FI Morning Grain Comments 09/24/20

PDF attached

 

Morning.

 

No
Flash sales by USDA

 

Lower
trade to start in another risk off session.  USD is again higher to near a 2-month high as equity investors continue to dump stocks.  WTI was nearly unchanged as of early this morning and gold lower.  Talk of better than expected US yields weighing on prices. 
US weather remains good for the exceptions of waterlogged fields across the lower Delta and parts of the Southeast.  Chine soybean demand slowed yesterday and is expected to be light for the remainder of the week.  Both China and Malaysian vegetable oil markets
were down sharply again on Thursday.  Germany ASF count: 3 new cases in wild boar; 32 total since Sep 10.  Ukraine could see much needed rain this weekend for winter sowing season.  Only 10-15 percent of the cropland is suitable for plantings after one of
the worst start in weather conditions over the past decade.  Japan bought 86,027 tons of food wheat.  SK bought 113,999 tons of rice. Quarterly Hog and Pigs are due out after the grain close. 

 

 

 

 

Weather
and Crop Progress

https://www.wpc.ncep.noaa.gov/qpf/p168i.gif?1600949715

 

 

MOST
IMPORTANT WEATHER TO WATCH

• Central
  and western Ukraine will receive some much-needed rain in the coming week to ten days with 1.00 to 2.00 inches of rain resulting over the first week of the outlook
• Eastern
  Ukraine will also get a few showers Sunday into Wednesday with rainfall of 0.20 to 0.70 inch resulting
• Greater
  rain will be needed in eastern Ukraine while western areas will see improved rapeseed, wheat, barley and rye planting and establishment, although some delay to fieldwork will be possible
• High
  pressure ridge aloft over the heart of Brazil will minimize rain potentials in much of center west through center south crop areas for at least the next ten days and perhaps for two weeks
• Northwestern
  Mato Grosso will be the only area that will see some periodic showers
• Planting
  moisture will be scarce outside of northwestern Mato Grosso preventing much early soybean or corn planting and conditions will be very poor for germination and emergence
• Southern
  Brazil wheat, corn and rice areas will receive periodic rainfall maintaining good conditions for planting, emergence and establishment of spring crops and supporting a very good wheat yield outlook
• Southern
  and eastern Argentina will get some very important rain today into the weekend improving topsoil moisture in many areas from La Pampa and southern Cordoba to Buenos Aires and in portions of both Santa Fe and Entre Rios
• Follow
  up rainfall is not likely to be very frequent or significant leading to net drying conditions, but it may be a good opportunity for early season fieldwork and wheat development
• Temperatures
  will be mild to warm
• Dryness
  will continue in northern Cordoba, central and northwestern Santa Fe, Santiago de Estero and portions of western Chaco, Argentina during the next ten days to two weeks; some rain in northern cotton areas in the nation will allow some planting to begin
• Beneficial
  rainfall is coming to France, the United Kingdom, Germany and many other areas in central and western Europe over the coming week easing long term dryness in northwest
• Spain
  and Portugal will be left mostly dry
• Eastern
  Bulgaria, Greece and southeastern Romania may not get much rain for a while
• Northeastern
  China continues to fight moisture surpluses that are keeping summer crop maturation and harvest progress very slow
• The
  situation will improve “very slowly” during the next two weeks and absolute dryness is needed
• The
  wet bias has been present in the region since mid-August
• Some
  fields in Jilin, eastern Liaoning and Heilongjiang may still have standing water from three tropical cyclones that impacted the region in recent weeks
• Showers
  are still expected periodically during the next ten days and that combined with mild temperatures will keep drying rates low and fieldwork progressing poorly
• China’s
  Yellow River Basin and North China Plain are experiencing nearly ideal conditions for wheat planting and summer crop maturation and early harvesting
• Western
  Australia drying remains a concern with northern crops reproducing in a declining soil moisture environment
• Southern
  crop areas in the state still have favorable soil moisture, but the region is drying and will need rain in October to support reproduction of wheat, barley and canola
• Some
  rain is expected in October to help ease the drying bias
• Southeastern
  Australia wheat, barley and canola prospects are looking extremely good with soil moisture in abundance and expected to prevail in New South Wales, Victoria and South Australia
• Periodic
  rainfall is expected to continue in these areas over the next two weeks
• Queensland,
  Australia has a large need for rain to support cotton and sorghum planting that will soon be starting; dryland areas need the moisture most significantly
  
