FI Evening Grain Comments 07/30/20

PDF Attached

 

US
corn and wheat balances attached. 

 

USDA
reported 1.937 MMT corn to China and 130,000 corn to unknown. 

 

 

Weather
and Crop Progress

Last
seven days

 

WEATHER
ISSUES OF THE DAY

• U.S.
  crop weather still looks very good (in general) with some pockets of dryness
• The
  outlook remains highly favorable for this time of year over the next couple of weeks
• Normal
  August weather includes some net drying and that will occur in parts of the Midwest and Delta while the southeastern states will remain wettest
• No
  extreme heat is expected in the heart of the Midwest or any crop region in the eastern U.S. during the next two weeks
• West
  Texas weather will continue favorably mixed for summer crops and even though the rainfall will be minimal it will help hold the temperatures down and supplement irrigation
• Northern
  U.S. Plains will struggle to get enough rain to seriously raise soil moisture and dryness may slowly return to parts of the region
• Canada’s
  Prairies are drying out and this trend will continue despite some showers and thunderstorms
  
• Parts
  of Alberta and northwestern Saskatchewan may be exceptions with sufficient rainfall to maintain favorable soil moisture
• Eastern
  parts of the Prairies will be hottest today and many areas will heat up again briefly next week just ahead of another bout cooling and possible rainfall during mid-week
  
• Ontario
  and Quebec weather is mostly good, but pockets of dryness are expected over the next ten days
• Europe
  weather is going to be mixed over the next ten days, but many western areas will continue too dry and may see a couple of waves of heat intermixed at times to accelerate crop moisture stress
• France,
  parts of Germany and the southern Balkan Countries have the greatest need for rain
• Western
  CIS crop moisture stress remains greatest from southern and eastern Ukraine to western Kazakhstan and parts of Russia’s Southern Region
• Dryness
  is also a concern for the central and eastern New Lands
• Not
  much relief to dryness is expected in either of these areas
• China
  weather will including improving conditions in the flood ravaged Yangtze River Basin over the next two weeks
• Some
  heavy rain is expected in northern China and a part of the Korean Peninsula next week resulting in some flooding
• Liaoning,
  Hebei, Shandong and both North and South Korea will be most vulnerable to the flooding rainfall
• Two
  tropical systems will bring heavy rainfall to southern China in the coming week
• The
  first is expected in western Guangdong, Hainan, southern Guangxi and northeastern Vietnam this weekend and the second will be a tropical wave that will bring heavy rain to Fujian and Guangdong next week
• Xinjiang,
  China is not likely to change much over the next week to ten days
• Daily
  high temperatures will be in the upper 70s and 80s northeast and in the upper 80s and 90s elsewhere followed by lows in the 50s and 60s with a few lower 70s in the southwest
• Rain
  is expected in northeastern areas only with Monday, Wednesday and Thursday wettest with daily rainfall of 0.05 to 0.50 inch
  
• Dry
  conditions will prevail elsewhere
• Australia’s
  weather pattern is trending wetter with rain expected in many areas during the late weekend through next week and another system in the following week
• Some
  improvement in soil moisture is expected in many wheat, barley and canola production areas
• Argentina
  wheat areas may get a little rain during mid-week next week and some brief showers may reach into the drought areas of Cordoba and Santa Fe, but with a limited amount of relief expected
• Southern
  Brazil remains favorably moist
• More
  rain will fall periodically in far southern Brazil during the next couple of weeks
• Winter
  crop conditions are mostly good in Rio Grande do Sul and areas north into Parana, but Sao Paulo and a few other areas have been quite dry recently
• Summer
  crop harvest progress has been good
• Conditions
  for early season corn planting are looking favorable, but timely rain will need to continue in August to ensure early crops are successful
• Mexico
  precipitation in the coming week will be greatest in central and southern parts of the nation benefiting many corn, sorghum and dry bean production areas
• Coffee,
  citrus, sugarcane and many fruit and vegetable crops will also benefit
• Northern
  Mexico and especially the northeast will trend drier after rain fell beneficially from Tropical Depression Hanna Monday
• Central
  America rainfall will be erratic this week and may trend heavier and more widespread next week
• India’s
  weather is expected to remain favorable for summer crop development even though some of the rain amounts will be more erratic and lighter than usual
  
