PDF attached

 

Morning. 

 

The
CBOT soybean complex turned higher on good soybean export sales and sharply lower USD Index along with ongoing Argentina strikes.  The USD down 57 points from progress toward agreeing a US stimulus package and a Brexit deal.  We heard China bought a couple
US soybean cargoes off the PNW for Jan/Feb shipment.  Corn is slightly lower while wheat is higher. 

 

Weather

 

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS: 

Argentina’s
rain Friday will be extremely important, and it will favor Cordoba, Santa Fe, western Buenos Aires and parts of La Pampa. These areas will experience a short term bout of improving conditions. Most other areas in the nation will get lighter and more sporadic
rainfall followed by net drying for at least a week resulting in increasing crop stress and ongoing concerns over production potential. Greater rain is still needed for Argentina on a more frequent basis to support the best summer crop development.

            Brazil
weather will remain mostly good or improving during the next two weeks. Rain will be a little slow returning to Mato Grosso, Goias and northern Mato Grosso do Sul, but it will get there. Dryness in portions of Rio Grande do Sul, Bahia and neighboring areas
may eventually become greater concerns, but the bulk of Brazil crops are expected to be progressively improving.

            Winter
crops in China will stay in mostly good shape. Recent rain in southern India along with a few more showers in the coming week will be good for its winter crops. Some moisture expected over the next couple of weeks in Russia’s Southern Region will also be of
some interest for us in the spring.

           
Indonesia and Malaysia rainfall continues a little lighter than usual, but the impact on long term crop development is not huge as long as greater rain falls late this month and especially in January. 

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

 

MARKET
WEATHER MENTALITY FOR WHEAT:  Winter crops in the U.S. central Plains and Russia’s Southern Region have either received a little moisture or soon will. However, with crops dormant and the ground freezing up in some areas it will be difficult to get sufficient
moisture into the soil to support better root and tiller systems prior to spring. Recent moisture in the central U.S. Plains has brought “some” improvement to soil moisture and that will continue in the coming week as the snow melts.

            Russia’s
Southern Region and Ukraine will receive some brief bouts of snow and rain during the next couple of weeks which may further improve soil moisture for use in the spring. Crop conditions are unlikely to change much due to plant dormancy. There is no threat
of damaging cold anytime soon.

            Argentina
wheat is filling, maturing and being harvested in a mostly good environment. A little rain Friday might be welcome, although it is getting a little late for big changes in production potential.

            Winter
crops in northern and central India benefited from some rain recently, but more is needed throughout the wheat production region to induce a more generalized bout of crop improvement ahead of reproduction in late January and February.

           
Wheat conditions in China remain good and late season harvesting in South Africa and Australia has been advancing around brief periods of rain.

            Overall,
weather today will produce a neutral to slightly bearish bias to market mentality.

Source:
World Weather Inc. and FI

 

Bloomberg
Ag Calendar

Thursday,
Dec. 17:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • USDA
    Total Milk Production, 3pm
  • Port
    of Rouen data on French grain exports
  • Conab’s
    estimate for 2020 Brazil coffee crop
  • Poland
    publishes crop output figures for 2020

Friday,
Dec. 18:

  • 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.
    Cattle on Feed

Source:
Bloomberg and FI

 

 

 

 

 

 

USDA
Export Sales

·        
USDA export sales for soybeans were 922,300 tons, above expectations, and included 919,700 tons for China but 791,000 tons of that was switched from unknown.  Mexico, Vietnam and Indonesia were good
buyers for the week ending Dec 10. 

·        
USDA soybean meal export sales were 261,200 tons and shipments at 240,200 tons. 

·        
USDA soybean oil sales of 7,600 tons were at the low end of expectations and shipments were only 5,800 tons. 

  • USDA
    corn export sales of 1.926 million tons were above expectations and included Mexico (714,900 MT), unknown destinations (402,300 MT), and China (231,800 MT with 70,000 MT switched from unknown destinations).   Sorghum sales were 325,400 tons and included China
    (325,900 MT, including decreases of 61,500 MT and 70,700 late).  There were 68,000 tons of sorghum reported for new-crop.  Pork sales were a large 39,900 tons but China and Hong Kong accounted for a small amount. 
  • All
    wheat USDA export sales were 540,400 tons, within expectations.  China took a cargo. 