• La
  Nina should provide the necessary moisture boost a little later this spring
• India’s
  monsoon has not withdrawn normally from central parts of the nation, but it should begin withdrawing over the next few days with next week trending drier
• The
  nation’s rainy season has been very successful with the nation having 107% of the normal rainfall for the June 1-September 23 period
• Drying
  is needed in central areas to protect summer crop conditions and to promote crop maturation
• South
  Africa still needs significant rain to support winter crops especially in the east
• Rain
  is also needed to improve topsoil moisture for early corn planting that begins in early October and for all other summer crops that are planted from late October into December
• U.S.
  hard red winter wheat areas are drying down rapidly and significant rain is needed soon to bolster soil moisture for improved wheat planting, emergence and establishment
• The
  outlook is for poor rainfall and warmer than usual conditions during the next ten days and perhaps longer
• U.S.
  Midwest crop maturation and harvest conditions will be good through the weekend, but rain and cooling next week in the Great Lakes region southward into Ohio and parts of Indiana may slow that process
• Rain
  will first impact most of the lower and eastern Midwest early next week as the initial cool air arrives
• Showers
  during the middle to latter part of next week will occur with cool temperatures and will maintain a slow advancement in crop maturation and harvest progress especially in the Great Lakes region and eastern lower Midwest
• Another
  frontal system in the second weekend of the two week outlook may induce some additional showers in the Great Lakes region and lower eastern Midwest
• Drying
  will occur in the eastern Midwest after Oct. 3
• Western
  Corn Belt will experience good harvest weather through much of the next ten days, although there will be a few brief periods of showers in a part of the region
• Frost
  and freezes may occur to help defoliate some soybeans in a part of the Midwest next week and into the following weekend
• Winter
  wheat planting will advance favorably along with some summer crop harvesting
• Some
  wheat areas need rain
• The
  bottom line to the Midwest weather will be slow field work and crop maturation rates next week in the Great Lakes region and lower eastern Midwest where there will be a rising need for dry and warm conditions. The western Corn Belt will experience the best
  harvest weather.
• U.S.
  Delta will receive additional rain from the remnants of Tropical Depression Beta early today maintaining concern over cotton quality and delaying the harvest all crops in the region
• Dry
  weather will occur Friday through Sunday
• Rain
  Monday will be followed by mostly dry conditions the remainder of next week and into the following weekend
• Improved
  summer crop maturation and harvest conditions are likely during the middle and latter part of next week and into the following weekend
• U.S.
  southeastern states will experience some periodic showers and thunderstorms into Monday slowing crop maturation and harvest progress at times, but some progress is likely
• Better
  drying conditions will evolve next week and last through the first week of October with only a few showers expected
• West
  Texas cotton, corn, sorghum and peanut conditions are mostly good for crop maturation and early season harvesting and this will last for at least the next ten days
• U.S.
  northwestern Plains need a boost in precipitation to induce better winter crop establishment and planting conditions
• U.S.
  hard red winter wheat production areas will remain and dry warm over the next ten days reducing soil moisture, but supporting some fieldwork
• Net
  drying may eventually delay unirrigated wheat germination, emergence and establishment
• U.S.
  far western states still need a generalized rain to ease long term dryness, but none is expected for a while
• Canada’s
  Prairies will experience a favorable weather pattern for fieldwork, despite some showers periodically
• Weekend
  rainfall will be greatest and cause the most disruption to fieldwork
• Temperatures
  will be near to above average
• Ontario
  and Quebec, Canada may get rain a little more frequently than desired beginning next week and lasting at least a week and possibly for ten days resulting in some crop maturation and harvest delays
• Xinjiang,
  China weather will continue favorable for cotton and other crop maturation and early harvest progress except possibly in the northeast where showers are expected this weekend into next week
• The
  precipitation will not be heavy, but enough to slow field work for brief periods of time
• Minor
  changes in cotton fiber quality are expected
• Cooling
  during the weekend and next week will bring an increasing risk of frost and freezes to at least northern portions of the region, but cloud cover may keep the temperature up for a while
• Freezes
  would be not harm crops at this point in their development
• West-central
  Africa will continue to experience periodic showers and thunderstorms over the next couple of weeks
• Cotton
  areas will need to dry out soon to protect fiber quality and promote maturation
• Most
  coffee, cocoa, rice and sugarcane crops receiving rain will likely benefit from the moisture
  
