PDF Attached

 

 

Higher
USD and lower outside markets prompted profit taking in US ag markets.  Egypt cancelled their international vegoil import tender but bought 12,000 tons of local soybean oil.  SK bought 132,000 tons of corn.  Jordan is back in for wheat and barley. USDA cattle
on feed will be out Friday after the close. 

 

Weather

 

 

OND
and NDJ La Nina probability hits 100 percent. 

 

 

MOST
IMPORTANT WEATHER IN THE WORLD

  • Confirmation
    of significant moisture in Russia’s Southern region was received overnight
    • Significant
      snow and rain fell this week from southern parts of Russia’s Central region across the northeastern most corner of Ukraine into southern portions of Russia’s Southern Region
      • Moisture
        totals of 0.35 to 1.50 inches occurred east of Ukraine and southward toward the Georgia border
      • Significant
        snow accumulated in northern parts of the described region
    • The
      precipitation comes too late for significant improvement in vegetative development, but some root and tiller improvement is expected and that will give the crop a chance to improve during the spring of 2021
  • Bitter
    cold temperatures have followed the snow event into a part of Russia’s Southern region and western Kazakhstan
    • Extreme
      lows in the negative and positive single digits occurred, but the coldest subzero degree Fahrenheit readings occurred in mostly snow-covered areas
    • There
      were a few areas in northwestern Kazakhstan and in Russia’s Southern region where extreme lows were near zero this morning without snow on the ground
      • These
        areas were considered minor wheat production areas and the damage, if any, should have been low having a minor impact on 2021 production potential
  • Brazil
    rainfall this week has been significant in many of the areas that were still suffering from dryness.
    • The
      two-day rain totals were more than sufficient to improve soil moisture in western and northern Parana, Sao Paulo and far southern Minas Gerais
    • Some
      beneficial moisture also occurred in “central” Paraguay and a few other areas scattered around in Brazil
    • Dryness
      still remains a concern in far southern Paraguay and Rio Grande do Sul where no relief is expected for a full week
      • Some
        of these drier areas will get rain late next week into the following weekend and that event will be extremely important
  • Brazil
    weather will trend much drier in the western and southern parts of the nation through the next week
    • Areas
      that did not get much rain this week will be first to dry out
    • Concern
      will be greatest for the southwest half of Mato Grosso, northwestern most Mato Grosso do Sul, eastern Bolivia and areas from far southern Paraguay into Rio Grande do Sul where expected rainfall will be minimal
  • Argentina
    was dry again Wednesday and the potential for rain is minimal outside of a few random showers in the west through the weekend
    • Scattered
      showers will develop from southwest to northeast late Monday into Thursday of next week
      • The
        resulting rainfall will be extremely important since the ground will be too dry once again by that time
    • Rain
      last weekend has helped support new crop planting, germination, emergence and establishment, but drying will slow development making next week’s rain of critical importance
  • U.S.
    hard red winter wheat areas will get rain this weekend and next week to help improve soil conditions for better winter crop establishment either now prior to dormancy or in the spring
  • U.S.
    Pacific Northwest precipitation recently has begun to improve the soil moisture profile, but cool weather has crops already semi-dormant limiting their potential to benefit from the moisture
    • Some
      warming and additional precipitation is expected and crops may still have a chance for “some” improvement over time
  • NOAA
    30-DAY U.S. WEATHER OUTLOOK
    • December
      temperatures will be warmer than usual except in the far northwest corner of the nation where northwestern Montana to Washington will be cooler than usual
    • December
      precipitation was advertised to be below average from the central through the southern Plains, in the southern half of the Rocky Mountain region, in the southwestern desert region and from the U.S. Delta region into Florida, Georgia, the Carolinas and southeastern
      Virginia
    • December
      precipitation was advertised to be greater than usual from the eastern Midwest into New York State and New England as well as in the Pacific Northwest
  • NOAA
    90-DAY U.S. WEATHER OUTLOOK
    • December
      through February temperatures will be cooler than usual in the northern Plains and in the Pacific Northwest while warmer than usual in most other areas in the nation
    • December
      through February precipitation was advertised to be greater than usual from Washington and northern Oregon through Montana, northern Wyoming and the northern Plains to the western Great Lakes region.
      • Wetter
        than usual conditions were also suggested for the central and eastern Midwest into New York and Vermont
    • December
      through February precipitation will be less than usual across the central and southern Plains and most of the southern states; including California, the southwestern desert region, the southern Rocky Mountain region, the lower most Delta and southeastern states
  • Tropical
    Depression Iota dissipated and moved off the coast of El Salvador Wednesday
    • Heavy
      rain lingered behind in much of the heart of Central America
    • Rain
      from the storm will gradually diminish
  • Tropical
    disturbances in the southern Caribbean Sea over the coming week will be closely monitored
    • None
      of these systems that move from northern coast of Colombia to Panama, Costa Rica or southern Nicaragua are currently expected to evolve into organized tropical cyclones, but any one of them might late this weekend or next week and for that reason a close watch
      is warranted
  • A
    tropical wave expected northeast of Bahamas during the next several days has some potential to become subtropical depression, but confidence is very low
    • the
      system would not be a threat to the contiguous U.S. or any of the islands noted above, but it might bring some rain and breezy conditions to Bermuda next week regardless of its potential for development
  • U.S.
    weather will be tranquil into Friday and then rain is expected
    • Rain
