FI Evening Grain Comments 02/04/21

PDF Attached

 

US
trade data will be released on Friday.  Higher USD limited upside potential in soybeans today.  Meal was a puzzler with cold US temps on the horizon.  USDA export sales shattered the record as expected for corn and were good all-around for the other commodities.
USDA may lower their US corn ending stocks for the current season by 50 million bushels with adjustments to demand (exports higher and feed lower) on Tuesday but leave the US soybean and wheat ending stocks unchanged, in our opinion.  Trade estimates indicate
otherwise. 

 

CME
Margins update on Corn and Wheat.

https://www.cmegroup.com/notices/clearing/2021/02/Chadv21-050.html

 

 

Weather

 

 

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS: 

            Not
much has changed overnight. Brazil weather will remain well mixed supporting full season crops and late season soybeans. Enough dry weather will support soybean harvesting and Safrinha crop planting. Excessive rain noted recently in Paraguay and parts of southern
Brazil induced some flash flooding, but most crops likely “weathered” the situation relatively well. There have been local areas of crop quality declines because of recent wet weather in Brazil, but the nation’s crop is mostly rated favorably.

            Central
Argentina soil moisture was bolstered in a major way in recent weeks. Crop development in Cordoba, northern Buenos Aires, central and southern Santa Fe and parts of Entre Rios will advance favorably during the next two weeks. A favorable mix of additional
rain and sunshine is expected in much of the nation.

            South
Africa summer crop conditions remain very good with little change likely. Australia’s dryland sorghum and other crops would benefit from more routine rainfall, especially in Queensland, but that is not likely for a while.

            India
winter crops are beginning to reproduce, and timely rain is needed to support the best possible yields. Crop conditions are rated favorably. Rain this week is not likely to seriously bolster soil moisture outside of the far north, but every drop of moisture
will be good for reproduction. More rain is desired, though.

           
China and Europe crops are mostly dormant and will remain in favorable condition for the next few weeks. Western Europe has become a little too wet.

            Overall,
weather today will likely provide a neutral to slightly bearish bias to market mentality.

 

MARKET
WEATHER MENTALITY FOR WHEAT: Concern remains over snow free areas in southwestern Canada’s Prairies and the northwestern and west-central U.S. Plains as colder air settles into those areas for a while late this week and through the weekend. Snow should precede
the bitter cold to adequately protect dormant winter crops from winterkill. A close monitoring of the region will be warranted when the coldest conditions arrive to make sure snow cover is adequate to protect all crops. There is potential that a few wheat
areas will remain snow free.

            Snow
cover in northern Russia and northeastern Europe is sufficient to support crop needs during the colder periods that may evolve over the next week and deeper into February. Snow free areas in southern Europe, Ukraine and Russia’s Southern Region should not
be threatened by damaging cold weather in the next week.

            China,
India and Europe winter crops are in mostly good condition. Rain is needed in India during reproduction in February and a close watch on rain potentials is warranted over the next few weeks. Showers later this week over the next few days in the far north and
extreme east will be welcome, but greater volumes of rain will still be desired.

            Morocco
rain expected into the weekend will improve topsoil moisture for better wheat development potential in the spring. However, drought during the planting season may have permanently cut production in a small part of the nation. A boost in precipitation is still
needed across all other areas in northern Africa, but no area is drier than southwestern Morocco.

            Recent
increases in Middle East rainfall has improved field condition so that some improvement in crop conditions may follow.

            Overall,
weather today will likely provide a mixed influence on market mentality.

Source:
World Weather Inc. and FI

 

FI
US acreage update

From
previous for 2021:

Raised
sorghum by 100,000 acres

Raised
corn by 300,000 acres

Raised
soybeans by 250,000 acres

Lowered
spring wheat 50,000 acres

YOY
15 crops up 10.24 million acres…could be more when initially reported by USDA in March intentions. 