 

 

 

Macros

US
Initial Jobless Claims Dec 12: 885K (est 815K; prevR 862K; prev 853K)

US
Continuing Claims Dec 5: 5508K (est 5700K; prevR 5781K; prev 5757K)

US
Housing Starts Nov: 1547K (est 1535K; prevR 1528K; prev 1530K)

US
Housing Starts (M/M) Nov: 1.2% (est 0.3%; prevR 6.3%; prev 4.9%)

US
Building Permits Nov: 1639K (est 1560K; prevR 1544K; prev 1545K)

US
Building Permits (M/M) Nov: 6.2% (est 1.0%; prevR -0.1%; prev 0.0%)

US
Philadelphia Fed Business Outlook Dec: 11.1 (est 20.0; prev 26.3)

 

 

Corn.

  • CBOT
    March corn
    is
    lower on lack of fresh news and slow US corn export developments.  The decline in US ethanol production reported yesterday is also seen bearish for US domestic demand.  In addition, end users have been stepping up purchases of US soybean meal for feed, making
    some think corn for feed use during the Sep-Nov period will end up lower than a year ago.  Our tentative US corn for feed estimate for Q1 2020-21 crop-year is down 8 percent from year ago. 
  • Do
    not discount a two-sided trade from good USDA export sales, a sharply lower USD, higher WTI crude oil and strength in the US equity markets.  US stimulus talks are progressing, and this is pressuring the dollar index. 
  • USDA
    corn export sales of 1.926 million tons were above expectations and included Mexico (714,900 MT), unknown destinations (402,300 MT), and China (231,800 MT with 70,000 MT switched from unknown destinations).   Sorghum sales were 325,400 tons and included China
    (325,900 MT, including decreases of 61,500 MT and 70,700 late).  There were 68,000 tons of sorghum reported for new-crop.  Pork sales were a large 39,900 tons but China and Hong Kong accounted for a small amount. 
  • After
    China corn futures fell to their lowest level since September 30, they rallied 20 yuan per ton on Thursday. 
  • China
    will offer 103,431 tons of corn from states reserves stored in the northeast region on Tuesday from the 2014 and 2015 harvests. 
  • Today
    China’s Heilongjiang sold 88.5% out of the 714,516 tons offered of 2015 corn from state reserves.
  • China
    sold 16,000 tons out of 20,000 tons of pork from reserves. The Chinese government expects hog numbers to rebound back to pre‐ASF levels by mid‐2021.
  • The
    USDA Broiler Report showed US eggs set down 1 percent and chicks placed down slightly from a year ago.  Cumulative placements from the week ending January 4, 2020 through December 12, 2020 for the United States were 9.23 billion. Cumulative placements were
    down 1 percent from the same period a year earlier.
  • EIA
    weekly US ethanol production for the week ending 12/11 was reported at 957,000 barrels per day, down 34,000 barrels from the previous week.  Weekly ethanol stocks were up a large 867,000 barrels to 22.950 million barrels. 

 

Corn
Export Developments

  • None
    reported

 

 

Today
in Energy: U.S. jet fuel consumption during the week of Thanksgiving was about half of last year’s

https://www.eia.gov/todayinenergy/detail.php?id=46316&src=email

 

Soybean
complex
.
 

·        
USDA export sales for soybeans were 922,300 tons, above expectations, and included 919,700 tons for China but 791,000 tons of that was switched from unknown.  Mexico, Vietnam and Indonesia were good
buyers for the week ending Dec 10. 

·        
USDA soybean meal export sales were 261,200 tons and shipments at 240,200 tons. 

·        
USDA soybean oil sales of 7,600 tons were at the low end of expectations and shipments were only 5,800 tons. 

  • Indonesia’s
    Estate Crop Fund (BPDP) said the country spent more on biodiesel subsidies than funds it collected through export levies this year. An estimated 17-18 trillion rupiah was collected from levies, while 25.7 trillion rupiah ($1.82 billion) had been spent subsidizing
    the price difference between crude oil and palm oil.  (Reuters)
  • “Official”
    on Indonesia palm via Reuters:

2020
crude palm production 49.1 million tons

2021
crude palm production 52.3 million tons

2020
crude palm consumption 8.54 million tons

2021
crude palm consumption 11.23 million tons

2020
crude palm exports 26.74 million tons

2021
crude palm exports 27.36 million tons

  • Malaysian
    palm oil

 

