FI Evening Grain Comments 06/04/20

PDF Attached

 

USDA
announced 120,000 tons of soybeans to unknown. US soybeans are competitive for the export market.  USDA export sales were supportive.  China sold nearly 12 million tons of corn out of reserves over the past three weeks. FAO sees 2020 global wheat production
below USDA’s outlook.

 

Weather

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS:  U.S.
crop weather should be mostly good this week with warmer temperatures and less rain occurring to spur on faster crop development while stimulating late season planting. Timely rainfall will become very important later in June and is likely to occur.  Tropical
Storm Cristobal should bring moisture to the U.S. Midwest early next week. The moisture should be timely after net drying this week and help maintain moisture abundance for long term crop development.

           
China weather is a concern in some of the dry areas in east-central parts of the nation, Limited rainfall and very warm to hot temperatures through the weekend will raise concern over crop development and the region will need to be closely monitored. Some
rain is possible in the driest areas during early through mid-week next week, but it may be a little too light and sporadic for the best relief. Northeastern China may be a little wetter than usual for a while slowing some of its planting, but most crops in
the region are suspected of being in good condition.

           
India’s monsoon is expected to perform well this year, although initial rainfall will be erratic over the next ten days. Tropical Cyclone Nisarga dissipated over Maharashtra overnight and its remnants will move to western Madhya Pradesh today. The storm produced
very little negative impact in agriculture or personal property.

           
Oil palm and coconut production in Southeast Asia is advancing favorably with little change likely.

           
Canola planting is moving along in Australia, but there is need for greater rainfall in many areas. There is plenty of time for the greater rain to fall, however. Canola in Canada’s Prairies has been planted in many areas, but rain is needed in parts of the
central and east to stimulate germination, emergence and improved establishment.

           
Brazil’s Safrinha corn crop is finishing favorably after rain fell in late May. Some production cut did occur earlier in the month because of dryness especially in eastern production areas.

           
Argentina’s harvest is moving along well as is that of South Africa.

           
Most of Eastern Europe’s crop weather has improved with recent rainfall, although the precipitation came a little late to seriously turn around winter rapeseed production. Corn, sunseed and soybean planting should be advancing well with favorable emergence,
but warming is needed to stimulate better crop development from Eastern Europe into the western CIS. Rain is needed in northwestern Europe and some of that may occur in the coming week to ten days. Net drying is expected in southeastern Ukraine and Russia’s
Southern Region over the next ten days.

           
Overall, weather today is likely to have a mixed influence on market mentality.

 

MARKET
WEATHER MENTALITY FOR WHEAT:  Dryness
remains a worry in parts of the northern U.S. Plains and from there into southern and eastern Saskatchewan and west-central Manitoba, although “some” rain is expected by this time next week. The precipitation may be somewhat restricted, though. Western Alberta
is still too wet and moving slowly in its spring planting. Eastern Alberta will likely become too wet this weekend into early next week.

           
U.S. hard red winter wheat production areas will be experience net drying this week, despite a few showers and thunderstorms because of very warm to hot temperatures. However, much of the crop has reproduced and is filling with crops in the south maturing.
The limited rainfall and heat will stress a few crops, but Nebraska and northern Kansas crops are most immature while having the best soil moisture. The bottom line to net drying is not expected to be very great on crop conditions or production, although maturation
will be rushed.

           
U.S. soft wheat conditions in the Midwest will improve with this week’s decreasing rain frequency and rising temperatures.  Dryness in the northwestern states remains a concern and weekend heat did not help the situation.

           
Northwestern Europe dryness will continue a concern for a little while longer this week, but rain is expected later in the week and into next week. Crops elsewhere in Europe and the western CIS will experience a favorable mix of weather, although production
will not be restored in areas that had inclement conditions last autumn and earlier this spring to harm production. Net drying is resuming in eastern parts of the Black Sea region and in a part of Russia’s southern eastern New Lands.

           
China’s winter wheat crop is rated favorably, although drying now may be stressing a few of the more immature crops. Spring crops are favorably moist and expected to perform well.

           
Australia’s planting of small grains has advanced well. There is still need for greater rain in many of Australia’s winter crop areas. Queensland, northern and western New South Wales and parts of South Australia and northern Western Australia crop areas need
more rain. South Africa and western Argentina also need more rain.

