Market Perspectives – October 21, 2021

U.S. Export Statistics

Corn:  Net sales of 1,273,100 MT for 2021/2022 were up 22 percent from the previous week and 67 percent from the prior 4-week average.  Increases primarily for unknown destinations (456,700 MT), Mexico (377,100 MT, including decreases of 39,300 MT), Japan (230,100 MT, including 114,400 MT switched from unknown destinations, decreases of 62,000 MT, and 55,000 MT – late), Colombia (111,500 MT, including 59,000 MT switched from unknown destinations and decreases of 31,500 MT), and Nicaragua (76,000 MT), were offset by reductions for Guatemala (15,300 MT).  Total net sales of 500 MT for 2022/2023 were for Canada.

Exports of 1,041,700 MT were up 14 percent from the previous week and 36 percent from the prior 4-week average.  The destinations were primarily to Mexico (447,500 MT), Japan (176,200 MT), China (143,100 MT), Colombia (93,600 MT), and Guatemala (65,100 MT).

Optional Origin Sales:  For 2021/2022, new optional origin sales of 89,800 MT were reported for South Korea (65,000 MT) and Italy (24,800 MT).  Decreases totaling 50,000 MT were reported for unknown destinations.  The current outstanding balance of 339,800 MT is for unknown destinations (250,000 MT), South Korea (65,000 MT), and Italy (24,800 MT).

Late Reporting: For 2021/2022, net sales totaling 55,000 MT of corn were reported late for Japan.

Barley:  No net sales were reported for the week.  Exports of 700 MT were unchanged from the previous week, but up noticeably from the prior 4-week average.  The destination was to Japan.

Sorghum:  Net sales of 262,500 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases were reported for China (127,300 MT), unknown destinations (103,000 MT), and Eritrea (32,200 MT, including 30,000 MT switched from unknown destinations).  Exports of 37,800 MT were down 39 percent from the previous week and 32 percent from the prior 4-week average.  The destinations were primarily to Eritrea (32,200 MT) and China (3,100 MT).