 

 

Bloomberg
Ag Calendar

Thursday,
Feb 4:

• FAO
  World Food Price Index; cereals supply/demand brief
• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• Port
  of Rouen data on French grain exports

Friday,
Feb 5:

• US
  Trade Balance
• Statcan
  reports on wheat, soy, durum, canola and barley stockpiles in Canada
• ICE
  Futures Europe weekly commitments of traders report, 1:30pm (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• China’s
  CNGOIC to publish soybean and corn reports

Monday,
Feb 8:

• USDA
  weekly corn, soybean, wheat export inspections, 11am
• EU
  weekly grain, oilseed import and export data
• Ivory
  Coast cocoa arrivals
• HOLIDAY:
  New Zealand

Tuesday,
Feb 9:

• USDA’s
  monthly World Agricultural Supply and Demand (WASDE) report, noon
• (CASDE
  ?)
• France
  agriculture ministry updates 2021 winter-crop planting estimates

Wednesday,
Feb 10:

• EIA
  weekly U.S. ethanol inventories, production, 10:30am
• Malaysian
  Palm Oil Board data on January palm oil end- stocks, output, exports
• Malaysia
  Feb. 1-10 palm oil export data from AmSpec, Intertek, SGS
• FranceAgriMer
  monthly grains report
• HOLIDAY:
  Vietnam

Thursday,
Feb 11:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• Conab’s
  data on yield, area and output of corn and soybeans in Brazil
• Russian
  consultant IKAR holds agricultural conference, day 1
• Port
  of Rouen data on French grain exports
• HOLIDAY:
  China, Japan, South Korea, Vietnam

Friday,
Feb 12:

• ICE
  Futures Europe weekly commitments of traders report, 1:30pm (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• Russian
  consultant IKAR holds agricultural conference, day 2
• New
  Zealand Food Prices
• HOLIDAY:
  China, Hong Kong, Indonesia, Malaysia, South Korea, Singapore, Vietnam, Thailand, Philippines

Source:
Bloomberg and FI

 

 

 

Macros

US
Factory Orders Dec: 1.1% (est 0.7%; prev R 1.3%)

–
Factory Orders Ex Transport Dec: 1.4% (prev R 1.1%)

–
Durable Goods Orders Dec F: 0.5% (est 0.2%; prev 0.2%)

–
Durable Goods Orders Ex Transport Dec F: 1.1% (est 0.7%; prev 0.7%)

–
Cap Goods Ship Nondef Ex-Air Dec F: 0.7% (prev 0.5%)

 

Corn.

• Corn
  futures closed lower again the nearby front three contacts and higher in the back months, as we pounder a higher March US planting intentions report and recent absence of Chica corn purchases. 
  
• The
  USD, up higher this morning, was flat by late afternoon.
• Energies
  were mostly higher. There
  were no USDA 24-hour sales this morning. 

 

(Reuters)
– Argentina’s 2020/21 corn crop is expected at 46 million tonnes, the Buenos Aires Grains

Corn
Export Developments

·        
South Korea’s MFG bought 137,000 tons of corn from South America and optional origin.  One consignment of 69,000 tons expected to be sourced from South America was bought from trading house Bunge
at an estimated $287.83 a ton c&f for shipment from South America between March 22 and April 10 for arrival in South Korea around May 20.  The second consignment of 68,000 tons, optional origin, was bought at $289.89 a ton c&f for shipment May 10-29 if sourced
from the U.S. Pacific Northwest coast, between April 20 and May 9 if sourced from the U.S. Gulf or Black Sea region/east Europe, between April 15 and May 4 if from South America or between April 25 and May 14 if from South Africa. (Reuters)

·        
Turkey seeks 235,000 tons of corn on Feb 11 for shipment Feb 19. 

 

 

 

Updated
1/29/21

March
corn is seen trading in a $5.15 and $6.00 range. 

May
corn is seen in a $5.00 and $6.00 range. 

July
is seen in a $4.90 and $5.75 range. 

December
is seen in a $3.75-$5.50 range. 

 

Soybean
complex.
 

• Soybeans
  and soybean oil (mostly soybean oil) caught a bid on light bottom pricking and higher soybean oil after palm futures rallied overnight and Tunisia bought 36,000 tons of soybean oil in an international tender after Egypt secured a large amount of the commodity
  yesterday, mostly from local suppliers. The increase in soybean global trade is seen as positive for CBOT SBO futures.  Lower energy markets and sharply higher USD are limiting gains this morning. 
  
• US
  domestic feed demand expected to tick up with cold temperatures rolling across most of the US, so don’t expect for soybean meal futures to fall over. 
  
• Ukraine
  AgMin/Econ: Sunflower oil production 5.92 million tons, exports 5.52 MMT. 
  
• Indonesia’s
  palm oil exports in 2020 were 34 million tons, according to GAPKI, a 9% decrease from 2019. 
  