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

Source:
World Weather Inc. and FI

 

 

Seven-day
outlook:

 

Bloomberg
Ag Calendar

THURSDAY,
June 4:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, 8:30am
• FAO
  world food price index, 4am
• Port
  of Rouen data on French grain exports
• New
  Zealand commodity price

FRIDAY,
June 5:

• ICE
  Futures Europe weekly commitments of traders report on coffee, cocoa, sugar positions
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions
• Malaysia’s
  palm oil export data for June 1-5

Source:
Bloomberg and FI

 

USDA
Export Sales

No
surprises.  US soybean oil shipments were very good and meal commitments were at the high end of expectations.  Sorghum sales were 93,300 tons and pork sales just over 17,000 tons.  China posted an increase in pork sales of 3,400 tons. 

 

 

 

 

Macros

·        
The European Central Bank approved yet more stimulus on Thursday to prop up an economy plunged by the coronavirus pandemic into its biggest recession since World War Two.

·        
US Initial Jobless Claims May 30: 1877K (est 1833K; prev 2123K)

·        
US Continuing Claims May 23: 21487K (est 20000K; prev 21052K)

·        
US Nonfarm Productivity Q1 F: -0.9% (est -2.7%; prev -2.5%)

·        
US Unit Labour Costs Q1 F: 5.1% (est 5.0%; prev 4.8%)

·        
US Trade Balance (USD) Apr: -49.4B (est -49.2B; prev -44.4B)

 

Corn.

·        
Corn futures
closed 5.0 cents higher in July
on technical buying and higher soybeans & wheat. The short covering was a matter of time, it just needed a kick from sharply higher wheat. 

·        
A 50+ point decline in the USD was supportive.  

·        
USDA export sales of 637,500 tons were within expectations. 

·        
IMO, China is not likely to buy US corn anytime soon as they continue to nearly sell out in their weekly corn auction. 

·        
BA Grains Exchange reported 56% of the corn crop complete with an average yield of 8.9 tons per hectare.  They are using a 50MMT production. 

 

Corn
Export Developments

• China
  sold nearly 4 million tons (nearly 12 so far this season) of 2015 corn at an average price of 1,795 yuan per tons. 
  
• Syria
  will retender for 50,000 tons of soymeal and 50,000 tons of corn on June 24 for delivery within four months of contract.

 

Updated
6/4/20

• July
  corn is seen in a $3.20 and $3.45 range. 
  December lows could reach $2.90 if US weather cooperates. 

 

Soybean
complex

• Soybeans
  ended higher by 9.75-12.25, meal $3.50-3.60 higher, and for the second consecutive day soybean oil sold off to settle moderately lower for most of the nearby contracts.  Lower palm oil pressured soybean oil. 
  
• Soybeans
  ended around a 3-week high.  July resistance in soybeans are seen at $8.78. 
  
• US
  Gulf soybeans are cheaper than Brazil, and this is attracting business this week, including private Chinese buyers.  US soybeans out of the Gulf are about $15-17 cheaper than FOB Paranagua. 
  
• USDA
  announced 120,000 tons of soybeans to Unknown.  The sale this morning sparked speculation that it is for China.  There were rumors that China state owned companies bought 4 cargoes.  We heard Cofco made inquiries for more soybeans one source said, according
  to Reuters.  Again, bottom line is US soybeans are cheaper relative to Brazil. 
  
• We
  hear there is very little movement for soybeans in Argentina despite the rally. 
  
• USDA
  export sales for soybean meal were a large 558,917 tons, second highest for the crop-year behind 641,919 tons on January 16, 2020.  They were at the higher end of the trading range.  Majority of the sales were for the Philippines (see text after the wheat
  comment). 
• Soybean
  export sales of 495,200 old crop and 607,400 tons new-crop were within expectations when combined.  China took 201,000 tons of old crop (included decrease of one cargo) and 264,000 tons of new-crop.
  
• Soybean
  oil sales were a low 9,400 tons but shipments were very good at 75,900 tons. 
  
• BA
  Grains Exchange showed the soybean harvest nearly complete.

 

Oilseeds
Export Developments

• USDA’s
  24-hour reporting system announced private exporters export sales of 120,000 metric tons of soybeans for delivery to unknown destinations.  Of the total, 60,000 tons is for delivery during the 2019/2020 marketing year and 60,000 tons is for delivery during
  the 2020/2021 marketing year.

• Syria
  will retender for 50,000 tons of soymeal and 50,000 tons of corn on June 24 for delivery within four months of contract.

