Beef Export Sales Soar

Posted on Thu, 11/19/2020 - 07:47

Strong buying by South Korea, Mexico, Japan and Hong Kong pushed beef sales for 2020 and 2021 to 60,500 MT for the week ending Nov. 12, with 2020 sales easily registering a marketing-year high. Beef exports also hit their highest level for the 2020 season.

On the other hand, soybean export sales hit a new marketing-year low for the second week in a row. But the 1.388 MMT tally speaks to the strength of sales to date. China accounted for nearly 1.1 MMT of the sales. Also of note, soyoil sales ere pretty impressive the week ending Nov. 12.

Corn sales topped expectations but were down 43% from the prior four-week average. Wheat sales fell short of subdued expectations and marked a new low for the 2020-21 marketing year. Cotton sales were also light.

 

USDA Weekly Export Sales Report

Week Ended Nov. 12, 2020

Corn

Actual Sales (in MT)

2020-21: 1,088,600

Expectations (in MT)

2020-21: 600,000-1,000,000

Weekly Sales Details

Net sales of 1,088,600 MT for 2020-21 were up 11% from the previous week, but down 43% from the prior 4-week average.  Increases primarily for Mexico (244,300 MT, including decreases of 2,300 MT), Japan (203,400 MT, including 57,000 MT switched from unknown destinations and decreases of 51,100 MT), China (174,700  MT), Colombia (171,700 MT, including decreases of 600 MT), and Taiwan (138,000 MT, including 65,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (162,000 MT), Guatemala (28,300 MT), and France (20,000 MT).

Weekly Export Details

Exports of 844,600 MT were up 16% from the previous week and 9% from the prior 4-week average.  The destinations were primarily to China (278,700 MT), Mexico (205,200 MT), Japan (159,400 MT), Venezuela (67,500 MT late - see below), and Peru (52,100 MT).

Comments and Performance Indicators

Export commitments are 166% ahead of year ago a few weeks into the marketing year, which compares to 174% ahead last week. USDA projects exports in 2020-21 at 2.650 billion bu., up 49.0% from the previous marketing year.

Wheat

Actual Sales (in MT)

2020-21: 192,400

Expectations (in MT)

2020-21: 250,000-500,000

Weekly Sales Details

Net sales of 192,400 metric tons (MT) for 2020-21—a marketing-year low—were down 36% from the previous week and 62% from the prior 4-week average.  Increases primarily for China (125,000 MT), Mexico (28,700 MT, including decreases of 500 MT), and Japan (25,400 MT), were offset by reductions for the Philippines (1,100 MT), Panama (800 MT), and the United Arab Emirates (100 MT). 

Weekly Export Details

Exports of 270,500 MT were down 24% from the previous week and 17% from the prior 4-week average.  The destinations were primarily to the Philippines (78,900 MT), Japan (57,000 MT), Taiwan (52,000 MT), South Korea (34,700 MT), and Panama (24,400 MT).

Comments and Performance Indicators

Export commitments are 11% ahead of year-ago compared with 13% ahead of year-ago the week prior. USDA projects exports in 2020-21 at 975 million bu., up 1.0% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2020-21: 1,387,700

Expectations (in MT)

2020-21: 600,000-1,200,000

Weekly Sales Details

Net sales of 1,387,700 MT for 2020-21—a marketing-year low—were down 6% from the previous week and 18% from the prior 4-week average.  Increases primarily for China (1,060,800 MT, including 528,000 MT switched from unknown destinations and decreases of 8,000 MT), Mexico (155,900 MT, including decreases of 600 MT), Spain (144,700 MT, including 122,300 MT switched from unknown destinations MT), Taiwan (83,400 MT, including decreases of 300 MT), and Indonesia (77,700 MT, including 16,500 MT switched from Taiwan and decreases of 200 MT), were offset by reductions for unknown destinations (436,600 MT).

Weekly Export Details

Exports of 2,558,500 MT were down 20% from the previous week and 6% from the prior 4-week average.  The destinations were primarily to China (1,844,900 MT), Egypt (169,900 MT), Mexico (126,700 MT), Spain (124,700 MT), and Taiwan (59,700 MT). 

Comments and Performance Indicators

Export commitments are 117% ahead of year-ago early in the marketing year, which compares to 125% ahead the week prior. USDA projects exports in 2020-21 at 2.200 billion bu., up 31.3% from year-ago.