 

Oilseeds
Export Developments

·        
Tunisian state agency Office National de l’Huile bought 36,000 tons of crude degummed soyoil in four 9,000 ton consignments at an estimated $1,092 a ton c&f for delivery between Feb. 25 and March
12, one at $1,077 a ton c&f for March 10-25 delivery and one at $997 a ton c&f for delivery between April 16-30.

 

 

Updated
1/26/21

March
soybeans are seen in a $13.25 and $14.75 range 

March
soymeal is seen in a $410 and $480 range

March
soybean oil is seen in a 42.50 and 45.00 cent range

 

Wheat

• US
  wheat were again lower despite USDA export sales exceeding expectations as the higher US dollar takes precedence.
• US
  weather, with temperatures plunging well below normal levels over the next 7-9 days, does not appear to be a threat in the eyes of traders, but we caution some of the uncovered snow areas of the US could see some winterkill threat.  The US drought monitor
  did not change that much from the previous week. Precipitation is not a problem at this time of year, but it will be need to increase for the western states this spring to keep yields at or above trend.  Note crop conditions as a whole for the US are below
  normal. 
• EU
  March milling wheat was down 0.25 at 224.50 euros.
• FAO:
  Jan index 113.3 versus 108.6 in December.  This is a big month on month jump. 
  
• Ukraine
  wheat export prices fell $2-3 per ton according to APK-Inform from the previous week to $288-$296 per ton, a wide ask, IMO. 
  
• Russia
  will implement a formula based export duty, as indicated before, effective April 1.  The formula may be set at 70% of the difference between the price of wheat per ton and $200/ton. 
  

 

Export
Developments.

• South
  Korea’s SPC bought 32,000 tons of milling wheat sourced from the United States and Canada for arrival in June. Reuters noted “the purchase comprised northern spring wheat with 14% protein bought at an estimated $330.39 per ton, 12% protein hard red winter
  wheat bought at $335.72 a ton, 10.5% protein soft white wheat bought at $327 and 9% protein soft white wheat bought at $328.90 a ton.”
  
• Jordan
  seeks 120,000 tons of wheat on Feb 10.  
• Japan
  bought 87,050 tons of food wheat this week. Original details as follows:

• Jordan
  seeks 120,000 tons of animal feed barley on Feb. 9.

 

Rice/Other

·        
Syria is in for 25,000 tons of rice on February 9. 

 

Updated
2/2/21

March
Chicago wheat is seen in a $6.35‐$7.15 range

March
KC wheat is seen in a $6.00‐$6.70 range (lowered 25 low end)

March
MN wheat is seen in a $6.00‐$6.55 range

 

 

U.S.
EXPORT SALES FOR WEEK ENDING 1/28/2021 

 

	CURRENT MARKETING YEAR						NEXT MARKETING YEAR
COMMODITY	NET SALES	OUTSTANDING SALES		WEEKLY EXPORTS	ACCUMULATED EXPORTS		NET SALES	OUTSTANDING SALES
		CURRENT YEAR	YEAR AGO		CURRENT YEAR	YEAR AGO
	THOUSAND METRIC TONS
WHEAT
HRW	187.4	1,358.1	1,814.1	185.4	6,186.8	6,060.9	37.5	202.0
SRW	53.0	445.2	455.0	50.9	1,207.6	1,735.6	9.0	218.5
HRS	250.4	2,019.1	1,558.8	125.7	4,638.9	4,552.4	13.0	67.0
WHITE	152.3	2,415.2	1,139.2	135.2	3,485.1	3,135.7	34.0	70.1
DURUM	0.0	167.2	190.4	0.8	490.6	623.8	0.0	0.0
TOTAL	643.1	6,404.7	5,157.3	498.1	16,008.9	16,108.4	93.5	557.6
BARLEY	0.0	11.8	16.7	1.5	18.7	32.0	2.0	14.5
CORN	7,436.5	36,089.8	11,683.3	995.5	20,016.7	11,107.3	83.8	887.3
SORGHUM	63.7	3,112.6	350.6	309.8	2,708.4	804.9	53.0	594.0
SOYBEANS	824.0	11,131.8	5,471.4	1,963.4	47,525.7	26,770.4	633.4	4,246.4
SOY MEAL	301.1	2,947.6	3,664.2	199.4	4,251.7	3,617.2	45.0	213.9
SOY OIL	10.5	243.2	272.2	1.0	340.9	330.1	0.0	0.6
RICE
L G RGH	23.5	315.5	383.1	2.9	841.6	713.9	0.0	0.0
M S RGH	0.0	12.3	18.5	2.6	16.7	16.8	0.0	0.0
L G BRN	1.3	11.4	23.4	0.2	23.3	20.6	0.0	0.0
M&S BR	0.3	53.1	67.8	0.7	53.2	22.7	0.0	0.0
L G MLD	17.3	87.7	121.7	5.0	331.9	544.4	0.0	0.0
M S MLD	55.0	204.7	128.8	18.8	261.8	328.6	0.0	0.0
TOTAL	97.4	684.6	743.2	30.1	1,528.5	1,647.0	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	286.7	6,051.4	7,379.5	319.0	6,714.6	5,467.1	3.8	943.2
PIMA	19.0	270.6	224.2	20.2	393.9	205.2	0.0	1.1

