FI Morning Grain Comments 02/25/21

PDF attached

 

Morning.

 

Gains
in the soybean complex reversed course after USDA reported all around poor US export sales.  USD is down 34 and WTI 48 lower.  CBOT corn open interest was down nearly 50,000 contracts yesterday and soybeans down nearly 23,000.  Overnight Malaysian palm oil
was up 133 MYR and cash up $27.50/ton. AmSpec reported February 1-25 palm oil shipments at 921,929 tons, up 5.6% percent from January 1-25 Malaysian palm shipments of 872,707 tons.  EU vegetable oil cash prices were mixed with SBO higher and rapeseed oil lower. 
Rotterdam meal was up $1-$3/ton.  China soybeans were slightly higher, meal up 0.4% and SBO up 1.8%.  Cash China crush margins have gradually improved from Monday, favorable enough to promoted imports. Some believe the delay in Brazil’s soybean harvest will
hinder China’s crush operations through at least mid-April.  There were no changes in CBOT registrations. 

 

 

Weather

 

World
Weather Inc.

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS: 

Today’s
European model run was wetter in Cordoba, Santa Fe and areas northward into Formosa during the second week of the outlook while Buenos Aires, southern Entre Rios, Uruguay and southern Rio Grande do Sul continue to be advertised dry for at least ten days. Crop
moisture stress will increase in these driest areas and in other Argentina locations until rain evolves.

            Brazil
weather remains well mixed. A good environment remains for the development of full season and second season crops, but getting soybeans to mature and harvested in some areas will continue a challenge due to periodic rain in some areas.

            India’s
winter crops are rated mostly good, but a lack of precipitation and warm temperatures over the next couple of weeks may stress some late season crops resulting in slightly lower yields.

            Eastern
Australia’s sorghum production areas continue to benefit from scattered showers and thunderstorms and seasonable temperatures, although there is need for a better distribution of rainfall, especially in dryland areas of Queensland. Irrigated crops are in the
best condition. The same is true for the nation’s soybean, sunseed and corn.

            South
Africa weather is mostly good for its reproducing, filling and early maturing crops. Little change is expected for the next two weeks, despite some pockets of drying.

            China’s
early developing rapeseed in the south will get a little too much rain for a while. Northern rapeseed development will be slow until more significant warming occurs, but soil moisture will be good for early development.

            Rapeseed
in Ukraine and other areas in Europe is rated favorably with little change likely for a while. Most of the crop remains dormant or semi-dormant.

            Overall,
worry over South America weather will maintain a floor of support under today’s market trade.

 

MARKET
WEATHER MENTALITY FOR WHEAT:  Russia’s southern region and all of the western CIS was adequately protected by snow this morning from threatening cold temperatures. Very little winterkill has occurred this year and the risk is expected to remain low over the
next ten days. The same is true for Europe.

            China
precipitation in the coming ten days will be good for future wheat development. Recent rain in India was good for minor wheat areas in the south, but the north still needs more moisture to induce the best yields. Dry and warm weather in India over the next
two weeks will stress late reproducing crops.

            Middle
East weather looks favorable while North Africa will still need a more generalized rain outside of Morocco which is expecting periodic rain Thursday through Monday.

           
Europe crop areas will dry down for a while this week and that will help reduce flood potentials.

            U.S.
hard red winter wheat areas will not receive much “significant” moisture for a while especially not in the high Plains region.

            U.S.
Midwest, Delta and southeastern wheat areas will stay plenty wet as will southeastern Canada.

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

Source:
World Weather Inc. and FI

 

Bloomberg
Ag Calendar

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

 

 

 

 

USDA
export sales
were well below expectations for soybeans and we saw the market sell off after 167,900 tons old crop and 70,800 tons posted.  Soybean meal sales were a poor 160,200 tons and soybean oil sales were only 4,400 tons.  SBO futures are holding some of its overnight
gains while meal futures turned lower.  Corn export sales were below expectations for old crop at 453,300 tons and new-crop came in at 145,900 tons, within expectations.  All-wheat export sales were 167,700 tons, below trade expectations. 