• East
  central Africa rainfall has been and will continue to be erratic and mostly beneficial over the next ten days
• Mainland
  areas of Southeast Asia will experience periodic showers and thunderstorms over the next couple of weeks
  
• Late
  season moisture boosting is extremely important since water supply has not been fully restored from last year’s low levels
• Philippines
  rainfall will continue periodically benefiting most crops.
• Improving
  rainfall in Indonesia and Malaysia is expected over the next two weeks with some heavy rain possible in random locations
• New
  Zealand rainfall will be above average during the next week to ten days and temperatures a little cooler than usual
• Mexico
  precipitation is expected to be confined to the far south over the next week while all other areas experience net drying
• Frequent
  rain will continue in Central America maintaining good crop conditions
• Southern
  Oscillation Index was +9.57 today and it will stay significantly positive into next week

Source:
World Weather Inc. 

 

Bloomberg
Ag Calendar

THURSDAY,
Sept. 24:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• Port
  of Rouen data on French grain exports
• Brazil’s
  Unica to release cane crush and sugar output data during the week (tentative)
• USDA
  data on hogs and pigs inventory, red meat production, poultry slaughter, 3pm
• International
  Grains Council monthly report

FRIDAY,
Sept. 25:

• 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
• China
  customs publishes country-wise soybean and pork import data
• S&P
  Platts Sugar and Ethanol Conference, Sao Paulo
• FranceAgriMer
  weekly update on crop conditions
• Malaysia
  palm oil export data for Sept. 1-25
• U.S.
  cattle on feed, 3pm

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales

·        
Robust soybean sales of 3.195 million tons, above trade expectations, pull crop-year commitments to 1.306 billion bushels, 61.4 percent of USDA’s export projection and 193 percent
above this time last year.   China booked 1.879MMT, with 198k switched from unknown. 

·        
Soybean meal and oil sales were within expectations, but shipments could have been better. 

·        
USDA corn exports sales topped expectations at 2.139 million tons.  566,400 tons were for China and 371,500 tons for unknown. 

·        
All wheat export sales were 351,200 tons, withing expectations. 

 

 

 

 

Macros

US
Initial Jobless Claims Sep 19: 870K (est 840K; prevR 866K; prev 860K)

                       
US Continuing Claims Sep 12: 12580K (est 12300K; prevR 12747K; prev 12628K)

Canada
Aug. Factory Sales Down 2.0% – StatsCan Flash Estimate

Canadian
Non-Farm Payrolls Rose 739.7K In July To 15.1M

                       
Canadian Average Earnings Rose 8.7% From Year Earlier In July

 

 

Corn.

• December
  corn is Lower trade to start in another risk off session.  USD is higher and near a 2-month high.  Talk of better than expected US yields are weighing on prices.  US weather remains good for the exceptions of waterlogged fields across the lower Delta and parts
  of the Southeast.
• USDA
  corn exports sales topped expectations at 2.139 million tons.  566,400 tons were for China and 371,500 tons for unknown. 
  
• Baltic
  Dry Index gained 12.6 percent to 1605 points.  
• IGC
  lowered their 2020-21 global corn crop by 6 million tons to 1.16 billion tons and left world wheat unchanged at 763 million tons. 
  
