Soybean Export Sales Dive at Year-end

Posted on Thu, 01/07/2021 - 07:49

Sales of many commodities were notably light the final week of the 2020, with USDA reporting net sales reductions for pork and beef.

 

USDA Weekly Export Sales Report

Week Ended Dec. 31, 2020

Corn

Actual Sales (in MT)

2020-21: 748,900

Expectations (in MT)

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

Weekly Sales Details

Net sales of 748,900 MT for 2020-21 were down 22% from the previous week and 39% from the prior four-week average.  Increases primarily for Japan (174,500 MT, including 31,900 MT switched from unknown destinations and decreases of 2,000 MT), unknown destinations (153,000 MT), Mexico (101,300 MT, including 31,000 MT switched from unknown destinations and decreases of 69,500 MT), China (90,400 MT, including 70,000 MT switched from unknown destinations), and Peru (81,000 MT), were offset by reductions for Canada (2,200 MT). 

Weekly Export Details

Exports of 1,027,900 MT were down 23% from the previous week, but up 7% from the prior four-week average.  The destinations were primarily to China (421,400 MT), Mexico (307,500 MT), Japan (112,600 MT), Colombia (102,300 MT), and Guatemala (28,200 MT).

Comments and Performance Indicators

Export commitments are 137% ahead of year-ago, which compares to 135% 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)

Combined; 281,300
2020-21: 275,300
2021-22: 6,000

Expectations (in MT)

2020-21: 250,000-500,000

Weekly Sales Details

Net sales of 275,300 metric tons (MT) for 2020-21 were down 47% from the previous week and from the prior four-week average.  Increases primarily for Taiwan (82,300 MT), China (55,400 MT), Mexico (33,700 MT, including decreases of 26,800 MT), the Philippines (33,300 MT), and Nigeria (33,000 MT), were offset by reductions primarily for Italy (10,000 MT) and Vietnam (4,000 MT).  For 2020-21, total net sales of 6,000 MT were for the Philippines. 

Weekly Export Details

Exports of 418,700 MT were down 4% from the previous week, but up 5% from the prior four-week average.  The destinations were primarily to the Philippines (127,300 MT), Mexico (91,800 MT), China (68,000 MT), Japan (60,800 MT), and Nigeria (47,500 MT).

Comments and Performance Indicators

Export commitments are 10% ahead of year-ago compared with 9% ahead of year-ago the week prior. USDA projects exports in 2020-21 at 985 million bu., up 2.1% from the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 116,800
2020-21: 37,000
2021-22: 79,800

Expectations (in MT)

2020-21: 400,000-800,000
2021-22: 100,000-300,000

Weekly Sales Details

Net sales of 37,000 MT for 2020-21--a marketing-year low--were down 95% from the previous week and 94% from the prior four-week average.  Increases primarily for China (369,000 MT, including 462,000 MT switched from unknown destinations, 66,000 MT switched from South Korea, and decreases of 346,800 MT), Germany (122,700 MT), Spain (72,500 MT, including 65,000 MT switched from unknown destinations), Pakistan (70,100 MT, including 66,000 MT switched from unknown destinations), and Portugal (60,500 MT, including 60,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (769,500 MT).  For 2021-22, net sales of 79,800 MT were for China (63,000 MT) and Japan (16,800 MT). 

Weekly Export Details

Exports of 1,857,000 MT were down 24% from the previous week and 26% from the prior four-week average.  The destinations were primarily to China (1,084,400 MT), Mexico (127,300 MT), Germany (122,700 MT), Spain (72,500 MT), and Pakistan (70,100 MT).

Comments and Performance Indicators

Export commitments are 84% ahead of year-ago early in the marketing year, which compares to 86% 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)

Combined: 124,800
2020-21: 124,100
2021-22: 700

Expectations

2020-21: 75,000-250,000

Weekly Sales Details

Net sales of 124,100 MT for 2020-21 were up 63% from the previous week, but down 32% from the prior four-week average.  Increases reported for Vietnam (49,100 MT, including 45,000 MT switched from unknown destinations), Bangladesh (45,000 MT), Costa Rica (22,000 MT), Mexico (11,600 MT, including decreases of 9,100 MT), and Canada (9,100 MT), were offset by reductions primarily for unknown destinations (43,900 MT).  For 2021-22, total net sales of 700 MT were for Canada.

