PDF Attached
USDA
reported 1.224 million tons of corn under the 24-hour sales. Another choppy two-sided trade on lack of direction. For SBO bulls…there is new US legislation to introduce a tax credit for sustainable aviation fuel of up to $2.00 for every gallon produced.
The credit would expire at the end of 2031. https://www.reuters.com/business/sustainable-business/us-lawmakers-propose-tax-credit-sustainable-aviation-fuel-2021-05-20/
Here’s the bill’s direct language: https://schneider.house.gov/sites/schneider.house.gov/files/Sustainable%20Skies%20Act.pdf
FI
acreage adjustments.
We are hearing the US corn area could be 3 to 6 million higher and soybeans recently 4 million higher from March Intentions. However, we are looking for USDA to be a little conservative in their area upward adjustments for June Plantings report, if any.
We raised our current US corn area estimate from 92.5 to 93.5 million (+2.36 from march) and US soybeans from 89.25 to 89.50 million (+1.9 from March) from our May 5th estimate. Attached is our updated US acreage table. Combined corn and soybeans
are expected to end up a record, if realized. Latest estimates are based on SX/CZ 13.75 and 5.75 soybeans and corn.
US
crush.
Post NOPA crush and feedback for this month, we lowered our crop year crush by 3 million bushels to 2.179 billion (USDA @ 2.190 billion) for Sep-Aug (2.183 for Oct-Sep).
NOT
MUCH CHANGE AROUND THE WORLD OVERNIGHT
- NWS
30-Day Outlook for United States - Temperatures
will be warmer than usual in June for most of the western and northern United States as well as from Florida to southern New England and New York
- Rainfall
was advertised greater than usual from the Texas coast to Florida and northward to eastern Kansas, Missouri, Illinois, Indiana, southeastern Michigan and New York - Below
average precipitation was suggested for areas from the Pacific Northwest through the northwestern and west-central Plains; including the northwest half of the Texas Panhandle and the northeast half of New Mexico.
- Equal
chances for above, below and near normal precipitation were given to the remainder of the nation; including northern New England the Middle Atlantic Coast region from Virginia to South Carolina, most of California and the southwestern desert region as well
as the upper Midwest and from eastern Nebraska to central Texas. - NWS
90-Day Outlook for United States - Temperatures
will be warmer than usual June through August in all of the nation except Missouri, Illinois, Iowa, Wisconsin, upper Michigan and central and eastern parts of Minnesota where equal chances for above, below and near normal temperatures were suggested - Precipitation
was advertised to be greater than usual in the June through August period in Louisiana, the upper Texas coastal area, southern Mississippi and from much of Alabama and Florida through Virginia, eastern Kentucky and Ohio to New York and New England - Below
average rainfall is advertised for the high Plains region from western Texas to the western Dakotas and westward to Washington, Oregon, Utah and New Mexico. - Equal
chances for above, below and near normal precipitation was advertised in most other areas - Southern
China continues to deal with frequent bouts of excessive rain and flooding
- Some
rice and other crops near and south of the Yangtze River has been too wet - Late
season rapeseed harvesting has likely been negatively impacted, although it is unknown how much of the crop remains to be harvested - Rapeseed
production has been reduced this year because of wet weather in the south, but the losses are not as great as those of last year - Northern
rapeseed production should have been much more successful - Warmer
temperatures in the North China Plain, Yellow River Basin and northeastern provinces over the coming week to ten days will promote greater crop development and faster drying between rain events improving planting rates for many spring and summer crops - Xinjiang,
China will get a new surge of cold air today dropping temperatures Friday and Saturday morning to the frost level in the far northeast. A couple of light freezes are possible, but mostly on the fringe of crop country - Below
average temperatures will occur in many cotton and other crop areas in the province into Saturday before warming back to normal early to mid-week next week - Another
minor bout of cooling is expected in the northeast late next week - Rain
will be limited to the northeast today - Russia’s
New Lands continue to deal with warm to hot temperatures and little to no rain - Daily
highs in the 80s and lower to a few middle 90s have been occurring from the lower Volga River Valley through Kazakhstan and north into southern parts of the Russian New Lands - This
pattern will prevail for another week and then some cooling is expected - A
few showers may pop up randomly over the next couple of days and then a more favorable period for rain may evolve north and west of Kazakhstan in the last days of May and early June - Poor
germination, emergence and establishment of wheat, sunseed and other crops is likely occurring and will continue until rain and cooling evolves - Western
Russia continues plenty moist along with Belarus, the Baltic States and areas south and west into other parts of eastern Europe - Drier
weather is needed and will evolve in the last days of May and early June - Delays
in farming activity and slow crop development is expected for a while - Remnants
of Tropical Cyclone Tauktae spread rain across northern India Wednesday benefiting some early season cotton production areas, but disrupting the harvest of late winter crops - Property
damage from the storm was likely greatest in southern Gujarat as the tropical cyclone moved inland as a Category Three hurricane equivalent storm Monday - Not
much crop has been harmed, although some unharvested winter crops may be negatively impacted - Other
areas in India are seeing mostly good crop weather for this time of year with its winter crop harvest advancing well around shower activity - Not
much change is expected - Australia
is still waiting on greater rainfall to stimulate more aggressive autumn planting of wheat, barley and canola - Fieldwork
has been advancing, though - Canada’s
Prairies and the U.S. Northern Plains are expecting drought easing rain and snowfall today through early next week
- The
northern Plains precipitation is not likely to be as great as that in Canada and relief will occur, but more moisture will be needed - Canada’s
Prairies should receive its moisture in two waves resulting in 0.50 to 1.50 inches of moisture and local totals to nearly 2.00 inches by Wednesday of next week.
