PDF Attached does not include daily estimate of funds. 

 

Schedule
Change: Weekly Export Sales Report

Because
federal government agencies will be closed on Thursday, December 24, the scheduled Export Sales Report for the week ending December 17 will be published on Wednesday, December 23, at 8:30 a.m. EST.

 

The
CBOT soybean complex turned higher on good soybean export sales and sharply lower USD Index along with ongoing Argentina strikes.  The USD down from progress toward agreeing on a US stimulus package and a Brexit deal.  Grains followed soybeans. 

 

Weather

SA Week 1 Accum Precipitation (mm) Forecast

 

 

 

WORLD
WEATHER OF GREATEST INTEREST

  • La
    Nina Influence may become more “traditional” rest of month and into January
    • La
      Nina is very near its peak intensity
    • East-central
      and southeastern Argentina, Uruguay, far southern Brazil and a part of southern Paraguay will experience lighter and more sporadic rainfall than usual over time
    • A
      boost in rain intensity and frequency will evolve from center west to center south Brazil resulting in some eventual greater than usual rainfall
    • Eastern
      Australia rainfall is expected to increase and become more routine favoring summer crop development and improved soil moisture
    • Greater
      rain is expected in Indonesia and Malaysia – more so in January than the balance of this month
    • Above
      average rainfall in South Africa’s grain, oilseed and cotton areas
    • Greater
      than usual precipitation in in portions of northern and eastern India with a slight cooler bias during the heart of winter
    • Above
      average precipitation in the eastern U.S. Midwest and U.S. Pacific Northwest while less than usual moisture in the southern states
      • This
        will include the west-central and southwestern Plains as well as California, the southwestern desert region, southern Rocky Mountains, Texas, Florida and immediate neighboring areas
      • Greater
        than usual precipitation in northern Africa, a part of the Middle East and possibly parts of the Black Sea region
  • U.S.
    National Weather Service 30- and 90-day outlooks pull no punches
    • Classic
      La Nina forecast through March!!!!!
      • Southern
        states drier and warmer than usual
      • Eastern
        and northern Midwest wetter and warmer biased
      • Pacific
        Northwest mild to cool and wet
      • Southwestern
        states warm and dry biased
      • Central
        and southern Plains continue warmer and drier than usual
  • Argentina’s
    rain forecast for Friday remains good for some areas and disappointing for other areas
    • Rainfall
      of 0.40 to 1.50 inches and local totals to 2.00 inches or more will occur from Cordoba and Santa Fe into western Buenos Aires and La Pampa
      • The
        precipitation will help ease chronic dryness, but will not carry crops very long without additional moisture
        • Topsoil
          moisture is very short and subsoil moisture short in these areas – the rain could not occur at a more critical time
    • Rainfall
      of 0.15 to 0.40 inch and locally more will occur in central and eastern Buenos Aires which may spare winter wheat any negative impact on quality, but will raise the potential for summer grain and oilseed moisture stress in the coming week
    • Rain
      will be more limited in northwestern Argentina where net drying is expected
    • Northeastern
      Argentina will get another 0.50 to 1.50 inches which is sufficient to maintain favorable crop development in northeastern Santa Fe, Corrientes and a few neighboring areas
  • Brazil’s
    weather outlook has not changed much
    • There
      is still some worry over erratic rainfall advertised in Mato Grosso, northern Mato Grosso do Sul, Bolivia, southern Goias and areas northeast into Piaui and Bahia today
      • These
        areas will be driest through the weekend, but next week’s rain will bring some relief
    • Interior
      southern and center south Brazil crop areas will receive sufficient rain to support long term crop development
      • Southern
        Paraguay and southwestern Parana along with a few far southern Mato Grosso do Sul locations were wettest overnight and more rain is expected
        • southern
          Minas Gerais and northeastern Sao Paulo will become the greatest rain recipients this weekend and through the following week
    • The
      greatest rain advertised for Brazil’s center west and northeastern crop areas evolves next week especially mid- to late week
    • Center
      west Brazil will continue to be a little warm over the next several days while rainfall is most restricted and light, but will cool down with increasing rainfall next week 
  • Indonesia
    and Malaysia rainfall recently has become a little lackluster and a boost in precipitation will eventually be needed
    • No
      area is dry enough to pose a threat to short rooted crops, but greater volumes of rain would be welcome
    • The
      pattern of erratic rainfall that is a little lighter than usual may prevail through the end of this month
  • U.S.
    weather Wednesday brought more than 2 feet of snow to parts of southeastern New York with 10 to 24 inches in many other areas in the Mountains of Pennsylvania with lighter snow surrounding that region
    • Eastern
      Midwest snowfall varied from 1 to 4 inches
    • Southeastern
      states received rain with amounts to 1.00 inch in far southern Georgia and northern Florida as well as from northeastern North Carolina into Virginia
    • Rain
      also fell in the far western states from northern California into the Pacific Northwest
    • Temperatures
      were seasonably cool in the central states and a part of the Midwest and warm in the eastern and western most part of the nation
  • U.S.
    weather is expected to be tranquil for a while in many, but not all areas
    • Periodic
      storm systems will move through areas east of the Mississippi River during the next two weeks keeping those areas favorably moist
    • Very
      little precipitation of significance is likely in the Great Plains or western Corn Belt
    • Most
