Market Perspectives – November 8, 2018

U.S. Export Statistics

Corn: Net sales of 701,500 MT for 2018/2019 were up 78 percent from the previous week and 32 percent from the prior 4-week average. Increases were reported for Japan (371,500 MT, including 145,700 MT switched from unknown destinations and decreases of 7,400 MT), Mexico (267,600 MT, including decreases of 42,900 MT), South Korea (127,100 MT, including 180,000 MT switched from unknown destinations and decreases of 65,000 MT), Taiwan (82,800 MT, including 65,000 MT switched from unknown destinations), and Egypt (55,000 MT, switched from unknown destinations). Reductions were primarily for unknown destinations (302,600 MT). Exports of 1,355,400 MT were up 80 percent from the previous week and 16 percent from the prior 4-week average. The destinations were primarily to Japan (391,600 MT), Mexico (319,100 MT), South Korea (135,600 MT), Taiwan (77,100 MT), and Peru (72,500 MT).

Optional Origin Sales: For 2018/2019, new optional origin sales of 58,000 MT were reported for unknown destinations. Options were exercised to export 65,000 MT to Vietnam from other than the United States. The current outstanding balance of 710,000 MT is for unknown destinations (367,000 MT) and South Korea (343,000 MT).

Barley: Net sales reductions of 100 MT for 2018/2019 were reported for South Korea. Exports of 700 MT were primarily to South Korea (300 MT), Taiwan (200 MT), and Japan (200 MT).

Sorghum: Net sales reductions of 2,700 MT for 2018/2019 resulted as increases for Japan (7,300 MT, including 10,200 MT switched from unknown destinations and decreases of 3,900 MT) and South Korea (200 MT), were more than offset by reductions for unknown destinations (10,200 MT). Exports of 18,000 MT were up noticeably from the previous week and up 10 percent from the prior 4-week average. The destinations were primarily to Japan (17,400 MT) and Mexico (500 MT).