 

Updated
6/4/20

• July
  soybeans are seen in a $8.35-$8.90 range. 
• July
  soybean meal is seen in a $280 to $310 range. 
• July
  soybean oil range is now seen in a 26.75 to 28.50 range. 

 

Wheat

• Chicago
  wheat ended higher by 10.50-11.75 cents. The July contract reached a high of $5.29, where the 200 and 50-day MA’s are currently at. KC July was up 12-14.50 cents.  MN settled 5.25-7.00 cents higher.  The weaker USD was a feature. 
  
• We
  think wheat was higher in part to FOA’s forecast for a smaller global wheat production forecast of 758.3 million tons, down from 762.2 million tons forecast for 2019-20.  USDA shows a 2020-21 world production estimate of 768.5 MMT, up from 764.3 MMT for 2018-19. 
  
• USDA
  all-wheat export sales for the 2019-20 wound down to 179,600 tons and new-crop were 437,400 tons, signaling an increase for new-crop US wheat by major importers.  China was in there for 74,000 tons but 65,000 were switched from unknown.
  
• Paris
  December wheat futures settled 2.75 euros, or 1.5%, higher at 187.50 euros ($212.36) a ton.
• ProAgro
  sees Ukraine exporting 55.2 million tons of grain during 2020-21, down from the record 56.9 million tons during the 2019-20 season.  Production of grain is expected to be slightly lower at 74.4 million tons from 75.1 million tons in 2019. 
  

·        
The FAO food price index fell 1.9% from the previous month to 162.5 points, lowest since December 2018, and is down 6.5 percent from the previous year. 

 

 

Export
Developments.

• Jordan
  seeks 120,000 tons of wheat on June 17 for November-December shipment. 
• The
  Philippines passed on 55,000 tons of feed wheat on June 4 for September shipment.
  

 

Rice/Other

• CBOT
  July rice sharply higher again, making significant gains over the September.  We view this trade and the short WTI earlier, as trades of the year for commodities.  
  
• The
  Philippines seeks 300,000 tons of rice on June 8. 

 

Updated
6/4/20

• Chicago
  July is seen in a $5.00-$5.31 range
• KC
  July $4.65-$4.95
• MN
  July $5.10-$5.40 

 

U.S. EXPORT SALES FOR WEEK ENDING 5/28/2020                               

	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	133.2	641.3	808.2	487.3	9,526.2	8,591.2	151.3	1,460.0
SRW	3.3	128.8	128.6	49.8	2,317.8	3,203.5	38.7	424.4
HRS	37.7	1,040.1	376.2	119.4	6,960.3	6,776.2	101.4	749.4
WHITE	5.1	614.2	290.8	96.2	4,750.9	5,163.7	135.9	583.3
DURUM	0.2	43.4	24.4	0.2	922.1	479.3	10.0	253.0
TOTAL	179.5	2,467.8	1,628.1	752.8	24,477.3	24,214.0	437.3	3,470.2
BARLEY	0.0	9.2	18.7	0.5	41.1	42.5	0.5	31.5
CORN	637.5	11,461.2	7,867.7	1,346.8	29,014.6	40,370.5	27.5	3,412.5
SORGHUM	93.3	1,320.9	465.6	94.7	2,625.9	1,094.7	0.0	195.0
SOYBEANS	495.2	6,731.3	11,769.2	483.0	35,926.0	34,912.8	607.4	2,939.8
SOY MEAL	558.9	2,419.9	2,735.6	291.5	8,103.2	8,270.2	25.0	304.9
SOY OIL	9.4	257.7	149.8	75.9	892.4	606.7	0.0	11.0
RICE
L G RGH	8.3	251.2	245.6	23.0	1,240.2	1,066.2	0.0	0.0
M S RGH	0.0	32.6	21.4	4.3	63.9	64.2	0.0	0.0
L G BRN	0.5	12.6	3.7	8.3	55.0	37.3	0.0	0.0
M&S BR	2.6	42.6	5.0	16.6	76.1	141.8	0.0	0.0
L G MLD	15.5	46.3	198.1	17.3	823.3	721.0	0.0	0.0
M S MLD	1.7	169.1	171.9	6.1	545.2	462.0	0.0	0.0
TOTAL	28.6	554.4	645.7	75.6	2,803.8	2,492.5	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	-10.1	5,010.3	4,804.6	237.9	11,315.4	10,288.6	12.4	2,834.3
PIMA	0.5	143.5	176.3	2.1	413.8	534.5	0.0	33.8

 

                                                                                

 

 

                          

                                                                                          Export Sales Highlights 

This
summary is based on reports from exporters for the period May 22-28, 2020.