      of the interior western and southwestern states will be dry biased for an extended period of time
    • Some
      cooling is likely in the north-central and eastern states during the last week of this month, but a big warm up is expected in the central and northeastern states during the weekend and first half of next week
    • Stormy
      weather will impact the Pacific Northwest through the next two weeks keeping that region wet and slowing shipping activity periodically
  • U.S.
    northern Plains moisture is expected to continue limited over the next ten days, although a little boost in moisture is possible during mid-week next week
  • U.S.
    southwestern Plains will fail to get much “meaningful” moisture in the next ten days
  • Far
    southwestern U.S. crop areas will remain drier biased over the next two weeks
  • U.S.
    Delta and southeastern states will remain plenty moist over the next two weeks especially in the southeastern states
  • Eastern
    Australia’s recent precipitation induced some flooding along the upper New South Wales and lower Queensland coasts
    • Some
      damage to sugarcane may have occurred, but other crops were not seriously impacted
  • Australia’s
    rain in the coming ten days will advance a little farther inland favoring some important cotton and livestock areas
    • Many
      central and eastern cotton and sorghum areas of Queensland and northeastern New South Wales will get some much needed rain to help improve planting prospects for sorghum and late season cotton
  • Far
    southern India will receive additional showers into the weekend and then drier biased conditions are likely
    • Sporadic
      showers will occur in other central, eastern and far northern crop areas, but most of them will not produce enough moisture to change soil or crop conditions
  • South
    Africa will continue to receive erratic rainfall over the next two weeks resulting in good soil moisture in the central and east eventually, but some greater precipitation will be needed
    • Rainfall
      through this weekend will be erratic and light favoring the central and east, but a bigger boost in rainfall might be needed
    • Western
      crop areas will get needed rain during mid- to late-week next week and that will eventually spread to the east improving soil moisture at that time
  • Northern
    and central China winter crops will not experience much precipitation for a while and crops will remain dormant
    • Southern
      China will experience precipitation most often during the next two weeks with next week wettest
      • Some
        disruption to sugarcane harvest might occur
  • Southern
    Vietnam, Thailand and Cambodia will trend drier over the coming week after recent rain
    • The
      recent moisture delayed harvest progress for some crops, but no serious crop quality changes are likely
      • Winter
        crops benefitted from the expected moisture
  • Routinely
    occurring precipitation is expected in Philippines, Indonesia and Malaysia over the next two weeks
    • A
      tropical disturbance will move through much of the nation today through Monday producing some significant rainfall and possible flooding
    • This
      event may produce widespread 4.00 to 10.00 inches of rain and locally more in much of the Philippines
  • Another
    tropical cyclone may form in the South China Sea Saturday and move toward southern coastal areas of Vietnam while weakening next week
    • Some
      significant rain will impact coastal areas
    • Lighter
      showers will reach into the Central Highlands of Vietnam
  • Indonesia
    and Malaysia rainfall will continue erratic and lighter than usual
    • Recent
      weeks of precipitation has been lighter than usual and more sporadic leaving some areas with less than usual moisture, but soil conditions are still rated mostly good
    • A
      boost in rainfall will have to occur soon, but may not take place for a while
      • Isolated
        to scattered showers will occur at times, however
  • Russia’s
    Southern Region had eastern Ukraine will receive some rain and snow over the next few days
    • Moisture
      totals are unlikely to be great enough to seriously change soil moisture and crops are dormant and unlikely to respond
      • Moisture
        totals will vary up to 0.20 inch
      • Some
        follow up precipitation is “possible” next week and again later this month, but resulting precipitation in each event will be limited
    • The
      bottom line remains one of concern, but World Weather, Inc. believes there will be some increase in soil moisture from periodic precipitation this winter and spring to give crops a chance to improve during the spring. Some increase in snow cover in northern
      parts of the production region will help protect crops against any harsh winter weather that comes along
    • Temperatures
      will be a little warmer than usual over the next two weeks
  • Europe
    precipitation during the coming week will be greatest in France, the U.K., northwestern parts of Spain, Portugal and a few other areas in the North Sea region
    • Some
      local flooding is possible in many of these areas
    • Net
      drying is expected in the Baltic Plain and areas south into the lower Danube River Basin this week
    • Temperatures
      will be warmer than usual
  • North
    Africa received some rain Wednesday, but a more limited rainfall pattern is expected for a while
    • Morocco
      remains in need of significant rain even though some showers occurred in the nation Wednesday
  • Southern
    Oscillation Index was at +12.22 today and it will remain strongly positive for a while
  • Strong
    Tropical Cyclone Yasa in the southwestern Pacific Ocean will not impact any major agricultural area, but the storm system has impacted the Fiji Islands
  • Mexico
    precipitation will be quite limited over the coming week
  • Portions
    of Central America will continue to receive erratic rainfall over the next couple of weeks, but the intensity and frequency will be low enough to support some farming activity
    • Costa
      Rica and Caribbean coastal areas of both Nicaragua and Honduras will be wettest this workweek

