FI Morning Grain Comments 08/12/21

Aug 12, 2021







PDF attached

 

Good
morning and happy USDA report day!

 

Lower
trade in soybeans although some losses were paired from good new-crop export sales.  Export sales for soybean meal were good and prices turned higher. SBO fell after poor export sales were reported by USDA. Corn turned lower despite good export sales that
included old crop sales to China.  Wheat is higher on positioning ahead of the USDA report. December Paris wheat hit a fresh contract high but gains were paired. 

 

 

 

Weather

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WORLD
WEATHER INC.

WORLD
WEATHER HIGHLIGHTS FOR AUGUST 12, 2021

  • Not
    much adversity in the world today.
  • A
    mix of weather is expected in U.S. Midwest, Delta and southern Plains Weather.
  • The
    northern U.S. Plains and southeastern Canada may get an opportunity for rain next week that might ease dryness.
  • Some
    cooling and wet biased weather is expected in Alberta.
  • The
    upper U.S. Mississippi River Basin area may be driest for a while in the coming week.
  • In
    Europe, some welcome drying is expected in the central and north while the southeast continues too dry.
  • Parts
    of Eastern Ukraine and the Volga River Basin will also dry out along with Kazakhstan and neighboring areas of Russia’s Southern New Lands.
  • Some
    welcome rain will fall from Krasnodar into the lower Volga River Basin.
  • Southern
    China will become too wet once again in the coming two weeks with a wet and milder than usual pattern expected.
  • Northwest
    India will remain dry
  • Precipitation
    in Australia will be limited for a while.
  • Warm
    temperatures are expected in Brazil coffee areas to keep freeze damaged crops stressed. 
  • Western
    Argentina will remain in need of significant rain

Source:
World Weather Inc. 

 

Bloomberg
Ag Calendar

Thursday,
Aug. 12:

  • USDA’s
    monthly World Agricultural Supply and Demand (WASDE) report, noon
  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • China
    farm ministry’s monthly supply-demand report (CASDE)
  • New
    Zealand Food Prices
  • Port
    of Rouen data on French grain exports
  • HOLIDAY:
    Thailand

Friday,
Aug. 13:

  • ICE
    Futures Europe weekly commitments of traders report (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
  • EARNINGS:
    Olam, Golden Agri

Source:
Bloomberg and FI

 

 

 

 

 

 

 

 

 

 

Macros

Indian
CPI (Y/Y) Jul: 5.59% (est 5.72%; prev 6.26%)

Indian
CPI Food Inflation (Y/Y) Jul: 3.96% (prev 5.15%)

US
PPI Final Demand (Y/Y) Jul: 7.8% (est 7.2%; prev 7.3%)

US
PPI Ex Food, Energy (Y/Y) Jul: 6.2% (est 5.6%; prev 5.6%)

US
PPI Ex Food, Energy, Trade (Y/Y) Jul: 6.1% (est 5.7%; prev 5.5%)

US
PPI Final Demand (M/M) Jul: 1.0% (est 0.6%; prev 1.0%)

US
PPI Ex Food, Energy (M/M) Jul: 1.0% (est 0.5%; prev 1.0%)

US
PPI Ex Food, Energy, Trade (M/M) Jul: 0.9% (est 0.5%; prev 0.5%)

US
Initial Jobless Claims Aug 7: 375K (est 375K; prevR 387K; prev 385K)

US
Continuing Claims Jul 31: 2866K (est 2900K; prevR 2980K; prev 2930K)

 

 

Corn

 

Export
developments.

  • South
    Korea’s MFG bought
    207,000 tons of corn     all
    at an estimated $319.99 a ton c&f.      One
    consignment for arrival around Nov. 13 was expected to be sourced from South America or South Africa. 
    A
    second consignment for arrival Nov. 21 was optional origin    .
    The     third
    consignment for arrival around Nov. 10 wa    s
    expected to be sourced from South America or South Africa.  All three shipments are sometime in Sep and/or Oct.  (Reuters)
  • Jordan
    passed on 120,000 tons of feed barley for Late October through December shipment. 
  • China
    will auction off 36,789 tons of imported Ukrainian corn and 265,667 tons of imported US corn on August 13. 
  • Qatar
    seeks about 100,000 tons of barley on August 18 for Sep-Nov delivery. 