- The
first wave of rain and snow will occur today into Saturday from Montana and western North Dakota to Manitoba
- Snowfall
is expected to be heavy from north-central Montana to southwestern Saskatchewan causing stress to livestock and travel delays - A
second wave of rain is expected late Sunday into Wednesday and it will impact many areas from Alberta to Manitoba - Canada’s
Prairies have seen the temperature plummet from 80s and lower 90s early this week to the upper 20s and 30s Fahrenheit this morning
- Crop
stress has resulted, but damage should be minor because of the earliness of the season - The
coldest weather will occur during early to mid-week next week when extreme lows slow into the middle and upper 20s
- Some
crop damage will occur, but many crops are not advanced enough to suffer serious losses - Nevertheless
a few areas may have to replant - U.S.
eastern Midwest and southeastern states will experience a week to ten days of very warm and dry weather as a ridge of high pressure evolves over the region
- Today’s
soil moisture is still favorable in these areas - Net
drying over the coming week will deplete topsoil moisture relatively quickly in the southeastern states raising stress potential for some recently planted crops - Recently
planted crops have short root systems and will suffer from heat and dryness first - Early
planted crops will handle the situation favorably - U.S.
Delta and western Corn Belt weather will be favorably mixed for crop development and fieldwork over the next ten days - U.S.
hard red winter wheat areas have been getting a little too much rain recently and may be leading to a little wet weather disease potential, but most of the crop remains in favorable condition - Dry
and warm weather is needed in the south to expedite filling and maturation - Recent
wet and warm conditions have been great for summer crops that have already been planted, but some delays in additional fieldwork have occurred - West
Texas weather is still not quite as good as desired - Recent
rain has supported a flurry of planting, but rainfall this week has become more sporadic and light again - There
is a risk of showers and thunderstorms frequently into early next week, but the region’s lack of subsoil moisture remains a concern and there will be no general soaking of rain - Texas
Blacklands, Coastal Bend and South Texas will get some periodic rainfall over the next ten days maintaining favorable or improving soil conditions depending on locations
- Some
of the Blacklands are too wet and need to dry down - Oregon
and a few Idaho crop areas may get some beneficial moisture soon, but the Yakima Valley in Washington will continue quite dry - Irrigated
crops are in favorable condition - Dryland
winter crops need moisture and some of that which occurs in Oregon will benefit those dryland crops - Southeast
Canada corn, soybean and wheat production areas are experiencing good crop weather - Mexico
drought remains quite serious, but there is some rain and thunderstorms advertised for southern and eastern parts of the nation during the next two weeks - The
precipitation will be erratic, but beneficial - Some
of these areas have already experienced some dryness easing rain recently - Water
supply is quite low and winter crops in a few areas have not performed well - The
moisture will help improve planting, emergence and establishment conditions for most early season crops in the wetter areas, but the west-central and northwest parts of the nation will continue quite dry.
