FI Morning Grain Comments 02/19/21

PDF attached

 

Morning.

 

USDA
reported a bullish outlook for the 2021-22 US soybean ending stocks at 145 million bushels, IMO, and corn stocks are expected to stay near the psychological 1.55 billion bushels level while wheat stocks are expected to contract below 700 million bushels but
in our view at a comfortable level.  Corn use for ethanol was projected to rebound to 5.2 billion bushels (4.950 this year) and soybean crush was estimated at a record 2.210 billion level (10 higher than 2020-21).  US corn exports were projected at 2.650 billion,
50 higher than 2020-21, and soybean exports at 2.200 billion, 50 less than this year.  US wheat exports were seen at 925 million vs. 985 this year.  Soybean oil for biodiesel for 2021-22 estimated at 7.8 billion pounds, below 8.3 billion forecast for 2020-21. 
While we see the USDA commodity outlooks as a good starting point for new-crop, supply and demand rarely comes in agreement with wheat actually happens.

https://www.usda.gov/oce/ag-outlook-forum

 

• USDA
  PROJECTS 2021/22 CORN CROP AT 15.150 BLN BUSHELS VS 14.182 BLN IN 2020/21
• USDA
  PROJECTS 2021/22 CORN YIELD AT 179.5 BUSHELS/ACRE VS 172.0 IN 2020/21
• USDA
  PROJECTS 2021/22 CORN ENDING STOCKS AT 1.552 BLN BUSHELS VS 1.502 BLN IN 2020/21
• USDA
  PROJECTS 2021/22 WHEAT CROP AT 1.827 BLN BUSHELS VS 1.826 BLN IN 2020/21
• USDA
  PROJECTS 2021/22 WHEAT ENDING STOCKS AT 698 MLN BUSHELS VS 836 MLN IN 2020/21
• USDA
  PROJECTS 2021/22 SOYBEAN CROP AT 4.525 BLN BUSHELS VS 4.135 BLN IN 2020/21
• USDA
  PROJECTS 2021/22 SOYBEAN YIELD AT 50.8 BUSHELS/ACRE VS 50.2 IN 2020/21
• USDA
  PROJECTS 2021/22 SOYBEAN ENDING STOCKS AT 145 MLN BUSHELS VS 120 MLN IN 2020/21

 

 

USDA
export sales are on deck.  Trade news was extremely light over the past half day.  Offshore values are suggesting a higher trade in the products.  The USD is 32 lower and WTI 66 cents lower. 

 

 

Weather

 

 

World
Weather Inc.

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS: 

Concern
about Argentina soil moisture and northern Brazil harvest progress may continue to be an issue, but production numbers from Brazil and Argentina have not dropped much in recent estimates and that is not favoring much support for the bulls. Weather conditions
will dry down enough in Argentina to raise the level of concern over crop stress and possible yield reductions during the next two weeks that the influence on market trade could become a little more bullish. Brazil, however, will have very good crop development
and both planting and harvest progress from Mato Grosso do Sul and Sao Paulo to Rio Grande do Sul and Paraguay.  That leaves most of Brazil’s weather concerns limited to northern and eastern Mato Grosso and parts of both Goias and Minas Gerais, although with
a few areas in Tocantins.

 

MARKET
WEATHER MENTALITY FOR WHEAT:  Weather conditions in North America are improving removing the threat of additional crop damage. Conditions in Europe and the CIS have not changed much and are not expected to change leaving the potential for winterkill relatively
low. Winter precipitation should ensure favorable early spring moisture in winter and spring crops in Europe, western Asia and China. 

            Some
minor wheat areas in central India benefited from light rain this week, but the impact on production was low since much of the nation was not impacted. Recent rain in the Middle East and that which is forthcoming will improve crop conditions and rain in Morocco
and northwestern Algeria this weekend into next week will offer some relief to recent drying.