• Germany
  ASF count: 3 new cases in wild boar; 32 total since Sep 10. 
• Today
  China planned to buy 7,700 tons of beef and mutton for state reserves on September 24. 
  

• China
  will auction off 20,000 tons of pork from reserves on Sep 25, taking the amount to 590,000 if all of it sold. 
  

• Yesterday
  the Buenos Aires Grains Exchange estimated Argentina’s 2020-21 corn crop at 47 million tons versus 50 million tons last year. 
  
• Reuters
  poll for South Africa’s Sep 29th crop year 2020 corn crop: 15.271MMT (8.877 white & 6.493 yellow) vs. 15.537 by CEC in August and compares to 11.275MMT in 2019. 
  
• Weekly
  ethanol production fell 20,000 barrels to 906,000 barrels, well more than a Bloomberg trade guess (down 2k), lowest level since June 26 and 2.7 percent below this time last month.  Stocks increased 199,000 barrels to 19.997 million, near a Bloomberg trade
  guess.

 

Corn
Export Developments

• None
  reported

 

 

Soybean
complex.  

• CBOT
  soybean
  complex is again under pressure on US harvesting progress and talk of better than expected yields.  November soybeans are at a one-week low.  Overbought conditions were noted.  Expected increases in palm production for Sept out of Malaysia has led to liquidation
  in that market also and palm on the Dalian was down 172 yuan and down 174 in SBO. Cash palm is down $23 and futures were down 104 rgt.
  
• Large
  soybean export sales were posted today for the week ending 9/17 of 3.195 million tons, above trade expectations.  That puts crop-year commitments to 1.306 billion bushels, 61.4 percent of USDA’s export projection and 193 percent above this time last year.  
  China booked 1.879MMT, with 198k switched from unknown.  Soybean meal and oil sales were within expectations, but shipments could have been better. 
  
• We
  heard China bought at least one soybean cargo out of the US for Nov-Dec shipment. 
  
• Argentina
  will see scattered moderate showers Friday-Saturday and isolated showers Sunday.
  

• Offshore
  values this morning were leading CBOT soybean oil 14 points lower and meal
  $3.80
  lower. 
• Rotterdam
  soybean oil values were about down 20 euros, rapeseed oil 5 lower in the benchmark positions, and Rotterdam meal unchanged to 6 euros higher from this time previous session. 
  
• China
  cash crush margins as of this morning, using our calculation, were 95 cents per bushel (85 previous session) and compares to 97 cents a week ago and 111 cents around this time last year.
  

• CNGOIC:
  Chinese companies ordered 21 cargoes of palm oil last week
• Malaysia
  palm oil  

• Yesterday
  Buenos Aires Grains Exchange estimated Argentina’s 2020-21 soybean crop at 46.5 million tons versus 49.6 million tons last year.  This was perceived as bullish and likely limited some losses during today’s session.  Plantings start next month.  We think the
  BA Grains Exchange forecast is too low.  It’s too valuable of a commodity, especially for the economy, to scale back on plantings.  Note USDA is using 53.5 million tons!  

 

Oilseeds
Export Developments

• None
  reported

 

Rolling
third month palm oil

Source:
Reuters and FI

 

Wheat

• US
  wheat futures were lower on lack of bullish news, slowing global wheat import tender announcements, and higher USD.  Risk off in commodities are weighing on the trade as well.  Ukraine may see some rain this weekend that is much needed. 
  

• All
  wheat export sales were 351,200 tons, withing expectations. 

• Paris
  (Matif) December wheat was down 2.00 at 192.00 euros.
• Yesterday
  Buenos Aires Grains Exchange estimated Argentina’s wheat crop at 17.5 million tons, down from 21 million tons estimated in May and compares to 18.8 million tons.
• India
  AgMin – India was projected to produce a record 144.52 million tons of grains from summer-sown crops in the crop year to June 2021 against 143.38 million tons previous year.

 

Export
Developments.

• Japan
  bought 86,027 tons of food wheat later this week. 

