Market Perspectives – May 5, 2022

U.S. Export Statistics

Corn:  Net sales of 782,500 MT for 2021/2022 were down 10 percent from the previous week and 19 percent from the prior 4-week average.  Increases primarily for China (465,900 MT, including decreases of 10,200 MT), Colombia (191,600 MT, including 158,000 MT switched from unknown destinations and decreases of 67,200 MT), Japan (165,800 MT, including 47,600 MT switched from unknown destinations and decreases of 1,600 MT), Spain (157,100 MT, including 98,000 MT switched from unknown destinations and decreases of 2,800 MT), and Taiwan (82,900 MT, including 66,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (375,500 MT).  Net sales of 737,900 MT for 2022/2023 were primarily for China (612,000 MT), Japan (50,600 MT), Guatemala (46,700 MT), and El Salvador (22,300 MT).

Exports of 1,904,800 MT–a marketing-year high–were up 22 percent from the previous week and 28 percent from the prior 4-week average.  The destinations were primarily to China (465,800 MT), Mexico (279,800 MT), Colombia (245,700 MT), Japan (201,200 MT), and Spain (157,100 MT).

Optional Origin Sales:  For 2021/2022, the current outstanding balance of 378,300 MT is for unknown destinations (240,000 MT), South Korea (65,000 MT), Italy (34,300 MT), Morocco (30,000 MT), and Saudi Arabia (9,000 MT).  For 2022/2023, the current outstanding balance of 35,400 MT is for Italy.

Late Reporting: For 2021/2022, net sales and exports totaling 15,600 MT of corn was reported late for Venezuela.

Barley: No net sales were reported for the week.  Exports of 100 MT were unchanged from the previous week, but up noticeably from the prior 4-week average.  The destination was to South Korea.

Sorghum:  Net sales of 88,100 MT for 2021/2022 were up noticeably from the previous week, but down noticeably from the prior 4-week average.  Increases primarily for Spain (86,900 MT, including 83,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (12,000 MT).  Exports of 212,200 MT were up 26 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were to China (125,300 MT) and Spain (86,900 MT).