- South
Africa will be dry and warm biased over the coming two weeks - Southern
Oscillation Index is mostly neutral at +6.97 and the index is expected to move erratically while drifting lower over the coming week - North
Africa rainfall is expected to be erratic and mostly light during the next ten days - Temperatures
will be warmer than usual - Winter
small grains will be rushed toward maturation faster than usual without much moisture - West-central
Africa will see a mix of rain and sunshine through the coming week. - Temperatures
will be near to above average and rainfall will be below average in this coming week
- A
boost in precipitation will be needed later this month to ensure soil moisture stays as good as possible and crop development continues normally - A
boost in rainfall is expected for some areas next week - East-central
Africa rainfall will be erratic over the next two weeks. - Net
drying is expected - Crop
conditions are rated favorably, but greater rain will be needed in late May and June to maintain the best possible crop environment - Southeast
Asia rainfall will be favorably distributed in Indonesia, Malaysia and most of the mainland areas during the next two weeks - However,
the mainland areas are reporting below to well below average rainfall recently and a boost in rain is needed in Vietnam’s Central Highlands and neighboring areas
- Thailand
may receive the least rain over the next ten days - Greater
rain is also needed in the northern and western Philippines - Luzon
Island, Philippines will be last to get significant rain - A
developing tropical cyclone will bring heavy rain to Vietnam’s Central Highlands and neighboring areas of Cambodia and Thailand late this weekend into next week - New
Zealand precipitation for the next week to ten days will be sporadic and lighter than usual with many areas to experience net drying - Central
and western Europe weather is expected to include some periodic rainfall and cooler than usual temperatures during the coming week - Spain
and Portugal have been driest and need rain most significantly - Some
rain will fall in a part of the drier region soon
Source:
World Weather, Inc.
Thursday,
May 20:
- USDA
weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am - China
customs to release trade data, including country breakdowns for commodities such as soybeans - BMO
Farm to Market Conference, day 2 - Black
Sea Grain conference - Port
of Rouen data on French grain exports - Malaysia
May 1-20 palm oil export data - USDA
total milk, red meat production, 3pm - EARNINGS:
Suedzucker
Friday,
May 21:
- ICE
Futures Europe weekly commitments of traders report (6:30pm London) - CFTC
commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm - FranceAgriMer
weekly update on crop conditions - Black
Sea Grain conference - U.S.
Cattle on Feed, 3pm
Monday,
May 24:
- USDA
export inspections – corn, soybeans, wheat, 11am - U.S.
crop plantings – soybeans, cotton; winter wheat condition, 4pm - EU
weekly grain, oilseed import and export data - Ivory
Coast cocoa arrivals - U.S.
cold storage data — pork, beef, poultry, 3pm - HOLIDAY:
France, Germany, Argentina, Canada
Tuesday,
May 25:
- Monthly
MARS bulletin on crop conditions in Europe - Malaysia
May 1-25 palm oil export data
Wednesday,
May 26:
- EIA
weekly U.S. ethanol inventories, production - Brazil’s
Unica releases cane crush, sugar output data - HOLIDAY:
Malaysia, Indonesia, Singapore, Thailand
Thursday,
May 27:
- USDA
weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am - International
Grains Council monthly report - Port
of Rouen data on French grain exports - Brazil
orange crop forecast for 2021-22
Friday,
May 28:
- ICE
Futures Europe weekly commitments of traders report (6:30pm London) - CFTC
commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm - FranceAgriMer
weekly update on crop conditions - U.S.
agricultural prices paid, received
Source:
Bloomberg and FI
U
of I: Anticipating USDA Planted Acreage Revisions for Corn and Soybeans in 2021
Irwin,
S. “Anticipating USDA Planted Acreage Revisions for Corn and Soybeans in 2021.”
farmdoc daily (11):81, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, May 19, 2021.
US
Philadelphia Fed Business Outlook May 31.5 (est 43.0; prev 50.2)
US
Initial Jobless Claims May 15 444K (est 450K; prevR 478K; prev 473K)
–
US Continuing Claims May 8 3.751M (est 3.640M; prevR 3.640M; prev 3.655M)
US
Philadelphia Fed Business Outlook May – Components
–
Six Month Index 52.7 (prev 66.6)
–
Capex Index 37.4 (prev 36.7)
–
Employment 19.3 (prev 30.8)
–
Capex Prices Paid 76.8 (prev 69.1)
–
Capex New Orders 32.5 (prev 36.0)
Canada
New Housing Price Index Apr 1.9% (prev 1.1%)
US
leading Index (M/M) Apr: 1.6% (est 1.4%; prev 1.3%)
USDA
export sales
New-crop
corn sales were likely a record for around this time of year at 4,061,800 MT and were primarily for China (3,740,000 MT) and Mexico (199,800 MT). Old crop sales for corn and soybeans continue to wane with corn at 277,600 tons (some looking for net reductions)
and soybeans at 84.2 million tons. Note current crop year weekly corn exports were a marketing year high of 2,239,900 MT. New-crop soybean sales were only 96,000 tons. Soybean meal sales were 189,400 tons and soybean oil sales were a net reduction of 4,500
tons. Old crop wheat sales were good at 121,000 tons as we wind down the year, and new-crop was 317,700 tons, an improvement from the previous week. Beef net export sales were a marketing year high of 56,900 MT with bulk of countries included the Netherlands
(33,700 MT), China (9,200 MT), and Japan (5,900 MT, including decreases of 500 MT). Pork net export sales were 19,000 MT.