      will develop Friday in the central Plains and expand into the heart of the Midwest Saturday before all of the precipitation shifts southeast to the northern Delta and southern Plains Sunday
    • A
      follow up disturbance will bring a second wave of rain to the central Plains early next week before moving across the Midwest
      • Some
        significant snow might fall in the far northern Midwest next week, but most areas will be too warm for snow
    • Waves
      of rain and some wind will continue in the Pacific Northwest while most key crop areas are left dry
  • U.S.
    crop area temperatures will be near to above average during much of the next two weeks, although next week may trend cooler in parts of the western states
  • U.S.
    Delta will receive some rain during mid-week next week
  • U.S.
    southeastern states will be dry through early next week
    • Rain
      is expected during the second half of next week
  • West
    Texas will receive some rain Sunday into Tuesday slowing fieldwork for a brief period of time
    • Precipitation
      will be greatest in the Panhandle
  • U.S.
    Pacific Northwest weather will remain active through the next ten days with frequent storms impacting shipping in the Puget South
    • Periods
      of rain and mountain snow in the interior Pacific Northwest will be welcome
  • China’s
    significant rain from Tuesday shifted through the northeast provinces Wednesday with some of the precipitation changing to snow
    • Moisture
      totals varied from 1.00 to nearly 3.00 inches from Liaoning to southern Heilongjiang
      • Local
        totals to more than 8.00 inches resulted in southeastern Liaoning near the North Korea border
    • Heavy
      snowfall occurred in the northern part of the precipitation region in the Northeast provinces
    • Northern
      China’s moisture this week has been much more than usual and will ensure moisture abundance for all wheat and rapeseed production areas
      • Some
        recently planted crop areas may need drier weather to protect crops from damage
  • China’s
    greatest rain in the next week to ten days will be in east-central parts of the nation, although the Yellow River Basin and North China Plain will get some additional light precipitation briefly Friday into Saturday
  • North
    Africa reported a few showers in northern Tunisia Wednesday after occurring in northeastern Algeria earlier this week
    • All
      of northern Africa needs greater rain to adequately support autumn planting and wheat and barley
    • Additional
      rain will fall in Algeria and Tunisia in this coming week, but Morocco rainfall is still a full week away
    • A
      boost in rainfall is needed to improve planting prospects
  • India
    rainfall has been concentrated in the far south this week
    • The
      precipitation will be ending today
    • Some
      areas are becoming a little too wet and there is need for drier weather
    • Drying
      should occur during the weekend and early next week
    • A
      tropical cyclone may bring heavy rain back to far southern India late next week
  • Indonesia
    and Malaysia rainfall has been favorably distributed recently and the trend will continue for the next ten days benefiting most crops
  • Mainland
    areas of Southeast Asia have been trending drier recently and this trend will continue into next week
    • The
      drier weather will be very good for most of the region, especially Vietnam where excessive rains have occurred since Oct. 4
  • Philippines
    rainfall will be erratic and mostly light over the coming ten days
    • Excessive
      precipitation occurred in association with frequent storms that moved through the region during October and early November, but those have now ended and drying will be welcome for a while
  • Australia
    precipitation will be erratic and light over the next ten days similar to that of recent days resulting in favorable winter crop maturation and harvest progress
    • Rain
      is still needed in dryland summer crop areas of Queensland and parts of New South Wales to induce better crop development potentials
      • Greater
        rain is expected in December
    • Temperatures
      will be seasonable with a slight warmer bias in the interior east
  • South
    Africa rainfall Wednesday was mostly confined to the south
    • Temperatures
      were seasonably warm
  • South
    Africa will experience some periodic shower and thunderstorm activity over the next ten days
    • Daily
      rainfall  is expected to be sporadic and light to locally moderate, but most areas will eventually be impacted
    • All
      of the moisture will be welcome, but greater rain will still be needed especially in the far western summer crop areas and across parts of Limpopo
  • Interior
    portions of Europe will continue to see unusually tranquil weather for a while as a dominating high pressure ridge aloft prevails
    • Winter
      crops have established and some are trending dormant
    • Winter
      crops in Spain are being planted and should be establishing relatively well
    • Some
      increasing precipitation is expected later this week and into the weekend in western and some central parts of the continent
  • Southeast
    Canada’s grain and oilseed areas will experience a little precipitation again periodically over the next ten days
    • Dry
      weather would be best for a few weeks to finish up this year’s harvest
  • Southern
    Oscillation Index was +6.99 this morning; the index will rise through the end of this week
  • Mexico
    precipitation will be quite limited over the coming week favoring summer crop maturation and harvesting except in the southeast where remnants of Tropical Cyclone Iota are continuing to produce some rain
  • Portions
    of Central America will remain wetter than usual into the weekend, but the greatest rain from Hurricane Iota should be winding down over the next couple of days
  • West-central
    Africa will experience erratic rain through the next ten days favoring crop areas closest to the coast
    • Daily
      rainfall is expected to be decreasing as time moves along which is normal for this time of year
  • East-central
    Africa rain will be erratic and light over the coming week in Ethiopia while rain occurs frequently from Uganda and southwestern Kenya into Tanzania
    • Ethiopia
      will be wetter next week while showers and thunderstorms continue elsewhere
  • New
    Zealand rainfall will be near to below average in most of the nation over the coming week except along the immediate west coast where rainfall will be slightly greater than usual
    • Temperatures
      will be a little cooler than usual

