FI Morning Grain Comments 10/01/20

Oct 1, 2020







PDF attached

 

Morning.

 

USDA
export sales were robust.  WTI is taking a hit, pulling SBO lower.  September 1 stocks were bullish, and we are seeing follow through buying in corn and soybeans. Both nearby corn and soybeans traded slightly above their respected intraday highs established
on Wednesday.   USD is lower, equities higher.  Wheat is mixed on light profit taking.  China is on holiday.  Malaysian palm rallied 75 and cash was up $22.50.  Syria tendered again for 50k soybean meal and 50k corn.  Iran bought an unknown amount of soybean
meal and corn overnight. 

 

 

 

Weather
and Crop Progress

 

 

CHANGES
OVERNIGHT

  • Russia’s
    Southern Region was advertised to get “some” light rain by the European model run a week from now on October 8-10, but confidence is very low
    • Recent
      research by World Weather, Inc. has revealed a low potential for “significant” rain in Russia’s Southern Region and Kazakhstan through much of October, but especially in the first half of the month
  • Brazil
    rainfall advertised by the GFS model run in the October 10-15 period in center west and center south may be overdone, but “some” showers are expected during that period
    • Greater
      rainfall will have to be delayed a little longer, but a ramping up of precipitation is expected by World Weather, Inc. during the Oct. 16-22 period and the best rainfall this month should occur October 23-31
  • Excessive
    heat in Brazil through October 10 will raise much worry over livestock conditions and early planted corn and other crops
    • Coffee,
      citrus and sugarcane will be stressed as well
    • Frequent
      high temperatures in the 90s to 110 degrees are expected with extremes over 112 possible randomly in center west Brazil
  • Extreme
    highs in Brazil Wednesday were mostly in the range of 100 to 111 degrees Fahrenheit from Mato Grosso do Goias, northern Sao Paulo, Mato Grosso do Sul, western Parana and Paraguay
  • An
    extreme of 115 degrees Fahrenheit occurred in northern Corrientes, Argentina Wednesday
  • Southwestern
    Argentina rainfall potential was raised by the GFS model for San Luis, northern La Pampa, southern Cordoba and northwestern Buenos Aires Oct. 9-11 – some of this predicted rainfall may be exaggerated
  • Northeastern
    China will dry down next week
  • Excellent
    field working conditions will occur in China’s Yellow River Basin and North China Plain over the next ten days
  • Less
    rain was suggested for southern China next week
  • Central
    India rainfall advertised for next week has been delayed until the second half of next week relative to Wednesday’s forecasts
  • Tropical
    Depression is expected to evolve Friday in the northwestern Caribbean Sea that will impact the Yucatan Peninsula during the weekend
    • This
      storm is not being handled very well by the various models with no good agreement on its movement or landfall potential after impacting the Yucatan Peninsula – a close watch on the system is warranted
    • World
      Weather, Inc. favors a westward movement late in the weekend into next week that may bring the system to the east coast of mainland Mexico
  • A
    second tropical disturbance will reach the southeastern Caribbean Sea next week and “may” threaten Cuba or the southeastern United States in ten days
  • Western
    Australia’s best chance for rain will be today and Friday and it may be confined to far southern crop areas and its intensity will be light
  • Southeastern
    Queensland, Australia rainfall advertised for next week by some of the models Wednesday has been removed; the change was needed
  • Overnight
    temperatures in western Saskatchewan, Canada, eastern Alberta and the northwestern U.S. Plains overnight were a little colder than expected, but the impact was minimal since those areas have already experienced a freeze this year
  • Stormy
    weather is expected across western Europe over the next several days with strong wind, heavy rain and flooding expected
    • France,
      the United Kingdom and northern Spain may be most impacted with some impact in Belgium, Netherlands and western Germany late in the weekend

 