 

Export
Sales Highlights 

This
summary is based on reports from exporters for the period January 22-28, 2021. 

Wheat:  Net
sales of 643,100 metric tons (MT) for 2020/2021 were up 69 percent from the previous week and up noticeably from the prior 4-week average.  Increases primarily for China (134,000 MT), Nigeria (129,600 MT, including decreases of 36,000 MT), Mexico (77,100 MT,
including decreases of 100 MT), Indonesia (72,000 MT), and the Philippines (68,600 MT, including decreases of 600 MT), were offset by reductions primarily for unknown destinations (31,000 MT).  For 2021/2022, net sales of 93,500 MT were reported for Mexico
(37,500 MT), the Philippines (34,000 MT), and unknown destinations (22,000 MT).  Exports of 498,100 MT were down 2 percent from the previous week, but up 29 percent from the prior 4-week average.  The destinations were primarily to Nigeria (99,600 MT), South
Korea (77,300 MT), Mexico (69,700 MT), Japan (60,600 MT), and the Philippines (58,300 MT).   

Optional
Origin Sales:  For
2020/2021, the current outstanding balance of 10,000 MT, all Spain. 

Corn:  Net
sales of 7,436,500 MT for 2020/2021–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for China (5,860,400 MT, including decreases of 100 MT), Japan (502,900 MT, including 4,500 MT switched
from unknown destinations and decreases of 7,100 MT), Mexico (403,700 MT, including decreases of 17,600 MT), unknown destinations (402,900 MT), and South Korea (66,000 MT), were offset by reductions for Ecuador (1,400 MT), Costa Rica (600 MT), and Malaysia
(100 MT).  For 2021/2022, total net sales of 83,800 MT were reported for Japan.  Exports of 995,500 MT were down 30 percent from the previous week and 17 percent from the prior 4-week average.  The destinations were primarily to Japan (253,600 MT), China (209,500
MT), Mexico (190,900 MT), Colombia (108,800 MT), and Chile (45,300 MT).  

Optional
Origin Sales:  For
2020/2021, new optional origin sales of 50,000 MT were reported for unknown destinations.  The current outstanding balance of 1,319,400 MT is for South Korea (838,000 MT), unknown destinations (274,000 MT), Taiwan (140,000 MT), China (65,000 MT), and Ukraine
(2,400 MT).   

Barley:  No
net sales were reported for 2020/2021.  For 2021/2022, total net sales of 2,000 MT were reported for Japan.  Exports of 1,500 MT were to Japan (1,300 MT) and Taiwan (200 MT). 

Sorghum:  Net
sales of 63,700 MT for 2020/2021 were down 66 percent from the previous week and 62 from the prior 4-week average.  Increases reported for China (199,500 MT, including 136,000 MT switched from unknown destinations and decreases of 57,900 MT) and Mexico (200
MT), were offset by reductions for unknown destinations (136,000 MT).  For 2021/2022, total net sales of 53,000 MT were for unknown destinations.  Exports of 309,800 MT were up noticeably from the previous week and from the prior 4-week average.  The destination
was China.  

Rice:  Net
sales of 97,400 MT for 2020/2021 were down 33 percent from the previous week, but up 46 percent from the prior 4-week average.  Increases primarily for Japan (52,200 MT), Mexico (23,100 MT), Haiti (14,500 MT), El Salvador (4,500 MT, switched from Honduras),
and Canada (3,100 MT, including decreases of 200 MT), were offset by reductions for Honduras (4,500 MT).  Exports of 30,100 MT were down 48 percent from the previous week and 49 percent from the prior 4-week average.  The destinations were primarily to Japan
(13,900 MT), Mexico (6,700 MT), Canada (2,900 MT), Saudi Arabia (2,200 MT), and Jordan (1,200 MT).  