- CBOT
corn closed on a strong note after easing late last week into early this week on ongoing Chinese US corn buying. Concerns over Brazil’s shrinking corn crop and a sharply lower USD (off 42 late) also lent support.
- Funds
bought an estimated 13,000 corn contracts. - China
bought 1.224 million tons of corn (24-hour) after picking up 1.36MMT on Wednesday, 1.36MMT on Tuesday, 1.7MMT on Monday, and 1.36MMT on Friday. So far during the month of May China bought 10.744 million tons of new-crop corn under the 24-hour reporting system.
- Next
week we are looking for new-crop corn export sales to exceed 5.8 million tons after 4.062 million tons were reported this week, bringing new-crop commitments to a record for this time of year. Below is what we think US new-crop corn commitments will look
like next week (+14.7MMT).
- There
are reports the EPA plans to keep US biofuel mandates unchanged for 2021 & 2022 due to the slowdown in fuel demand from COVID-19. 20.09 billion gallons of renewable fuel was mandated for 2020, including 15 billion gallons of conventional biofuels (ethanol
mainly). - If
you burn food, prices will go higher. - On
Wednesday, the US 10th Circuit Court of Appeals vacated three waivers exempting oil refiners from biofuel blending mandates that were granted under the last presidential term (Sinclair Oil Corp refineries).
- U.S.
GENERATED 1.14 BLN ETHANOL (D6) BLENDING CREDITS IN APRIL, VS 1.19 BLN IN MARCH -EPA (Reuters) - BA
Grains Exchange reported Argentina producers harvested 28% of their 2020-21 soybean crop. Production was unchanged at 46MMT.
- Some
Argentina grain export workers went on strike due COVID-19 vaccine issues. The strike may last through Friday. In a later article overnight, it was reported they were threatening to extend it another 48 hours. There is concern seven ships recently loaded
may not be able to set sail if water levels fall across the Parana River. Most grain export operations in Rosario have been affected.
USDA
Attaché on Ukraine Grains
Export
developments.
Updated
5/7/21
July
is seen in a $6.00 and $7.75 range
December
corn is seen in a $4.75-$7.00 range.
- Extremely
choppy trade in the US CBOT soybean complex was the result of heavy selling at the day session open followed by bottom picking. Soybean oil, down about 200 points early, paired some losses. Higher meal prices eroded from lower trade in soybeans. Some of
the choppy trade could have been associated with lack of direction. Bear spreading, like in corn, was a feature. Palm oil hit a 2-week low overnight, shedding more than 4%. USDA export sales report was viewed dismal for soybeans and ok for the products.
- There
is new US legislation to introduce a tax credit for sustainable aviation fuel of up to $2.00 for every gallon produced. The credit would expire at the end of 2031.
- U.S.
GENERATED 386 MLN BIODIESEL (D4) BLENDING CREDITS IN APRIL, VS 407 MLN IN MARCH -EPA (Reuters) - Funds
sold an estimated net 10,000 soybeans, 2,000 meal and 3,000 soybean oil. - BA
Grains Exchange reported Argentina producers harvested 85% of their 2020-21 soybean crop with an average yield of 2.75/tons per hectare. Production was unchanged at 43MMT.
- There
was some trade chatter China is swapping out old crop soybeans and rolling the purchases to new-crop Q1 crop-year shipment. Note China has very little on the US export sales books for old-crop outstanding sales.
- China’s
soybean imports from Brazil during April were 5.08 million tons, up from only 315,334 tons in March and below 5.939 million tons in year earlier. China bought 2.15 million tons of soybeans from the US in April, up 223% from 665,591 tons a year ago. - ITS
reported Malaysian May 1-20 palm oil exports increased 17.1 percent to 953,474 tons from 813,946 tons shipped during April 1 – 20. AmSpec reported a 16% increase to 953,860 tons.
- South
Korea’s Feed Buying Group (FBG) bought 60,000 tons of optional origin soybean meal from the United States, South America or China, at an estimated $497.99 a ton c&f for arrival around Nov. 10.