·        
Wheat:  Net sales of 179,500 metric tons for 2019/2020 were down 14 percent from the previous week and from the prior 4-week
average.  Increases primarily for Ecuador (194,700 MT, late – see below), China (74,000 MT, including 65,000 MT switched from unknown destinations), Guinea-Conakry (32,000 MT, switched from unknown destinations), Nigeria (14,500 MT, including 11,000 MT switched
from unknown destinations), and the Philippines (5,800 MT),  were offset by reductions primarily for unknown destinations (105,000 MT) and Singapore (44,600 MT).  For 2020/2021, net sales of 437,300 MT primarily for the Philippines (110,000 MT), Nigeria (83,100
MT), Yemen (70,000 MT), Japan (65,700 MT), and Brazil (55,000 MT), were offset by reductions for unknown destinations (61,600 MT) and Chile (5,000 MT).  Exports of 752,800 MT–a marketing-year high–were up 34 percent from the previous week and 61 percent
from the prior 4-week average.  The destinations were primarily to Ecuador (194,700 MT, late – see below), China (189,000 MT), the Philippines (79,700 MT), Nigeria (49,500 MT), and Mexico (44,600 MT). 
Late Reporting:  For 2019/2020, net sales totaling 194,700 MT were reported late.  These sales were reported for Ecuador.  For 2019/2020, exports totaling 194,700 MT were reported late.  The destinations were to Ecuador.

·        
Corn:  Net sales of 637,500 MT for 2019/2020 were up 49 percent from the previous week, but down 19 percent from the prior 4-week
average.  Increases primarily for Japan (248,900 MT, including 62,800 MT switched from unknown destinations and decreases of 49,800 MT), Colombia (214,700 MT, including 147,100 MT switched from unknown destinations, decreases of 400 MT, and late 12,000 MT
– see below), South Korea (143,300 MT), Mexico (76,600 MT, including decreases of 13,000 MT), and Canada (21,600 MT, including decreases of 300 MT), were offset by reductions for unknown destinations (59,300 MT), Jamaica (54,500 MT), Guatemala (13,000 MT),
and El Salvador (2,100 MT).  For 2020/2021, net sales of 27,500 MT were for unknown destinations (12,000 MT), Colombia (7,000 MT), El Salvador (5,200 MT), Canada (2,400 MT), and Guatemala (900 MT).  Exports of 1,346,800 MT were up 27 percent from the previous
week and 7 percent from the prior 4-week average.  The destinations were primarily to Japan (447,900 MT), Mexico (233,300 MT), South Korea (206,800 MT), Colombia (190,700 MT, late 12,000 MT – see below), and Guatemala (60,800 MT). 
Optional Origin Sales:  For 2019/2020, options were exercised to export 69,000 MT to South Korea from the United States.  The current outstanding balance of 643,000 MT is for South Korea (383,000 MT), Vietnam (195,000 MT), and Taiwan (65,000 MT). 
Late Reporting:  For 2019/2020, net sales totaling 34,500 MT were reported late.  These sales were reported for Panama (15,000 MT), Colombia (12,000 MT), and Venezuela (7,500 MT).  For 2019/2020, exports totaling 34,500 MT were
reported late.  The destinations were to Panama (15,000 MT), Colombia (12,000 MT), and Venezuela (7,500 MT).

·        
Barley: No net sales for 2019/2020 were reported for the week.  For 2020/2021,
total net sales of 500 MT were for Taiwan.  Exports of 500 MT were up 90 percent from the previous week and 12 percent from the prior 4-week average.  The destination was Japan.

·        
Sorghum:  Net sales of 93,300 MT for 2019/2020 were down 48 percent from the previous
week, but up 19 percent from the prior 4-week average.  Increases were for China (70,100 MT, including 68,000 MT switched from unknown destinations), unknown destinations (22,000 MT), and Japan (1,200 MT).  Exports of 94,700 MT were down 33 percent from the
previous week and 37 percent from the prior 4-week average.  The destinations were primarily to China (72,900 MT) and Japan (21,200 MT).