·        
West-central Africa will experience unusually great rainfall this week stalling harvest progress and raising a little worry over cocoa and coffee conditions

    • Some
      rain will also reach into southwestern Ghana and Senegal
    • Drier
      weather is needed; this is normally the start of the dry season

·        
East-central Africa rain will be erratic and light in Ethiopia, Kenya and Uganda while rainfall will be greatest over Tanzania this week

    • Some
      rain will develop this weekend into next week in Ethiopia, Kenya and it may increase in Uganda

·        
New Zealand will be drier than usual this week from northern and central parts of South Island to North Island while rain falls to the southwest

    • Temperatures
      will be near to above average

Source:
World Weather Inc. and FI

 

Bloomberg
Ag Calendar

Thursday,
Dec. 17:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • USDA
    Total Milk Production, 3pm
  • Port
    of Rouen data on French grain exports
  • Conab’s
    estimate for 2020 Brazil coffee crop
  • Poland
    publishes crop output figures for 2020

Friday,
Dec. 18:

  • 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
  • U.S.
    Cattle on Feed

Source:
Bloomberg and FI

 

USDA
Export Sales

·        
USDA export sales for soybeans were 922,300 tons, above expectations, and included 919,700 tons for China but 791,000 tons of that was switched from unknown.  Mexico, Vietnam and Indonesia were good
buyers for the week ending Dec 10. 

·        
USDA soybean meal export sales were 261,200 tons and shipments at 240,200 tons. 

·        
USDA soybean oil sales of 7,600 tons were at the low end of expectations and shipments were only 5,800 tons. 

  • USDA
    corn export sales of 1.926 million tons were above expectations and included Mexico (714,900 MT), unknown destinations (402,300 MT), and China (231,800 MT with 70,000 MT switched from unknown destinations).   Sorghum sales were 325,400 tons and included China
    (325,900 MT, including decreases of 61,500 MT and 70,700 late).  There were 68,000 tons of sorghum reported for new-crop.  Pork sales were a large 39,900 tons but China and Hong Kong accounted for a small amount. 
  • All
    wheat USDA export sales were 540,400 tons, within expectations.  China took a cargo. 

 

 

 

HIS
Markit US update via trade sources:

2020
U.S. corn yield 174.1, down from 175.7 in Nov and compares to 175.8 USDA

2020
U.S. corn production 14.404 billion bushels, down 103 from USDA.

 

2020
U.S. soybean yield 50.4, down from 50.8 in Nov and compares to 50.7 USDA

2020
U.S. soybean production 4.146 billion bushels, down 24 from USDA

 

2021
US acreage:

Corn:
91.2, down 583,000 from Nov

Beans:
89.4, up 370,000 from Nov

All
Wheat: 45.4, down 565,000 from Nov

Cotton:
13.1, up 40,000 from Nov

 

Macros

US
Initial Jobless Claims Dec 12: 885K (est 815K; prevR 862K; prev 853K)

US
Continuing Claims Dec 5: 5508K (est 5700K; prevR 5781K; prev 5757K)

US
Housing Starts Nov: 1547K (est 1535K; prevR 1528K; prev 1530K)

US
Housing Starts (M/M) Nov: 1.2% (est 0.3%; prevR 6.3%; prev 4.9%)

US
Building Permits Nov: 1639K (est 1560K; prevR 1544K; prev 1545K)

US
Building Permits (M/M) Nov: 6.2% (est 1.0%; prevR -0.1%; prev 0.0%)

US
Philadelphia Fed Business Outlook Dec: 11.1 (est 20.0; prev 26.3)

 

US
Dollar Index

Source:
Reuters and FI

 

Corn.