  • AREAS
    OF CONCERN AROUND THE WORLD
    • U.S.
      hard red winter wheat areas will be dry for the next ten days to two weeks and temperatures will be warmer than usual
    • Montana
      and South Dakota wheat areas need greater moisture too
    • Russia’s
      Southern Region remains too dry for winter crop planting and will receive very little moisture for the next ten days to two weeks, although some brief showers will occur near the Ukrainian border over the coming week
    • Kazakhstan
      wheat areas are still critically dry in unirrigated areas and rain is unlikely for the next two weeks
    • Northeastern
      China will receive more rain through the weekend delaying fieldwork after some recent improved weather that allowed at least some field progress
      • The
        region has been plagued with frequent rain and flooding since mid-August, but conditions are improving and will improve again next week after the next several days of rain
    • South
      Africa winter crop areas need rain as do future spring planting areas
      • Rain
        is expected in eastern parts of the nation over the next few days, but the west will be drier biased
    • Brazil’s
      center west and center south crop areas will be drier and hotter than usual into at least October 9 further delaying the planting of early soybeans and some corn; however, some showers will occur October 10-16 excessive heat will continue over the next ten
      days as well.
    • Brazil
      coffee areas will experience little to no rain of significance for the next ten days; Some showers are expected October 10-16
    • Brazil
      temperatures will remain very warm to hot over the next ten days especially in center west crop areas where extremes of 100 to 110 Fahrenheit are expected
    • Northwestern
      and west-central Argentina will remain too dry over the next ten days
    • U.S.
      harvest weather looks good

 

UNITED
STATES

  • Dryness
    will continue in the U.S. Plains for at least ten days and probably longer
  • Rain
    in the Midwest will be most frequent and significant in the Great Lakes region where field working delays will be most frequent
  • Improving
    conditions are under way in the U.S. Delta and southeastern states after recent rain
  • Rain
    will fall briefly in the lower Midwest this weekend briefly disrupting fieldwork
  • Another
    wave of rain is possible in the lower Midwest after Oct. 13
  • Temperatures
    are still expected to be cool in the heart of the Midwest into next week while the western U.S. is quite warm
  • Warming
    is expected in the Great Plains next week and it will expand into the Midwest during the middle and latter part of next week

BRAZIL

  • Worry
    over heat and dryness in center west and center south will continue with little to no rain for the next ten days
  • Some
    showers may develop thereafter, but with restricted rainfall resulting for some areas into mid-month
  • Temperature
    will continue hot in many areas

ARGENTINA

  • Rain
    is still not well distributed over the next two weeks, but there will be some precipitation
  • Central
    and northern Cordoba, parts of Santa Fe, Santiago del Estero and other northwestern Argentina crop areas are unlikely to see much rain of significance for at least ten days
  • Temperatures
    will be seasonable to slightly cooler biased

INDIA

  • Rain
    will be greatest in the west-central, south and far eastern parts of the nation
  • Net
    drying in the north and central crop areas
  • Some
    rain will return to central India briefly during the second half of next week

MAINLAND
SOUTHEAST ASIA

  • Near
    to above average rainfall is expected with northern Thailand to Myanmar and Bangladesh wetter than usual

CHINA

  • Frequent
    showers in northeastern China today into next Monday will restrict harvest progress in a part of the region
  • Northeast
    China will trend drier next week
  • Best
    harvesting and planting weather is expected in the Yellow River Basin and North China Plain over next ten days with a mix of rain and sunshine
  • Southern
    China will continue wet with frequent rain near and south of the Yangtze River over the next week and then some beneficial drying is possible

EUROPE

  • Additional
    waves of rain are expected in France and immediate neighboring areas in western Europe over the coming week
    • Excessive
      wind and heavy rain will impact western France, northern Spain and western parts of the United Kingdom late today through the weekend
      • Some
        property damage may result
    • Additional
      high wind speeds and rain may impact the U.K. and northern France late in the weekend and early next week
  • Flooding
    rain may evolve in northern Italy this weekend into next week
  • Rain
    will also fall frequently in western Ukraine, southern Poland and northern Romania into Friday bolstering soil moisture for much improved rapeseed and winter grain establishment
  • A
    favorable mix of showers and sunshine will occur elsewhere in Europe over the next two weeks
  • Temperatures
    will be mild to cool in the west and warm east

WESTERN
CIS

  • Temperatures
    will be warmer than usual in the coming week to ten days
  • Waves
    of rain in central and western Ukraine will diminish Friday, but could return in the far west next week
  • Showers
    in far western Russia, the Baltic States and Belarus will be a low impact on farming activity
  • Limited
    rainfall is expected in the Middle and lower Volga River Basin, Russia’s Southern Region and Kazakhstan over the next ten days
  • Good
    harvest weather will continue in most of the New Lands