Oilseeds
Export Developments

 

Wheat

  • All
    wheat USDA US export sales were 540,400 tons, within expectations.  China took a cargo.  APK-Inform:  Ukraine’s 2020-21 grain harvest and exports were lowered to 64.2 million tons of grain from 67.1MMT last month, including 29 million tons of corn this year
    and exports may decline to 45.4 million tons (47.6MMT last month), including 23 million tons of corn in the 2020-21 season.
  • Bloomberg
    noted U.S. and Canadian grain shipments along St. Lawrence Seaway rose 23% from April through November to 10.9 million tons. 
  • EU
    March milling wheat was up 0.75 at 206.50 euros.
  • Ukraine’s
    parliament cut value-added tax (VAT) on some agricultural goods, grains and oilseeds to 14% from the current 20% (livestock, wheat, barley, corn, oats, rye, soybeans, rapeseed, sunflower seed, sugar beet), noting processing companies will be able to save “6%
    of costs when purchasing products due to the lower tax liabilities of producers.”
  • Russian
    president Putin said the 2020 grain crop may reach 134 million tons. 
  • Russia
    shipped 100,000 tons of wheat to Syria and plans to supply more.
  • Turkey
    lowered wheat and barley tariffs to zero until April 30, 2021, from 20% previously.

 

Export
Developments.

  • Japan
    bought 103,250 tons of milling wheat. 
  • Jordan
    seeks 120,000 tons of animal feed barley on Dec. 22 for shipment during the April 1-15, April 16-30, May 1-15 and May 16-31 periods. 
  • Jordan
    seeks 120,000 tons of wheat on December 23 for Jun-Jul shipment. 

 

Rice/Other

  • Bangladesh seeks
    50,000 tons of rice on Dec. 22.  They bought a combined 100,000 tons on Dec. 2 and Nov 26, the country’s first rice purchase in about three years.  Bangladesh plans to import 300,000 tons of rice.
  • South Korea’s Agro-Fisheries
    & Food Trade Corp. bought 45,458 tons of rice from the United States and Vietnam, on Dec. 7, for arrival in South Korea in 2021 between April 30 and May 31.
    • 22,334 tons of U.S.-origin
      non-glutinous brown medium grain number 3 grade rice bought at $875.12 a ton c&f
    • 1,500 tons of U.S.
      non-glutinous milled medium grain number 1 grade rice bought at $963.84 a ton c&f
    • 10,124 tons of Vietnam
      non-glutinous brown short grain grade 3 rice bought at $603.00 a ton c&f
    • 11,500 tons of Vietnam
      non-glutinous brewers’ milled rice grade 4 bought at $499.00 a ton, traders said.

 

 

U.S. EXPORT SALES FOR WEEK ENDING 12/10/2020 





























 

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    

159.0

1,644.8

1,441.0

109.9

5,251.3

5,134.4

0.0

22.0

   SRW    

43.2

438.3

541.5

5.6

1,028.4

1,484.9

21.0

121.0

   HRS     

197.7

1,595.2

1,374.2

77.9

3,845.6

3,632.0

0.0

45.0

   WHITE   

134.9

2,649.2

1,028.1

45.1

2,604.3

2,489.8

0.0

20.0

   DURUM  

5.5

158.6

140.5

0.0

433.1

560.2

0.0

0.0

     TOTAL

540.4

6,486.1

4,525.2

238.4

13,162.7

13,301.4

21.0

208.0

BARLEY

-12.3

16.0

32.2

0.6

14.5

26.7

12.5

12.5

CORN

1,924.5

29,526.6

9,602.6

965.4

12,053.2

7,595.8

10.0

757.0

SORGHUM

325.4

3,372.2

696.5

330.0

1,607.4

346.8

68.0

395.0

SOYBEANS

922.3

21,421.8

9,588.1

2,589.4

32,407.1

18,837.0

94.0

331.0

SOY MEAL

261.2

3,153.1

3,053.9

240.2

2,372.9

2,252.1

0.0

18.1

SOY OIL

7.6

248.8

163.8

5.8

157.1

226.4

0.0

0.6

RICE

 

 

 

 

 

 

 

 