  • USDA
    corn export sales of 1.926 million tons were above expectations and included Mexico (714,900 MT), unknown destinations (402,300 MT), and China (231,800 MT with 70,000 MT switched from unknown destinations).   Sorghum sales were 325,400 tons and included China
    (325,900 MT, including decreases of 61,500 MT and 70,700 late).  There were 68,000 tons of sorghum reported for new-crop.  Pork sales were a large 39,900 tons but China and Hong Kong accounted for a small amount. 
  • BAGE
    reported Argentina corn planting progress at 55 percent complete, up 8 points from the previous week and compares to 63 percent year ago. 
  • China
    will offer 103,431 tons of corn from states reserves stored in the northeast region on Tuesday from the 2014 and 2015 harvests. 
  • China’s
    Heilongjiang local government sold 88.5% of 2015 corn out of reserves from 714,516 tons offered.
  • China
    sold 16,000 tons out of 20,000 tons of pork from reserves. The Chinese government expects hog numbers to rebound back to pre‐ASF levels by mid‐2021.

 

US
EPA

reported November RIN generation ethanol (D6) blending credits at 1.14 billion, down from 1.15 billion in October.

 

 

Corn
Export Developments

  • None
    reported

 

 

Today
in Energy: U.S. jet fuel consumption during the week of Thanksgiving was about half of last year’s

https://www.eia.gov/todayinenergy/detail.php?id=46316&src=email

 

Updated
11/30/20

March
corn is
seen
trading in a $4.15 and $4.40 range. 

 

Soybean
complex
.
 

 

January
soybean futures

Source:
Reuters and FI

 

  • BAGE
    reported Argentina soybean planting progress at 68 percent complete, up 11 points from the previous week and compares to 70 percent year ago. 
  • Yesterday
    CBOT soybean meal had its day and today it was SBO.  Jan/Mar SBO spreads were very active.  Brazilian soybean oil basis rocketed higher for the Feb and Mar positions, with basis up anywhere from 70 to 400 points. They have very little to offer for the rest
    of this year’s crop anyway. 
  • We
    raised our Jan SBO price range and issued March trading ranges (see below). 
  • This
    morning we understand Claypool was bidding 40 over for Feb delivery soybeans. 

·        
USDA export sales for soybeans were 922,300 tons, above expectations, and included 919,700 tons for China but 791,000 tons of that was switched from unknown.  Mexico, Vietnam and Indonesia were good
buyers for the week ending Dec 10.

·        
Note China’s crush increased to a three week high to nearly 2.0 million tons.  Heavy US inspections have boosted soybean port stocks. 

·        
USDA soybean meal export sales were 261,200 tons and shipments at 240,200 tons. 

·        
USDA soybean oil sales of 7,600 tons were at the low end of expectations and shipments were only 5,800 tons.  

  • Indonesia’s
    Estate Crop Fund (BPDP) said the country spent more on biodiesel subsidies than funds it collected through export levies this year. An estimated 17-18 trillion rupiah was collected from levies, while 25.7 trillion rupiah ($1.82 billion) had been spent subsidizing
    the price difference between crude oil and palm oil.  (Reuters)
  • An
    “Official” on Indonesia palm via Reuters:

2020
crude palm production 49.1 million tons

2021
crude palm production 52.3 million tons

2020
crude palm consumption 8.54 million tons

2021
crude palm consumption 11.23 million tons

2020
crude palm exports 26.74 million tons

2021
crude palm exports 27.36 million tons

 

Oilseeds
Export Developments

  • None
    reported

 

 

Updated
12/17/20

January
soybeans are seen in a $11.40‐$12.10 range.  March $11.35 and $12.50 range. 

January
soybean meal is seen trading in a $375 and $405 range.  March $370 and $425 range. 

January
soybean oil is seen in a 38.00-40.50 cent range.  March is expected to trade in a 38.25 and 42.00 cent range. 