 

Soybeans

 

Export
Developments

  • Under
    the 24-hour USDA announcement system, private exporters sold 132,000 tons of soybean to China for 2021-22 delivery. 
  • USDA
    On August 17 seeks 290,000 tons of veg oil for use in export programs. 210 tons in 4-liter cans and 80 tons in 4-liter cans or plastic bottles, for shipment Sep16 to Oct 15 (Oct 1-31 for plants at ports).

  • South
    Korea’s Agro-Fisheries & Food Trade Corp. seeks 3,700 tons of non-GMO soybeans on August 19 for arrival between Oct. 20 and Nov. 19.

 

Wheat

  • US
    wheat is higher for the front months on positioning ahead of USDA’s report and higher Paris wheat. 
  • For
    the USDA report, we would keep an eye on Russia, Canada, and US wheat production.  Recall private estimates for the Russian wheat crop are around 76 to 78 million tons while USDA in July was at 85 million tons.  
  • Argentina’s
    Rosario Exchanged lowered the wheat crop for 2021-22 by 400,000 tons to 20.1 million. 
  • Paris
    December wheat hit a fresh contract high.  It was up 1.75 as of early this morning at 241.50. 

 

Export
Developments. 

  • Thailand
    may have passed on 139,500 tons of feed wheat for OND shipment.     Lowest
    price offer was believed to be around $337 a ton c&f.
  • Japan
    (SBS) seeks 80,000 tons of feed wheat and 100,000 tons of feed barley on August 18 for loading by November 30. 
  • Bangladesh
    seeks 50,000 tons of wheat on August 18. 
  • Morocco
    seeks 363,000 tons of US durum wheat under a tariff import quota on August 24 for shipment by December 31. 
  • Pakistan
    seeks 400,000 tons of wheat on August 23 for Sep/Oct shipment. 

 

Rice/Other

  • South
    Korea’s     Agro-Fisheries
    & Food Trade Corp. bought 22,222 tons of rice from the US     at
    an estimated $1,224.54 a ton c&f. Medium grain, non-glutinous brown rice of U.S. grade 3 was bought for arrival in South Korea around March 31, 2022. 
    No
    purchase was reported of a second consignment of 17,004 tons of U.S. rice also sought in the tender. (Reuters)
  • (Bloomberg)
    — U.S. 2021-22 cotton production seen at 18.15m bales, 346,000 bales above USDA’s previous est., according to the avg in a Bloomberg survey of 11 analysts.

Estimates
range from 17.6m to 19.4m bales

U.S.
ending stocks seen at 3.5m bales vs 3.3m in July

Global
ending stocks seen 402,000 bales higher at 88.14m bales

 

USDA export sales

US soybean export sales were good for soybean meal, new-crop soybeans, and old-crop corn. Old-crop corn sales included late reporting net sales totaling 222,300 tons, including China for 71,500 tons.  
New-crop corn sales were 601,800 tons, within expectations.  Soybean old-crop sales were 96,900 tons included China for 84,500 tons.  New-crop soybean sales of 1.120 million tons (MT) included unknown destinations (643,400 MT, including 6,800MT – late) and
China (328,000 MT).  Soybean meal sales were good with 116,300 tons old crop and 268,200 tons new-crop.  Meal shipments were 251,200 tons. Soybean oil sales were minimal. All-wheat sales of 293,100 tons were within trade expectations but below a 4-week average. 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING  8/5/21

FAX 202-690-3275

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

WHEAT

THOUSAND METRIC TONS      

   HRW    

173.8

1,625.1

1,558.3

285.0

1,403.4

2,263.0

0.0

0.0

   SRW    

21.1

1,003.8

678.3

71.5

549.4

351.0

0.0

0.0

   HRS     

97.1

1,442.9

1,853.0

91.9

1,057.8

1,325.0

0.0

0.0

   WHITE   

0.6

881.4

1,318.2

179.1

690.9

748.0

0.0

0.0

   DURUM  

0.5

8.4

187.0

0.5

42.2

209.3

0.0

0.0

     TOTAL

293.1

4,961.6

5,594.9

627.9

3,743.7

4,896.3

0.0

0.0

BARLEY

0.0

22.7

31.4

0.0

2.3

7.8

0.0

0.0

CORN

377.6

5,518.2

4,137.9

1,060.0

64,582.9

40,021.9

601.8

18,088.7

SORGHUM

6.6

527.5

342.2

72.3

6,662.1

4,291.5

0.0

1,594.9

SOYBEANS

96.9

2,571.7

6,445.9

129.7

59,445.4

40,996.9

1,120.3

11,722.8

SOY MEAL

116.3

1,726.7

1,652.0

251.2

10,201.8

10,305.5

268.3

1,417.4

SOY OIL

0.3

17.4

177.7

0.5

665.5

1,089.2

0.0

0.6

RICE

 