 

 

 

Macros

US
10-year is up sharply

US
GDP Price Index Q4 S: 2.1% (est 2.0%; prev 2.0%)

US
Core PCE (Q/Q) Q4 S: 1.4% (est 1.4%; prev 1.4%)

US
Initial Jobless Claims Feb 20: 730K (est 825K; prevR 841K; prev 861K)

US
Continuing Claims Feb 13: 4419K (est 4460K; prevR 4520K; prev 4494K)

US
Durable Goods Orders Jan P: 3.4% (est 1.1%; prevR 1.2%; prev 0.5%)

US
Durables Ex Transportation Jan P: 1.4% (est 0.7%; prevR 1.7%; prev 1.1%)

US
Cap Goods Orders Nondef Ex-Air Jan P: 0.5% (est 0.8%; prevR 1.5%; prev 0.7%)

US
Cap Goods Ship Non-Def Ex-Air Jan P: 2.1% (est 0.6%; prevR 1.0%; prev 0.7%)

US
GDP Annualized (Q/Q) Q4 S: 4.1% (est 4.2%; prev 4.0%)

US
Personal Consumption Q4 S: 2.4% (est 2.5%; prev 2.5%)

Canada
Non-Farm Payrolls Rose 44.3k In Dec. To 16 Mln

Canada
Average Earnings Rose 6.4% From Year Earlier In Dec.

 

Corn.

• Corn
  futures are lower this morning on lack of US export tender announcements and profit taking although a sharply lower USD are likely limiting losses.   USDA export sales came in below expectations.  CBOT corn open interest was down nearly 50,000 contracts yesterday
  while the funds extended their long position by 12,000.  We estimate managed money futures and options are net long 388,000 contracts. 
  
• There
  were no changes in CBOT registrations. 
• China’s
  Ministry of Agriculture mentioned corn acreage in 2021 will increase by more than 667,000 hectares in key growing areas.
  
• For
  its initial estimate for the 2020-21 season, South Africa’s CEC corn producers expect a corn production of 15.849 million tons, (below a Reuters poll of 16.872 million) up from 15.300 million tons last season, 4 percent mor than year earlier.  They pegged
  white corn at 8.799 million tons and 7.050 million for yellow. 
• Afghanistan
  reported an outbreak of H5N8 bird flu on a poultry farm in Herat province, killing 794 birds with another 22,000 flock ordered to be culled.
  
• Ukraine’s
  grain exports fell nearly 20% to 31.7 million tons so far this season.  Traders sold 13.6 million tons of wheat, 13.6 million tons of corn and 3.96 million tons of barley.
• Yesterday,
  the EIA reported US ethanol production fell 6.2 percent or 253,000 barrels per day to 658,000, lowest level since the height of the world pandemic plant shutdowns, off about 38 percent from this time a month ago.  This was the largest weekly drop for any week
  since weekly data began in 2010.

 

Corn
Export Developments

·        
None reported

 

EIA:
Texas natural gas production fell by almost half during recent cold snap

http://r20.rs6.net/tn.jsp?f=0014_q9kjHuMUHLBvX0eehd2r_I-UOsclmXXmZ4-eq77galouSU12dhTkm-lQfnBjgMMKRjmwO1Og95vvJ8VdFDnHqHddl3xuFB3JiABrjWZc5xTvNQor2UvWTmkQ0heM3spKs-Cb3CWXhblZTVO8qWSJ3Z7FkaCnqklHAjzLiqVcBoQIVUutLr7pfAReabIkyee2GZ1dLEKgLvon-Rxdn9wQ==&c=JfEcKR7lUfZ84O5OOZCfHsOnZ8WCRoYl6lcCcis0BlkwLzCnqgOzww==&ch=EoS_Lhj2FzQ0xRYZZQc9ArwJGeQg-sVqQEb4YMACIgCsgRfDgqvMlg==

 

Soybean
complex.  

• CBOT
  soybeans
  turned lower on poor USDA export sales. Prior to the report it was up from follow through buying and rally in soybean oil.  Soybean oil managed to maintain some of its gains (mixed by electronic close) led by nearby contracts.  May oil share hit a high of
  37.23 overnight.  Soybean meal is mostly lower led by the March position.  USDA export sales for the products were dismal. 
  