Source:
World Weather Inc. and FI

 

 

Bloomberg
Ag Calendar

Friday,
Nov. 20:

  • 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
    Nov. 1-20 palm oil export data
  • Asia-Pacific
    Agri-Food Innovation Summit, day 3
  • U.S.
    Cattle on Feed

Source:
Bloomberg and FI

 

 

USDA
Export Sales

  • Soybean
    export sales of 1.388 million tons were a marketing year low and included 1.061 million tons for China.  Product sales included 182,100 tons for soybean meal and 45,100 tons for soybean oil.  The soybean oil sales were perceived to be supportive.  It included
    25,500 tons for South Korea and 19,400 tons for the Dominican Republic. 
  • Wheat
    sales of 192,400 tons were below expectations. 
  • Corn
    export sales of 1.089 million tons were slightly above expectations and included China for 174,700 tons. 
  • Sorghum
    sales were good at 117,900 tons.  China was in there for 131,200 tons but included 68,000 tons switched from unknown. 
  • Pork
    sales of 28,900 tons and China was a small part of that amount. 

 

 

 

 

Macros

US
Initial Jobless Claims Nov 14: 742K (est 700K; prevR 711K; prev 709K)

US
Continuing Claims Nov 7: 6372K (est 6400K; prevR 6801K; prev 6786K)

Canadian
Non-Farm Payroll Employment Falls By 79,500 In October – ADP

Canada
Revises Job Change To -564.4K In September – ADP

US
Existing Home Sales Oct: 6.85M (est 6.47M; prev R 6.57M)


Existing Home Sales (M/M) Oct: 4.3% (est -1.1%; prev R 9.9%)


Median Home Price (USD) Oct: 313K or +15.5% (prev 311.8K or +14.8%)


Inventory Of Homes For Sale: 1.42 Mln Units, 2.5 Months Worth (prev 1.47 Mln, 2.7 Months)

US
Leading Index Oct: 0.7% (est 0.7%; prev 0.7%)

US
EIA Natural Gas Storage Change (BCF) 13-Nov: +31 (est +20 ; prev +8)

 

 

Corn.