 

 

 

 

 

 

 

   L G RGH

25.4

203.8

164.8

0.0

0.0

4.4

0.0

0.0

   M S RGH

0.0

9.2

28.2

0.0

0.0

0.7

0.0

0.0

   L G BRN

0.1

11.9

8.9

0.3

0.3

0.7

0.0

0.0

   M&S BR

0.1

0.2

30.9

0.0

0.0

0.9

0.0

0.0

   L G MLD

38.7

215.4

38.7

1.5

1.5

3.4

0.0

0.0

   M S MLD

2.8

77.4

65.9

2.8

2.8

4.5

2.1

2.1

     TOTAL

67.1

517.8

337.2

4.6

4.6

14.7

2.1

2.1

COTTON

 

THOUSAND RUNNING BALES      

 

   UPLAND

342.7

4,785.8

6,288.5

190.6

190.6

278.6

15.3

516.1

   PIMA

10.2

106.0

172.9

7.7

7.7

5.6

0.0

0.0

 














FINAL 2020/21 MARKETING YEAR

COMMODITY

NET SALES

CARRYOVER

SALES 1/

7/31/21

EXPORTS

ACCUMULATED

EXPORTS

   PIMA

0.0

88.8

3.1

754.9

COTTON

 

 

 

 

   UPLAND

-13.4

1,310.9

49.1

14,882.1

RICE

 

 

 

 

   L G RGH

0.4

128.1

37.2

1,679.9

   M S RGH

0.0

2.2

0.1

30.6

   L G BRN

0.0

11.3

0.0

40.5

   M&S BR

0.1

0.1

0.1

157.1

   L G MLD

0.3

30.8

0.7

654.5

   M S MLD

1.6

64.7

1.8

633.4

     TOTAL

2.5

237.2

39.8

3,195.9

 

This
summary is based on reports from exporters for the period July 30-August 5, 2021.

Wheat:  Net
sales of 293,100 metric tons (MT) for 2021/2022 were down 5 percent from the previous week and 32 percent from the prior 4-week average.  Increases primarily for unknown destinations (98,600 MT, including 82,600 MT – late), Japan (34,300 MT, including decreases
of 700 MT and 500 MT – late), Nigeria (31,800 MT), Venezuela (27,100 MT – late), and Chile (21,500 MT), were offset by reductions primarily for the Dominican Republic (17,400 MT) and Guatemala (5,000 MT).  Exports of 627,900 MT–a marketing-year high–were
up 62 percent from the previous week and 60 percent from the prior 4-week average.  The destinations were primarily to Japan (130,400 MT, including 500 MT – late), Mexico (89,600 MT), Nigeria (82,300 MT), China (64,700 MT), and South Korea (62,800 MT).

Late
Reporting: For
2020/2021, net sales totaling 123,800 MT of wheat were reported late for unknown destinations (82,600 MT), Venezuela (27,100 MT), Haiti (11,500 MT),
Leeward and Windward Islands (2,200 MT), and Japan (500 MT).  Exports totaling 41,300 MT of wheat were reported late to Venezuela (27,100 MT), Haiti (11,500 MT), Leeward and Windward Islands (2,200 MT), and Japan (500 MT).