AUSTRALIA

  • Brief
    periods of rain will impact Victoria, South Australia and New South Wales during the next ten days to two weeks maintaining good field moisture
  • Western
    Australia will get some brief showers in southern crop areas today into Friday, but more frequent and more significant rain throughout the state is needed to benefit crops
  • Queensland
    will only see some erratic rainfall during the next two weeks and greater moisture is needed to support spring planting

INDONESIA/MALAYSIA

  • Periodic
    rain is expected over the next two weeks maintaining a mostly good environment for most crops

MEXICO/CENTRAL
AMERICA

  • Rain
    will end in southern Mexico briefly over the coming five days while continuing significantly in Central America
    • Southern
      Mexico will turn wetter than usual again in the middle to latter part of next week
  • A
    possible tropical cyclone in the northwestern Caribbean Sea by Friday may impact the Yucatan Peninsula this weekend

WEST-CENTRAL
AFRICA

  • Waves
    of rain will continue through the next ten days favoring coffee, cocoa, sugarcane, rice and other crops

EAST-CENTRAL
AFRICA

  • Rain
    will be erratic and light over the next couple of weeks, but most of Uganda, southwestern Kenya and portions of Ethiopia will be impacted while Tanzania is mostly dry

PHILIPPINES

  • Rain
    will impact most of the nation over the next ten days to two weeks maintaining a favorable outlook for crops

CANADA
PRAIRIES

  • Showers
    will occur most often in the eastern half of the Prairies leaving most other areas dry into the weekend
  • Showers
    will occur in a larger part of the Prairies for a little while next week, but fieldwork will advance around the precipitation
  • Temperatures
    will be near to above average in the west and near to below average in the east

ONTARIO/QUEBEC

  • Rain
    will fall frequently over the next week while temperatures are mild to cool resulting in delayed summer crop maturation and harvesting
  • Drier
    weather will evolve late next week to improve harvest potentials in the following weekend and on into mid-month.

HURRICANE
MARIE REMAINS WELL TO THE WEST OF MEXICO

  • The
    storm will move away from North America and poses no threat to land, although it will become a major hurricane for a while over the next three days

NEW
ZEALAND

  • Temperatures
    will be near to below average over the next seven days while precipitation diminishes and becomes mostly confined to the lower west coast of South Island
  • Southern
    Oscillation Index was +9.99 today and it will stay significantly positive through the coming week

Source:
World Weather Inc. 

 

Bloomberg
Ag Calendar

THURSDAY,
Oct. 1:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • Port
    of Rouen data on French grain exports
  • USDA
    soybean crush, DDGS output, corn for ethanol, 3pm
  • Australia
    commodity index for Sept.
  • Webinar
    on the effects of climate change on coffee production in Southeast Asia
  • Honduras,
    Costa Rica coffee exports monthly stats
  • International
    Cotton Advisory Committee releases monthly world outlook
  • HOLIDAY:
    China, Hong Kong, Korea

FRIDAY,
Oct. 2:

  • 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
  • FranceAgriMer
    weekly update on crop conditions
  • HOLIDAY:
    China, Hong Kong, India, Korea

Source:
Bloomberg and FI

 

 

 

 

USDA
export sales proved to be robust again for soybeans, corn and new-crop meal.  Soybean oil shipment were good.  All-wheat sales slightly topped expectations.  The report was seen supportive all around. 

 

 

 

Macros

US
Initial Jobless Claims Sep 26: 837K (est 850K; prevR 873K; prev 870K)

US
Continuing Claims Sep 19: 11767K (est 12200K; prevR 12747K; prev 12580K)

US
Personal Income Aug: -2.7% (est -2.5%; prevR 0.5%; prev 0.4%)

US
Personal Spending Aug: 1.0% (est 0.8%; prevR 1.5%; prev 1.9%)

US
Real Personal Spending Aug: 0.7% (est 0.5%; prevR 1.1%; prev 1.6%)

US
PCE Core Deflator (Y/Y) Aug: 1.6% (est 1.4%; prevR 1.4%; prev 1.3%)

US
PCE Core Deflator (M/M) Aug: 0.3% (est 0.3%; prevR 0.4%; prev 0.3%)

US
PCE Deflator (M/M) Aug: 0.3% (est 0.3%; prevR 0.4%; prev 0.3%)