   L G RGH

127.8

265.2

316.1

125.3

658.6

587.7

0.0

0.0

   M S RGH

0.0

18.3

15.5

0.2

10.6

15.3

0.0

0.0

   L G BRN

1.1

4.0

22.6

7.3

19.3

17.2

0.0

0.0

   M&S BR

1.2

17.1

56.7

0.0

33.5

2.3

0.0

0.0

   L G MLD

17.5

86.8

231.9

9.8

219.1

403.4

0.0

0.0

   M S MLD

18.7

208.4

163.1

6.6

150.0

210.0

0.0

0.0

     TOTAL

166.3

599.8

805.9

149.3

1,091.1

1,235.9

0.0

0.0

COTTON

 

THOUSAND RUNNING BALES      

   UPLAND

420.9

5,983.3

7,594.3

251.3

4,706.6

3,498.9

13.8

713.7

   PIMA

7.5

207.0

161.6

23.1

300.5

152.3

0.0

0.7

 

 

 

Export Sales Highlights  

This summary is based
on reports from exporters for the period December 4-10, 2020.

 

Wheat:  Net sales of 540,400 metric tons (MT) for 2020/2021 were down 12 percent from the previous week, but up 5 percent
from the prior 4-week average.  Increases primarily for Mexico (96,800 MT, including decreases of 900 MT), Japan (85,200 MT), South Korea (78,100 MT), China (68,300 MT), and the Philippines (52,000 MT), were offset by reductions for Peru (4,300 MT).  For 2021/2022,
total net sales of 21,000 MT were for Peru.  Exports of 238,400 MT were down 57 percent from the previous week and 41 percent from the prior 4-week average.  The destinations were primarily to Indonesia (75,400 MT), China (68,300 MT), Mexico (50,300 MT), and
Yemen (44,000 MT).   

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

Corn:  Net sales of 1,924,500 MT for 2020/2021 were up 41 percent from the previous week and 40 percent from the prior 4-week average.  Increases
primarily for Mexico (714,900 MT, including decreases of 3,100 MT), unknown destinations (402,300 MT), China (231,800 MT, including 70,000 MT switched from unknown destinations), Japan (176,700 MT, including 58,600 MT switched from unknown destinations), and
Taiwan (125,000 MT), were offset by reductions for Guatemala (17,600 MT).  For 2021/2022, total net sales of 10,000 MT were for Japan.  Exports of 965,400 MT were up 35 percent from the previous week and 10 percent from the prior 4-week average.  The destinations
were primarily to China (352,800 MT), Mexico (297,300 MT), Colombia (64,100 MT), Japan (59,200 MT), and Guatemala (56,300 MT).  Optional Origin Sales:  For 2020/2021, new optional origin sales of 99,000 MT were reported for South Korea (69,000 MT) and
Ukraine (30,000 MT).  The current outstanding balance of 1,647,400 MT is for South Korea (903,000 MT), unknown destinations (224,000 MT), Taiwan (205,000 MT), Vietnam (130,000 MT), China (65,000 MT), Ukraine (62,400 MT), and Japan (58,000 MT).   

Barley:  Net sales reductions of 12,300 MT–marketing-year low–resulting in increases for Taiwan (200 MT), were more than offset by reductions
for Japan (12,500 MT).  For 2021/2022, total net sales of 12,500 MT were for Japan.  Exports of 600 MT were to Japan.

Sorghum:  Net sales of 325,400 MT for 2020/2021 were up noticeably from the previous week and up 56 percent from the prior 4-week average.  Increases
reported for China (325,900 MT, including decreases of 61,500 MT and 70,700 late–see below) and Japan (5,100 MT, including 5,600 MT switched from unknown destinations and decreases of 500 MT), were offset by reductions for unknown destinations (5,600 MT).  For
2021/2022, total net sales of 68,000 MT were for unknown destinations.  Exports of 330,000 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were to China (324,900 MT, including 70,700
late–see below) and Japan (5,100 MT).   Late Reporting: For 2020/2021, net sales and exports totaling 70,700 MT were reported late for China. 

Rice:  Net sales of 166,300 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily
for Venezuela (97,000 MT), Honduras (26,300 MT), Haiti (15,200 MT), Japan (12,800 MT), and Costa Rica (4,200 MT), were offset by reductions primarily for the Dominican Republic (100 MT).  Exports of 149,300 MT–a marketing-year high–were up noticeably from
the previous week and up 54 percent from the prior 4-week average.  The destinations were primarily to Costa Rica (31,900 MT), Mexico (28,900 MT), Honduras (23,200 MT), Colombia (21,900 MT), and Guatemala (19,500 MT). 