·        
Rice:  Net sales of 28,600 MT for 2019/2020 were up noticeably from the previous
week, but down 46 percent from the prior 4-week average.  Increases were primarily for Colombia (12,000 MT), Mexico (8,700 MT, including decreases of 400 MT), South Korea (2,600 MT), Canada (1,700 MT, including decreases of 100 MT), and Saudi Arabia (1,300
MT).  Exports of 75,600 MT were up noticeably from the previous week and up 1 percent from the prior 4-week average. 
The destinations were primarily to South Korea (18,400 MT), Colombia (12,000 MT), Mexico (11,800 MT), Honduras (10,900 MT), and the United Kingdom (7,000 MT).
Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance is 100 MT, all Canada.

·        
Soybeans:  Net sales of 495,200 MT for 2019/2020 were down 23 percent from the
previous week and 36 percent from the prior 4-week average.  Increases primarily for China (201,000 MT, including decreases of 66,000 MT), Egypt (189,400 MT, including 180,000 MT switched from unknown destinations), Indonesia (62,500 MT, including 55,000 MT
switched from unknown destinations and decreases of 200 MT), Japan (42,200 MT, including 32,000 MT switched from unknown destinations and decreases of 1,900 MT), and Taiwan (39,900 MT, including decreases of 1,100 MT), were offset by reductions for unknown
destinations (79,000 MT) and Panama (5,800 MT).  For 2020/2021, net sales of 607,400 MT were primarily for unknown destinations (329,000 MT) and China (264,000 MT).  Exports of 483,000 MT were up 46 percent from the previous week and 14 percent from the prior
4-week average.  The destinations were primarily to Egypt (189,400 MT), Indonesia (73,000 MT), Japan (72,700 MT), Mexico (66,800 MT), and Vietnam (17,900 MT).  
Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance is 2,100 MT, all Canada.

·        
Soybean Cake and Meal:  Net sales
of 558,900 MT for 2019/2020 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for the Philippines (392,700 MT, including 246,000 MT switched from unknown destinations), Libya (60,000 MT), Colombia (48,500 MT,
including decreases of 2,600 MT and late 32,300 MT – see below), the Dominican Republic (27,300 MT, including decreases of 100 MT), and Venezuela (19,400 MT and late 10,400 MT – see below), were offset by reductions for unknown destinations (30,000 MT), Guatemala
(7,900 MT), and Australia (7,000 MT).  For 2020/2021, net sales of 25,000 MT for Colombia (19,300 MT), Thailand (3,200 MT), Guatemala (2,500 MT), El Salvador (1,800 MT), and Mexico (1,400 MT), were offset by reductions for unknown destinations (3,200 MT). 
Exports of 291,500 MT were up 30 percent from the previous week and 34 percent from the prior 4-week average.  The destinations were primarily to the Philippines (81,300 MT), Colombia (65,800 MT), Guatemala (31,400 MT), Mexico (27,900 MT), and Canada (19,400
MT).  Late Reporting:  For 2019/2020, net sales totaling 48,300 MT were reported late.  These sales were reported for Colombia (32,300 MT), Venezuela (10,400 MT), and Panama (5,600 MT).  Exports totaling 48,300 MT were reported late.  The destinations
were to Colombia (32,300 MT), Venezuela (10,400 MT), and Panama (5,600 MT). 

·        
Soybean Oil:  Net sales of 9,400
MT for 2019/2020 primarily for Colombia (7,000 MT), Honduras (2,200 MT), Canada (1,100 MT), Trinidad (700 MT), and Mexico (600 MT), were offset by reductions for South Korea (2,600 MT).  Exports of 75,900 MT were up noticeably from the previous week and from
the prior 4-week average.  The destinations were to South Korea (42,400 MT), the Dominican Republic (24,000 MT), Colombia (8,200 MT), Mexico (900 MT), and Canada (300 MT).