           
U.S. dryness will remain a concern in the Northern and western Plains as well as Canada, but there is plenty of time for improving weather. Soft wheat in the U.S. Midwest was not harmed by recent bitter cold.

            Overall
weather today will likely provide a mixed influence on market mentality with a bullish bias.

Source:
World Weather Inc. and FI

 

Bloomberg
Ag Calendar

Friday,
Feb 19:

• 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
• FranceAgiMer
  crop conditions report
• USDA
  Corn, Cotton Soybean, Wheat End Stock Outlook, 7am
• U.S.
  Cattle on Feed, 3pm

Monday,
Feb 22:

• USDA
  Export Inspections – corn, soybeans, wheat, 11am
• EU
  weekly grain, oilseed import and export data
• MARS
  crop bulletin
• Ivory
  Coast cocoa arrivals
• EARNINGS:
  Wilmar
• HOLIDAY:
  Russia

Tuesday,
Feb 23:

• USDA
  Milk production, 3pm
• U.S.
  pork, beef, poultry cold storage data, 3pm
• U.K.
  National Farmers Union virtual annual conference to discuss the future of agriculture, horticulture
• EARNINGS:
  IOI Corp.
• HOLIDAYS:
  Japan, Russia

Wednesday,
Feb 24:

• EIA
  weekly U.S. ethanol inventories, production
• Amsterdam
  sustainable cocoa conference (Feb 24-26)
• U.S.
  poultry slaughter, 3pm
• MPOB
  palm oil prices seminar

Thursday,
Feb 25:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• Port
  of Rouen data on French grain exports
• International
  Grains Council monthly report
• Malaysia’s
  Feb. 1-25 palm oil export data
• USDA
  red meat production, 3pm
• EARNINGS:
  Minerva, BRF, FGV (tentative), Golden Agri

Friday,
Feb 26:

• 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.
  agricultural prices paid, received, 3pm
• Earnings:
  Olam
• HOLIDAY:
  Thailand

Source:
Bloomberg and FI

 

 

 

 

 

 

RINS

The
following is a table of the credit generation for the month of January by credit type.

                       
RINs               Volume (Gal.)

D3                  
4,442,298                     4,442,298

D4                  
300,219,091                190,219,039

D5                  
19,415,774   12,580,794

D6                  
1,077,475,275             1,075,130,541

Source
Reuters and FI

 

USDA
Export Sales
were within expectations for soybeans and meal and below for soybean oil.  China bought a new-crop soybean cargo.  Soybean meal shipments were good and a marketing-year high with destinations primarily to Colombia (62,400 MT), the Philippines (50,800 MT),
Vietnam (48,600 MT), Italy (46,300 MT), and Denmark (33,000 MT).  USDA sales for corn of 999,200 tons for this crop year and 182,600 tons for new crop were within expectations.  Mexico and Costa Rica were largest countries for 2020-21 and 2021-22.  Sorghum
and barley sales were minimal.  Pork sales were 33,300 tons and included only 2,500 tons for China.  All wheat export sales were within expectations and included China for 131,700 tons. 

 

 

 

Macros

Canadian
Retail Sales (M/M) Dec: -3.4% (exp -2.6%; prev 1.3%)

–        
Retail Sales Ex-Auto (M/M) Dec: -4.1% (exp -2.4%; prev 2.1%)

 

 

Corn.

• Corn
  futures are higher on a USDA outlook for US 2021-22 ending stocks to remain snug and expectations for China to start taking millions of tons of US corn they booked in recent months. 
  
• USDA
  sales for corn of 999,200 tons for this crop year and 182,600 tons for new crop were within expectations.  Mexico and Costa Rica were largest countries for 2020-21 and 2021-22.  Sorghum and barley sales were minimal.  Pork sales were 33,300 tons and included
  only 2,500 tons for China. 
• CBOT
  corn open interest was up about 17,850 contracts. 
• March
  support over the short term is seen at $5.47. 
• Ukraine’s
  grain exports fell 20.8% to 30.87 million tons so far this season.  Traders sold 13.31 million tons of wheat, 13.08 million tons of corn and 3.96 million tons of barley.
• Buenos
  Aires Grains Exchange: 2020-21 corn crop unchanged at 46 million tons.
• Weekly
  US ethanol production last week was off 26,000 barrels to 911,000 barrels (trade was looking down 17,000) and stocks were up 501,000 barrels to 24. (trade 48,000 increase) from the previous week.  Ethanol production was lowest since September 25. 
  