US
PCE Deflator (Y/Y) Aug: 1.4% (est 1.2%; prevR 1.1%; prev 1.0%)

Canadian
Building Permits (M/M) Aug: 1.7% (est 0.0%; prevR -3.0%)

Canadian
MLI Leading Indicator (M/M) Aug: 2.7% (prevR 0.1%; prev 0.3%)

US
ISM Manufacturing Sep: 55.4 (est 56.5; prev 56.0)

–
ISM New Orders Sep: 60.2 (est 65.2; prev 67.6)

–
ISM Prices Paid Sep: 62.8 (est 58.8; prev 59.5)

–
ISM Employment Sep: 49.6 (prev 46.4)

US
Construction Spending (M/M) Aug: 1.4% (est 0.7%; prev 0.1%)

 

 

Corn.

 

Corn
Export Developments

  • Iran
    bought an unspecified amount of corn and soybean meal.  They tendered for 200,000 tons of corn feed and 200,000 tons of soybean meal on Sep 30 for OND shipment.  The corn will be out of the Black or EU or South America. 
  • Syria
    seeks 50,000 tons of soybean meal and 50,000 tons of corn on October 26 for delivery within four months of contract. 

 

 

 

Soybean
complex.  

  • SGS
    – Malaysian palm oil exports up 11.2 percent during Sep to 1.605MMT
  • U.S.
    production of biodiesel was 162 million gallons in July 2020, 11 million gallons higher than production in June 2020. There was a total of 1,238 million pounds of feedstocks used to produce biodiesel in July 2020. Soybean oil remained the largest biodiesel
    feedstock during July 2020 with 775 million pounds consumed, above 747 in June and 709 million in July 2019.  We were looking for 758 million pounds.  We lifted our 2019-20 US soybean oil for biodiesel production to 7.800 billion pounds from 7.725 billion
    and compares to USDA’s 7.750 billion pounds. 

 

Oilseeds
Export Developments

  • Iran
    bought an unspecified amount of corn and soybean meal.  They tendered for 200,000 tons of corn feed and 200,000 tons of soybean meal on Sep 30 for OND shipment.  Soybean meal will be out of Brazil, Argentina and/or India. 
  • Syria
    seeks 50,000 tons of soybean meal and 50,000 tons of corn on October 26 for delivery within four months of contract. 

 

 

 

Wheat

 

Export
Developments.

  • Results
    awaited: Ethiopia seeks about 80,000 tons of milling wheat on Sept. 30.
  • Pakistan
    may have bought 200,000 tons of wheat from Russia.  Earlier it was reported Pakistan seeks 300,000 tons of wheat on October 5 for arrival by mid-Jan. 
  • Jordan
    issued a new import tender for 120,000 tons of wheat on October 7, optional origin. 
  • Turkey
    seeks 135,000 tons of 12.5% and 13.5% wheat on October 9 for oct 16 and Nov 2 shipment. 
  • 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

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

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period September 18-24, 2020.

 

·        
Wheat:  Net
sales of 506,300 metric tons (MT) for 2020/2021 were up 44 percent from the previous week and 15 percent from the prior 4-week average.  Increases primarily for
Mexico (208,900, including decreases of 200 MT), Taiwan (91,500 MT), South Korea (64,100 MT, including decreases of 1,000 MT), unknown destinations (60,000 MT), and Japan (58,400 MT), were offset by
reductions primarily for the United Arab Emirates (5,400 MT), Spain (4,000 MT), and Venezuela (3,000 MT).  For 2021/2022, total net sales of 1,300 MT were for Malaysia.  Exports of 646,100 MT were up 38 percent from the previous week and 15 percent from the
prior 4-week average.  The destinations were primarily to China (186,800 MT), Chile (101,300 MT), Mexico (99,700 MT), the Philippines (72,700 MT), and Italy (30,200 MT, including 20,700 MT late – see below). 
Late Reporting:  For 2020/2021, exports totaling 20,700 MT were reported late.  The destination was Italy.