Soybeans:  Net sales of 922,300 MT for 2020/2021 were up 62 percent from the previous week and 20 percent from the prior 4-week average.  Increases
primarily for China (919,700 MT, including 791,000 MT switched from unknown destinations and decreases of 7,400 MT), Mexico (225,300 MT), Indonesia (105,600 MT, including 55,000 MT switched from unknown destinations), Vietnam (103,200 MT, including 70,000
MT switched from unknown destinations), and Thailand (95,400 MT, including 66,000 MT switched from China and decreases of 300 MT), were offset by reductions primarily for unknown destinations (817,000 MT).  For 2021/2022, net sales of 94,000 MT were for China
(66,000 MT) and Mexico (28,000 MT).  Exports of 2,589,400 MT were down 4 percent from the previous week, but up 3 percent from the prior 4-week average.  The destinations were primarily to China (1,702,100 MT), Thailand (169,600 MT), Egypt (103,800 MT), Indonesia
(92,200 MT), and the Netherlands (90,400 MT).   Optional Origin Sales:  For 2020/2021, the current outstanding balance of 63,000 MT, all China.  
Exports for Own Account:  For 2020/2021, new exports for own account totaling 29,400 MT were to Canada.  Exports for own account totaling 65,000 MT to Canada were applied to new or outstanding sales.  The current exports for own account outstanding balance
is 74,000 MT, all Canada. 

Soybean Cake and Meal:  Net sales of 261,200 MT for 2020/2021 increases primarily for the Philippines (135,800 MT, including decreases of 1,000
MT), Mexico (43,700 MT, including decreases of 500 MT), Ecuador (17,600 MT, including decreases of 1,000 MT), United Kingdom (9,900 MT, including 9,100 MT switched from unknown destinations), and Canada (8,100 MT, including decreases of 9,400 MT), were offset
by reductions for unknown destinations (4,100 MT), Belgium (2,300 MT), and Guatemala (1,300 MT).  Exports of 240,200 MT were primarily to Mexico (49,900 MT), Colombia (43,400 MT), Ecuador (33,100 MT), the Dominican Republic (31,800 MT), and Canada (27,000
MT).  

Soybean Oil:  Net sales of 7,600 MT for 2020/2021 were primarily for India (3,000 MT), Colombia (2,400 MT), Mexico (1,000 MT), Canada (900 MT),
and Nicaragua (300 MT).  Exports of 5,800 MT were primarily to the Dominican Republic (4,000 MT), Mexico (1,100 MT), and Canada (600 MT).  

Cotton:  Net sales of 402,900 RB for 2020/2021 were up 4 percent from
the previous week and 44 percent from the prior 4-week average.  Increases primarily for China (225,800 RB), Pakistan (93,400 RB), Vietnam (35,200 RB, including 300 RB switched from South Korea), Turkey (30,300 RB), and Taiwan (14,100 RB), were offset by reductions
primarily for Bangladesh (32,000 RB).  For 2021/2022, net sales of 13,800 RB reported for Pakistan (8,800 RB), Mexico (5,900 RB), and Thailand (900 RB), were offset by reductions for Turkey (1,800 RB).  Exports of 251,300 RB were down 22 percent from the previous
week, but up 4 percent from the prior 4-week average.  Exports were primarily to China (112,000 RB), Pakistan (34,100 RB), Mexico (24,300 RB), Vietnam (24,100 RB), and Turkey (12,900 RB).  Net sales of Pima totaling 7,500 RB were down 42 percent from the previous
week and 43 percent from the prior 4-week average.  Increases reported for India (5,100 RB), China (2,400 RB, including 1,500 RB switched from Hong Kong), Vietnam (2,100 RB, including 800 RB switched from Hong Kong), Japan (200 RB), and Colombia (100 RB),
were offset by reductions for Hong Kong (2,300 RB).  Exports of 23,100 RB were down 12 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to China (10,700 RB), India (5,600 RB), Honduras (2,100 RB),
Pakistan (1,700 RB), and Vietnam (1,100 RB).   Exports for Own Account:  For 2020/2021, new exports for own account totaling 2,000 RB were to China.  Exports for own account totaling 13,000 RB to China were applied to new or outstanding sales.  The
current exports for own account outstanding balance of 18,600 RB is for China (17,300 RB), Bangladesh (1,000 RB), and Indonesia (300 RB). 