 

Wheat

  • All
    wheat USDA US export sales were 540,400 tons, within expectations.  China took a cargo.  APK-Inform:  Ukraine’s 2020-21 grain harvest and exports were lowered to 64.2 million tons of grain from 67.1MMT last month, including 29 million tons of corn this year
    and exports may decline to 45.4 million tons (47.6MMT last month), including 23 million tons of corn in the 2020-21 season.
  • Bloomberg
    noted U.S. and Canadian grain shipments along St. Lawrence Seaway rose 23% from April through November to 10.9 million tons. 
  • March
    milling wheat settled up 1.50 euros, or 0.7%, at 207.25 euros ($254.11) a ton.
  • Ukraine’s
    parliament cut value-added tax (VAT) on some agricultural goods, grains and oilseeds to 14% from the current 20% (livestock, wheat, barley, corn, oats, rye, soybeans, rapeseed, sunflower seed, sugar beet), noting processing companies will be able to save “6%
    of costs when purchasing products due to the lower tax liabilities of producers.”
  • Reuters
    noted Russian grain traders were experiencing delays in obtaining export documents from Russia’s customs service, a possible move to make sure grain exports do not accelerate by Feb. 15 when export taxes take effect.   
  • Russian
    president Putin said the 2020 grain crop may reach 134 million tons. 
  • Russia
    shipped 100,000 tons of wheat to Syria and plans to supply more.
  • Turkey
    lowered wheat and barley tariffs to zero until April 30, 2021, from 20% previously.

 

 

Export
Developments.

  • Japan
    bought 103,250 tons of milling wheat. 
  • Jordan
    seeks 120,000 tons of animal feed barley on Dec. 22 for shipment during the April 1-15, April 16-30, May 1-15 and May 16-31 periods. 
  • Jordan
    seeks 120,000 tons of wheat on December 23 for Jun-Jul shipment. 

 

Rice/Other

  • Bangladesh
    seeks 50,000 tons of rice on Dec. 22.  They bought a combined 100,000 tons on Dec. 2 and Nov 26, the country’s first rice purchase in about three years.  Bangladesh plans to import 300,000 tons of rice.
  • South
    Korea’s Agro-Fisheries & Food Trade Corp. bought 45,458 tons of rice from the United States and Vietnam, on Dec. 7, for arrival in South Korea in 2021 between April 30 and May 31.
    • 22,334
      tons of U.S.-origin non-glutinous brown medium grain number 3 grade rice bought at $875.12 a ton c&f
    • 1,500
      tons of U.S. non-glutinous milled medium grain number 1 grade rice bought at $963.84 a ton c&f
    • 10,124
      tons of Vietnam non-glutinous brown short grain grade 3 rice bought at $603.00 a ton c&f
    • 11,500
      tons of Vietnam non-glutinous brewers’ milled rice grade 4 bought at $499.00 a ton, traders said.

 

Updated
12/11/20

March
Chicago wheat is seen in a $5.80‐$6.40 range

March
KC wheat is seen in a $5.50‐$6.00 range

March
MN wheat is seen in a $5.55‐$6.00 range

 

 

U.S. EXPORT SALES FOR WEEK ENDING 12/10/2020 





























 

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    

159.0

1,644.8

1,441.0

109.9

5,251.3

5,134.4

0.0

22.0

   SRW    

43.2

438.3

541.5

5.6

1,028.4

1,484.9

21.0

121.0

   HRS     

197.7

1,595.2

1,374.2

77.9

3,845.6

3,632.0

0.0

45.0

   WHITE   

134.9

2,649.2

1,028.1

45.1

2,604.3

2,489.8

0.0

20.0

   DURUM  

5.5

158.6

140.5

0.0

433.1

560.2

0.0

0.0

     TOTAL

540.4

6,486.1

4,525.2

238.4

13,162.7

13,301.4

21.0

208.0

BARLEY

-12.3

16.0

32.2

0.6

14.5

26.7

12.5

12.5

CORN

1,924.5

29,526.6

9,602.6

965.4

12,053.2

7,595.8

10.0

757.0

SORGHUM

325.4

3,372.2

696.5

330.0

1,607.4

346.8

68.0

395.0

SOYBEANS

922.3

21,421.8

9,588.1

2,589.4

32,407.1

18,837.0

94.0

331.0

SOY MEAL

261.2

3,153.1

3,053.9

240.2

2,372.9

2,252.1

0.0

18.1

SOY OIL

7.6

248.8

163.8

5.8

157.1

226.4

0.0

0.6

RICE

 

