Market Perspectives – May 7, 2020

U.S. Export Statistics

Corn:  Net sales of 774,600 MT for 2019/2020 were down 43 percent from the previous week and 36 percent from the prior 4-week average.  Increases primarily for Mexico (141,000 MT, including 57,000 MT switched from unknown destinations and decreases of 1,100 MT), Colombia (139,600 MT, including 62,000 MT switched from unknown destinations and decreases of 23,400 MT), Saudi Arabia (110,500 MT, including 45,000 MT switched from unknown destinations), Guatemala (76,400 MT, including 36,400 MT switched from El Salvador and 1,000 MT switched from Honduras), and Taiwan (74,900 MT, including 65,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (90,100 MT), El Salvador (23,400 MT), and Egypt (9,000 MT).  For 2020/2021, net sales of 97,500 MT were primarily for Japan (50,000 MT), Panama (22,100 MT), and Colombia (20,000 MT).

Exports of 1,400,400 MT–a marketing-year high–were up 33 percent from the previous week and 28 percent from the prior 4-week average.  The destinations were primarily to Mexico (393,600 MT), Colombia (236,500 MT), Japan (182,800 MT), South Korea (131,200 MT), and Taiwan (83,800 MT).

Optional Origin Sales:  For 2019/2020, new optional origin sales of 130,000 MT were reported for Taiwan (65,000 MT) and South Korea (65,000 MT).  Options were exercised to export 60,000 MT to Israel from other than the United States.  The current outstanding balance of 777,000 MT is for South Korea (582,000 MT), Vietnam (130,000 MT), and Taiwan (65,000 MT).

Barley: No net sales for 2019/2020 were reported for week.  Exports of 300 MT were unchanged from the previous week, but up noticeably from the prior 4-week average.  The destinations were South Korea (200 MT) and Taiwan (100 MT).

Sorghum:  Net sales of 64,300 MT for 2019/2020 resulting in increases for China (130,000 MT, including 66,000 MT switched from unknown destinations) and Mexico (300 MT), were offset by reductions for unknown destinations (66,000 MT).  For 2020/2021, total net sales of 65,000 MT were for China.  Exports of 195,400 MT were down 12 percent from the previous week, but up 54 percent from the prior 4-week average.  The destinations were primarily to China (194,900 MT).