Market Perspectives – November 21, 2019

U.S. Export Statistics

Corn:  Net sales of 788,000 metric tons for 2019/2020 were up 36 percent from the previous week and 49 percent from the prior 4-week average. Increases primarily for Mexico (386,600 MT, including 52,000 MT switched from unknown destinations and decreases of 14,400 MT), Colombia (124,900 MT, including 68,000 MT switched from unknown destinations), Japan (82,300 MT), Honduras (78,300 MT), and Costa Rica (64,800 MT, including 30,700 MT switched from unknown destinations), were partially offset by reductions primarily for unknown destinations (52,700 MT) and South Korea (50,000 MT).  For 2020/2021, net sales of 45,900 MT were for Mexico (25,600 MT) and Canada (20,300 MT).

Exports of 673,100 MT–a marketing-year high–were up 12 percent from the previous week and 41 percent from the prior 4-week average.  The destinations were primarily to Mexico (375,000 MT), Colombia (134,900 MT), Japan (71,400 MT), Costa Rica (32,800 MT), and Panama (22,900 MT).

Optional Origin Sales:  For 2019/2020, new optional origin sales of 65,000 MT were reported for South Korea.  The current outstanding balance of 620,900 MT is for South Korea (388,000 MT), Israel (120,000 MT), Egypt (58,900 MT), and Japan (54,000 MT).  

Barley: No net sales for 2019/2020 were reported for the week.  Exports of 1,200 MT were up 10 percent from the previous week and from the prior 4-week average.  The destinations were Japan (800 MT), South Korea (200 MT), and Taiwan (200 MT).

Sorghum:  Net sales reductions of 500 MT for 2019/2020 resulting in increases for Mexico (11,200 MT), were more than offset by reductions for Japan (11,700 MT).  Exports of 26,000 MT were down 11 percent from the previous week, but up noticeably from the prior 4-week average.  The destinations were Japan (25,800 MT) and Mexico (200 MT).