  • Corn: 
    Net sales of 2,027,100 MT for 2020/2021 primarily for
    unknown destinations (701,300 MT    ),
    Mexico (441,200 MT,     including decreases of 2,500 MT),
    Japan (381,600 MT,     including 38,200 MT switched from unknown destinations and decreases of 36,400 MT), Guatemala (166,700 MT, including decreases of 4,400 MT), and
    China (149,900 MT), were offset by reductions for Peru (8,000 MT) and Costa Rica (4,000 MT).  Exports of 750,200 MT were primarily to China (269,900 MT), Mexico (230,100 MT), Japan (139,800 MT), South
    Korea (65,100 MT), and Canada (21,800 MT).  Optional Origin Sales:  For 2020/2021, new optional origin sales of 118,600 MT were for Argentina (65,000 MT) and unknown destinations (53,600 MT).  Options were exercised to export 65,000 MT to South Korea
    from other than the United States.  The current outstanding balance of 739,800 MT is for Vietnam (260,000 MT), Taiwan (204,200 MT), Argentina (127,000 MT), South Korea (65,000 MT), and Ukraine (30,000 MT).
  • Barley: 
    No net sales or exports were reported for the week.
  • Sorghum: 
    Net sales of 38,800 MT for 2020/2021 resulted in increases primarily for unknown destinations (35,600 MT) and China (3,200 MT).  For 2021/2022, total net sales of 136,000 MT were for unknown destinations.  Exports of 58,200 MT were to China.
  • Rice: 
    Net sales of 127,100 MT for 2020/2021–marketing-year high– were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Brazil (71,100 MT), South Korea (17,000 MT), Japan (13,000 MT), Honduras (11,600 MT), and
    Guatemala (9,400 MT), were offset by reductions for Panama (3,300 MT) and Colombia (300 MT).  Exports of 10,700 MT–marketing-year low–were down 61 percent from the previous week and 52 percent from the prior 4-week average.  The destinations were to Canada
    (3,500 MT), Mexico (2,900 MT), Saudi Arabia (1,800 MT), Australia (400 MT), and the United Arab Emirates (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 2,591,200 MT for 2020/2021 primarily for
    China (1,328,700 MT, including 197,000 MT switched     from unknown destinations and decreases of 8,100 MT),
    unknown destinations (630,300 MT), Mexico (198,700 MT, including decreases of 800 MT), Pakistan (132,000 MT), and Vietnam (78,900 MT, including decreases of 100 MT), were offset by reductions primarily
    for Japan (1,700 MT).  Exports of 1,139,600 MT were primarily to China (893,900 MT), Mexico (66,600 MT), Spain (60,600 MT), Indonesia (27,400 MT), and Taiwan (20,800 MT).   
    Optional Origin Sales:  For 2020/2021, new optional origin sales of 63,000 MT were for China.  The current outstanding balance of 126,000 MT, all China. 
    Exports for Own Account:  For 2020/2021, the current exports for own account outstanding balance is 7,300 MT, all Canada.
  • Soybean Cake and
    Meal    : 
    Net sales of 13,600 MT for 2019/2020 were down 53 percent from the previous week and 15 percent from the prior 4-week average.  Increases primarily for Vietnam (7,000 MT), Burma (5,700 MT), Malaysia (2,000 MT), Canada (1,700 MT, including decreases of 800
    MT), and Colombia (1,500 MT), were offset by reductions primarily for Mexico (4,900 MT), unknown destinations (800 MT), and the Philippines (200 MT).  For 2020/2021, net sales of 523,100 MT primarily for Colombia (110,600 MT), unknown destinations (100,800
    MT), Spain (60,000 MT), Denmark (45,000 MT), and the Philippines (44,000 MT), were offset by reductions primarily for Burma (2,000 MT).  Exports of 135,800 MT were down 2 percent from the previous week and 23 percent from the prior 4-week average.  The destinations
    were to the Philippines (52,900 MT), Mexico (21,500 MT), Colombia (20,000 MT), Canada (19,500 MT), and Jamaica (6,400 MT).
  • Soybean Oil: 
    Net sales of 6,300 MT for 2019/2020 were up 43 percent from the previous week and 87 percent from the prior 4-week average.  Increases primarily for South Korea (8,600 MT, switched from China), the Dominican Republic (3,200 MT), Canada (1,900 MT), Mexico
    (1,100 MT), and Belgium (100 MT), were offset by reductions primarily for China (8,600 MT).  For 2020/2021, net sales of 600 MT were for South Korea (400 MT) and Venezuela (200 MT).  Exports of 31,000 MT were up noticeably from the previous week and from the
    prior 4-week average.  The destinations were primarily to South Korea (28,000 MT), Mexico (1,500 MT), Canada (1,400 MT), and Belgium (100 MT). 
  • Cotton: 
    Net sales of 233,800 RB for 2020/2021 were up noticeably from the previous week and up 7 percent from the prior 4-week average.  Increases were primarily for Turkey (62,500 RB), China (55,700 RB), Vietnam (41,100 RB), Mexico (24,300 RB), and Indonesia (13,400
    RB, including decreases of 4,300 RB).  For 2021/2022, net sales of 20,600 RB were for Mexico (16,300 RB) and Indonesia (4,300 RB).  Exports of 218,200 RB were down 23 percent from the previous week and 10 percent from the prior 4-week average.  Exports were
    primarily to China (105,400 RB), Vietnam (49,400 RB), Indonesia (14,700 RB), Mexico (14,300 RB), and Pakistan (8,800 RB).  Net sales of Pima totaling 19,500 RB were up 5 percent from the previous week, but down 4 percent from the prior 4-week average.  Increases
    were primarily for India (7,700 RB, including decreases of 100 RB), China (3,900 RB), Bangladesh (2,200 RB), Peru (2,200 RB), and Hong Kong (1,500 RB).  Exports of 10,800 RB were down 17 percent from the previous week and 18 percent from the prior 4-week average. 
    The primary destinations were India (3,600 RB), China (3,200 RB), El Salvador (1,800 RB), Pakistan (900 RB), and Turkey (700 RB). 
    Exports for Own account:  For 2020/2021, exports for own account totaling 600 RB to China were applied to new or outstanding sales.  The current exports for own account outstanding balance of 13,000 RB is for China (8,100 RB), Indonesia (3,900 RB), and
    Bangladesh (1,000 RB).