Updated
5/19/21
July
soybeans are seen in a $15.00-$16.50; November $12.75-$15.00
Soybean
meal – July $380-$440; December $380-$460
Soybean
oil – July 64-70; December 48-60 cent range
- KC
type wheat was under most pressure between the three benchmark US contracts on good US HRW yield prospects. Chicago and MN traded two-sided but eventually ended lower after fund buying dried.
Note
the US drought monitor deteriorated for the upper US Great Plains. On Monday USDA will release initial US spring wheat crop conditions and we think the good/excellent will be report at or below 67 percent, below a 5-year average of 73 (four good years to
start + one poor year). - September
Paris wheat market basis September was up 2.25 euros at 213.75. - Funds
sold an estimated net 3,000 SRW wheat contracts. - Wheat
Quality Council’s annual Kansas tour pegged the KS wheat yield at 58.1 bushels per acre (bpa), a record high for the state if realized (using USDA data), and well above USDA’s working 48 bushels per acre for 2021. Production was pegged at 365 million bushels,
above USDA’s 331.2 million working estimate and 281.3 million in 2020. Using USDA’s planting area, the crop tour’s implied harvested area is very low compared to USDA (tour 86% of planted area versus 95% USDA…86% would be highest abandonment since 2007).
Export
Developments.
- Algeria
bought around 400,000 tons of wheat, up from 300-400k range initially reported on Wed, at an estimated $295/ton c&f.
- Japan
bought 121,501 tons of food wheat this week.
- Jordan
seeks 120,000 tons of feed wheat on May 26 for Oct-Nov shipment. - Bangladesh
seeks 50,000 tons of milling wheat on May 30. - USDA
seeks 83,000 tons of hard red winter wheat for Africa on May 25 for July 6-16 shipment.
Rice/Other
·
Mauritius seeks 4,000 tons of rice, optional, origin, for delivery Aug – Sep, on June 1.
·
Results awaited:
South
Korea’s Agro-Fisheries & Food Trade Corp seeks 134,994 tons of rice from Vietnam, China, the United States and Australia, on May 13, for arrival between September 2021 and January 2022.
Updated
5/17/21
July
Chicago wheat is seen in a $6.60-$8.00 range
July
KC wheat is seen in a $6.20-$7.25
July
MN wheat is seen in a $6.75-$7.50
(NA rains are breaking the MN market)
Export Sales
This
summary is based on reports from exporters for the period May 7-May 13, 2021.
Wheat: Net
sales of 121,000 metric tons (MT) for 2020/2021 were up noticeably from the previous week and up 21 percent from the prior 4-week average. Increases primarily for Indonesia (66,500 MT, including 6,500 MT switched from Vietnam), Nigeria (60,100 MT, including
60,000 MT switched from unknown destinations and decreases of 2,300 MT), Mexico (54,500 MT, including decreases of 400 MT), Nicaragua (30,000 MT, switched from unknown destinations), and the Dominican Republic (15,300 MT, including 14,600 MT switched from
unknown destinations), were offset by reductions primarily for unknown destinations (118,900 MT). For 2021/2022, net sales of 317,700 MT were primarily for unknown destinations (123,300 MT), Japan (60,800 MT), Mexico (39,600 MT), the Philippines (33,000 MT),
and Taiwan (30,300 MT). Exports of 568,600 MT were up 9 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to the Philippines (110,900 MT), Nigeria (106,100 MT), China (68,200 MT), South Korea (56,900
MT), and Japan (55,200 MT).
Optional Origin Sales:
For 2020/2021, the current outstanding balance of 63,900 MT is for Spain.
Corn:
Net sales of 277,600 MT for 2020/2021 were down noticeably from the previous week, but up 19 percent from the prior 4-week average. Increases primarily for Mexico (294,100 MT, including 24,000 MT switched from unknown destinations and decreases of 12,600
MT), Japan (65,300 MT, including 7,400 MT switched from unknown destinations and decreases of 4,600 MT), South Korea (64,600 MT, including 68,000 MT switched from unknown destinations and decreases of 3,400 MT), Venezuela (41,500 MT, including 16,500 MT switched
from unknown destinations), and Panama (21,300 MT), were offset by reductions primarily for unknown destinations (195,300 MT). For 2021/2022, net sales of 4,061,800 MT primarily for China (3,740,000 MT) and Mexico (199,800 MT), were offset by reductions for
Nicaragua (31,200 MT). Exports of 2,239,900 MT–a marketing-year high– were up 45 percent from the previous week and 23 percent from the prior 4-week average. The destinations were primarily to China (1,009,700 MT), Mexico (467,100 MT), Japan (310,900 MT),
Colombia (113,000 MT), and Israel (111,200 MT).