• Some
  net drying is expected
• Central
  and northwestern Rajasthan will experience the least amount of rain over the next ten days as will central and southern Pakistan
• Far
  southern India and a few locations from Odisha into southern Bangladesh will also receive well below average rainfall
• Southeast
  Asia rainfall continued erratic Wednesday with very little change likely through the next couple of weeks
• Parts
  of western Thailand, Vietnam and a few areas in Laos and Cambodia have received below average rainfall in recent weeks
• Crop
  conditions have not been ideal, although there has been sufficient rain to prevent crop failure
• Greater
  rain is needed, though
• This
  trend will ease somewhat in the next two weeks with greater rainfall anticipated, but the greatest rainfall is expected to remain pocketed so that some areas will still need greater rain
• Indonesia
  rainfall need is greatest for parts of Sumatra and Jav
• Philippines
  rainfall recently has been improving and this trend will continue for a while
• Harvest
  weather in center west and center south Brazil for Safrinha crops has been and will continue to be good
• South
  Africa weather over the next couple of weeks will include limited rainfall and temperatures will trend a little warmer over time.
  
• West-central
  Africa will receive periods of rain over the next couple of weeks maintaining a favorable environment for “some” coffee, cocoa, cotton, rice and sugarcane
• Greater
  rain is needed in Ivory Coast and Ghana where rainfall so far this month has been notably lighter than usual
• Most
  of the rain expected this week will continue erratic and often light
• Temperatures
  may be a little cooler than usual
• New
  Zealand rainfall over the next couple of weeks will be erratic and most often light with temperatures being near normal

Southern
Oscillation Index was +4.92 this morning and the index is expected to slowly fall over the next few days

 

7
Day Precipitation Outlook

 

Bloomberg
Ag Calendar

THURSDAY,
July 30:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• Port
  of Rouen data on French grain exports
• The
  Australian Grains Industry Conference (online event)
• Poland
  to publish grain harvest estimates

FRIDAY,
July 31:

• 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
• FranceAgriMer
  weekly update on crop conditions
• Malaysia’s
  palm oil export data for July 1-31 (tentative)
• U.S.
  agricultural prices paid, received, 3pm
• HOLIDAY:
  Singapore, Indonesia, Malaysia

MONDAY,
August 3:

• USDA
  weekly corn, soybean, wheat export inspections, 11am
• International
  Cotton Advisory Committee updates global outlook
• ABAG,
  Brazil’s agri-business association, hosts annual conference
• U.S.
  crop conditions for soybeans, corn, cotton; wheat harvesting progress, 4pm
• USDA
  soybean crush, 3pm
• U.S.
  DDGS production, corn for ethanol, 3pm
• Malaysia
  palm oil export data for July 1-31 from AmSpec, SGS
• Honduras,
  Costa Rica coffee exports for July
• EU
  weekly grain, oilseed import and export data
• Ivory
  Coast cocoa arrivals
• HOLIDAY:
  Canada

TUESDAY,
August 4:

• U.S.
  Purdue Agriculture Sentiment
• New
  Zealand global dairy trade auction
• Australia
  commodity index

WEDNESDAY,
August 5:

• EIA
  U.S. weekly ethanol inventories, production, 10:30am
• China’s
  CNGOIC to release supply-demand reports on corn, soybeans
• French
  Agriculture ministry’s 2020 grain estimates
• Malaysia’s
  palm oil export data for August 1-5
• New
  Zealand Commodity Price

THURSDAY,
August 6:

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

FRIDAY,
August 7:

• China’s
  foreign trade data for July, including imports of soybeans and meat
• 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
• FranceAgriMer
  weekly update on crop conditions

Source:
Bloomberg and FI

 

USDA
new-crop soybean export sales
exceeded expectations while old-crop were below.  Soybean meal export sales were within trade estimates but shipments were slow.  Soybean oil sales were poor along with lackluster shipments.  Corn export sales showed net reductions for old crop and new-crop
were 639,000 tons, below expectations.  Wheat sales were once again very good. 
Sorghum sales were poor for old crop but excellent for new-crop of 163,000 tons.  Pork sales were 39,600 tons. 

 

 

 

Macros

US
GDP Annualized (Q/Q) Q2 A: -32.9% (est -34.5%; prev -5.0%)

US
GDP Personal Consumption Q2 A: -34.6% (est -34.5%; prev -6.8%)

US
Core PCE (Q/Q) Q2 A: -1.1% (est -0.9%; prev 1.7

US
GDP Price Index Q2 A: -1.8% (est -0.1%; prev 1.4%)

US
Initial Jobless Claims Jul 25: 1434K (est 1445K; prevR 1422K; prev 1416K)

US
Continuing Claims Jul 18: 17018K (est 16200K; prevR 16151K; prev 16197K)

 

Corn.

• Corn
  futures opened about 1.50-1.75 cents higher despite USDA announcing China bought 1.937 million tons of new-crop, largest single day sales for that country (3^rd largest in history behind USSR) and unknown destinations picking up 130,000 tons of new-crop. 
  Corn ended unchanged to 0.50 cent higher. US weather conditions limited gains. 
  

China
only, includes 24-hour

 

• USDA
  may raise their 2020-21 US export forecast by 150 million bushels to 2.300 billion bushels, above 1.775 billion for 2019-20 and largest since 2017-18 when the US exported 2.438 billion. 
  
• China
  sold little more than 4 million tons of corn from reserves at an average price of 2,037 yuan per ton. 
  
• USDA
  corn export sales were disappointing.  Old crop posted a net reduction. 
• Some
  traders are as high as 187 bushels per acre for the US corn yield.  Note the ten-year trend is 183.6 bushels per acre. 
  
• The
  funds bought an estimated net 1,000 corn contracts. 
• The
  southern US Midwest will see rain over the next week while the northern Corn Belt will be dry.  Temperatures will remain mild. 
  
• Bloomberg
  noted during the July 1-28 period, France saw 28% of its normal rainfall, a concern for the countries corn crop.
  
• The
  USDA FAS estimated 2021 China chicken meat production rising to 15.300 million tons from 14.850 for 2020, a 3 percent increase.  They projected the poultry industry grew 18 percent in 2019 and will rise 8 percent in 2020. 
  https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Poultry%20and%20Products%20Annual_Beijing_China%20-%20Peoples%20Republic%20of_08-01-2020
  

 

Corn
vols
for this time of year are very low, and at least lowest going back to 2013 (2012 was the drought year) heading onto the August USDA Crop Production report.  Below the blue line represents 2014, the year corn vols dropped out of bed after the August report,
and grey line is the 5-year average.  Yellow is this year.  Will vol decrease further on August 12?  Looking at 2014 we think so if the US corn yield comes in above 182 bu/ac. 

 

Corn
Export Developments

• Under
  the 24-hour announcement system, private exporters sold 1.937 million tons of corn to China and 130,000 tons of corn to unknown, both new-crop. 
  

 

 

 

 

Updated
7/20/20

• September
  corn is seen in a $3.10 and $3.35 range over the short term.  December lows could reach $3.10.  We can’t justify below $3.00 unless a shock in the September grain stocks report occurs, or China’s production gets upward revised by a large amount. 
  

 

Soybean
complex.