Soymeal

Actual Sales (in MT)

2020-21: 182,100

Expectations

2020-21: 100,000-300,000

Weekly Sales Details

Net sales of 182,100 MT for 2020-21, resulting in increases primarily for Mexico (63,100 MT, including decreases of 4,200 MT), Venezuela (33,700 MT, late – see below), Ecuador (27,800 MT, including 30,000 MT switched from unknown destinations and decreases of 2,800 MT), Denmark (27,500 MT, including 25,000 MT switched from unknown destinations), and Colombia (27,100 MT, including decreases of 17,700 MT), were offset by reductions primarily for unknown destinations (55,000 MT)

Weekly Export Details

Exports of 317,700 MT were primarily to Ecuador (56,500 MT), the Philippines (48,000 MT), Colombia (43,500 MT), Mexico (40,400 MT), and Venezuela (33,700 MT, late).

Comments and Performance Indicators

Export commitments are 2% ahead of year-ago early in the marketing year, which compares to 2% ahead the week prior. USDA projects exports in 2020-21 will slip 4.1% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2020-21: 45,100

Expectations

2020-21: 8,000-40,000

Weekly Sales Details

Net sales of 45,100 MT for 2020-21, resulting in increases primarily for South Korea (25,500 MT), the Dominican Republic (19,400 MT), Canada (2,900 MT), and Guatemala (400 MT, including decreases of 100 MT), were offset by reductions for Mexico (3,200 MT).

Weekly Export Details

Exports of 2,900 MT were primarily to Mexico (2,200 MT) and Canada (500 MT).

Comments and Performance Indicators

Export commitments are 18% ahead of year-ago early in 2020-21, which compares to 18% ahead the week prior. USDA projects exports will fall 8.4% this season.

Cotton

Actual Sales (in RB)

2020-21: 131,400

Weekly Sales Details

Net sales of 131,400 RB for 2020-21 were down 45% from the previous week and 40% from the prior 4-week average.  Increases primarily for Vietnam (64,000 RB, including 4,700 RB switched from China and 2,100 RB switched from Japan), Pakistan (33,100 RB), Turkey (22,500 RB), Indonesia (13,100 RB, including 2,900 RB switched from Japan and decreases of 300 RB), and Malaysia (5,500 RB), were offset by reductions primarily for China (24,200 RB) and Japan (5,000 RB).

Weekly Export Details

Exports of 277,300 RB were down 5% from the previous week, but up 13% from the prior 4-week average. Exports were primarily to China (134,700 RB), Pakistan (34,800 RB), Vietnam (33,700 RB), Turkey (17,600 RB), and Mexico (13,900 RB).

Comments and Performance Indicators

Export commitments are 9% behind 2019-20, which compares to 8% behind last week. USDA forecasts total cotton exports will slide 6.0% to 14.6 million bales this marketing year.

Beef

Actual Sales (in MT)

Combined: 60,500
2020: 46,400
2021: 14,100

Weekly Sales Details

Net sales of 46,400 MT reported for 2020—a marketing-year high—were up noticeably from the previous week and from the prior 4-week average.  Increases were primarily for South Korea (17,300 MT, including decreases of 800 MT), Mexico (10,600 MT, including decreases of 200 MT), Japan (7,000 MT, including decreases of 700 MT), Hong Kong (3,200 MT, including decreases of 200 MT), and Taiwan (2,500 MT, including decreases of 100 MT).  For 2021, net sales of 14,100 MT were primarily for South Korea (8,500 MT), Japan (2,900 MT), and Hong Kong (900 MT). 

Weekly Export Details

Exports of 22,300 MT—a marketing-year high—were up 58% from the previous week and 27% from the prior 4-week average.  The destinations were primarily to South Korea (6,200 MT), Japan (5,900 MT), Mexico (2,600 MT), China (2,200 MT), and Hong Kong (1,700 MT).

Comments and Performance Indicators

Sales totaled 17,600 MT last week. USDA projects 2020 exports will drop 4.0% from year-ago levels.

Pork

Actual Sales (in MT)

Combined: 31,200
2020: 28,900
2021: 2,300

Weekly Sales Details

Net sales of 28,900 MT reported for 2020 were down 32% from the previous week and 18% from the prior 4-week average.  Increases primarily for Mexico (8,700 MT, including decreases of 600 MT), Canada (5,100 MT, including decreases of 400 MT), South Korea (5,000 MT, including decreases of 800 MT), Japan (3,900 MT, including decreases of 700 MT), and China (2,100 MT, including decreases of 1,400 MT), were offset by reductions primarily for Vietnam (100 MT).  For 2021, net sales of 2,300 MT were primarily for China (900 MT), South Korea (700 MT), and the Philippines (200 MT).

Weekly Export Details

Exports of 38,800 MT were up 2% from the previous week and 4% from the prior 4-week average.  The destinations were primarily to China (13,100 MT), Mexico (12,000 MT), Japan (4,900 MT), South Korea (2,200 MT), and Canada (1,800 MT).

Comments and Performance Indicators

Sales totaled 58,600 MT last week. USDA projects exports in 2020 will surge 15.9% from year-ago.