• Euronext
  suspended trading in its corn futures and options contracts for January 2023 pending a review of technical specifications.

 

EIA:
Today in Energy: Extreme winter weather is disrupting energy supply and demand, particularly in Texas

https://www.eia.gov/todayinenergy/detail.php?id=46836&src=email

 

Corn
Export Developments

·        
None reported

 

 

Soybean
complex.  

• CBOT
  soybean futures are higher led by the back months after USDA projected a tight 2021-22 US soybean ending stocks figure. 
  https://www.usda.gov/sites/default/files/documents/grains-oilseeds-outlook.pdf
• Soybean
  meal was higher but a rally in soybean oil capped gains.  USDA sees yearly reduction in soybean oil for biodiesel use, a little surprising for us, but they did note
  “…reduced
  soybean oil used for methyl ester production as processors return to a more typical share of soybean oil in total feedstocks”
• USDA
  Export Sales were within expectations for soybeans and meal and below for soybean oil.  China bought a new-crop soybean cargo.  Soybean meal shipments were good and a marketing-year high with destinations primarily to Colombia (62,400 MT), the Philippines
  (50,800 MT), Vietnam (48,600 MT), Italy (46,300 MT), and Denmark (33,000 MT). 
  
• There
  was not much change to the SA weather forecast.  Net drying will continue across Argentina through next Wednesday. Much of Brazil will see improving conditions, but Mato Grosso and Tocantins through Espirito Santo and northern Rio de Janeiro will see harvest
  delays from too much rain. 
• Earlier
  ICE canola futures are 12.00 higher at 762.90/ton.
• Buenos
  Aires Grains Exchange: 2020-21 soybean crop unchanged at 46 million tons.
• Offshore
  values are leading soybean oil 51 points higher (66 higher for the week) and soybean meal $2.80 higher ($5.70 higher for the week). 
  
• China
  cash crush margins on our analysis increased to 140 cents versus 146 cents mid last week and compare to 159 cents around this time last year. 
  
• China
  

• Malaysian
  palm oil:

 

 

Soybean
Export Developments

• Yesterday
  Turkey’s TMO bought 25,000 tons of sunflower oil at an average price of $1,427.20/ton for shipment between Feb. 26 and March 20. delivery between February 26 and March 20. Lowest offer for crude sunflower oil was $1,394 per ton c&f.
• Yesterday
  Egypt bought 30,000 tons of soybean oil for April 1-15 arrival
  at $1,084/ton c&f. 

 

Wheat

• Wheat
  futures are mixed despite higher EU wheat futures (short squeeze).  USDA calls for a yearly reduction in US wheat inventories but at nearly 700 million bushels stocks will be comfortable. 
  
• All
  wheat export sales were within expectations and included China for 131,700 tons. 
  
• US
  current snow overage: 73% (71% previous) versus 34% month ago.  
• EU
  March milling wheat was up 2.75 euros at 240.25 euros on a short squeeze. 
  
• SovEcon:
  Russia wheat crop 76.2 million tons, down from a prior estimate of 77.7 million tons. 
  

 

Export
Developments.

• Tunisia’s
  ODC bought 100,000 tons of milling wheat, 92,000 tons of durum wheat, and 100,000 tons of feed barley.  Shipment is spread across March 15-April 25, depending on the origin. Lowest price for the soft wheat was initially estimated at about $285.43 a ton c&f.
  Lowest price for the durum was estimated at $384.60 a ton c&f.
• Yesterday
  Pakistan bought 300,000 tons of wheat on March 2 for immediate shipment.  They about over 1.6 million tons since August. 
  