• USD
  is down 30 and WTI 49 lower.
• CBOT
  soybean open interest was down nearly 23,000 contracts.  The funds yesterday added about 10,000 contracts to their long position and we estimate they are net long 184,000 soybean, 68,000 meal and 128,000 soybean oil.  Overnight Malaysian palm oil was up 133
  MYR and cash up $27.50/ton. China soybeans were slightly higher, meal up 0.4% and SBO up 1.8%.  Cash China crush margins have gradually improved from Monday, favorable enough to promoted imports. Some believe the delay in Brazil’s soybean harvest will hinder
  China’s crush operations through at least mid-April. 
• China’s
  weekly soybean stocks were at 5.73 million ton, as of Feb. 23, around the same amount year ago. 
  
• There
  were no changes in CBOT registrations. 
• The
  morning weather models indicated a wetter bias for Cordoba, Santa Fe, northward into Formosa during the second week of the outlook.  Meanwhile Buenos Aires, southern Entre Rios, Uruguay and southern Rio Grande do Sul will remain dry over the next 10 days.
  
• ICE
  canola May futures were 10.70 lower at 754.50/ton.
• Offshore
  values are leading soybean oil 70 points lower and soybean meal $0.50 higher. 
  
• China
  cash crush margins on our analysis were 143 cents (136 previous) versus 140 cents last week and compares to 126 cents around this time last year. 
  
• China
  

• AmSpec
  reported February 1-25 palm oil shipments at 921,929 tons, up 5.6% percent from January 1-25 Malaysian palm shipments of 872,707 tons.   ITS reported an 8 percent increase to 919,765 tons.  SGS had 967,845 tons, up 14.2 percent from the same period month ago. 
  
• Malaysian
  palm oil:

 

Soybean
Complex Export Developments

• None
  reported

 

 

Wheat

• Wheat
  futures are mostly
  lower on light profit taking and USDA export sales coming in below expectations for both crop years.  We look for some bottom picking today.  A sharply lower USD could attract some major importing countries back to the North American market.
  
• Yesterday
  Funds bought an estimated 10,000 soft red winter wheat contracts. 
• EU
  May milling wheat was down 1.75 euros at 231.00 euros. 
• Kazakhstan’s
  AgMin estimated 2020 clean weight grain harvest at 20.063 million tons, including 14,256 million tons of wheat.  The 20.1 million tons is up 15% from 2019 (wheat up 24.5%).  2019 production was 17.4 million tons, 14.3% lower from a year earlier.
• The
  European Commission increased its forecast for EU-27 soft wheat exports to 27 million tons from 26 million projected last month.  They lowered the ending stocks for soft wheat to 9.5 million tons from 9.9 million tons previously.  Soft wheat production for
  2020-21 was estimated at 117.1 million tons from 116.4 million last month. 
  
• Australia’s
  weather bureau sees a wetter than usual autumn with La Nina conditions sticking around.  They plant around April so this should benefit wheat fieldwork progress. 
  

 

Export Developments.

• Japan
  bought 57,331 tons of Australian milling wheat this week.  Original details of tender as follows:
  

• Taiwan seeks 100,410 tons of wheat form the US on March 4
  for April 25-May 9 shipment, and May 12-May 26 shipment (2 consignments). 
  
• The Philippines may have passed on 145,000 tons of wheat
  due to high prices. 
• Jordan issued a new import tender for 120,000 tons of wheat,
  set to close March 3 for October and November shipment. 
• Jordan
  seeks 120,000 tons of animal feed barley on March 2.  Shipment is sought between Sept. 1-15, Sept. 16-30, Oct. 1-15 and Oct 16-31.
• Syria
  seeks 200,000 tons of wheat for shipment within 60 days of contract signing. 
  

 

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.

·        
South Korea’s Agro-Fisheries & Food Trade Corp. seeks 38,889 tons of rice from the United States and China, part arrival in South Korea around Sept. 30 from the US. Another 16,667 tons of non-glutinous short grain brown rice from
China is sought for arrival around June 30.

 

 

 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING 2/18/2021 

 