Weekly Export Details

Exports of 280,000 MT were down 2% from the previous week, but up 5% from the prior four-week average.  The destinations were primarily to Vietnam (51,200 MT), Denmark (48,000 MT), the Philippines (46,600 MT), Mexico (46,200 MT), and Canada (22,400 MT).

Comments and Performance Indicators

Export commitments are 6% ahead of year-ago, which compares to 5% ahead the week prior. USDA projects exports in 2020-21 will slip 0.5% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2020-21: 3,500

Expectations

2020-21: 20,000-65,000

Weekly Sales Details

Net sales of 3,500 MT for 2020-21 primarily for Mexico (1,800 MT), Haiti (1,500 MT), and Colombia (800 MT, including decreases of 200 MT), were offset by reductions primarily for Venezuela (500 MT).

Weekly Export Details

Exports of 11,100 MT were primarily to Colombia (3,300 MT), Costa Rica (3,000 MT), El Salvador (2,000 MT), Haiti (1,500 MT), and Mexico (1,100 MT).

Comments and Performance Indicators

Export commitments for 2020-21 are 15% ahead of year-ago, which compares to 15% behind year-ago the week prior. USDA projects exports will dip 3.1% this season.

Cotton

Actual Sales (in RB)

2020-21: 153,100

Weekly Sales Details

Net sales of 153,100 RB for 2020-21 were down 47% from the previous week and 60% from the prior four-week average.  Increases were primarily for Pakistan (69,500 RB), China (36,700 RB, including 6,600 RB switched from Vietnam, 2,900 RB switched from Hong Kong, and decreases of 14,300 RB), Turkey (24,900 RB), South Korea (6,100 RB), and Japan (5,500 RB), were offset by reductions primarily for Bangladesh (11,900 RB).

Weekly Export Details

Exports of 270,000 RB were down 2% from the previous week and 4% from the prior four-week average.  Exports were primarily to China (167,600 RB), Pakistan (28,500 RB), Vietnam (23,600 RB), Bangladesh (9,200 RB), and Indonesia (8,700 RB).

Comments and Performance Indicators

Export commitments are 1% behind 2019-20, which compares to 1% behind last week. USDA forecasts total cotton exports will slide 3.4% to 15.0 million bales this marketing year.

Beef

Actual Sales (in MT)

2020: -1,200

Weekly Sales Details

Net sales reductions of 1,200 MT for 2020 resulting in increases for South Korea (100 MT), were more than offset by reductions primarily for Japan (1,100 MT). 

Outstanding sales on December 31 totaled 98,000 MT and were carried over to 2021.

Weekly Export Details

Exports of 12,100 MT were primarily to Japan (3,700 MT), South Korea (3,200 MT), Mexico (1,400 MT), China (1,200 MT), and Taiwan (800 MT).  Accumulated exports for 2020 totaled 851,800 MT, up 3% from the 823,500 MT exported in 2019.

Comments and Performance Indicators

USDA reported sales totaling 29,300 MT for 2020 and 2021 combined last week. USDA projects 2020 exports will drop 4.0% from year-ago levels.

Pork

Actual Sales (in MT)

2020: -8,600

Weekly Sales Details

Net sales reductions of 8,600 MT for 2020, resulting in increases for Mexico (3,500 MT) and South Korea (500 MT), were more than offset by reductions primarily for China (11,300 MT) and Japan (700 MT).

Outstanding sales on Dec. 31 totaled 158,000 MT and were carried over to 2021.

Weekly Export Details

Exports of 26,700 MT were primarily to China (9,400 MT), Mexico (7,000 MT), Japan (3,500 MT), South Korea (1,700 MT), and Australia (1,100 MT).  Accumulated exports for 2020 totaled 1,938,000 MT, up 16% from the 1,624,000 MT exported in 2019.

Comments and Performance Indicators

Sales totaled 54,000 MT for 2020 and 2021 combined last week. USDA projects exports in 2020 will surge 15.9% from year-ago.