Market Perspectives – November 2, 2023

U.S. Export Statistics

Corn:  Net sales of 748,100 MT for 2023/2024 were down 45 percent from the previous week and 40 percent from the prior 4-week average. Increases primarily for Mexico (434,300 MT, including decreases of 46,000 MT), unknown destinations (110,500 MT), Japan (70,200 MT, including 49,200 MT switched from unknown destinations and decreases of 155,000 MT), Colombia (61,400 MT, including decreases of 27,700 MT), and Honduras (25,900 MT, including 12,500 MT switched from El Salvador and decreases of 600 MT), were offset by reductions for El Salvador (10,000 MT) and the Dominican Republic (1,000 MT). Total net sales of 12,700 MT for 2024/2025 were for Mexico.

Exports of 505,900 MT were up 5 percent from the previous week, but down 17 percent from the prior 4-week average. The destinations were primarily to Mexico (310,300 MT), Canada (81,900 MT), Japan (49,200 MT), Honduras (27,000 MT), and Guatemala (15,700 MT).

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

Sorghum:  Net sales of 379,500 MT for 2023/2024–a marketing-year high–were up 99 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported for China (311,500 MT) and unknown destinations (68,000 MT). Exports of 60,200 MT were up noticeably from the previous week and up 25 percent from the prior 4-week average. The destinations were to China (60,100 MT) and Mexico (100 MT).