·        
Soybean
started the day lower on bear spreading but turned a corner led by the back months.  Soybean meal was initially under pressure but ended up leading the strength in the soybean complex.  Soybean oil traded higher all day following Malaysian palm and tight South
American soybean oil stocks.  

·        
The September crush was up sharply today on higher soybean meal and bear spreading in meal. 

·        
SMZ settled right on the 20/100 DMA of 298.00. 

·        
August soybean oil closed 31 higher and September 17 higher. 

·        
USDA soybean export sales were poor for old crop and excellent for new-crop.  USDA: For 2020/2021, net sales of 3,344,200 MT primarily for China (1,989,000 MT), unknown destinations (1,232,900 MT),
Mexico (64,800 MT), Egypt (43,000 MT), and Taiwan (39,000 MT), were offset by reductions for Switzerland (60,000 MT).  Product sales were ok to lackluster. 

·        
Today was position day for August CBOT contracts.  Soybeans saw profit taking in the nearby spreads and soybean oil spreads firmed. 

·        
We see FND deliveries at zero to 50 soybeans, zero to 150 soybean meal and 1000-2500 soybean oil. 

·        
Funds bought an estimated net 2,000 soybeans, bought 3,000 meal and bought 3,000 soybean oil. 

·        
A Reuters poll calls for Brazil new crop soybean production to rise to 130 million tons from 120.9 million tons projected by Conab for 2019-20.  The planted area was expected to increase 3 percent. 

·        
China’s weekly soybean crush fell 100,000 tons to 1.96 million tons and is 390,000 tons above this time last year.  AgriCensus noted the crush volume is at a 7-week low. 

·        
Palm oil was higher.  On a monthly basis palm was up 16.5%, most since September 2015. 

·        
Indonesia aims to reach its B40 biodiesel target by July 2021. 

 

 

 

 

Oilseeds
Export Developments

• None
  reported

 

Soybean
oil has a story centered around slowing South American soybean crush and increase in demand for biodiesel production.

 

 

 

 

Updated
7/28/20

• September
  soybeans are seen in a $8.71-$9.10 range.
• September
  soybean meal is seen in a $288 to $300 range. 
• September
  soybean oil range is seen in a 28.40 to 30.50 range over the short term

 

Wheat

• US
  wheat futures
  were lower for Chicago and KC and higher for MN.  Rumors Brazil bought US and Canadian wheat this week may have supported MN type futures. Chicago wheat appears to be stuck in a two-sided trading pattern. 
  
• Losses
  were limited over concerns over dryness for France, Germany and parts of the southern Balkan Countries as well as crop areas from eastern Ukraine into Kazakhstan and Russia’s southern region. 
  
• USDA
  export sales for all-wheat beat expectations for the second consecutive week.  See text after the wheat section for country breakdown. 
  
• Funds
  sold an estimated net 3,000 Chicago wheat contracts. 
• BB
  – The ruble is trading at the lowest level against the dollar in more than two months. A weaker ruble promotes Russian wheat exports. 
  
• For
  the US Northern Plains, net drying will occur over the next week.  Topsoil moisture is short for the western areas of the Northern Plains. 
  
• The
  European Commission lowered their estimate for soft wheat production for the EU to 116.6 million tons from 117.2 million estimated a month ago.
• Paris
  December wheat was up 0.25 at 182.75.  

 

 

Export
Developments.

• Japan
  seeks 80,000 tons of feed wheat and 100,000 tons of barley on Aug 5 for arrival by end of Jan. 
  
• South
  Korea bought 26,000 tons of USs wheat at $233.69/ton and passed on 51,000 tons.  Shipment is for around November. 
  
• Tunisia
  bought 50,000 tons of milling wheat ($225.95 & 226.87), 25,000 tons of durum ($321.20), and 75,000 tons of barley ($204.99-$207.14), all C&F.   
  
• Results
  awaited: The Philippines seeks 216,000 tons of wheat on July 30 for September through December shipment. 
  