• Postponed
  until Sep 28 – Jordan seeks 120,000 tons of wheat for shipment sometime during Dec or Jan. 
  
• Japan
  also seeks 80,000 tons of feed wheat and 100,000 tons of barley for arrival by Feb on Sep 30. 
  
• Ethiopia
  seeks about 80,000 tons of milling wheat on Sept. 30.
• Ethiopia
  seeks 400,000 tons of wheat by October 13.
• (new
  9/15) Ethiopia seeks about 200,000 tons of milling wheat on October 15.

 

Rice/Other

·        
Syria is in for 39,400 tons of white rice on September 30. 

·        
South Korea bought 113,999 tons of US rice

C&F
price per ton::

Type Volume Seller Price c&f

U.S. medium brown rice 16,000 tonnes Philason $907

U.S. medium brown rice 22,222 tonnes Posco International $898

U.S. medium brown rice 21,449 tonnes Posco International $893.20

U.S. medium white rice 20,000 tonnes Philason $987.24

U.S. medium white rice 17,000 tonnes Singsong $981.19

Medium brown rice 17,328 tonnes Posco International $883

(Global origin)

 

 

 

U.S.
EXPORT SALES FOR WEEK ENDING 9/17/2020                      

 

	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	93.1	1,637.0	1,322.5	161.8	3,372.1	3,430.5	0.0	10.9
SRW	6.8	419.2	644.6	65.8	705.5	954.2	0.0	1.3
HRS	100.3	1,732.6	1,521.6	162.6	2,215.5	1,904.4	0.0	5.0
WHITE	131.1	1,296.5	935.4	78.9	1,570.8	1,354.5	0.0	0.0
DURUM	20.0	256.8	281.0	0.0	277.9	227.4	0.0	0.0
TOTAL	351.2	5,342.1	4,705.1	469.1	8,141.8	7,871.0	0.0	17.2
BARLEY	2.8	33.6	43.8	0.0	8.5	13.7	0.0	0.0
CORN	2,139.0	20,602.2	8,000.4	845.2	1,992.9	1,148.5	0.0	206.0
SORGHUM	194.4	2,587.0	103.3	71.6	176.9	32.2	0.0	0.0
SOYBEANS	3,194.7	31,996.2	10,146.4	1,282.5	3,541.5	2,002.6	0.0	60.0
SOY MEAL	28.6	642.4	1,054.6	138.2	11,466.2	11,167.0	294.7	2,362.6
SOY OIL	4.4	93.4	134.1	12.1	1,188.0	789.2	20.4	122.4
RICE
L G RGH	38.2	267.6	399.2	1.2	53.0	205.3	0.0	0.0
M S RGH	0.0	27.4	25.3	0.0	1.5	5.5	0.0	0.0
L G BRN	7.0	14.4	9.9	0.7	4.8	2.7	0.0	0.0
M&S BR	0.1	15.0	0.1	4.2	18.1	0.6	0.0	0.0
L G MLD	4.9	59.2	169.9	18.8	57.0	199.0	0.0	0.0
M S MLD	0.9	47.3	60.9	3.0	58.9	114.6	0.0	0.0
TOTAL	51.0	431.0	665.2	27.8	193.4	527.6	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	92.7	5,770.3	6,961.1	281.9	1,951.9	1,601.4	50.6	450.1
PIMA	18.5	212.6	132.1	12.9	76.6	52.5	0.0	0.7

 

Export
Sales Highlights

This
summary is based on reports from exporters for the period September 11-17, 2020.

 

Wheat:  Net
sales of 351,200 metric tons (MT) for 2020/2021 were up 5 percent from the previous week, but down 34 percent from the prior 4-week average.  Increases primarily for South Korea (111,900 MT), Vietnam (63,500 MT, including 60,000 MT switched from unknown destinations),
Japan (57,100 MT, including decreases of 700 MT), the Philippines (41,000 MT), and Nigeria (30,000 MT), were offset by reductions primarily for unknown destinations (24,000 MT).  Exports of 469,100 MT were down 17 percent from the previous week and 21 percent
from the prior 4-week average.  The destinations were primarily to Japan (95,700 MT), Brazil (63,100 MT), Mexico (58,700 MT), Thailand (58,600 MT), and China (58,400 MT). 