  • South
    Africa’s final 2020 (2019-20 crop year) corn estimate will be released November 26 (US holiday).  A Reuters poll calls for CEC to report corn production at 15.379 million tons (8.746 million white and 6.632 million yellow), down from the CEC’s October estimate
    of 15.420 million tons, and well up from the weather problem year of 11.275 million tons during 2018-19. 
  • USDA’s
    monthly livestock slaughter report showed commercial beef production rose to 2.47 billion pounds from 2.44 billion pounds a year ago. 
  • Pork
    production was reported at 2.6 billion pounds, down from 2.61 billion pounds last year.
  • This
    put Red Meat Production at 5.086 billion pounds for October, up 0.4% YoY and up 8.1% MoM.
  • EPA
    reported that the US generated 1.15 billion ethanol (D6) blending credits on October compared to 1.12 billion D6 credits in September.
  • Funds
    sold an estimated net 12,000 corn contracts on the session. 

 

 

 

 

US
D6 price overlaid with CBOT Ethanol and Platts “CU” Ethanol Swap

 

Corn
Export Developments

  • South
    Korea’s MFG bought 132,000 tons of corn. At $241.69/ton c&f for March and April shipment. 
  • Awaiting
    results: Iranian state-owned SLAL seeks up to 60,000 tons of animal feed barley and 60,000 tons of soymeal for shipment in December 2020 and in January 2021.

 

Updated
11/19/20

March
corn is seen trading in a $4.25‐$4.55 area.

 

Soybean
complex
.
 

  • Soybeans
    finished higher but could not break yesterday’s 4-year high as profit-taking kept a lid on prices.  China not showing up on the 24-hour window for reported sales has cautioned some bulls. 
  • CNGOIC
    reported China soybean stocks near a two-month high at 6.97 million tons due to higher US soybean cargo arrivals. 
  • We
    heard China bought at least one January cargo of soybeans on Wednesday, origin unknown.  A state-owned company was also inquiring for January shipment.  Chinese crush margins improved overnight. 
  • Meal
    was weaker while soybean oil rose which caused some chatter of meal/oil spreading.    
  • Global
    vegetable oil prices are strong.  Argentina cash December position fob soybean oil appreciated to $1004/ton from $971/ton previous day. 
  • Second
    half US soybean oil crop year biodiesel remains in question as the spread between energy prices and global vegetable oil prices continue to widen. The current HOBO spread is making feedstock prices unattractive for biodiesel producers.  Biodiesel producers
    are well covered through the end of the year, but far from covered for Q1 2021 onward.  Like soybean exports, soybean oil use during the October-August period might be front loaded.  Time will tell but we now expect demand for soybean oil to erode by the end
    of quarter one from 1) higher soybean oil prices, 2) increase use of other feedstocks, and 3) poor biodiesel margins-especially for standalone plants. 
  • ICE
    Canola hit a 7-year high on the stronger US soybean oil.  Canola crush margins are improving, but farmer selling is preventing gains.   
  • Moderate
    rains were reported in Southern Brazil and Northeastern Brazil the last 24hrs but, most of the central and the Northwest regions were missed. Argentina was mostly dry. Brazil’s forecast looks like it’s holding a similar pattern, but Argentina may be turning
    a bit wetter.
  • Argentine
    tugboat workers strike ended after the government stepped in and ended it.  It didn’t last a day. 
  • US
    producers have sold about 70 to 80 percent of their crop, allowing them to make early planting decisions.  The current soybean/corn ratio for 2021 SX/CZ is around 2.57, which favors soybean plantings. 
  • EPA
    reported that the US generated 333 million biodiesel (D4) blending credits on October compared to 437 million D4 credits in September.
  • Funds
    bought an estimated net 3,000 soybean contracts and 2,000 net soybean oil contracts on the session.  Funds sold an estimated net 2,000 soybean meal on the session.

 

Oilseeds
Export Developments

  • South
    Korea’s Agro-Fisheries seeks 75,000 tons of non-GMO soybeans on November 24 for Jan-Jun 2022 arrival. 
  • Results
    awaited: Iranian state-owned SLAL seeks up to 60,000 tons of animal feed barley and 60,000 tons of soymeal, on Wednesday, Nov. 18, for shipment in December 2020 and in January 2021.