 

 

 

 

 

 

 

   L G RGH

127.8

265.2

316.1

125.3

658.6

587.7

0.0

0.0

   M S RGH

0.0

18.3

15.5

0.2

10.6

15.3

0.0

0.0

   L G BRN

1.1

4.0

22.6

7.3

19.3

17.2

0.0

0.0

   M&S BR

1.2

17.1

56.7

0.0

33.5

2.3

0.0

0.0

   L G MLD

17.5

86.8

231.9

9.8

219.1

403.4

0.0

0.0

   M S MLD

18.7

208.4

163.1

6.6

150.0

210.0

0.0

0.0

     TOTAL

166.3

599.8

805.9

149.3

1,091.1

1,235.9

0.0

0.0

COTTON

 

THOUSAND RUNNING BALES      

   UPLAND

420.9

5,983.3

7,594.3

251.3

4,706.6

3,498.9

13.8

713.7

   PIMA

7.5

207.0

161.6

23.1

300.5

152.3

0.0

0.7

 

 

 

Export Sales Highlights  

This summary is based
on reports from exporters for the period December 4-10, 2020.

 

Wheat:  Net sales of 540,400 metric tons (MT) for 2020/2021 were down 12 percent from the previous week, but up 5 percent
from the prior 4-week average.  Increases primarily for Mexico (96,800 MT, including decreases of 900 MT), Japan (85,200 MT), South Korea (78,100 MT), China (68,300 MT), and the Philippines (52,000 MT), were offset by reductions for Peru (4,300 MT).  For 2021/2022,
total net sales of 21,000 MT were for Peru.  Exports of 238,400 MT were down 57 percent from the previous week and 41 percent from the prior 4-week average.  The destinations were primarily to Indonesia (75,400 MT), China (68,300 MT), Mexico (50,300 MT), and
Yemen (44,000 MT).   

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

Corn:  Net sales of 1,924,500 MT for 2020/2021 were up 41 percent from the previous week and 40 percent from the prior 4-week average.  Increases
primarily for Mexico (714,900 MT, including decreases of 3,100 MT), unknown destinations (402,300 MT), China (231,800 MT, including 70,000 MT switched from unknown destinations), Japan (176,700 MT, including 58,600 MT switched from unknown destinations), and
Taiwan (125,000 MT), were offset by reductions for Guatemala (17,600 MT).  For 2021/2022, total net sales of 10,000 MT were for Japan.  Exports of 965,400 MT were up 35 percent from the previous week and 10 percent from the prior 4-week average.  The destinations
were primarily to China (352,800 MT), Mexico (297,300 MT), Colombia (64,100 MT), Japan (59,200 MT), and Guatemala (56,300 MT).  Optional Origin Sales:  For 2020/2021, new optional origin sales of 99,000 MT were reported for South Korea (69,000 MT) and
Ukraine (30,000 MT).  The current outstanding balance of 1,647,400 MT is for South Korea (903,000 MT), unknown destinations (224,000 MT), Taiwan (205,000 MT), Vietnam (130,000 MT), China (65,000 MT), Ukraine (62,400 MT), and Japan (58,000 MT).   

Barley:  Net sales reductions of 12,300 MT–marketing-year low–resulting in increases for Taiwan (200 MT), were more than offset by reductions
for Japan (12,500 MT).  For 2021/2022, total net sales of 12,500 MT were for Japan.  Exports of 600 MT were to Japan.

Sorghum:  Net sales of 325,400 MT for 2020/2021 were up noticeably from the previous week and up 56 percent from the prior 4-week average.  Increases
reported for China (325,900 MT, including decreases of 61,500 MT and 70,700 late–see below) and Japan (5,100 MT, including 5,600 MT switched from unknown destinations and decreases of 500 MT), were offset by reductions for unknown destinations (5,600 MT).  For
2021/2022, total net sales of 68,000 MT were for unknown destinations.  Exports of 330,000 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were to China (324,900 MT, including 70,700
late–see below) and Japan (5,100 MT).   Late Reporting: For 2020/2021, net sales and exports totaling 70,700 MT were reported late for China. 

Rice:  Net sales of 166,300 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily
for Venezuela (97,000 MT), Honduras (26,300 MT), Haiti (15,200 MT), Japan (12,800 MT), and Costa Rica (4,200 MT), were offset by reductions primarily for the Dominican Republic (100 MT).  Exports of 149,300 MT–a marketing-year high–were up noticeably from
the previous week and up 54 percent from the prior 4-week average.  The destinations were primarily to Costa Rica (31,900 MT), Mexico (28,900 MT), Honduras (23,200 MT), Colombia (21,900 MT), and Guatemala (19,500 MT). 