Corn: 
Net sales of 377,600 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Mexico (144,500 MT, including decreases of 38,500 MT), Japan (80,500 MT, including 81,700 MT switched from unknown destinations
and decreases of 1,200 MT), Venezuela (59,200 MT, including 39,200 MT – late), Colombia (54,800 MT, including 21,000 MT switched from unknown destinations and 31,700 MT – late), and Canada (45,700 MT, including decreases of 8,900 MT), were offset by reductions
primarily for unknown destinations (76,800 MT) and the Dominican Republic (7,500 MT).  For 2021/2022, net sales of 601,800 MT were primarily for unknown destinations (278,400 MT, including 20,400 MT – late), Colombia (80,500 MT), Costa Rica (60,800 MT), Mexico
(52,200 MT), and Japan (45,000 MT).  Exports of 1,060,000 MT were down 25 percent from the previous week and 12 percent from the prior 4-week average.  The destinations were primarily to China (352,600 MT, including 71,500 MT – late), Mexico (337,300 MT, including
9,700 MT – late), Japan (80,500 MT), Saudi Arabia (57,900 MT), and Colombia (54,800 MT, including 31,700 MT – late). 

Optional
Origin Sales: 
For 2020/2021, the current outstanding balance of 30,500 MT is for unknown destinations.  For 2021/2022, the current outstanding balance of 50,000 MT is for unknown destinations.

Late
Reporting: For
2020/2021, net sales totaling 222,300 MT of corn were reported late for China (71,500 MT), Venezuela (39,200 MT), Colombia (31,700 MT), unknown destinations (25,900 MT), Guyana (22,800 MT), Trinidad and Tobago (19,900 MT), Suriname (4,000 MT), Jamaica (3,300
MT), Haiti (2,100 MT), and Leeward and Windward Islands (1,900 MT).  For 2021/2022, net sales totaling 20,400 MT of corn were reported late for unknown destinations.  Exports totaling 206,200 MT of corn were reported late to China (71,500 MT), Venezuela (39,200
MT), Colombia (31,700 MT), Guyana (22,800 MT), Trinidad and Tobago (19,900 MT), Mexico (9,700 MT), Suriname (4,000 MT), Jamaica (3,300 MT), Haiti (2,100 MT), and Leeward and Windward Islands (1,900 MT). 

Barley: 
No net sales or exports were reported for the week.

Sorghum: 
Net sales of 6,600 MT for 2020/2021 were reported for China (5,600 MT) and Mexico (1,000 MT).  Exports of 72,300 MT were up 37 percent from the previous week and 14 percent from the prior 4-week average.  The destination was primarily to China (70,600 MT).

Rice:
 Net
sales of 67,100 MT were reported for 2021/2022, which began August 1.  Increases were primarily for Haiti (37,800 MT), Mexico (20,900 MT), Guatemala (4,500 MT), Canada (1,800 MT), and the Dominican Republic (700 MT). 
Total net sales for 2022/2023, of 2,100 MT were for Japan.  A total of 237,200 MT in sales were outstanding on July 31 and carried over to 2021/2022.  Accumulated exports in 2021/2022 totaled 3,195,900 MT were up 2 percent from the
prior year’s total of 3,135,500 MT.  The primary destinations were to Mexico (31,600 MT), El Salvador (5,900 MT), Canada (900 MT), Jordan (300 MT), and Belgium (200 MT).  Exports for August 1 totaled 4,600 MT, with Canada (1,300 MT), Saudi Arabia (1,000 MT),
Japan (800 MT), Jordan (700 MT), and Haiti (300 MT) being the primary destinations. 

Exports
for Own Account: 
For 2021/2022, the current exports for own account outstanding balance is 100 MT, all Canada.

Soybeans: 
Net sales of 96,900 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for China (84,500 MT), Japan (18,600 MT, including 18,300 MT switched from unknown destinations and decreases of 1,300 MT),
Colombia (15,300 MT, including 9,000 MT switched from unknown destinations and decreases of 7,000 MT), Indonesia (6,000 MT, including decreases of 1,500 MT), and Taiwan (4,500 MT, including decreases of 1,600 MT), were offset by reductions primarily for unknown
destinations (30,000 MT).  For 2021/2022, net sales of 1,120,300 MT primarily for unknown destinations (643,400 MT, including 6,800 MT – late), China (328,000 MT), Taiwan (79,500 MT), Turkey (60,000 MT), and Portugal (15,000 MT), were offset by reductions
for Japan (18,900 MT) and Colombia (13,000 MT).  Exports of 129,700 MT–a marketing-year low–were down 40 percent from the previous week and 37 percent from the prior 4-week average.  The destinations were primarily to Mexico (39,000 MT), Canada (22,500 MT),
Japan (21,300 MT), Indonesia (13,600 MT), and Saudi Arabia (9,900 MT).