 

 

HOBO
(revered below) is moving in direction that makes feedstock expensive for biodiesel producers

 

 

US
D4 price overlaid with CBOT Soybean Oil

 

Updated
11/19/20

January
soybeans are seen in a $11.40‐$12.10 range

January
soybean meal is seen trading above $4.20 range

January
soybean oil is seen in a 37.00-39.00 cent range.

Wheat

  • The
    lower trade in US wheat was a function of a higher USD, weak export sales, and large Australian wheat prospects.  Weaker corn prices from profit-taking pressured wheat all session.
  • This
    week there has been a lot of chatter on unfavorable US winter wheat weather for the long-term forecast over La Nina conditions.  The weather situation remains unchanged for the long-term forecasts for US winter wheat.  CPC reported mid-month the probability
    of La Nina occurring through early spring was 100 percent. 
  • Paris
    (Matif) March wheat was 2.00 euro lower at 208.75 euros. 
  • The Economic Times published an article
    stating India could export 3.5-4.0 million tons of wheat to neighboring countries up until March if the government extended its export subsidy.  India exported nearly no wheat previous year. 
  • Russian wheat exports so far this
    season are 17 percent above the same period last year to 20.7 million tons.  Export curbs are expected to be introduced early 2021. 
  • Funds sold an estimated net 4,000
    wheat contracts on the session. 

 

Export
Developments.

  • In an SBS import tender, on November 25, Japan seeks 80,000 tons of
    feed wheat and 100,000 tons of feed barley to be loaded by Jan. 31, 2021 and arrive in Japan by Feb. 25, on Nov. 18.
  • Qatar seeks 100,000 tons of feed barley on December 8, optional origin. 

 

Rice/Other

·        
Turkey seeks 50,000 tons of rice on November 23 for Dec-early Jan shipment.

·        
Syria seeks 37,400 tons of white rice on November 23.  White Chinese/Egyptian short grain white rice of third or fourth class was sought. Shipment is sought within three months of order confirmation. 

·        
Bangladesh seeks 50,000 tons of rice on November 26, valid until December 10, for shipment within 40 days of contract signing.  This is the first import tender in three years. 

·        
Syria seeks 25,000 tons of white rice on December 2. 

 

 

Updated 11/18/20

March Chicago wheat is seen in a $5.90‐$6.40 range

March KC wheat is seen in a $5.45‐$5.90 range

March MN wheat is seen in a $5.40‐$5.85 range

 