Soybeans:  Net
sales of 824,000 MT for 2020/2021 were up 77 percent from the previous week and 4 percent from the prior 4-week average.  Increases primarily for China (598,900 MT, including 455,000 MT switched from unknown destinations and decreases of 6,400 MT), Mexico
(121,400 MT, including decreases of 1,200 MT), the Netherlands (115,500 MT, including 120,000 MT switched from unknown destinations and decreases of 4,500 MT), Egypt (110,000 MT), and Japan (87,500 MT, including 27,000 MT switched from unknown destinations
and decreases of 4,600 MT), were offset by reductions primarily for unknown destinations (409,500 MT).  For 2021/2022, net sales of 633,400 MT were primarily for China (528,000 MT), unknown destinations (57,500 MT), and Mexico (47,500 MT).  Exports of 1,963,400
MT were down 11 percent from the previous week and 7 percent from the prior 4-week average.  The destinations were primarily to China (1,263,600 MT), the Netherlands (115,500 MT), Mexico (93,500 MT), Saudi Arabia (68,000 MT), and Pakistan (67,400 MT).   

Exports
for Own Account:  For
2020/2021, the current exports for own account outstanding balance is 6,100 MT, all Canada. 

Soybean
Cake and Meal:  Net
sales of 301,100 MT for 2020/2021 were up noticeably from the previous week and up 12 percent from the prior 4-week average.  Increases primarily for the Philippines (135,500 MT), Indonesia (52,900 MT), Venezuela (21,600 MT), Colombia (21,400 MT), and Ireland
(19,400 MT, including 18,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (17,300 MT) and Ecuador (1,500 MT).  For 2021/2022, total net sales of 45,000 MT were for unknown destinations.  Exports of 199,400 MT were
down 43 percent from the previous week and 26 percent from the prior 4-week average.  The destinations were primarily to Bangladesh (48,600 MT), Mexico (41,600 MT), Ireland (19,400 MT), Canada (19,400 MT), and Venezuela (18,600 MT).  

Soybean
Oil:  Net
sales of 10,500 MT for 2020/2021 were down 45 percent from the previous week and 51 percent from the prior 4-week average.  Increases primarily for Colombia (7,300 MT), Guatemala (5,000 MT), Canada (4,600 MT), Venezuela (3,000 MT), and South Korea (2,000 MT),
were offset by reductions for unknown destinations (15,000 MT).  Exports of 1,000 MT were down 98 percent from the previous week and 97 percent from the prior 4-week average.  The destinations were primarily to Mexico (600 MT). 

Cotton:  Net
sales of 286,700 RB for 2020/2021 were down 11 percent from the previous week, but up 5 percent from the prior 4-week average.  Increases primarily for China (85,400 RB, including 1,300 RB switched from Hong Kong and 400 RB switched from Germany), Turkey (71,400
RB), Pakistan (51,200 RB), Vietnam (30,200 RB, including 300 RB switched from Japan), and Indonesia (21,700 RB, including decreases of 2,800 RB), were offset by reductions for Guatemala (1,800 RB), Hong Kong (1,300 RB), and Germany (400 RB).  For 2021/2022,
net sales of 3,800 RB reported for Thailand (9,200 RB) and Indonesia (7,400 RB), were offset by reductions for China (10,600 RB) and Mexico (2,200 RB).  Exports of 319,000 RB were up 16 percent from the previous week and 12 percent from the prior 4-week average.  Exports
were primarily to China (106,500 RB), Vietnam (72,000 RB), Pakistan (42,300 RB), Mexico (18,300 RB), and Turkey (17,100 RB).  Net sales of Pima totaling 19,000 RB were down 27 percent from the previous week and 17 percent from the prior 4-week average.  Increases
were primarily for China (13,100 RB), India (3,100 RB), Turkey (800 RB), South Korea (500 RB), and Pakistan (400 RB).  Exports of 20,200 RB were up 61 percent from the previous week and 85 percent from the prior 4-week average.  The destinations were primarily
to Vietnam (5,600 RB), India (4,600 RB), China (2,400 RB), Pakistan (1,900 RB), and Peru (1,600 RB).    

Exports
for Own Account:  For
2020/2021, new exports for own account totaling 7,900 RB were to China (5,800 RB) and Vietnam (2,100 RB).  Exports for own account totaling 1,000 RB to Indonesia were applied to new or outstanding sales.  The current exports for own account outstanding balance
of 15,500 RB is for China (11,700 RB) and Vietnam (3,800 RB).  