·        
Cotton: 
Net sales reductions of 10,100 RB for 2019/2020 were down noticeably from the previous week and from the prior 4-week average.  Increases for Taiwan (3,300 RB, including 900 RB switched from Bangladesh and decreases of 100 RB), Bangladesh (3,200 RB), Indonesia
(1,500 RB, including 2,100 RB switched from Malaysia and decreases of 100 RB), South Korea (1,300 RB, including decreases of 200 RB), and Thailand (400 RB, including decreases of 400 RB), were offset by reductions primarily for Turkey (12,200 RB), Vietnam
(4,400 RB), and Malaysia (2,100 RB).  For 2020/2021, net sales of 12,400 RB for Vietnam (8,800 RB), China (5,500 RB), Turkey (4,400 RB), Pakistan (1,100 RB), and Egypt (900 RB), were offset by reductions for Honduras (6,100 RB) and Peru (2,200 RB).  Exports
of 237,900 RB were down 11 percent from the previous week and 16 percent from the prior 4-week average.  Exports were primarily to Vietnam (84,900 RB), China (45,100 RB), Pakistan (43,900 RB), Turkey (24,000 RB), and South Korea (10,200 RB).  Net sales of
Pima totaling 500 RB were down 95 percent from the previous week and 85 percent from the from the prior 4-week average.  Increases for Djibouti (2,200 RB, switched from China), Turkey (400 RB), and Peru (200 RB), were offset by reductions for China (2,200
RB) and India (100 RB).  Exports of 2,100 RB were up 57 percent from the previous week, but down 50 percent from the prior 4-week average.  The destinations were primarily to Indonesia (900 RB), Pakistan (700 RB), and India (400 RB). 
Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance of 31,800 RB is for Vietnam (11,900 RB), China (10,700 RB), Indonesia (8,200 RB), and Bangladesh (1,000 RB). 

·        
Hides and Skins:
Net sales of 392,700 pieces for 2020 were down 9 percent from the previous week, but up 21 percent from the prior 4-week average.  Increases primarily for China (348,200 whole cattle hides, including decreases of 3,500 pieces), South Korea (35,300 whole cattle
hides, including decreases of 1,100 pieces), Vietnam (4,400 whole cattle hides), Mexico (3,300 whole cattle hides, including decreases of 200 pieces), and Taiwan (2,600 whole cattle hides), were offset by reductions for Indonesia (1,500 whole cattle hides). 
Additionally, net sales reductions were reported for Italy (300 calf skins) and Belgium (200 kip skins).
Exports of 414,900 pieces reported for 2020 were down 7 percent from the previous week, but up 3 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (317,000 pieces), South Korea (31,100
pieces), Mexico (20,300 pieces), Thailand (19,400 pieces), and Indonesia (10,000 pieces).  In addition, there were exports to Italy (7,000 calf skins) and Belgium (1,200 kip skins).

·        
Net sales of 63,100 wet blues
for 2020 were down 49 percent from the previous week and but up 25 percent from the prior 4-week average.  Increases were reported for Vietnam (26,200 unsplit, including decreases of 100 unsplit), Italy (15,700 unsplit, including 500 unsplit), Thailand (12,700
unsplit, including decreases of 100 unsplit), China (6,100 unsplit), and the Dominican Republic (2,400 unsplit).  Exports of 64,900 wet blues for 2020 were down 28 percent from the previous week and 20 percent from the prior 4-week average.  The destinations
were to Italy (46,400 unsplit), Thailand (8,300 unsplit), Vietnam (6,700 unsplit), Brazil (2,200 grain splits), and China (1,300 unsplit). 
Net sales of 617,900 splits were for Vietnam (605,600 pounds) and China (12,300 pounds).  Exports of 320,300
pounds were to Vietnam.

·        
Beef:
Net sales of 12,300 MT reported for 2020 were up 7 percent from the previous week and 97 percent from the prior 4-week
average.  Increases primarily for South Korea (4,300 MT, including decreases of 300 MT), Japan (4,200 MT, including decreases of 500 MT), Canada (1,500 MT), Hong Kong (700 MT, including decreases of 100 MT), and China (700 MT), were offset by reductions primarily
for Chile (100 MT) and Vietnam (100 MT).  Exports of 9,600 MT were down 15 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to Japan (3,500 MT), South Korea (2,900 MT), Hong Kong (1,000 MT), Taiwan
(800 MT), and China (300 MT).  

·        
Pork:
Net sales of 17,300 MT reported for 2020 were down 16 percent from the previous week and 5 percent from the prior 4-week average.  Increases were primarily for
Mexico (8,500 MT, including decreases of 100 MT), China (3,400 MT, including decreases of 1,400 MT), Japan (3,100 MT, including decreases of 300 MT), Canada (800 MT, including decreases of 500 MT),  and South Korea (600 MT, including decreases of 200 MT). 
Exports of 31,300 MT were down 9 percent from the previous week and 14 percent from the prior 4-week average.  The destinations were primarily to China (13,200 MT), Mexico (7,500 MT), Japan (4,300 MT), South Korea (1,900 MT), and Canada (1,400 MT).