·        
Hides and Skins:
Net sales of 284,500 pieces for 2020 were down 47 percent from the previous week and 31 percent from the prior 4-week average.  Increases primarily for China (175,700 whole cattle hides, including decreases of 14,300 pieces), South Korea (44,500 whole cattle
hides, including decreases of 1,100 pieces), Turkey (35,000 whole cattle hides), Mexico (18,800 whole cattle hides, including decreases of 800 pieces), and Hong Kong (3,200 whole cattle hides), were offset by reductions for Indonesia (300 pieces) and Vietnam
(100 pieces).  Additionally, total net sales of 2,600 kip skins were reported for China.  Exports of 456,200 pieces reported for 2020 were down 1 percent from the previous week, but up 12 percent from the prior 4-week average.  Whole cattle hides exports were
primarily to China (347,300 pieces), South Korea (58,000 pieces), Mexico (27,900 pieces), Indonesia (5,600 pieces), and Taiwan (4,500 pieces). 

·        
Net sales of 150,300 wet blues
for 2020 were down 34 percent from the previous week, but up 11 percent from the prior 4-week average.  Increases were primarily for Italy (27,000 grain splits and 18,700 unsplit, including decreases of 300 unsplit and 200 grain splits), China (32,400 unsplit), 
Vietnam (25,700 unsplit), Taiwan (19,200 unsplit and 1,700 grain splits), and Thailand (17,000 unsplit, including decreases of 900 unsplit).  For 2021, total net sales of 1,300 wet blues unsplit were reported for Italy.  Exports of 169,500 wet blues for 2020
were down 10 percent from the previous week, but up 31 percent from the prior 4-week average.  The destinations were primarily to China (48,700 unsplit and 16,700 grain splits), Thailand (40,400 unsplit), Italy (24,100 unsplit and 3,000 grain splits), Vietnam
(19,300 unsplit), and Mexico (3,600 unsplit and 2,200 grain splits).  Net sales of 1,088,000 splits were reported for Vietnam (919,000 pounds, including decreases of 4,400 pounds), China (126,900 pounds), and Taiwan (42,000 pounds).  For 2021, total net sales
reductions of 40,100 pounds were for Vietnam.  Exports of 648,000 pounds were to Vietnam.