Hides
and Skins:  Net
sales of 421,300 pieces for 2021, primarily for China (289,700 whole cattle hides, including decreases of 10,500 pieces), South Korea (80,400 whole cattle hides, including decreases of 1,500 pieces), Mexico (18,600 whole cattle hides, including decreases of
1,700 pieces), Thailand (12,100 whole cattle hides, including decreases of 1,000 pieces), and Taiwan (9,600 whole cattle hides, including decreases of 200 pieces), were offset by reductions primarily for Brazil (600 pieces).  Additionally, net sales of 7,300
kip skins resulting in increases for Belgium (7,500 Kip skins, including decreases of 500 kip skins), were offset by reductions for Italy (100 kip skins).  Exports of 409,700 pieces for 2021 were primarily to China (258,000 pieces), South Korea (67,500 pieces),
Mexico (44,800 pieces), Thailand (15,700 pieces), and Brazil (10,200 pieces).  Additionally, exports of 7,000 kip skins were primarily to Belgium (5,100 kip skins).   

Net
sales of 94,900 wet blues for 2021, primarily for Italy (56,900 unsplit and 200 grain splits), China (23,700 unsplit and 2,700 grain splits, including decreases of 200 grain splits), Vietnam (4,400 unsplit, including decreases of 100 unsplit), South Korea
(3,200 grain splits), and Brazil (1,800 unsplit, including decreases of 100 unsplit), were offset by reductions for Thailand (300 unsplit) and Taiwan (100 unsplit).  Exports of 165,800 wet blues for 2021 were primarily to China (47,900 unsplit ad 7,600 grain
splits), Vietnam (44,700 unsplit), Italy (31,500 unsplit and 7,800 grain splits), Thailand (10,200 unsplit), and Brazil (7,300 unsplit).  Net sales reductions of 75,600 splits were reported for Vietnam (54,900 pounds, including decreases of 55,100 pounds)
and China (20,700 pounds).  Exports of 325,400 pounds were to Vietnam (281,400 pounds) and China (44,000 pounds). 

Beef:  Net
sales of 29,800 MT reported for 2021, increases were primarily for South Korea (10,000 MT, including decreases of 300 MT), Japan (7,000 MT, including decreases of 700 MT), China (7,000 MT, including decreases of 100 MT), Taiwan (1,900 MT, including decreases
of 100 MT), and Canada (1,000 MT).  For 2022, total net sales of 100 MT were reported for Canada.   Exports of 17,600 MT were primarily to Japan (5,600 MT), South Korea (4,900 MT), Mexico (1,800 MT), China (1,200 MT), and Canada (1,000 MT). 

Pork:  Net
sales of 46,300 MT reported for 2021, increases primarily for China (17,900 MT, including decreases of 1,300 MT), Mexico (10,300 MT, including decreases of 500 MT), Japan (4,000 MT, including decreases of 100 MT), Canada (2,900 MT, including decreases of 400
MT), and the Philippines (2,600 MT, including decreases of 200 MT), were offset by reductions primarily for El Salvador (100 MT).  Exports of 38,300 MT were primarily to China (12,000 MT), Mexico (10,800 MT), Japan (4,600 MT), South Korea (2,700 MT), and Canada
(1,800 MT). 

February
4, 2021                                             1               FOREIGN AGRICULTURAL SERVICE/USDA

 

                                                                                              
SUMMARY OF EXPORT TRANSACTIONS
                                                                                 REPORTED UNDER THE DAILY SALES REPORTING SYSTEM
                                                                                                FOR PERIOD ENDING JANUARY 28, 2020 

 

COMMODITY                        DESTINATION                                QUANITY
(MT)                            MARKETING YEAR         

 

CORN                                      
CHINA                                         5,848,000 MT 1/                                 2020/2021

CORN                                      
UNKNOWN                                    316,400 MT 1/                                 2020/2021

CORN                                      
MEXICO                                         125,730 MT 1/                                 2020/2021

CORN                                      
JAPAN                                            110,000 MT 1/                                 2020/2021

SOYBEANS                            
CHINA                                            264,000 MT 1/                                  2021/2022

SOYBEANS                            
UNKNOWN                                    126,500 MT 1/                                  2020/2021

SOYBEAN
MEAL                   PHILIPPINES                                 133,000 MT 1/                                  2020/2021

 

1/
Export Sales.