• Results
  awaited: Algeria also seeks 50,000 tons of feed barley for LH March shipment. 
  
• Syria
  seeks 200,000 tons of wheat for shipment within 60 days of contract signing. 
  
• Jordan
  seeks 120,000 tons of barley on February 23.

 

Rice/Other

·        
Mauritius seeks 4,000 tons of long grain white rice, optional origin, on March 2, for delivery between April 15 and June 15.

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING 2/11/2021 

	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	122.4	1,430.9	1,852.1	131.7	6,448.1	6,483.1	50.0	252.0
SRW	-5.4	439.0	364.1	39.1	1,264.0	1,854.3	52.2	280.1
HRS	61.3	2,057.9	1,488.5	78.3	4,906.5	4,898.8	107.2	199.2
WHITE	213.6	2,476.4	1,191.9	130.0	3,715.8	3,294.1	0.0	80.0
DURUM	7.3	172.2	148.4	0.5	492.9	679.8	5.0	5.0
TOTAL	399.1	6,576.3	5,045.0	379.7	16,827.5	17,210.1	214.4	816.3
BARLEY	2.0	12.6	15.5	1.0	20.0	33.4	0.0	14.5
CORN	999.2	35,584.7	12,357.3	1,387.1	22,969.6	12,650.9	182.6	1,082.0
SORGHUM	0.1	3,094.1	248.3	73.7	2,837.0	974.4	109.0	703.0
SOYBEANS	455.9	9,178.4	5,041.4	1,000.2	50,682.3	28,321.5	168.0	4,592.9
SOY MEAL	322.2	2,913.2	3,562.5	368.7	4,871.8	4,122.6	0.0	215.1
SOY OIL	4.4	193.1	253.0	18.6	395.0	430.4	0.0	0.6
RICE
L G RGH	22.0	271.9	418.1	26.7	899.3	825.6	0.0	0.0
M S RGH	0.0	11.7	42.8	0.1	17.2	17.5	0.0	0.0
L G BRN	0.1	13.1	11.5	0.2	23.6	33.1	0.0	0.0
M&S BR	44.9	97.3	60.7	0.3	54.4	29.9	0.0	0.0
L G MLD	2.1	88.0	107.3	4.5	356.4	579.1	0.0	0.0
M S MLD	31.1	223.5	151.4	13.5	282.1	345.7	0.0	0.0
TOTAL	100.2	705.5	791.9	45.2	1,633.0	1,830.9	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	119.5	5,700.8	7,189.5	311.8	7,460.1	6,243.2	2.1	1,115.4
PIMA	14.6	276.0	227.1	11.8	412.8	222.5	0.0	1.1

 

Export Sales Highlights

This
summary is based on reports from exporters for the period February 5-11, 2021.

Wheat:  Net
sales of 399,100 metric tons (MT) for 2020/2021 were down 33 percent from the previous week and 18 percent from the prior 4-week average.  Increases primarily for Nigeria (138,000 MT), China (131,700 MT), South Korea (85,500 MT), Japan (61,300 MT), and Algeria
(40,000 MT, switched from unknown destinations), were offset by reductions primarily for the United Arab Emirates (40,000 MT) and unknown destinations (35,000 MT).  For 2021/2022, net sales of 214,400 MT were primarily for the Philippines (70,000 MT), the
United Arab Emirates (40,000 MT), Mexico (33,000 MT), and Nigeria (30,000 MT).  Exports of 379,700 MT were down 14 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were primarily to Japan (127,500 MT), Mexico (105,000
MT), China (66,700 MT), South Korea (30,300 MT), and Venezuela (16,500 MT). 