	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	40.6	1,384.2	1,859.7	87.2	6,535.4	6,586.6	0.0	252.0
SRW	22.0	447.7	363.6	13.2	1,277.3	1,874.2	4.5	284.6
HRS	59.4	2,021.4	1,537.0	95.9	5,002.5	5,051.3	10.0	209.2
WHITE	48.7	2,353.8	1,110.1	171.4	3,887.2	3,426.2	0.3	80.3
DURUM	-3.0	144.2	148.4	25.0	517.9	679.8	0.0	5.0
TOTAL	167.7	6,351.3	5,018.8	392.8	17,220.2	17,618.1	14.8	831.1
BARLEY	-0.2	11.1	15.5	1.3	21.3	33.7	0.0	14.5
CORN	453.3	34,847.9	12,377.3	1,190.1	24,159.7	13,495.6	145.9	1,227.9
SORGHUM	-0.7	2,967.8	690.5	125.6	2,962.6	976.7	0.0	703.0
SOYBEANS	167.9	8,292.6	4,782.8	1,053.7	51,660.3	28,919.5	70.8	4,663.7
SOY MEAL	160.2	2,928.8	3,443.3	144.6	5,016.4	4,399.2	0.0	215.1
SOY OIL	4.4	196.7	238.1	0.8	395.8	450.9	0.0	0.6
RICE
L G RGH	10.3	253.4	415.1	28.8	928.0	831.8	0.0	0.0
M S RGH	0.0	11.4	42.8	0.3	17.5	17.5	0.0	0.0
L G BRN	0.1	12.9	11.5	0.2	23.8	33.2	0.0	0.0
M&S BR	0.1	97.3	57.2	0.1	54.5	33.5	0.0	0.0
L G MLD	18.8	103.9	107.9	2.9	359.3	581.1	0.0	0.0
M S MLD	51.8	250.6	174.5	24.6	306.7	369.0	0.0	0.0
TOTAL	81.1	729.6	809.0	57.0	1,690.0	1,866.1	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	247.8	5,656.2	7,080.1	292.4	7,752.4	6,567.3	40.7	1,156.1
PIMA	11.9	275.7	237.0	12.2	425.1	240.6	0.0	1.1

 

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period February 12-18, 2021.

Wheat:  Net
sales of 167,700 metric tons (MT) for 2020/2021–a marketing-year low–were down 58 percent from the previous week and 67 percent from the prior 4-week average.  Increases primarily for Bangladesh (55,000 MT, switched from unknown destinations), Mexico (53,500
MT), Japan (52,400 MT), the Philippines (50,000 MT), and Italy (25,000 MT, switched from unknown destinations), were offset by reductions primarily for unknown destinations (83,000 MT).  For 2021/2022, net sales of 14,800 MT were reported for unknown destinations
(14,500 MT) and Hong Kong (300 MT).  Exports of 392,800 MT were up 4 percent from the previous week, but down 14 percent from the prior 4-week average.  The destinations were primarily to China (69,700 MT), Mexico (65,300 MT), Nigeria (48,200 MT), Malaysia
(39,500 MT), and Ecuador (38,300 MT). 

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

Corn: 
Net sales of 453,300 MT for 2020/2021–a marketing-year low–were down 55 percent from the previous week and 85 percent from the prior 4-week average.  Increases primarily for Peru (160,300 MT, including 88,000 MT switched from unknown destinations and decreases
of 1,400 MT), Vietnam (146,200 MT, including 68,000 MT switched from China and 68,000 MT switched from unknown destinations), Japan (96,500 MT, including 71,600 MT switched from unknown destinations and decreases of 55,900 MT), Mexico (85,700 MT, including
decreases of 15,600 MT), and South Korea (69,400 MT, including 65,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (300,500 MT).  For 2021/2022, net sales of 145,900 MT were reported for Mexico (90,000
MT) and Japan (55,900 MT).  Exports of 1,190,100 MT were down 14 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were primarily to Mexico (321,100 MT), Japan (226,700 MT), Vietnam (146,200 MT), China (144,300
MT), and Peru (110,300 MT). 

Optional
Origin Sales: 
For 2020/2021, new optional origin sales of 69,000 MT were reported for South Korea.  The current outstanding balance of 1,279,400 MT is for South Korea (848,000 MT), unknown destinations (294,000 MT), Taiwan (70,000 MT), China (65,000 MT), and Ukraine (2,400
MT).

Export
Adjustments: 
Accumulated export of corn to Vietnam were adjusted down 471 MT for week ending February 4^th.  This shipment was reported in error.

Barley: 
For 2020/2021, net sales reductions of 200 MT resulting in increases for Japan (200 MT), were offset by reductions for Canada (400 MT).  Exports of 1,300 MT were to Japan (1,200 MT) and Canada (100 MT).

Sorghum: 
For 2020/2021, total net sales reductions of 700 MT, down noticeably from the previous week and from the prior 4-week average, were for China, including decreases of 3,900 MT.  Exports of 125,600 MT were up 70 percent from the previous week, but down 10 percent
from the prior 4-week average.  The destination was China.