• The
  other day Egypt ended up buying 470,000 tons of wheat, according to Reuters.
  
• Results
  awaited:  Syria seeks 200,000 tons of milling wheat from Russia by July 28. 
  
• Syria
  looks to sell and export 100,000 tons of feed barley with offers by Sep 1. 
  

 

Updated
7/28/20

• Chicago September is seen in
  a $5.00-$5.50 range.
• KC September; $4.25-$4.50 range. 
  
• MN September $4.85-$5.20 range.
  

 

 

Export Sales Highlights 

This
summary is based on reports from exporters for the period July 17-23, 2020.

Wheat:  Net
sales of 676,600 metric tons (MT) for 2020/2021 were up 10 percent from the previous week and 30 percent from the prior 4-week average.  Increases were primarily for the Philippines (132,400 MT, including 16,000 MT switched from unknown destinations and decreases
of 9,500 MT), Taiwan (102,800 MT, including decreases of 1,000 MT), Brazil (62,100 MT), Mexico (60,400 MT, including decreases of 65,100 MT), and Japan (60,200 MT).  Exports of 505,400 MT were down 4 percent from the previous week and 2 percent from the prior
4-week average.  The destinations were primarily to the Philippines (93,400 MT), Thailand (62,800 MT), Mexico (62,200 MT), Brazil (62,100 MT), and Chile (46,500 MT). 

Corn: 
Net sales reductions of 29,300 MT for 2019/2020–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average.  Increases primarily for Colombia (41,800 MT, including decreases of 3,200 MT), unknown destinations (27,600
MT), Japan (13,100 MT, including decreases of 2,500 MT), Taiwan (13,000 MT), and Guatemala (11,400 MT, including 4,000 MT switched from Costa Rica, 4,000 MT switched from El Salvador, and 2,000 MT switched from Nicaragua), were offset by reductions primarily
for Canada (53,700 MT), Mexico (44,100 MT), Panama (22,100 MT), and El Salvador (14,300 MT).  For 2020/2021, net sales of 638,700 MT primarily for unknown destinations (245,900 MT), Mexico (112,000 MT), Japan (100,000 MT), Canada (75,700 MT), and Honduras
(32,000 MT), were offset by reductions for Colombia (4,000 MT).  Exports of 971,200 MT were down 8 percent from the previous week and 15 percent from the prior 4-week average.  The destinations were primarily to Mexico (360,800 MT), Japan (355,100 MT), China
(67,900 MT), Guatemala (66,500 MT), and Colombia (58,800 MT). 

Optional Origin Sales: 
For 2019/2020, new exports for own account totaling 65,000 MT were to South Korea.  The current outstanding balance of 455,000 MT is for South Korea (325,000 MT), Vietnam (65,000 MT), and Taiwan (65,000 MT).  For 2020/2021, the current outstanding balance
of 260,000 MT is for Vietnam (195,000 MT) and South Korea (65,000 MT).

Barley: 
No net sales for 2020/2021 were reported for the week.  Exports of 300 MT were to South Korea.

Sorghum: 
Net sales of 4,300 MT for 2019/2020 were down 95 percent from the previous week and from the prior 4-week average.  Increases reported for China (71,400 MT, including 68,000 MT switched from unknown destinations) and Japan (900 MT), were offset by reductions
for unknown destinations (68,000 MT).  For 2020/2021, net sales of 163,000 MT were for unknown destinations (98,000 MT) and China (65,000 MT).  Exports of 82,600 MT were down 33 percent from the previous week and 12 percent from the prior 4-week average. 
The destinations were to China (71,700 MT) and Japan (10,900 MT).