 

Corn: 
Net sales of 2,139,000 MT for 2020/2021 were primarily for China (566,400 MT), unknown destinations (371,500 MT), Japan (344,900 MT, including decreases of 30,000 MT), Mexico (281,800 MT, including decreases of 1,400 MT and 54,000 MT late – see below), and
Colombia (178,800 MT, including 50,000 MT switched from unknown destinations and decreases of 20,500 MT), were offset by reductions for Trinidad (400 MT) and Panama (300 MT).  Exports of 845,200 MT were primarily to China (204,400 MT), Mexico (159,700 MT),
Colombia (130,600 MT), Peru (84,400 MT), and South Korea (69,500 MT). 

Optional
Origin Sales: 
For 2020/2021, new optional origin sales of 92,000 MT were for Argentina (62,000 MT) and Ukraine (30,000 MT).  The current outstanding balance of 686,200 MT is for Vietnam (260,000 MT), Taiwan (204,200 MT), South Korea (130,000 MT), Argentina (62,000 MT),
and Ukraine (30,000 MT).

Late
Reporting: 
For 2020/2021, net sales totaling 54,000 MT were reported late.  These sales were reported for Mexico.  For 2020/2021, exports totaling 24,500 MT were reported late.  The destination was Panama. 

 

Barley: 
Net sales of 2,800 MT for 2020/2021–a marketing-year high–were reported for Taiwan (1,000 MT), Japan (900 MT), and South Korea (900 MT).  No exports were reported for 2020/2021.

 

Sorghum: 
Net sales of 194,400 MT for 2020/2021 resulting in increases primarily for China (262,400 MT, including 68,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (68,000 MT).  Exports of 71,600 MT were primarily to China.

 

Rice: 
Net sales of 51,000 MT for 2020/2021 were down 35 percent from the previous week, but up 4 percent and from the prior 4-week average.  Increases primarily for Honduras (22,400 MT), Mexico (18,100 MT), Brazil (7,200 MT), Canada (1,500 MT), and Saudi Arabia
(900 MT), were offset by reductions for Haiti (200 MT) and Israel (100 MT).  Exports of 27,800 MT were up 17 percent from the previous week and 2 percent from the prior 4-week average.  The destinations were to Haiti (15,100 MT), South Korea (4,100 MT), Canada
(2,400 MT), Mexico (2,200 MT), and Jordan (1,400 MT).

Exports
for Own Account: 
For 2019/2020, the current exports for own account outstanding balance is 100 MT, all Canada.

 

Soybeans: 
Net sales of 3,194,700 MT for 2020/2021 were primarily for China (1,879,100 MT, including 198,000 MT switched from unknown destinations and decreases of 6,100 MT), unknown destinations (770,500 MT), Thailand (115,500 MT), Indonesia (100,900 MT, including 68,000
MT switched from unknown destinations and decreases of 600 MT), and Mexico (68,400 MT, including decreases of 300 MT and 19,900 MT late – see below), were offset by reductions for Egypt (3,600 MT), Pakistan (1,400 MT), and Spain (700 MT).  Exports of 1,282,500
MT were primarily to China (769,300 MT), Indonesia (89,800 MT), Pakistan (68,600 MT), the Netherlands (57,600 MT), and Italy (56,000 MT). 
Optional Origin Sales:  For 2020/2021, new optional origin sales of 63,000 MT were for China.  The current outstanding balance of 63,000 MT, all China. 
Exports for Own Account:  For 2020/2021, the current exports for own account outstanding balance is 7,300 MT, all Canada. 
Late Reporting:  For 2020/2021, net sales totaling 19,900 MT were reported late.  These sales were reported for Mexico.