Rice: 
Net sales of 81,100 MT for 2020/2021 were down 19 percent from the previous week and 12 percent from the prior 4-week average.  Increases primarily for Japan (48,700 MT), Venezuela (18,300 MT, including 18,000 MT switched from Mexico), the Dominican Republic
(10,000 MT), Haiti (7,100 MT), and Panama (1,300 MT), were offset by reductions primarily for Mexico (8,700 MT).  Exports of 57,000 MT were up 26 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily
to Venezuela (27,500 MT), Japan (13,400 MT), Haiti (4,500 MT), Mexico (3,600 MT), and Jordan (3,400 MT).

Soybeans: 
Net sales of 167,900 MT for 2020/2021 were down 63 percent from the previous week and 72 percent from the prior 4-week average.  Increases primarily for the Netherlands (139,100 MT, including 120,000 MT switched from unknown destinations), Japan (77,700 MT,
including 67,300 MT switched from unknown destinations and decreases of 1,600 MT), Germany (75,200 MT), Bangladesh (58,200 MT, including 55,000 MT switched from unknown destinations), and Spain (57,500 MT, including 55,000 MT switched from unknown destinations),
were offset by reductions primarily for unknown destinations (300,800 MT).  For 2021/2022, net sales of 70,800 MT were reported for China (66,000 MT) and Japan (4,800 MT).  Exports of 1,053,700 MT were up 5 percent from the previous week, but down 42 percent
from the prior 4-week average.  The destinations were primarily to China (223,900 MT), the Netherlands (139,100 MT), Mexico (114,800 MT), Egypt (105,100 MT), and Japan (87,500 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 75,240 MT for week ending February 4^th.  The correct destination for this shipment is Germany.

Soybean
Cake and Meal: 
Net sales of 160,200 MT for 2020/2021 were down 50 percent from the previous week and 38 percent from the prior 4-week average.  Increases primarily for the Philippines (47,300 MT), Honduras (44,700 MT), Colombia (24,900 MT, including 15,900 MT switched from
unknown destinations and decreases of 5,100 MT), Mexico (21,700 MT), and Canada (7,600 MT, including decreases of 1,000 MT), were offset by reductions primarily for unknown destinations (17,000 MT).  Exports of 144,600 MT were down 61 percent from the previous
week and 51 percent from the prior 4-week average.  The destinations were primarily to the Philippines (48,000 MT), Mexico (16,600 MT), Colombia (15,900 MT), Morocco (12,900 MT), and Canada (12,300 MT).

Soybean
Oil: 
Net sales of 4,400 MT for 2020/2021 were up 1 percent from the previous week, but down 48 percent from the prior 4-week average.  Increases were primarily for Venezuela (1,500 MT), the Dominican Republic (1,000 MT), Canada (700 MT), Trinidad and Tobago (700
MT), and Guatemala (400 MT).  Exports of 800 MT were down 96 percent from the previous week and 97 percent from the prior 4-week average.  The destination was primarily to Mexico (600 MT).

Cotton: 
Net sales of 247,800 RB for 2020/2021 were up noticeably from the previous week, but down 1 percent from the prior 4-week average.  Increases were primarily for China (59,500 RB), Turkey (45,000 RB), Vietnam (44,900 RB, including 1,300 RB switched from South
Korea and 200 RB switched from Japan), Pakistan (27,100 RB), and Mexico (21,900 RB).  For 2021/2022, net sales of 40,700 RB resulting in increases for Mexico (61,000 RB), were offset by reductions for China (20,200 RB).  Exports of 292,400 RB were down 6 percent
from the previous week and 13 percent from the prior 4-week average.  Exports were primarily to China (71,100 RB), Vietnam (66,400 RB), Pakistan (45,100 RB), Bangladesh (28,400 RB), and Turkey (17,700 RB).  Net sales of Pima totaling 11,900 RB were down 18
percent from the previous week and 31 percent from the prior 4-week average.  Increases were primarily for China (4,500 RB), Pakistan (2,200 RB), Japan (1,900 RB), Italy (1,500 RB), and Peru (1,200 RB).  Exports of 12,200 RB were up 3 percent from the previous
week, but down 6 percent from the prior 4-week average.  The destinations were primarily to India (5,400 RB), China (2,500 RB), Vietnam (1,600 RB), Peru (1,300 RB), and Bangladesh (500 RB).  