Optional Origin Sales:
For 2020/2021, the current outstanding balance of 268,500 MT is for unknown destinations (189,500 MT) and South Korea (79,000 MT).
Late Reporting:
For 2020/2021, exports totaling 16,500 MT of corn were reported late to Venezuela.
Barley:
No net sales were reported for the week.
Exports of 600 MT were up 68 percent from the previous week and 40 percent from the prior 4-week average. The destination was to South Korea.
Sorghum:
Net sales of 119,800 MT for 2020/2021 were up 69 percent from the previous week and up noticeably from the prior 4-week average. Increases were for China (119,800 MT, including decreases of 5,200 MT). Total net sales for
2021/2022, of 53,000 MT were for China. Exports of 59,800 MT were down 68 percent from the previous week and 72 percent from the prior 4-week average. The destination was to China.
Rice:
Net sales of 96,200 MT for 2020/2021 were up noticeably from the previous week and up 98 percent from the prior 4-week average. Increases were primarily for Mexico (42,300 MT), Venezuela (28,500 MT), Haiti (18,200 MT), Canada (3,400 MT), and Saudi Arabia
(1,800 MT). Total net sales for 2021/2022, of 700 MT were for Guatemala. Exports of 69,400 MT were up noticeably from the previous week, but down 15 percent from the prior 4-week average. The destinations were primarily to Venezuela (56,300 MT), South Korea
(3,100 MT), Mexico (2,500 MT), Canada (2,200 MT), and Japan (1,200 MT).
Exports for Own Account:
For 2020/2021, new exports for own account totaling 100 MT were for Canada. The current exports for own account outstanding balance is 100 MT, all Canada.
Soybeans:
Net sales of 84,200 MT for 2020/2021 were down 11 percent from the previous week and 45 percent from the prior 4-week average. Increases primarily for Japan (57,800 MT, including 42,300 MT switched from unknown destinations and decreases of 1,300 MT), Egypt
(55,000 MT, including 50,000 MT switched from unknown destinations), South Korea (25,800 MT, including 25,000 MT switched from unknown destinations), Vietnam (12,600 MT, including decreases of 100 MT), and Canada (12,200 MT), were offset by reductions primarily
for unknown destinations (101,300 MT). For 2021/2022, net sales of 96,000 MT were primarily for Mexico (47,500 MT) and unknown destinations (47,500 MT). Exports of 335,600 MT were up 18 percent from the previous week and 20 percent from the prior 4-week
average. The destinations were primarily to Mexico (103,400 MT), Japan (67,600 MT), Egypt (55,000 MT), Indonesia (30,900 MT), and South Korea (26,000 MT).
Exports for Own Account:
For 2020/2021, the current exports for own account outstanding balance is 5,800 MT, all Canada.
Late
Reporting:
For 2020/2021, exports totaling 6,000 MT of soybeans were reported late to Venezuela.
Soybean Cake and Meal:
Net sales of 189,400 MT for 2020/2021 were up noticeably from the previous week and up 34 percent from the prior 4-week average. Increases primarily for Canada (41,700 MT, including decreases of 600 MT), Ecuador (30,000 MT), Morocco (25,000 MT), Guatemala
(23,900 MT, including decreases of 800 MT), and Mexico (21,600 MT, including decreases of 100 MT), were offset by reductions primarily for Nicaragua (5,000 MT) and Belgium (800 MT). For 2021/2022, net sales of 77,600 MT were for Mexico (24,900 MT), Honduras
(15,100 MT), El Salvador (14,600 MT), Guatemala (14,000 MT), and Costa Rica (9,000 MT). Exports of 96,200 MT were down 51 percent from the previous week and from the prior 4-week average. The destinations were primarily to Mexico (28,100 MT), Canada (18,500
MT), Guatemala (14,400 MT), Morocco (6,500 MT), and Honduras (5,100 MT).
Soybean Oil:
Net sales reductions of 4,500 MT for 2020/2021–a marketing year low– were down noticeably from the previous week and from the prior 4-week average. Increases reported for Canada (800 MT) and Mexico (100 MT), were more than offset by reductions for Nicaragua
(2,200 MT), El Salvador (2,100 MT), Trinidad and Tobago (700 MT), and Guatemala (500 MT). Exports of 14,200 MT were up noticeably from the previous week and up 25 percent from the prior 4-week average. The destinations were primarily to Guatemala (8,000
MT) and Venezuela (5,000 MT).