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

Corn: 
Net sales of 999,200 MT for 2020/2021 were down 31 percent from the previous week and 67 percent from the prior 4-week average.  Increases primarily for Mexico (226,500 MT, including decreases of 3,600 MT), Costa Rica (183,300 MT), Guatemala (129,600 MT, including
3,200 MT switched from El Salvador and 1,500 MT switched from Nicaragua), Japan (129,600 MT, including 4,700 MT switched from unknown destinations), and South Korea (122,700 MT, including decreases of 5,400 MT), were offset by reductions for unknown destinations
(242,500 MT).  For 2021/2022, net sales of 182,600 MT were reported for Mexico (90,000 MT), Costa Rica (59,700 MT), and Japan (32,900 MT).  Exports of 1,387,100 MT were down 11 percent from the previous week, but up 14 percent from the prior 4-week average. 
The destinations were primarily to Mexico (247,100 MT), Japan (236,200 MT), South Korea (182,800 MT), Colombia (114,800 MT), and Peru (83,500 MT). 

Optional
Origin Sales:  For
2020/2021, new optional origin sales of 50,000 MT were reported for unknown destinations.  Options were exercised to export 59,000 MT to South Korea from the United States.  The current outstanding balance of 1,210,400 MT is for South Korea (779,000 MT), unknown
destinations (294,000 MT), Taiwan (70,000 MT), China (65,000 MT), and Ukraine (2,400 MT).

Barley: 
For 2020/2021, net sales of 2,000 MT were primarily for Canada.  Exports of 1,000 MT were up noticeably from the previous week and up 94 percent from the prior 4-week average. The destination was Japan.

Sorghum: 
For 2020/2021, total net sales of 100 MT, down noticeably from the previous week and from the prior 4-week average, were for China, including decreases of 55,000 MT.  For 2021/2022, net sales of 109,000 MT were reported for China (55,000 MT) and unknown destinations
(54,000 MT).  Exports of 73,700 MT were up 34 percent from the previous week, but down 58 percent from the prior 4-week average.  The destination was primarily to China.

Rice: 
Net sales of 100,200 MT for 2020/2021 were up noticeably from the previous week and up 19 percent from the prior 4-week average.  Increases were primarily for South Korea (46,000 MT), Mexico (20,300 MT), Japan (19,700 MT), El Salvador (3,000 MT), and Saudi
Arabia (2,600 MT).  Exports of 45,200 MT were down 24 percent from the previous week and 12 percent from the prior 4-week average.  The destinations were primarily to Mexico (28,700 MT), Jordan (3,600 MT), Saudi Arabia (3,400 MT), Canada (3,100 MT), and Israel
(2,400 MT).

Exports
for Own Account: 
For 2020/2021, exports for own account totaling 100 MT to Canada were applied to new or outstanding sales.

Soybeans: 
Net sales of 455,900 MT for 2020/2021 were down 43 percent from the previous week and 53 percent from the prior 4-week average.  Increases primarily for Indonesia (92,900 MT, including 67,000 MT switched from unknown destinations and decreases of 500 MT),
the Netherlands (85,700 MT, including 79,000 MT switched from unknown destinations), Mexico (71,000 MT, including decreases of 2,800 MT), Germany (57,500 MT), and Costa Rica (56,500 MT), were offset by reductions primarily for unknown destinations (37,500
MT).  For 2021/2022, net sales of 168,000 MT were reported for Taiwan (68,000 MT), China (63,000 MT), Costa Rica (29,000 MT), unknown destinations (5,000 MT), and Japan (3,000 MT).  Exports of 1,000,200 MT were down 55 percent from the previous week and 54
percent from the prior 4-week average.  The destinations were primarily to China (400,300 MT) Mexico (124,500 MT), Indonesia (87,400 MT), the Netherlands (85,700 MT), and Italy (72,000 MT).

Exports
for Own Account: 
The current exports for own account outstanding balance is 5,800 MT, all Canada.

Export
Adjustments: Accumulated
exports of soybeans to the Netherlands were adjusted down 57,520 MT for week ending January 28^th.  The correct destination for this shipment is Germany.