Soybeans:  Net sales of 922,300 MT for 2020/2021 were up 62 percent from the previous week and 20 percent from the prior 4-week average.  Increases
primarily for China (919,700 MT, including 791,000 MT switched from unknown destinations and decreases of 7,400 MT), Mexico (225,300 MT), Indonesia (105,600 MT, including 55,000 MT switched from unknown destinations), Vietnam (103,200 MT, including 70,000
MT switched from unknown destinations), and Thailand (95,400 MT, including 66,000 MT switched from China and decreases of 300 MT), were offset by reductions primarily for unknown destinations (817,000 MT).  For 2021/2022, net sales of 94,000 MT were for China
(66,000 MT) and Mexico (28,000 MT).  Exports of 2,589,400 MT were down 4 percent from the previous week, but up 3 percent from the prior 4-week average.  The destinations were primarily to China (1,702,100 MT), Thailand (169,600 MT), Egypt (103,800 MT), Indonesia
(92,200 MT), and the Netherlands (90,400 MT).   Optional Origin Sales:  For 2020/2021, the current outstanding balance of 63,000 MT, all China.  
Exports for Own Account:  For 2020/2021, new exports for own account totaling 29,400 MT were to Canada.  Exports for own account totaling 65,000 MT to Canada were applied to new or outstanding sales.  The current exports for own account outstanding balance
is 74,000 MT, all Canada. 

Soybean Cake and Meal:  Net sales of 261,200 MT for 2020/2021 increases primarily for the Philippines (135,800 MT, including decreases of 1,000
MT), Mexico (43,700 MT, including decreases of 500 MT), Ecuador (17,600 MT, including decreases of 1,000 MT), United Kingdom (9,900 MT, including 9,100 MT switched from unknown destinations), and Canada (8,100 MT, including decreases of 9,400 MT), were offset
by reductions for unknown destinations (4,100 MT), Belgium (2,300 MT), and Guatemala (1,300 MT).  Exports of 240,200 MT were primarily to Mexico (49,900 MT), Colombia (43,400 MT), Ecuador (33,100 MT), the Dominican Republic (31,800 MT), and Canada (27,000
MT).  

Soybean Oil:  Net sales of 7,600 MT for 2020/2021 were primarily for India (3,000 MT), Colombia (2,400 MT), Mexico (1,000 MT), Canada (900 MT),
and Nicaragua (300 MT).  Exports of 5,800 MT were primarily to the Dominican Republic (4,000 MT), Mexico (1,100 MT), and Canada (600 MT).  

Cotton:  Net sales of 402,900 RB for 2020/2021 were up 4 percent from
the previous week and 44 percent from the prior 4-week average.  Increases primarily for China (225,800 RB), Pakistan (93,400 RB), Vietnam (35,200 RB, including 300 RB switched from South Korea), Turkey (30,300 RB), and Taiwan (14,100 RB), were offset by reductions
primarily for Bangladesh (32,000 RB).  For 2021/2022, net sales of 13,800 RB reported for Pakistan (8,800 RB), Mexico (5,900 RB), and Thailand (900 RB), were offset by reductions for Turkey (1,800 RB).  Exports of 251,300 RB were down 22 percent from the previous
week, but up 4 percent from the prior 4-week average.  Exports were primarily to China (112,000 RB), Pakistan (34,100 RB), Mexico (24,300 RB), Vietnam (24,100 RB), and Turkey (12,900 RB).  Net sales of Pima totaling 7,500 RB were down 42 percent from the previous
week and 43 percent from the prior 4-week average.  Increases reported for India (5,100 RB), China (2,400 RB, including 1,500 RB switched from Hong Kong), Vietnam (2,100 RB, including 800 RB switched from Hong Kong), Japan (200 RB), and Colombia (100 RB),
were offset by reductions for Hong Kong (2,300 RB).  Exports of 23,100 RB were down 12 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to China (10,700 RB), India (5,600 RB), Honduras (2,100 RB),
Pakistan (1,700 RB), and Vietnam (1,100 RB).   Exports for Own Account:  For 2020/2021, new exports for own account totaling 2,000 RB were to China.  Exports for own account totaling 13,000 RB to China were applied to new or outstanding sales.  The
current exports for own account outstanding balance of 18,600 RB is for China (17,300 RB), Bangladesh (1,000 RB), and Indonesia (300 RB). 