Export Sales Highlights 

  • Wheat:  Net sales of 192,400 metric tons (MT) for 2020/2021–a marketing-year low–were down 36 percent from the previous week and 62 percent from the prior 4-week average.  Increases primarily for China (125,000 MT),
    Mexico (28,700 MT, including decreases of 500 MT), and Japan (25,400 MT), were offset by reductions for the Philippines (1,100 MT), Panama (800 MT), and the United Arab Emirates (100 MT).  Exports of 270,500 MT were down 24 percent from the previous week and
    17 percent from the prior 4-week average.  The destinations were primarily to the Philippines (78,900 MT), Japan (57,000 MT), Taiwan (52,000 MT), South Korea (34,700 MT), and Panama (24,400 MT).  Optional Origin Sales:   For 2020/2021, the current outstanding
    balance of 10,000 MT, all Spain.
  • Corn:  Net sales of 1,088,600 MT for 2020/2021 were up 11 percent from the previous week, but down 43 percent from the prior 4-week average.  Increases primarily for Mexico (244,300 MT, including decreases of 2,300 MT),
    Japan (203,400 MT, including 57,000 MT switched from unknown destinations and decreases of 51,100 MT), China (174,700  MT), Colombia (171,700 MT, including decreases of 600 MT), and Taiwan (138,000 MT, including 65,000 MT switched from unknown destinations),
    were offset by reductions primarily for unknown destinations (162,000 MT), Guatemala (28,300 MT), and France (20,000 MT).   Exports of 844,600 MT were up 16 percent from the previous week and 9 percent from the prior 4-week average.  The destinations were
    primarily to China (278,700 MT), Mexico (205,200 MT), Japan (159,400 MT), Venezuela (67,500 MT late – see below), and Peru (52,100 MT).  Optional Origin Sales:   For 2020/2021, new optional origin sales of 68,000 MT were reported for South Korea.   Decreases
    totaling 130,000 MT were reported for Vietnam.  The current outstanding balance of 1,320,600 MT is for South Korea (505,000 MT), Taiwan (205,000 MT), Japan (188,000 MT), unknown destinations (167,600 MT), Vietnam (130,000 MT), China (65,000 MT), and Ukraine
    (60,000 MT).  Late Reporting:   For 2020/2021, net sales and exports totaling 67,500 MT were reported late. These sales and exports were reported for Venezuela.
  • Barley:  No net sales or exports were reported for the week.
  • Sorghum:  Net sales of 117,900 MT for 2020/2021 resulting in increases for China (131,200 MT, including 68,000 MT switched from unknown destinations) and Eritrea (30,600 MT, switched from unknown destinations), were offset
    by reductions for unknown destinations (30,000 MT) and Japan (13,900 MT).  For 2021/2022, total net sales of 68,000 MT were reported for unknown destinations.  Exports of 254,900 MT were to China (199,200 MT), Eritrea (30,600 MT), and Japan (25,100 MT). 
  • Rice:  Net sales of 56,300 MT for 2020/2021 were up 77 percent from the previous week, but down 7 percent from the prior 4-week average.  Increases were primarily for Mexico (40,400 MT), Haiti (6,200 MT, including decreases
    of 1,000 MT), Jordan (4,700 MT), Canada (1,800 MT), and Saudi Arabia (1,300 MT).  Exports of 85,500 MT were up 17 percent from the previous week and 14 percent from the prior 4-week average.  The destinations were primarily to Nicaragua (24,200 MT), Honduras
    (22,400 MT), Haiti (21,400 MT), Mexico (9,700 MT), and Canada (3,400 MT).   Exports for Own Account:  For 2020/2021, new exports for own account totaling 100 MT were to Canada.  The current exports for own account outstanding balance is 100 MT, all Canada.
  • Soybeans:  Net sales of 1,387,700 MT for 2020/2021–a marketing-year low–were down 6 percent from the previous week and 18 percent from the prior 4-week average.  Increases primarily for China (1,060,800 MT, including
    528,000 MT switched from unknown destinations and decreases of 8,000 MT), Mexico (155,900 MT, including decreases of 600 MT), Spain (144,700 MT, including 122,300 MT switched from unknown destinations MT), Taiwan (83,400 MT, including decreases of 300 MT),
    and Indonesia (77,700 MT, including 16,500 MT switched from Taiwan and decreases of 200 MT), were offset by reductions for unknown destinations (436,600 MT).  Exports of 2,558,500 MT were down 20 percent from the previous week and 6 percent from the prior
    4-week average.  The destinations were primarily to China (1,844,900 MT), Egypt (169,900 MT), Mexico (126,700 MT), Spain (124,700 MT), and Taiwan (59,700 MT).   Optional Origin Sales:   For 2020/2021, options were exercised to export 63,000 MT to China from
    the United States.  The current outstanding balance of 63,000 MT, all China. Exports for Own Account:  For 2020/2021, new exports for own account of 54,700 MT were reported for Canada.  Exports for own account of 57,300 MT for Canada were applied to new or
    outstanding sales.  The current exports for own account outstanding balance is 29,800 MT, all Canada.
  • Soybean Cake and Meal:  Net sales of 182,100 MT for 2020/2021, resulting in increases primarily for Mexico (63,100 MT, including decreases of 4,200 MT), Venezuela (33,700 MT, late – see below), Ecuador (27,800 MT, including
    30,000 MT switched from unknown destinations and decreases of 2,800 MT), Denmark (27,500 MT, including 25,000 MT switched from unknown destinations), and Colombia (27,100 MT, including decreases of 17,700 MT), were offset by reductions primarily for unknown
    destinations (55,000 MT).  Exports of 317,700 MT were primarily to Ecuador (56,500 MT), the Philippines (48,000 MT), Colombia (43,500 MT), Mexico (40,400 MT), and Venezuela (33,700 MT, late – see below).  Late Reporting:  For 2020/2021, net sales and exports
    totaling 33,700 MT were reported late.  These sales and exports were reported for Venezuela.
  • Soybean Oil:  Net sales of 45,100 MT for 2020/2021, resulting in increases primarily for South Korea (25,500 MT), the Dominican Republic (19,400 MT), Canada (2,900 MT), and Guatemala (400 MT, including decreases of 100