Rice: 
Net sales of 23,000 MT for 2019/2020 were up 78 percent from the
previous week and 18 percent from the prior 4-week average.  Increases were primarily for Haiti (15,300 MT), Canada (1,900 MT), the Dominican Republic (1,900 MT), Saudi Arabia (1,800 MT), and Mexico (600 MT). 
For 2020/2021, net sales of 6,000 MT were primarily for Costa Rica. 
Exports of 12,000 MT were down 78 percent from the previous week and 67 percent from the prior 4-week average.  The destinations were primarily to Canada (3,400 MT), Saudi Arabia (2,900 MT), Japan (1,700 MT), Israel (1,000 MT), and Mexico (800 MT).

Soybeans: 
Net sales of 257,800 MT for 2019/2020 were down 29 percent from the previous week and 45 percent from the prior 4-week average.  Increases primarily for Germany (152,400 MT), Egypt (151,200 MT, including 38,000 MT switched from unknown destinations and decreases
of 800 MT), the Netherlands (116,900 MT, including 55,000 MT switched from unknown destinations), Bangladesh (59,000 MT, switched from unknown destinations), and Indonesia (47,100 MT, including decreases of 10,400 MT), were offset by reductions primarily for
unknown destinations (323,600 MT) and China (64,300 MT).  For 2020/2021, net sales of 3,344,200 MT primarily for China (1,989,000 MT), unknown destinations (1,232,900 MT), Mexico (64,800 MT), Egypt (43,000 MT), and Taiwan (39,000 MT), were offset by reductions
for Switzerland (60,000 MT).  Exports of 674,500 MT were up 44 percent from the previous week and 42 percent from the prior 4-week average.  The destinations were primarily to Germany (152,400 MT), China (135,600 MT), Mexico (113,400 MT), the Netherlands (56,900
MT), and Algeria (41,800 MT). 

Exports for Own Account: 
For 2019/2020, the current exports for own account outstanding balance is 2,100 MT, all Canada.

Export
Adjustments: 
Accumulated export of soybeans to the Netherland were adjusted down 18,000 MT for week ending February 6^th, 26,072 MT for week ending February 27^th, 64,651 MT for week ending March 5^th, and 43,644 MT for week ending March 12^th. 
The correct destination for these shipments is Germany and is included in this week’s report.

Soybean
Cake and Meal: 
Net sales of 260,900 MT for 2019/2020 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for the Philippines (137,300 MT), Mexico (33,800 MT), Australia (25,000 MT), Canada (24,400 MT, including decreases of 300
MT), and Colombia (20,000 MT, including decreases of 200 MT), were offset by reductions for El Salvador (5,200 MT), Panama (3,400 MT), Belgium (1,500 MT), and the Dominican Republic (800 MT).  For 2020/2021, net sales of 32,900 MT primarily for Canada (14,300
MT), Guatemala (11,800 MT), El Salvador (4,200 MT), Panama (3,400 MT), and the Philippines (2,000 MT), were offset by reductions for Morocco (5,000 MT).  Exports of 185,300 MT were down 10 percent from the previous week and 19 percent from the prior 4-week
average.  The destinations were primarily to Colombia (41,700 MT), Morocco (30,600 MT), Canada (21,900 MT), Guatemala (21,800 MT), and Mexico (18,700 MT). 

Soybean
Oil:  Net
sales of 800 MT for 2019/2020 were primarily for Canada (300 MT), Mexico (300 MT), and the Dominican Republic (200 MT).  For 2020/2021, total net sales of 10,000 MT were for South Korea.  Exports of 10,900 MT were down 71 percent from the previous week and
34 percent from the prior 4-week average.  The destinations were primarily to Colombia (3,000 MT), Guatemala (2,400 MT), Nicaragua (2,100 MT), El Salvador (1,900 MT), and Canada (800 MT). 