Cotton:
Net sales of 108,000 RB for 2020/2021 were up 99 percent from the previous week and 45 percent from the prior 4-week average. Increases primarily for China (24,800 RB, including decreases of 9,500 RB), Turkey (23,300 RB, including decreases of 1,300 RB),
Vietnam (20,800 RB, including decreases of 1,800 RB), Pakistan (14,300 RB), and Taiwan (6,100 RB), were offset by reductions for El Salvador (3,500 RB). For 2021/2022, net sales of 21,800 RB were primarily for Turkey (6,600 RB), Peru (5,600 RB), El Salvador
(4,800 RB), Pakistan (2,200 RB), and Thailand (1,400 RB). Exports of 345,400 RB were up 25 percent from the previous week, but down 2 percent from the prior 4-week average. Exports were primarily to Vietnam (101,100 RB), China (59,400 RB), Pakistan (43,000
RB), Turkey (37,000 RB), and Mexico (20,800 RB). Net sales of Pima totaling 8,100 RB were up noticeably from the previous week and up 21 percent from the prior 4-week average. Increases primarily for India (4,700 RB), Thailand (1,100 RB), Turkey (900 RB),
Vietnam (800 RB), and Peru (400 RB), were offset by reductions for Japan (300 RB) and the United Kingdom (200 RB). Total net sales for 2021/2022 of 100 RB were for Thailand. Exports of 7,700 RB were down 60 percent from the previous week and 61 percent from
the prior 4-week average. The destinations were primarily to India (1,600 RB), Austria (1,300 RB), Vietnam (1,200 RB), China (900 RB), and Peru (500 RB).
Exports
for Own Account:
For 2020/2021, the current exports for own account outstanding balance of 17,500 RB is for Vietnam (9,500 RB), China (7,600 RB), and Bangladesh (400 RB).
Hides
and Skins:
Net sales of 246,000 pieces for 2021 were down 36 percent from the previous week and 23 percent from the prior 4-week average. Increases primarily for China (164,400 whole cattle hides, including decreases of 3,600 pieces), South Korea (46,600 whole cattle
hides, including decreases of 1,700 pieces), Mexico (19,200 whole cattle hides, including decreases of 900 pieces), Thailand (11,400 whole cattle hides, including decreases of 700 pieces), and Taiwan (3,000 whole cattle hides, including decreases of 100 pieces),
were offset by reductions for Indonesia (400 pieces) and Spain (100 pieces). Total net sales reductions of 300 kip skins were for Belgium.
Exports of 329,700 pieces were down 23 percent from the previous week and 18 percent from the prior 4-week average. Whole cattle hides exports were primarily to China (180,300 pieces), South Korea (65,000 pieces), Thailand
(25,700 pieces), Mexico (22,300 pieces), and Brazil (9,900 pieces). Exports of 2,600 kip skins were to Belgium.
Net
sales of 48,300 wet blues for 2021 were down 27 percent from the previous week and 61 percent from the prior 4-week average. Increases primarily for Italy (21,400 unsplit, including decreases of 300 unsplit), China (8,900 unsplit), Vietnam (8,800 unsplit,
including decreases of 100 unsplit), Mexico (4,100 unsplit and 100 grain splits, including decreases of 1,000 unsplit), and Brazil (3,600 unsplit), were offset by reductions for Thailand (300 unsplit). Exports of 140,500 wet blues were down 2 percent from
the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Italy (38,500 unsplit and 9,000 grain splits), Vietnam (35,100 unsplit), China (31,400 unsplit), Thailand (16,700 unsplit), and Mexico (2,600 unsplit and 1,900
grain split). Net sales of 118,100 splits resulting in increases for Taiwan (129,000 pounds) and China (1,400 pounds, including decreases of 4,000 pounds), were offset by reductions for Vietnam (12,300 pounds). Exports of 522,900 pounds were to Vietnam (278,200
pounds) and China (244,700 pounds).
Beef:
Net
sales of 56,900 MT reported for 2021–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average. Increases primarily for the Netherlands (33,700 MT), China (9,200 MT), Japan (5,900 MT, including decreases of 500 MT),
South Korea (4,500 MT, including decreases of 300 MT), and Taiwan (2,200 MT, including decreases of 100 MT), were offset by reductions for Belgium (100 MT). Exports of 53,100 MT–a marketing-year high–were up noticeably from the previous week and from the
prior 4-week average. The destinations were primarily to the Netherlands (33,700 MT), Japan (5,900 MT), South Korea (5,100 MT), China (2,900 MT), and Taiwan (1,400 MT).