    MT), were offset by reductions for Mexico (3,200 MT).   Exports of 2,900 MT were primarily to Mexico (2,200 MT) and Canada (500 MT).
  • Cotton:  Net sales of 131,400 RB for 2020/2021 were down 45 percent from the previous week and 40 percent from the prior 4-week average.  Increases primarily for Vietnam (64,000 RB, including 4,700 RB switched from China
    and 2,100 RB switched from Japan), Pakistan (33,100 RB), Turkey (22,500 RB), Indonesia (13,100 RB, including 2,900 RB switched from Japan and decreases of 300 RB), and Malaysia (5,500 RB), were offset by reductions primarily for China (24,200 RB) and Japan
    (5,000 RB).  Exports of 277,300 RB were down 5 percent from the previous week, but up 13 percent from the prior 4-week average.  Exports were primarily to China (134,700 RB), Pakistan (34,800 RB), Vietnam (33,700 RB), Turkey (17,600 RB), and Mexico (13,900
    RB).  Net sales of Pima totaling 4,600 RB–a marketing-year low–were down 77 percent from the previous week and 82 percent from the prior 4-week average.  Increases were primarily for Turkey (1,600 RB), Thailand (1,200 RB), El Salvador (600 RB), Peru (500
    RB), and Taiwan (400 RB).  Exports of 19,100 RB were down 12 percent from the previous week, but up 14 percent from the prior 4-week average.  The destinations were primarily to China (4,600 RB), Vietnam (3,200 RB), India (3,200 RB), Peru (2,700 RB), and Bangladesh
    (2,300 RB).  Exports for Own Account:  For 2020/2021, new exports for own account of 4,500 RB were reported for China.  The current exports for own account outstanding balance of 11,700 RB is for China (10,400 RB), Bangladesh (1,000 RB), and Indonesia (300
    RB).
  • Hides and Skins:  Net sales of 273,300 pieces for 2020 were down 29 percent from the previous week and 35 percent from the prior 4-week average.  Increases primarily for China (131,100 whole cattle hides, including decreases
    of 26,300 pieces), South Korea (67,500 whole cattle hides, including decreases of 7,900 pieces), Mexico (23,300 whole cattle hides, including decreases of 8,000 pieces), Thailand (19,500 whole cattle hides), and Taiwan (14,700 whole cattle hides, including
    decreases of 900 pieces), were offset by reductions for Indonesia (100 pieces).  Additionally, total net sales reductions of 300 calf skins were for Italy.  Net sales of 2,900 kip skins reported for China (2,600 kip skins) and Italy (900 kip skins, including
    decreases of 100 kip skins), were offset by reductions for Belgium (600 kip skins).  Exports of 471,200 pieces reported for 2020 were up 55 percent from the previous week and 23 percent from the prior 4-week average.  Whole cattle hides exports were primarily
    to China (368,800 pieces), Mexico (43,000 pieces), South Korea (22,400 pieces), Taiwan (9,600 pieces), and Brazil (8,000 pieces).  Exports of 1,800 calf skins were to Italy. In addition, exports of 9,800 kip skins were to Belgium (7,800 kip skins) and Italy
    (2,000 kip skins). 
  • Net sales of 82,000 wet blues for 2020 were up noticeably from the previous week and 1 percent from the prior 4-week average.  Increases were primarily for Vietnam (46,000 unsplit, including decreases of 4,100 unsplit),
    China (19,800 unsplit, including decreases of 7,500 unsplit), Thailand (7,700 unsplit, including decreases of 300 unsplit), Taiwan (5,000 unsplit), and Mexico (3,400 unsplit).  Exports of 131,300 wet blues for 2020 were down 17 percent from the previous week
    and 22 percent from the prior 4-week average.  The destinations were primarily to Vietnam (44,400 unsplit and 1,800 grain splits), China (46,000 unsplit), Thailand (28,200 unsplit), Brazil (5,700 grain splits), and Taiwan (3,000 unsplit).  Net sales of 778,100
    splits were primarily for Vietnam (725,800 pounds, including decreases of 11,200 pounds).  For 2021, net sales reductions of 78,400 splits resulting in increases for China (30,600 pounds), were more than offset by reductions for Vietnam (109,000 pounds). 
    Total exports of 449,900 pounds were to Vietnam.
  • Beef:    Net sales of 46,400 MT reported for 2020–a marketing-year–were up noticeably from the previous week and from the prior 4-week average.  Increases were primarily for South Korea (17,300 MT, including decreases
    of 800 MT), Mexico (10,600 MT, including decreases of 200 MT), Japan (7,000 MT, including decreases of 700 MT), Hong Kong (3,200 MT, including decreases of 200 MT), and Taiwan (2,500 MT, including decreases of 100 MT).  For 2021, net sales of 14,100 MT were
    primarily for South Korea (8,500 MT), Japan (2,900 MT), and Hong Kong (900 MT).  Exports of 22,300 MT–a marketing-year high–were up 58 percent from the previous week and 27 percent from the prior 4-week average.  The destinations were primarily to South
    Korea (6,200 MT), Japan (5,900 MT), Mexico (2,600 MT), China (2,200 MT), and Hong Kong (1,700 MT).
  • Pork:   Net sales of 28,900 MT reported for 2020 were down 32 percent from the previous week and 18 percent from the prior 4-week average.  Increases primarily for Mexico (8,700 MT, including decreases of 600 MT), Canada
    (5,100 MT, including decreases of 400 MT), South Korea (5,000 MT, including decreases of 800 MT), Japan (3,900 MT, including decreases of 700 MT), and China (2,100 MT, including decreases of 1,400 MT), were offset by reductions primarily for Vietnam (100 MT). 
    For 2021, net sales of 2,300 MT were primarily for China (900 MT), South Korea (700 MT), and the Philippines (200 MT).   Exports of 38,800 MT were up 2 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily
    to China (13,100 MT), Mexico (12,000 MT), Japan (4,900 MT), South Korea (2,200 MT), and Canada (1,800 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING 11/12/2020