Hides and Skins:  Net sales of 193,600 pieces for 2020 were down
42 percent from the previous week and 38 percent from the prior 4-week average.  Increases were primarily for China (137,900 whole cattle hides, including decreases of 75,500 pieces), South Korea (36,000 whole cattle hides, including decreases of 13,300 pieces),
Mexico (8,500 whole cattle hides, including decreases of 31,200 pieces), Thailand (5,600 whole cattle hides, including decreases of 200 pieces), and Indonesia (3,800 whole cattle hides).  Additionally, total net sales reductions
of 1,400 kip skins were for Belgium.  For 2021, net sales of 110,100 pieces primarily for China (96,600 whole cattle hides), South Korea (12,000 whole cattle hides), and Vietnam (1,800 whole cattle hides), were offset by reductions for Mexico (2,400 pieces).  Exports
of 353,000 pieces reported for 2020 were down 4 percent from the previous week and 6 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (252,200 pieces), Mexico (40,300 pieces), South Korea (39,600 pieces), Brazil (9,100
pieces), and Thailand (4,000 pieces).   

Net sales reductions of 8,500 wet blues for 2020 were down noticeably
from the previous week and from the prior 4-week average, resulting in increases primarily for Thailand (7,900 unsplit, including decreases of 100 unsplit) and Mexico (5,500 unsplit), were more than offset by reductions primarily for Italy (13,800 unsplit
and 200 grain splits), China (6,000 unsplit), and Hong Kong (1,500 unsplit).  For 2021, net sales of 36,500 wet blues primarily for Italy (22,600 unsplit) and Brazil (7,100 unsplit), were offset by reductions for Vietnam (200 grain splits). Exports of 146,200
wet blues for 2020 were up 40 percent from the previous week and 45 percent from the prior 4-week average.  The destinations were primarily to China (44,500 unsplit), Vietnam (39,300 unsplit), Italy (32,900 unsplit and 1,900 grain splits), Thailand (13,400
unsplit), and Brazil (9,900 unsplit).  Net sales reductions of 535,600 splits resulting in increases for Taiwan (43,000 pounds), were offset by reductions for Vietnam (385,700 pounds) and China (192,900 pounds).  For 2021, net sales of 605,400 splits were
primarily for Vietnam (375,200 pounds). Exports of 165,400 pounds were to China (86,300 pounds) and Vietnam (79,100 pounds).

Beef:  Net sales of 10,100 MT reported
for 2020 were up noticeably from the previous week, but down 15 percent from the prior 4-week average.  Increases primarily for Japan (3,800 MT, including decreases of 800 MT), South Korea (2,200 MT, including decreases of 1,300 MT), Canada (1,700 MT, including
decreases of 100 MT), Mexico (700 MT, including decreases of 200 MT), and China (700 MT, including decreases of 200 MT), were offset by reductions primarily for Hong Kong (200 MT) and  Colombia (100 MT).  For 2021, net sales of 4,500 MT were primarily for
South Korea (1,300 MT), Mexico (1,200 MT), Japan (800 MT), and Taiwan (500 MT).  Exports of 19,300 MT were up 6 percent from the previous week, but unchanged from the prior 4-week average.  The destinations were primarily to South Korea (4,800 MT), Japan (4,600
MT), Mexico (2,900 MT), China (2,400 MT), and Canada (1,300 MT).

Pork:  Net sales of 39,900 MT reported for 2020 were up 51 percent from the previous week and from the prior 4-week average.  Increases primarily
for Mexico (22,400 MT, including decreases of 900 MT), China (11,600 MT, including decreases of 1,500 MT), Canada (1,900 MT, including decreases of 400 MT), Japan (1,700 MT, including decreases of 200 MT), and Colombia (800 MT, including decreases of 200 MT),
were offset by reductions primarily for Australia (300 MT).  For 2021, net sales of 44,300 MT were primarily for China (26,100 MT), Japan (8,500 MT), South Korea (4,600 MT), Colombia (1,500 MT), and Mexico (1,100 MT).  Exports of 42,000 MT were unchanged from
the previous week, but up 8 percent from the prior 4-week average.  The destinations were primarily to Mexico (14,600 MT), China (12,800 MT), Japan (4,500 MT), South Korea (3,400 MT), and Canada (1,800 MT).  

 

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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