Soybean
Cake and Meal:  Net
sales of 322,200 MT for 2020/2021 were up 22 percent from the previous week and 10 percent from the prior 4-week average.  Increases primarily for the Philippines (92,800 MT), Guatemala (58,000 MT, including 6,000 MT switched from Honduras, 1,400 MT switched
from Nicaragua, and decreases of 100 MT), Morocco (37,600 MT, including decreases of 2,400 MT), Honduras (34,500 MT, including 6,000 MT switched from Costa Rica and decreases of 6,800 MT), and Denmark (30,000 MT), were offset by reductions primarily for Peru
(7,000 MT) and Colombia (3,000 MT).  Exports of 368,700 MT–a marketing-year high– were up 47 percent from the previous week and 42 percent from the prior 4-week average.  The destinations were primarily to Colombia (62,400 MT), the Philippines (50,800 MT),
Vietnam (48,600 MT), Italy (46,300 MT), and Denmark (33,000 MT).

Soybean
Oil:  Net sales of
4,400 MT for 2020/2021 were up noticeably from the previous week, but down 79 percent from the prior 4-week average.  Increases primarily for Guatemala (4,000 MT), Venezuela (500 MT), the Dominican Republic (300 MT), and Mexico (200 MT), were offset by reductions
primarily for Peru (600 MT) and Colombia (100 MT).  Exports of 18,600 MT were down 47 percent from the previous week and 39 percent from the prior 4-week average.  The destinations were primarily to Colombia (8,000 MT), Peru (5,200 MT), the Dominican Republic
(4,300 MT), Canada (800 MT), and Mexico (300 MT). 

Cotton: 
Net sales of 119,500 RB for 2020/2021 were down 57 percent from the previous week and 59 percent from the prior 4-week average.  Increases primarily for China (44,100 RB), Vietnam (27,200 RB, including 700 RB switched from South Korea, 200 RB switched from
Japan, and decreases of 100 RB), Bangladesh (18,300 RB), Pakistan (7,200 RB), and Turkey (6,900 RB), were offset by reductions primarily for Mexico (4,000 RB) and Nicaragua (400 RB).  For 2021/2022, net sales of 2,100 RB resulting in increases for Turkey (11,000
RB), were offset by reductions for Bangladesh (8,900 RB).  Exports of 311,800 RB were down 28 percent from the previous week and 8 percent from the prior 4-week average.  Exports were primarily to Vietnam (90,000 RB), China (82,300 RB), Pakistan (26,700 RB),
Turkey (25,600 RB), and Mexico (19,800 RB).  Net sales of Pima totaling 14,600 RB were up 51 percent from the previous week, but down 25 percent from the prior 4-week average.  Increases were primarily for China (9,200 RB), Pakistan (2,200 RB), Peru (1,800
RB), Austria (700 RB), and South Korea (300 RB).  Exports of 11,800 RB were up 67 percent from the previous week, but down 2 percent from the prior 4-week average.  The destinations were primarily to Vietnam (4,100 RB), India (2,400 RB), China (2,100 RB),
El Salvador (1,500 RB), and Indonesia (900 RB).  

Exports
for Own Account: 
For 2020/2021, new exports for own account totaling 8,200 RB were to Vietnam (4,400 RB), China (3,700 RB), and Bangladesh (100 RB).  Exports for own account totaling 10,700 RB to Vietnam (5,700 RB) and China (5,000 RB) were applied to new or outstanding sales. 
The current exports for own account outstanding balance of 30,600 RB is for China (24,600 RB), Vietnam (5,900 RB), and Bangladesh (100 RB).