Cotton: 
Net sales of 118,700 RB for 2019/2020 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Vietnam (76,500 RB, including 2,200 RB switched from China and 800 RB switched from South Korea), China (22,100 RB),
Bangladesh (17,600 RB), Turkey (4,000 RB), and Brazil (3,900 RB, switched from Ecuador), were offset by reductions for Ecuador (3,900 RB), Pakistan (2,500 RB), Mexico (2,100 RB), the Philippines (1,900 RB), and India (1,800 RB).  For 2020/2021, net sales of
9,500 RB primarily for Vietnam (3,000 RB), Pakistan (2,600 RB), Turkey (1,500 RB), Thailand (1,400 RB), and Bangladesh (1,100 RB), were offset by reductions for Japan (400 RB).  Exports of 320,800 RB were up 18 percent from the previous week and 8 percent
from the prior 4-week average.  Exports were primarily to China (105,100 RB), Vietnam (93,100 RB), Turkey (41,700 RB), Bangladesh (25,400 RB), and Pakistan (18,500 RB).  Net sales of Pima totaling 9,100 RB were down 20 percent from the previous week, but up
48 percent from the prior 4-week average.  Increases primarily for China (5,700 RB), Pakistan (1,700 RB), Italy (1,400 RB), Thailand (1,100 RB), and Turkey (1,000 RB), were offset by reductions for India (3,500 RB).  For 2020/2021, total net sales of 500 RB
were for Peru.  Exports of 7,800 RB were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to China (3,100 RB), Pakistan (1,100 RB), Peru (900 RB), India (800 RB), and Bangladesh (700 RB).  

Exports
for Own Account: 
For 2019/2020, new exports for own account totaling 26,800 RB were to Vietnam (17,300 RB), Pakistan (4,800 RB), China (3,300 RB), and Bangladesh (1,400 RB).  Exports for own account totaling 15,300 RB were primarily to Vietnam (10,900 RB) were applied to new
or outstanding sales. Decreases were reported for Indonesia (4,300 RB).  The current exports for own account outstanding balance of 31,300 RB is for China (14,300 RB), Vietnam (10,200 RB), Indonesia (3,900 RB),
Bangladesh
(2,500 RB), and Pakistan (400 RB).

Hides
and Skins:
Net sales of 447,600 pieces for 2020 were up 4 percent from the previous week, but down 12 percent from the prior 4-week average.  Increases primarily for China (343,100 whole cattle hides, including decreases of 12,000 pieces), Mexico (60,100 whole cattle
hides, including decreases of 900 pieces), South Korea (32,000 whole cattle hides, including decreases of 2,300 pieces), Turkey (8,100 whole cattle hides), and Vietnam (3,400 whole cattle hides), were offset by reductions primarily for Indonesia (200 whole
cattle hides) and Brazil (100 whole cattle hides).  Exports of 544,400 pieces reported for 2020 were up 41 percent from the previous week and 23 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (421,100 pieces), Mexico
(53,100 pieces), South Korea (47,700 pieces), Brazil (11,400 pieces), and Vietnam (4,500 pieces).

Net
sales of 133,100 wet blues for 2020 were down 16 percent from the previous week, but up noticeably from the prior 4-week average.  Increases primarily for Brazil (39,900 grain splits), China (39,800 unsplit, including decreases of 200 unsplit), Thailand (20,000
unsplit), Italy (15,100 unsplit, including decreases of 300 unsplit), and Vietnam (11,200 unsplit), were offset by reductions for Taiwan(2,400 unsplit).  Exports of 100,400 wet blues for 2020 were up 23 percent from the previous week and 40 percent from the
prior 4-week average.  The destinations were primarily to Italy (42,800 unsplit and 6,400 grain splits), China (13,600 unsplit), Thailand (12,400 unsplit), Vietnam (7,600 unsplit), and Mexico (6,000 grain splits).  Net sales of 237,800 splits were for China
(166,300 pounds, including decreases of 3,700 pounds) and Vietnam (71,500 pounds, including decreases of 5,200 pounds).  Exports of 394,900 pounds were to Vietnam.