Exports
for Own Account: 
For 2020/2021, the current exports for own account outstanding balance is 5,800 MT, all Canada.

Late
Reporting:
For 2020/2021, net sales and exports totaling 4,300 MT of soybeans were reported late for Venezuela.  For 2021/2022, net sales totaling 6,800 MT of soybeans were reported late for unknown destinations. 

Soybean
Cake and Meal: 
Net sales of 116,300 MT for 2020/2021 were down 14 percent from the previous week, but up 29 percent from the prior 4-week average.  Increases primarily for Venezuela (20,600 MT, including 10,600 MT – late), Guyana (17,900 MT – late), Trinidad (13,000 MT,
including 9,400 MT – late), Colombia (11,600 MT, including decreases of 11,600 MT), and the Philippines (9,900 MT), were offset by reductions primarily for Costa Rica (900 MT) and Ecuador (400 MT). 
For 2021/2022, net sales of 268,300 MT were primarily for the Philippines (89,000 MT), Canada (79,900 MT), Colombia (75,000 MT), unknown destinations (11,800 MT), and Panama (6,300 MT).  Exports of 251,200 MT were up 33 percent from
the previous week and 21 percent from the prior 4-week average.  The destinations were primarily to the Philippines (99,100 MT), the Dominican Republic (20,600 MT), Guyana (17,900 MT – late), Canada (17,500 MT), and Colombia (14,200 MT).

Late
Reporting: For
2020/2021, net sales totaling 47,700 MT of soybean cake and meal were reported late for Guyana (17,900 MT), Venezuela (10,600 MT), Trinidad and Tobago (9,400 MT), unknown destinations (7,400 MT),
Leeward and Windward Islands (1,100 MT), Haiti (700 MT), and Suriname (500 MT).  Exports totaling 40,300 MT of soybean cake and meal were reported late to Guyana (17,900 MT), Venezuela (10,600 MT), Trinidad and Tobago (9,400 MT),
Leeward and Windward Islands (1,100 MT), Haiti (700 MT), and Suriname (500 MT). 

Soybean
Oil: 
Total net sales for 2020/2021, of 300 MT were down 89 percent from the previous week and 73 percent from the prior 4-week average.  The destination was for Canada.  Exports of 500 MT were down 86 percent from the previous week and 77 percent from the prior
4-week average.  The destination was to Canada.

Cotton: 
Net sales for 2021/2022, which began August 1, totaled 342,700 RB.  Increases primarily for China (123,800 RB), Turkey (72,500 RB), Bangladesh (39,400 RB, including decreases of 200 RB), Pakistan (39,100 RB, including decreases of 700 RB), and Vietnam (30,500
RB, including 300 RB switched from Japan and decreases of 2,300 RB), were offset by reductions for Taiwan (200 RB).  For 2022/2023, net sales of 15,300 MT were reported for Mexico (6,500 RB), Turkey (4,400 RB), and South Korea (4,400 RB). 
A
total of 1,310,900 RB in sales were carried over from the 2020/2021 marketing year, which ended July 31.  Exports for the period ending July 31 of 49,100 RB brought accumulated exports to 14,882,100 RB, up 5 percent from the prior years’ total of 14,174,500
RB.  The destinations were primarily Mexico (10,900 RB), Pakistan (8,000 RB), Turkey (6,700 RB), Vietnam (6,400 RB), and Indonesia (5,900 RB).  Exports for August 1-5 totaled 190,600 RB, with Pakistan (38,900 RB), Vietnam (36,500 RB), China (30,100 RB), Turkey
(23,700 RB), and Mexico (14,000 RB) being the primary destinations.  Net sales of Pima for 2021/2022 totaled 10,200 RB.  Increases were primarily for Pakistan (3,400 RB), India (2,600 RB), Honduras (2,200 RB), Egypt (1,300 RB), and Guatemala (400 RB).  For
2022/2023, net sales of 99,000 RB were primarily for India (52,100 RB), Peru (11,400 RB), Pakistan (10,100 RB), China (9,500 RB), and Honduras (4,400 RB).  A total of 88,800 RB in sales were carried over from the 2020/2021 marketing year, which ended July
31.  Exports for the period ending July 31 of 3,100 RB brought accumulated exports to 754,900 RB, up 55 percent from the prior years’ total of 486,600 RB.  The destinations were primarily Turkey (1,400 RB), India (500 RB), Bangladesh (400 RB), China (400 RB),
and Pakistan (200 RB).  Exports for August 1-5 totaled 7,700 RB, with Peru (2,500 RB), India (2,100 RB), Pakistan (1,800 RB), China (700 RB), and Bangladesh (300 RB) being the primary destinations.     