Hides
and Skins: 
Net sales of 356,900 pieces for 2021 were down 4 percent from the previous week and from the prior 4-week average.  Increases primarily for China (253,500 whole cattle hides, including decreases of 12,100 pieces), South Korea (61,200 whole cattle hides, including
decreases of 700 pieces), Thailand (15,500 whole cattle hides, including decreases of 900 pieces), Mexico (9,500 whole cattle hides, including decreases of 1,000 pieces), and Italy (9,200 whole cattle hides), were offset by reductions for Cambodia (200 pieces). 
Total
net sales of 2,000 calf skins were for Italy.  Additionally, net sales reductions of 300 kip skins were reported for Belgium. 
Exports of 308,000 pieces for 2021 were down 25 percent from the previous week and 22 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (220,100 pieces), South Korea (25,600 pieces),
Mexico (17,900 pieces), Thailand (14,800 pieces), and Taiwan (11,200 pieces).  Additionally, exports of 2,600 kip skins were to Belgium. 

Net
sales of 192,800 wet blues
for 2021 were up 73 percent from the previous week and 44 percent from the prior 4-week average.  Increases primarily for China (46,500 unsplit, 9,800 grain splits, and decreases of 500 unsplit), Vietnam (51,400 unsplit, including decreases of 100 unsplit),
Italy (45,000 grain splits, 2,300 unsplit, including decreases of 100 grain splits and 100 unsplit), Mexico (21,200 grain splits and 7,700 unsplit), and Brazil (5,300 unsplit), were offset by reductions of Thailand (300 unsplit).  Exports of 128,100 wet blues
for 2021 were down 7 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were to Vietnam (43,400 unsplit), China (36,700 unsplit), Italy (16,100 unsplit and 13,100 grain splits), Mexico (3,700 grain splits and 2,600
unsplit), and Thailand (5,700 unsplit).  Net sales of 889,000 splits reported for Vietnam (869,400 pounds, including decreases of 20,800 pounds) and Taiwan (43,300 pounds), were offset by reductions for China (23,600 pounds).  Exports of 850,600 pounds were
to Vietnam (725,800 pounds) and China (124,800 pounds).

Beef: 
Net
sales of 22,900 MT reported for 2021, were primarily for South Korea (9,600 MT, including decreases of 600 MT), Japan (3,500 MT, including decreases of 600 MT), Canada (3,100 MT, including decreases of 100 MT), China (2,400 MT), and Mexico (1,200 MT, including
decreases of 100 MT).  Exports of 15,500 MT were primarily to Japan (5,100 MT), South Korea (3,900 MT), China (1,800 MT), Mexico (1,400 MT), and Taiwan (1,100 MT).

Pork: 
Net
sales of 33,300 MT reported for 2021 were down 10 percent from the previous week and 27 percent from the prior 4-week average.  Increases were primarily for Japan (9,500 MT, including decreases of 100 MT), Mexico (8,400 MT, including decreases of 600 MT),
South Korea (3,000 MT, including decreases of 200 MT), China (2,500 MT, including decreases of 1,300 MT), and the Philippines (2,500 MT, including decreases of 100 MT).  Exports of 39,800 MT were up 5 percent from the previous week and 2 percent from the prior
4-week average.  The destinations were primarily to China (13,100 MT), Mexico (10,000 MT), Japan (5,300 MT), Canada (2,600 MT), and South Korea (2,300 MT). 

February
19, 2021                                           1                FOREIGN AGRICULTURAL SERVICE/USDA

                                                                                               SUMMARY OF EXPORT TRANSACTIONS
                                                                                 REPORTED UNDER THE DAILY SALES REPORTING SYSTEM
                                                                                                FOR PERIOD ENDING FEBRUARY 11,  2021 

 

COMMODITY                        DESTINATION                               
QUANITY (MT)                            MARKETING YEAR         

 

CORN                                       COSTA RICA                                 135,644 MT 1/                                 2020/2021

CORN                                       COSTA RICA                                   59,694 MT 1/                                 2021/2022

CORN                                       GUATEMALA                                115,577 MT 1/                                 2020/2021

CORN                                       UNKNOWN                                    132,000 MT 2/                                 2020/2021

 

1/ Export Sales.  2/ Cancellations of export sales.