Beef:
Net sales of 29,500 MT
reported for 2020–a marketing-year high–were up 89 percent from the previous week and 81 percent from the prior 4-week average.  Increases primarily for South Korea (11,500 MT, including decreases of 600 MT), Japan (10,600 MT, including decreases of 400
MT), Taiwan (1,500 MT, including decreases of 200 MT), China (1,400 MT), and Hong Kong (1,300 MT, including decreases of 100 MT), were offset by reductions primarily for Chile (100 MT) and the Philippines (100 MT).  For 2021, net sales of 1,200 MT were primarily
for Mexico (1,100 MT) and the Philippines (100 MT).  Exports of 18,300 MT were up 14 percent from the previous week and 19 percent from the prior 4-week average.  The destinations were primarily to Japan (6,600 MT), South Korea (5,700 MT), Taiwan (1,400 MT),
Canada (1,200 MT), and Hong Kong (1,000 MT).

 

Pork:
Net sales of 39,600 MT reported for 2020 were up 24 percent
from the previous week and 12 percent from the prior 4-week average.  Increases primarily for China (17,800 MT, including decreases of 1,200 MT), Mexico (15,400 MT, including decreases of 200 MT), Canada (2,300 MT, including decreases of 400 MT), Japan (900
MT, including decreases of 1,800 MT),  and the Philippines (800 MT, including 200 MT switched from Vietnam), were offset by reductions primarily for Australia (400 MT).  For 2021, total net sales of 400 MT were for Australia.  Exports of 31,500 MT were down
12 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to China (10,200 MT), Mexico (9,200 MT), Japan (4,400 MT), Canada (2,300 MT), and South Korea (1,000 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING 7/23/2020                            

	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	210.9	1,732.0	1,532.4	174.4	1,792.4	2,025.0	0.0	0.0
SRW	37.5	659.9	853.8	53.2	266.7	320.9	0.0	0.0
HRS	247.1	1,808.3	1,393.2	208.8	1,047.1	821.4	0.0	0.0
WHITE	158.1	1,280.4	998.8	49.9	646.1	568.7	0.0	0.0
DURUM	23.0	207.0	303.7	19.0	177.8	59.4	0.0	0.0
TOTAL	676.6	5,687.6	5,081.9	505.4	3,930.2	3,795.3	0.0	0.0
BARLEY	0.0	36.3	48.8	0.3	2.4	7.9	0.0	0.0
CORN	-29.3	5,677.7	3,894.6	971.2	38,003.4	45,990.7	638.7	8,327.6
SORGHUM	4.3	723.9	150.8	82.6	3,640.7	1,502.6	163.0	984.0
SOYBEANS	257.8	7,448.7	7,784.9	674.5	39,329.7	40,940.1	3,344.2	13,731.2
SOY MEAL	260.9	1,794.6	2,046.1	185.3	9,876.5	9,538.2	32.9	557.3
SOY OIL	0.8	215.2	127.3	10.9	1,029.8	716.6	10.0	21.0
RICE
L G RGH	0.0	93.3	182.8	0.0	1,329.4	1,347.8	6.0	75.5
M S RGH	0.0	23.6	14.7	0.0	72.9	88.6	0.0	5.7
L G BRN	0.0	9.9	2.0	0.2	59.1	39.9	0.0	0.0
M&S BR	0.1	31.7	0.1	0.1	87.6	152.8	0.0	0.0
L G MLD	19.7	66.9	184.2	5.3	864.8	863.1	0.0	0.0
M S MLD	3.1	80.6	89.5	6.4	667.6	571.9	0.0	0.1
TOTAL	23.0	305.9	473.3	12.0	3,081.4	3,064.1	6.0	81.3
COTTON		THOUSAND RUNNING BALES
UPLAND	118.7	3,340.7	2,657.1	320.8	13,784.2	12,886.2	9.5	3,546.3
PIMA	9.1	136.8	82.5	7.8	466.6	642.9	0.5	38.5