·        
Beef:
Net
sales of 24,700 MT reported for 2020 were up 37 percent from the previous week and 67 percent from the prior 4-week average.  Increases were primarily for Japan (9,900 MT, including decreases of 600 MT), South Korea (5,700 MT, including decreases of 400 MT),
China (4,300 MT), Hong Kong (2,000 MT, including decreases of 100 MT), and Mexico (800 MT, including decreases of 100 MT).  For 2021, net sales of 1,300 MT were primarily for Hong Kong (500 MT) and South Korea (500 MT).  Exports of 16,600 MT were down 5 percent
from the previous week, but up 2 percent from the prior 4-week average.  The destinations were primarily to South Korea (4,500 MT), Japan (4,000 MT), China (1,700 MT), Hong Kong (1,500 MT), and Taiwan (1,400 MT).

·        
Pork:
Net
sales of 39,500 MT reported for 2020 were up 5 percent from the previous week, but down 8 percent from the prior 4-week average.  Increases were primarily for Mexico (17,900 MT, including decreases of 1,000 MT), China (6,500 MT, including decreases of 1,100
MT), Canada (4,400 MT, including decreases of 400 MT), South Korea (4,000 MT, including decreases of 600 MT), and Japan (2,800 MT, including decreases of 100 MT).  For 2021, net sales of 1,300 MT were for Chile (1,100 MT) and Australia (200 MT).  Exports of
32,600 MT were down 9 percent from the previous week, but unchanged from the prior 4-week average.  The destinations were primarily to Mexico (10,500 MT), China (9,500 MT), Japan (4,400 MT), Canada (2,400 MT), and South Korea (1,800 MT).

 

U.S. EXPORT SALES FOR WEEK ENDING 9/24/2020          
           





























 

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    

282.2

1,633.2

1,247.1

286.0

3,658.2

3,632.9

0.0

10.9

   SRW    

2.8

321.0

633.1

100.9

806.5

1,039.7

1.3

2.6

   HRS     

107.4

1,709.8

1,437.6

130.2

2,345.7

2,115.3

0.0

5.0

   WHITE   

116.2

1,304.5

940.0

108.2

1,679.0

1,414.2

0.0

0.0

   DURUM  

-2.3

233.8

208.0

20.7

298.6

236.6

0.0

0.0

     TOTAL

506.3

5,202.3

4,465.8

646.1

8,787.9

8,438.7

1.3

18.5

BARLEY

0.0

33.6

41.9

0.0

8.5

15.6

0.0

0.0

CORN

2,027.1

21,879.2

8,104.7

750.2

2,743.0

1,606.8

0.0

206.0

SORGHUM

38.8

2,567.6

92.3

58.2

235.1

42.9

136.0

136.0

SOYBEANS

2,591.2

33,447.8

11,305.2

1,139.6

4,681.1

2,853.8

0.0

60.0

SOY MEAL

13.6

520.2

895.9

135.8

11,602.0

11,347.2

523.1

2,885.7

SOY OIL

6.3

68.7

126.6

31.0

1,219.0

799.3

0.6

122.9

RICE

 

 

 

 

 

 

 

 

   L G RGH

92.1

358.2

402.2

1.4

54.5

206.1

0.0

0.0

   M S RGH

0.0

27.0

24.2

0.5

2.0

6.6

0.0

0.0

   L G BRN

0.2

13.8

11.5

0.8

5.5

3.0

0.0

0.0

   M&S BR

0.2

15.1

0.1

0.1

18.2

0.7

0.0

0.0

   L G MLD

2.1

57.4

171.3

3.9

60.9

202.5

0.0

0.0

   M S MLD

32.6

75.9

89.0

4.0

63.0

117.3

0.0

0.0

     TOTAL

127.1

547.3

698.2

10.7

204.1

536.2

0.0

0.0

COTTON

 

THOUSAND RUNNING BALES      

   UPLAND

233.8

5,785.9

6,984.2

218.2

2,170.1

1,756.1

20.6

470.6

   PIMA

19.5

221.3

123.4

10.8

87.4

65.0

0.0

0.7

 

 

 

Terry Reilly

Senior Commodity Analyst – Grain and Oilseeds

Futures International │190 S LaSalle St., Suite 410│Chicago, IL  60603

W: 312.604.1366

treilly@futures-int.com

ICE IM: 
treilly1

Skype: fi.treilly

 

Description: Description: Description: Description: FImail

 

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