Exports
for Own Account: 
For 2021/2022, exports for own account total of 4,700 RB were carried over from the 2020/2021 marketing year, which ended July 31.  The outstanding balance of 4,700 RB, including carryover, is for China. 

Hides
and Skins: 
Net sales of 328,400 pieces for 2021 were up 24 percent from the previous week, but down 3 percent from the prior 4-week average.  Increases primarily for China (224,300 whole cattle hides, including decreases of 4,300 pieces), Mexico (49,400 whole cattle
hides, including decreases of 600 pieces), South Korea (21,800 whole cattle hides, including decreases of 2,400 pieces), Japan (11,300 whole cattle hides, including decreases of 200 pieces), and Brazil (8,100 whole cattle hides, including decreases of 300
pieces), were offset by reductions primarily to Vietnam (1,700 whole cattle hides).  Exports of 416,800 pieces were up 26 percent from the previous week and 9 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (288,300
pieces), South Korea (58,100 pieces), Taiwan (16,400 pieces), Mexico (16,100 pieces), and Thailand (15,200 pieces). 

Net
sales of 135,700 wet blues for 2021 were up noticeably from the previous week, but down 15 percent from the prior 4-week average.  Increases primarily for China (106,500 unsplit), Vietnam (22,400 unsplit), Thailand (5,300 unsplit, including decreases of 700
unsplit), Mexico (900 unsplit), and Brazil (800 unsplit), were offset by reductions for Italy (100 unsplit).  Exports of 161,700 wet blues were up noticeably from the previous week and up 20 percent from the prior 4-week average.  The destinations were to
China (58,800 unsplit), Italy (37,200 unsplit and 11,000 grain splits), Vietnam (29,000 unsplit), Thailand (14,000 unsplit), and Taiwan (9,800 unsplit).  Net sales of 121,000 splits resulting in increases for Taiwan (125,100 pounds, including decreases of
900 pounds), were offset by reductions for China (4,100 pounds).  Exports of 452,000 pounds were to Vietnam (320,000 pounds), China (89,900 pounds), and Taiwan (42,100 pounds).  

Beef: 
Net
sales of 13,600 MT reported for 2021 were down 9 percent from the previous week and 24 percent from the prior 4-week average.  Increases were primarily for Japan (6,000 MT, including decreases of 700 MT), South Korea (2,500 MT, including decreases of 800 MT),
Mexico (1,900 MT, including decreases of 100 MT), China (1,000 MT, including decreases of 100 MT), and Taiwan (700 MT, including decreases of 100 MT).  Exports of 18,600 MT were down 9 percent from the previous week and 3 percent from the prior 4-week average. 
The destinations were primarily to South Korea (6,000 MT), Japan (4,400 MT), China (3,100 MT), Taiwan (1,500 MT), and Mexico (1,200 MT).

Pork: 
Net
sales of 14,600 MT reported for 2021 were down 62 percent from the previous week and 48 percent from the prior 4-week average.  Increases primarily for Mexico (5,300 MT, including decreases of 700 MT), Japan (5,200 MT, including decreases of 1,400 MT), South
Korea (2,000 MT, including decreases of 100 MT), China (600 MT, including decreases of 300 MT), and Canada (600 MT, including decreases of 500 MT), were offset by reductions for Australia (1,000 MT).  Exports of 27,600 MT were down 3 percent from the previous
week and from the prior 4-week average.  The destinations were primarily to Mexico (12,600 MT), China (5,200 MT), Japan (3,800 MT), Canada (1,700 MT), and South Korea (1,500 MT).

NOTE: 
“Late” reporting is included in the U.S. Weekly Export Sales Report: 1) Whenever an exporter discovers an error or is advised by the Export Sales Reporting office of an error on a prior report, the error shall be corrected in the current weekly export sales
report to reflect the proper outstanding export sales and exports; and 2)  When new exporters register, their first submission includes all export sales and exports in the current marketing year for the specific commodity.

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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