 

Soybean
Cake and Meal: 
Net sales of 28,600 MT for 2020/2021 were down noticeably from the previous week, but up 30 percent from the prior 4-week average.  Increases primarily for Mexico (10,900 MT), Nicaragua (10,500 MT, including 6,000 MT switched from El Salvador, 4,600 MT switched
from Guatemala, and decreases of 100 MT), Canada (8,900 MT, including decreases of 4,900 MT), Jamaica (4,600 MT), and Indonesia (3,100 MT), were offset by reductions primarily for El Salvador (6,000 MT) and Guatemala (5,600 MT). 
For 2020/2021, net sales of 294,700 MT were primarily for unknown destinations (100,000 MT), the Dominican Republic (58,000 MT), Mexico (26,800 MT), Canada (24,700 MT), and the Philippines (22,500 MT).  Exports of 138,200 MT were down 40 percent from the previous
week and 31 percent from the prior 4-week average.  The destinations were to the Philippines (55,600 MT), Mexico (28,000 MT), Canada (18,300 MT), Nicaragua (15,500 MT), and Panama (9,800 MT).

 

Soybean
Oil:  Net sales of 4,400 MT for 2020/2021 were up noticeably from the previous week and up 70 percent from the prior 4-week average.  Increases were primarily for Canada (2,800 MT), the Dominican Republic (1,300 MT), Mexico (200 MT), and Belgium (100 MT). 
For 2020/2021, net sales of 20,400 MT were for South Korea (10,000 MT), the Dominican Republic (9,500 MT), and Mexico (900 MT).  Exports of 12,100 MT were down 42 percent from the previous week and 43 percent from the prior 4-week average.  The destinations
were primarily to the Dominican Republic (10,000 MT), Canada (1,200 MT), Mexico (700 MT), and Belgium (100 MT).

 

Cotton: 
Net sales of 92,700 RB for 2020/2021 were down 82 percent from the previous week and 60 percent from the prior 4-week average.  Increases primarily for Vietnam (53,500 RB, including 2,400 RB switched from Japan), China (39,500 RB), Indonesia (26,200 RB, including
3,800 RB switched from Japan), Hong Kong (13,200 RB), and Pakistan (8,900 RB), were offset by reductions primarily for Mexico (49,200 RB).  For 2021/2022, total net sales of 50,600 RB were for Mexico.  Exports of 281,900 RB were up 50 percent from the previous
week and 16 percent from the prior 4-week average.  Exports were primarily to China (117,700 RB), Vietnam (62,100 RB), Indonesia (22,400 RB), Turkey (15,300 RB), and Bangladesh (14,600 RB).  Net sales of Pima totaling 18,500 RB were down 34 percent from the
previous week and 2 percent from the prior 4-week average.  Increases primarily for India (8,000 RB), China (5,700 RB), Pakistan (2,800 RB), Hong Kong (900 RB), and Bangladesh (400 RB), were offset by reductions for Brazil (100 RB).  Exports of 12,900 RB were
down 22 percent from the previous week, but up 4 percent from the prior 4-week average.  The primary destinations were India (6,300 RB), Peru (1,400 RB), Pakistan (1,400 RB), El Salvador (1,100 RB), and Austria (1,000 RB). 
Exports for Own account:  For 2020/2021, the current exports for own account outstanding balance of 13,600 RB is for China (8,700 RB), Indonesia (3,900 RB), and Bangladesh (1,000 RB). 

 

Hides
and Skins:
Net sales of 535,200 pieces for 2020 were up 25 percent from the previous week and 40 percent from the prior 4-week average.  Increases primarily for China (409,800 whole cattle hides, including decreases of 10,100 pieces), South Korea (82,700 whole cattle
hides, including decreases of 900 pieces), Mexico (18,900 whole cattle hides, including decreases of 400 pieces), Taiwan (16,600 whole cattle hides), and Brazil (6,600 whole cattle hides, including decreases of 100 pieces), were offset by reductions for Canada
(3,400 pieces), Thailand (300 pieces), Spain (100 pieces), and Vietnam (100 pieces).  Additionally, net sales reductions of 400 kip skins were reported primarily for Belgium (300 kip skins).  Exports of 462,400 pieces reported for 2020 were up 12 percent from
the previous week and 13 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (349,700 pieces), South Korea (42,400 pieces), Mexico (25,200 pieces), Thailand (8,700 pieces), and Taiwan (6,400 pieces).  In addition, exports
of 4,800 kip skins were primarily to Belgium (2,600 kip skins).

