Market Perspectives – November 19, 2020

U.S. Export Statistics

Corn:  Net sales of 1,088,600 MT for 2020/2021 were up 11 percent from the previous week, but down 43 percent from the prior 4-week average.  Increases primarily for Mexico (244,300 MT, including decreases of 2,300 MT), Japan (203,400 MT, including 57,000 MT switched from unknown destinations and decreases of 51,100 MT), China (174,700  MT), Colombia (171,700 MT, including decreases of 600 MT), and Taiwan (138,000 MT, including 65,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (162,000 MT), Guatemala (28,300 MT), and France (20,000 MT).

Exports of 844,600 MT were up 16 percent from the previous week and 9 percent from the prior 4-week average.  The destinations were primarily to China (278,700 MT), Mexico (205,200 MT), Japan (159,400 MT), Venezuela (67,500 MT late – see below), and Peru (52,100 MT).

Optional Origin Sales:  For 2020/2021, new optional origin sales of 68,000 MT were reported for South Korea.  Decreases totaling 130,000 MT were reported for Vietnam.  The current outstanding balance of 1,320,600 MT is for South Korea (505,000 MT), Taiwan (205,000 MT), Japan (188,000 MT), unknown destinations (167,600 MT), Vietnam (130,000 MT), China (65,000 MT), and Ukraine (60,000 MT).

Late Reporting:  For 2020/2021, net sales and exports totaling 67,500 MT were reported late. These sales and exports were reported for Venezuela.

Barley:  No net sales or exports were reported for the week.

Sorghum:  Net sales of 117,900 MT for 2020/2021 resulting in increases for China (131,200 MT, including 68,000 MT switched from unknown destinations) and Eritrea (30,600 MT, switched from unknown destinations), were offset by reductions for unknown destinations (30,000 MT) and Japan (13,900 MT).  For 2021/2022, total net sales of 68,000 MT were reported for unknown destinations.  Exports of 254,900 MT were to China (199,200 MT), Eritrea (30,600 MT), and Japan (25,100 MT).