 





























 

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    

27.5

1,567.2

1,187.9

60.9

4,646.2

4,606.5

0.0

22.0

   SRW    

2.1

412.9

509.6

10.1

954.8

1,365.9

0.0

100.0

   HRS     

9.1

1,459.7

1,173.0

103.2

3,377.8

3,116.9

0.0

45.0

   WHITE   

152.7

2,031.5

782.6

94.4

2,256.2

2,203.2

0.0

20.0

   DURUM  

1.0

201.9

257.0

1.8

341.9

412.2

0.0

0.0

     TOTAL

192.4

5,673.0

3,910.0

270.5

11,576.8

11,704.6

0.0

187.0

BARLEY

0.0

31.0

35.0

0.0

11.8

23.6

0.0

0.0

CORN

1,088.6

26,826.7

8,048.4

844.6

8,429.4

5,214.3

0.0

747.0

SORGHUM

117.9

2,995.9

717.3

254.9

940.9

101.1

68.0

327.0

SOYBEANS

1,387.7

28,940.9

11,352.4

2,558.5

22,347.1

12,244.0

0.0

69.0

SOY MEAL

182.1

3,381.5

3,333.9

317.7

1,417.7

1,375.8

0.0

18.1

SOY OIL

45.1

291.0

187.4

2.9

70.1

119.3

0.0

0.0

RICE

 

 

 

 

 

 

 

 

   L G RGH

39.9

391.3

378.0

54.2

332.9

452.9

0.0

0.0

   M S RGH

0.0

19.6

17.7

0.7

9.3

13.1

0.0

0.0

   L G BRN

0.1

10.7

13.9

0.2

11.2

14.5

0.0

0.0

   M&S BR

0.1

19.7

56.0

0.1

31.0

1.7

0.0

0.0

   L G MLD

9.9

79.8

138.8

26.6

143.6

333.5

0.0

0.0

   M S MLD

6.3

157.2

187.1

3.7

112.1

159.0

0.0

0.0

     TOTAL

56.3

678.4

791.5

85.5

640.1

974.7

0.0

0.0

COTTON

 

THOUSAND RUNNING BALES      

   UPLAND

131.4

5,465.1

7,373.3

277.3

3,768.3

2,748.1

0.0

591.6

   PIMA

4.6

250.5

165.9

19.1

201.7

114.3

0.0

0.7

 

 

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

treilly@futures-int.com

ICE IM: 
treilly1

Skype: fi.treilly

 

Description: Description: Description: Description: FImail

 

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