 

Net
sales of 226,700 wet blues
for 2020 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Vietnam (115,700 unsplit, including decreases of 1,000 unsplit), China (84,400 unsplit and 3,300 grain splits), Mexico (7,900 grain splits  and 4,200
unsplit, including decreases of 100 grain splits), Brazil (9,000 unsplit), and South Korea (2,700 grain splits), were offset by reductions for Italy (2,500 unsplit) and Brazil (100 grain splits).  For 2021, net sales of 21,900 wet blues were reported for Vietnam
(16,000 unsplit) and Italy (5,900 unsplit).  Exports of 188,900 wet blues for 2020 were up 34 percent from the previous week and 80 percent from the prior 4-week average.  The destinations were primarily to Italy (40,600 unsplit and 13,900 grain splits), China
(39,000 unsplit and 4,400 grain splits), Thailand (35,500 unsplit), Vietnam (27,500 unsplit), and Brazil (7,500 grain splits and 1,000 unsplit).  Net sales reductions of 44,900 splits were reported for Vietnam (35,900 pounds) and China (9,000 pounds).  For
2021, total net sales of 40,100 pounds were for Vietnam.  Exports of 440,000 pounds were primarily to Vietnam (279,300 pounds).

 

Beef:
Net
sales of 18,000 MT reported for 2020 were up 26 percent from the previous week and 36 percent from the prior 4-week average.  Increases were primarily for Japan (4,500 MT, including decreases of 500 MT), South Korea (4,500 MT, including decreases of 400 MT),
China (3,400 MT), Taiwan (1,500 MT, including decreases of 200 MT), and Hong Kong (1,000 MT, including decreases of 400 MT).  For 2021, net sales of 800 MT were primarily for Japan.  Exports of 17,500 MT were up 24 percent from the previous week and 7 percent
from the prior 4-week average.  The destinations were primarily to South Korea (4,800 MT), Japan (4,600 MT), Taiwan (1,800 MT), Hong Kong (1,400 MT), and Mexico (1,400 MT).

 

Pork:
Net
sales of 37,800 MT reported for 2020 were down 25 percent from the previous week and 13 percent from the prior 4-week average.  Increases were primarily for Mexico (15,000 MT, including decreases of 800 MT), China (8,200 MT, including decreases of 1,600 MT),
Japan (4,100 MT, including decreases of 200 MT), South Korea (3,300 MT, including decreases of 500 MT), and Canada (2,300 MT, including decreases of 400 MT).  For 2021, total net sales of 300 MT were for Australia.  Exports of 35,800 MT were up 25 percent
from the previous week and 12 percent from the prior 4-week average.  The destinations were primarily to China (10,900 MT), Mexico (9,900 MT), Japan (5,100 MT), Canada (2,700 MT), and South Korea (1,600 MT).

September
24, 2020                                                       1                FOREIGN AGRICULTURAL SERVICE/USDA

 

                                                                                               
SUMMARY OF EXPORT TRANSACTIONS
                                                                                 REPORTED UNDER THE DAILY SALES REPORTING SYSTEM
                                                                                                FOR PERIOD ENDING SEPTEMBER 17, 2020 

 

COMMODITY
                       DESTINATION                                QUANITY (MT)                            MARKETING YEAR                     

CORN                                  
   CHINA                                                560,000 MT 1/                            2020/2021
CORN                                      UNKNOWN                                        240,000 MT 1/                            2020/2021
SOYBEANS                             CHINA                                             1,116,000 MT 1/                            2020/2021
SOYBEANS                             UNKNOWN                                        492,500 MT 1/                            2020/2021
SOYBEAN MEAL                   UNKNOWN                                        100,000 MT 1/                            2020/2021