Exports
for Own Account: 
For 2020/2021, new exports for own account totaling 3,800 RB were to China (3,200 RB) and Bangladesh (600 RB).  Exports for own account totaling 1,300 RB to Vietnam were applied to new or outstanding sales.  The current exports for own account outstanding
balance of 33,200 RB is for China (27,900 RB), Vietnam (4,600 RB), and Bangladesh (700 RB).

Hides
and Skins: 
Net sales of 210,000 pieces for 2021 were down 41 percent from the previous week and 43 percent from the prior 4-week average.  Increases primarily for China (119,200 whole cattle hides, including decreases of 9,600 pieces), Mexico (34,400 whole cattle hides,
including decreases of 300 pieces), South Korea (33,500 whole cattle hides, including decreases of 1,400 pieces), Thailand (12,800 whole cattle hides, including decreases of 300 pieces), and Brazil (11,200 whole cattle hides, including decreases of 400 pieces),
were offset by reductions primarily for Italy (2,700 pieces).  In addition, total
net sales of 1,000 kip skins were for Italy. 
Exports of 304,700 pieces for 2021 were down 1 percent from the previous week and 18 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (200,600 pieces), South Korea (38,800 pieces), Mexico (30,200 pieces), Thailand (15,500
pieces), and Brazil (7,100 pieces).   

Net
sales of 22,300 wet blues for 2021 were down 88 percent from the previous week and 83 percent from the prior 4-week average.  Increases primarily for Thailand (10,400 unsplit, including decreases of 600 unsplit), Vietnam (8,100 unsplit), Brazil (2,000 unsplit),
Taiwan (1,700 grain splits), and India (900 unsplit), were offset by reductions primarily of Mexico (400 grain splits) and China (200 unsplit).  Exports of 70,600 wet blues for 2021 were down 45 percent from the previous week and 51 percent from the prior
4-week average.  The destinations were primarily to Italy (22,400 unsplit), Vietnam (16,300 unsplit), China (15,100 unsplit), Brazil (4,300 unsplit), and Thailand (3,800 unsplit).  Net sales of 81,500 splits resulting in increases for China (87,000 pounds),
were offset by reductions for Taiwan (2,700 pounds) and Vietnam (2,700 pounds).  Exports of 118,800 pounds were to Vietnam (78,300 pounds) and Taiwan (40,500 pounds).

Beef: 
Net
sales of 8,500 MT reported for 2021 were down 63 percent from the previous week and 66 percent from the prior 4-week average.  Increases primarily for South Korea (3,800 MT, including decreases of 500 MT), Japan (3,100 MT, including decreases of 300 MT), Mexico
(700 MT, including decreases 100 MT), Canada (500 MT), and Taiwan (300 MT, including decreases of 100 MT), were offset by reductions primarily for China (1,000 MT).  Exports of 15,100 MT were primarily to South Korea (4,800 MT), Japan (3,900 MT), China (1,900
MT), Mexico (1,300 MT), and Taiwan (1,000 MT). 

Pork: 
Net
sales of 25,600 MT reported for 2021 were down 23 percent from the previous week and 40 percent from the prior 4-week average.  Increases primarily for Mexico (7,300 MT, including decreases of 900 MT), Japan (4,100 MT, including decreases of 100 MT), China
(3,700 MT, including decreases of 1,400 MT), South Korea (3,200 MT, including decreases of 1,200 MT), and the Philippines (2,100 MT, including decreases of 100 MT), were offset by reductions for El Salvador (400 MT) and Singapore (100 MT).  Exports of 35,300
MT were down 11 percent from the previous week and 9 percent from the prior 4-week average.  The destinations were primarily to China (11,900 MT), Mexico (8,900 MT), Japan (4,200 MT), Canada (2,100 MT), and Colombia (1,900 MT). 

February
25, 2021                                           1                FOREIGN AGRICULTURAL SERVICE/USDA

                                                                                               
SUMMARY OF EXPORT TRANSACTIONS
                                                                                 REPORTED UNDER THE DAILY SALES REPORTING SYSTEM
                                                                                                FOR PERIOD ENDING FEBRUARY 18,  2021 

*NO SALES WERE REPORTED DURING THE ABOVE PERIOD.