week average. Increases were reported for Mexico (310,100 MT, including decreases of 3,500 MT), Colombia (148,200 MT, including 84,000 MT switched from unknown destinations and decreases of 1,000 MT), South Korea (126,000 MT, including 60,000 MT switched from unknown destinations and decreases of 2,400 MT), Egypt (116,700 MT, including 60,000 MT switched from unknown destinations and decreases of 3,300 MT), and Taiwan (80,100 MT, including decreases of 300 MT). Reductions were primarily for unknown destinations (127,400 MT) and Panama (51,800 MT). For 2018/2019, net sales of 49,300 MT were reported for Mexico. Exports of 1,474,300 MT were down 13 percent from the previous week and 9 percent from the prior 4-week average. The destinations were primarily to Mexico (364,900 MT), Japan (293,600 MT), Colombia (149,600 MT), South Korea (127,400 MT), and Spain (71,500 MT).

Optional Origin Sales: For 2017/2018, options were exercised to export 55,000 MT to Vietnam from the United States. The current optional origin outstanding balance of 708,000 MT is for South Korea (414,000 MT), unknown destinations (179,000 MT), Vietnam (65,000 MT), and Egypt (50,000 MT).

Barley: No net sales were reported for the week. Exports of 400 MT were to South Korea.

Sorghum: Net sales of 29,100 MT for 2017/2018 resulted as increases for Spain (49,500 MT), Colombia (25,200 MT), South Africa (6,500 MT, including 5,500 MT switched from unknown destinations), and Taiwan (4,400 MT), were partially offset by reductions for China (53,100 MT) and unknown destinations (5,500 MT). Exports of 89,300 MT were down 29 percent from the previous week and 42 percent from the prior 4-week average. The primary destinations were Spain (49,500 MT) and Colombia (25,200 MT).