Pork:
Net
sales of 19,000 MT reported for 2021 were up 29 percent from the previous week, but down 1 percent from the prior 4-week average. Increases were primarily for Mexico (8,300 MT, including decreases of 700 MT), Japan (3,600 MT, including decreases of 200 MT),
China (3,100 MT, including decreases of 700 MT), Canada (1,000 MT, including decreases of 500 MT), and South Korea (1,000 MT, including decreases of 500 MT), were offset by reduction primarily for Australia (200 MT) and New Zealand (100 MT). Exports of 34,600
MT were down 17 percent from the previous week and 24 percent from the prior 4-week average. The destinations were primarily to China (11,100 MT), Mexico (10,600 MT), Japan (4,500 MT), South Korea (2,400 MT), and Canada (1,100 MT).
May 20, 2021
1 FOREIGN AGRICULTURAL SERVICE/USDA
U.S. EXPORT SALES FOR WEEK ENDING 5/13/2021
FAX 202-690-3275
|
|
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 |
32.0 |
584.2 |
1,170.2 |
130.3 |
8,132.3 |
8,768.4 |
155.1 |
1,058.4 |
|
SRW |
39.4 |
186.3 |
193.8 |
61.6 |
1,689.0 |
2,254.9 |
13.3 |
781.0 |
|
HRS |
47.7 |
685.3 |
1,185.7 |
237.4 |
7,066.2 |
6,688.9 |
68.8 |
973.5 |
|
WHITE |
1.8 |
569.9 |
742.1 |
139.3 |
6,055.2 |
4,567.8 |
79.5 |
756.0 |
|
DURUM |
0.0 |
48.6 |
100.8 |
0.0 |
631.8 |
883.3 |
1.0 |
8.4 |
|
TOTAL |
121.0 |
2,074.3 |
3,392.6 |
568.6 |
23,574.6 |
23,163.3 |
317.7 |
3,577.3 |
|
BARLEY |
0.0 |
2.1 |
9.8 |
0.6 |
26.5 |
40.3 |
0.0 |
22.2 |
|
CORN |
277.6 |
20,733.8 |
12,804.5 |
2,239.9 |
47,287.4 |
26,606.6 |
4,061.8 |
8,936.6 |
|
SORGHUM |
119.8 |
1,581.3 |
1,282.8 |
59.8 |
5,767.8 |
2,389.7 |
53.0 |
1,244.0 |
|
SOYBEANS |
84.2 |
4,513.6 |
6,406.7 |
335.6 |
56,949.7 |
34,890.4 |
96.0 |
7,022.0 |
|
SOY MEAL |
189.4 |
2,092.3 |
2,250.5 |
96.2 |
7,797.2 |
7,586.6 |
77.6 |
560.3 |
|
SOY OIL |
-4.5 |
58.0 |
296.3 |
14.2 |
607.0 |
787.8 |
0.0 |
0.6 |
|
RICE |
|
|
|
|
|
|
|
|
|
L G RGH |
58.9 |
260.5 |
262.2 |
57.8 |
1,359.1 |
1,186.7 |
0.7 |
0.7 |
|
M S RGH |
12.0 |
16.9 |
37.2 |
0.5 |
24.0 |
59.2 |
0.0 |
0.0 |
|
L G BRN |
0.1 |
2.7 |
20.5 |
0.2 |
36.4 |
46.4 |
0.0 |
0.0 |
|
M&S BR |
0.4 |
45.4 |
56.9 |
0.5 |
110.2 |
59.2 |
0.0 |
0.0 |
|
L G MLD |
19.9 |
44.4 |
66.2 |
3.3 |
531.7 |
760.6 |
0.0 |
0.0 |
|
M S MLD |
4.8 |
219.0 |
178.9 |
7.0 |
454.2 |
531.8 |
0.0 |
0.0 |
|
TOTAL |
96.2 |
588.8 |
622.0 |
69.4 |
2,515.6 |
2,643.9 |
0.7 |
0.7 |
|
COTTON |
|
THOUSAND RUNNING BALES |
||||||
|
UPLAND |
108.0 |
3,468.9 |
5,481.1 |
345.4 |
11,906.5 |
10,810.1 |
21.8 |
1,828.9 |
|
PIMA |
8.1 |
169.1 |
136.5 |
7.7 |
615.6 |
410.2 |
0.1 |
4.0 |
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM:
treilly1
Skype: fi.treilly
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Evecom-FI052021.pdf