Hides and Skins:  Net sales of 193,600 pieces for 2020 were down
42 percent from the previous week and 38 percent from the prior 4-week average.  Increases were primarily for China (137,900 whole cattle hides, including decreases of 75,500 pieces), South Korea (36,000 whole cattle hides, including decreases of 13,300 pieces),
Mexico (8,500 whole cattle hides, including decreases of 31,200 pieces), Thailand (5,600 whole cattle hides, including decreases of 200 pieces), and Indonesia (3,800 whole cattle hides).  Additionally, total net sales reductions
of 1,400 kip skins were for Belgium.  For 2021, net sales of 110,100 pieces primarily for China (96,600 whole cattle hides), South Korea (12,000 whole cattle hides), and Vietnam (1,800 whole cattle hides), were offset by reductions for Mexico (2,400 pieces).  Exports
of 353,000 pieces reported for 2020 were down 4 percent from the previous week and 6 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (252,200 pieces), Mexico (40,300 pieces), South Korea (39,600 pieces), Brazil (9,100
pieces), and Thailand (4,000 pieces).   

Net sales reductions of 8,500 wet blues for 2020 were down noticeably
from the previous week and from the prior 4-week average, resulting in increases primarily for Thailand (7,900 unsplit, including decreases of 100 unsplit) and Mexico (5,500 unsplit), were more than offset by reductions primarily for Italy (13,800 unsplit
and 200 grain splits), China (6,000 unsplit), and Hong Kong (1,500 unsplit).  For 2021, net sales of 36,500 wet blues primarily for Italy (22,600 unsplit) and Brazil (7,100 unsplit), were offset by reductions for Vietnam (200 grain splits). Exports of 146,200
wet blues for 2020 were up 40 percent from the previous week and 45 percent from the prior 4-week average.  The destinations were primarily to China (44,500 unsplit), Vietnam (39,300 unsplit), Italy (32,900 unsplit and 1,900 grain splits), Thailand (13,400
unsplit), and Brazil (9,900 unsplit).  Net sales reductions of 535,600 splits resulting in increases for Taiwan (43,000 pounds), were offset by reductions for Vietnam (385,700 pounds) and China (192,900 pounds).  For 2021, net sales of 605,400 splits were
primarily for Vietnam (375,200 pounds). Exports of 165,400 pounds were to China (86,300 pounds) and Vietnam (79,100 pounds).

Beef:  Net sales of 10,100 MT reported
for 2020 were up noticeably from the previous week, but down 15 percent from the prior 4-week average.  Increases primarily for Japan (3,800 MT, including decreases of 800 MT), South Korea (2,200 MT, including decreases of 1,300 MT), Canada (1,700 MT, including
decreases of 100 MT), Mexico (700 MT, including decreases of 200 MT), and China (700 MT, including decreases of 200 MT), were offset by reductions primarily for Hong Kong (200 MT) and  Colombia (100 MT).  For 2021, net sales of 4,500 MT were primarily for
South Korea (1,300 MT), Mexico (1,200 MT), Japan (800 MT), and Taiwan (500 MT).  Exports of 19,300 MT were up 6 percent from the previous week, but unchanged from the prior 4-week average.  The destinations were primarily to South Korea (4,800 MT), Japan (4,600
MT), Mexico (2,900 MT), China (2,400 MT), and Canada (1,300 MT).

Pork:  Net sales of 39,900 MT reported for 2020 were up 51 percent from the previous week and from the prior 4-week average.  Increases primarily
for Mexico (22,400 MT, including decreases of 900 MT), China (11,600 MT, including decreases of 1,500 MT), Canada (1,900 MT, including decreases of 400 MT), Japan (1,700 MT, including decreases of 200 MT), and Colombia (800 MT, including decreases of 200 MT),
were offset by reductions primarily for Australia (300 MT).  For 2021, net sales of 44,300 MT were primarily for China (26,100 MT), Japan (8,500 MT), South Korea (4,600 MT), Colombia (1,500 MT), and Mexico (1,100 MT).  Exports of 42,000 MT were unchanged from
the previous week, but up 8 percent from the prior 4-week average.  The destinations were primarily to Mexico (14,600 MT), China (12,800 MT), Japan (4,500 MT), South Korea (3,400 MT), and Canada (1,800 MT).  

 

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

 

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