New-crop Wheat Sales Impress

Posted on Thu, 04/08/2021 - 08:08

Strong wheat sales for 2021-22 more than made up for light old-crop sales, with China the lead buyer. Exports were also up 23% from the prior four-week average with China as the top destination.

On the other hand, updates on the soybean front were bearish. China made a 216,100 MT net-sales reduction for old-crop beans that was only partially offset by new sales. New-crop corn sales also failed to impress, though China was the lead buyer, and exports of the oilseed hit a new marketing year.

Corn sales were in line with expectations, with exports holding strong at more than 2 MMT.

Cotton sales were rather lackluster, but exports perked up a bit from recent weeks. Shipments still fell shy of 400,000 RB, however.

 

USDA Weekly Export Sales Report

Week Ended April 1, 2021

Corn

Actual Sales (in MT)

Combined: 807,000
2020-21: 757,000
2021-22: 50,000

Expectations (in MT)

2020-21: 500,000-900,000
2021-22: 50,000-300,000

Weekly Sales Details

Net sales of 757,000 MT for 2020-21 were down 5% from the previous week and 54% from the prior 4-week average.  Increases primarily for Japan (285,300 MT, including 135,300 MT switched from unknown destinations and decreases of 2,900 MT), South Korea (247,600 MT, including decreases of 20,200 MT), Colombia (122,200 MT, including 50,000 MT switched from unknown destinations and decreases of 8,700 MT), China (99,000 MT, including  70,000 MT switched from unknown destinations), and Mexico (67,700 MT, including decreases of 10,000 MT), were offset by reductions primarily for unknown destinations (164,800 MT).  For 2021-22, net sales of 50,000 MT reported for Mexico (90,000 MT) and Guatemala (10,000 MT), were offset by reductions for unknown destinations (50,000 MT).

Weekly Export Details

Exports of 2,053,400 MT were up 4% from the previous week and 6% from the prior 4-week average.  The destinations were primarily to China (578,500 MT), Mexico (473,600 MT), Japan (366,100 MT), South Korea (242,500 MT), and Colombia (120,400 MT). 

Comments and Performance Indicators

Export commitments are 97% ahead of year-ago, which compares to 106% ahead last week. USDA projects exports in 2020-21 at 2.600 billion bu., up 46.2% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 611,900
2020-21: 82,000
2021-22: 529,900

Expectations (in MT)

2020-21: 100,000-500,000
2021-22: 50,000-200,000

Weekly Sales Details

Net sales of 82,000 metric tons (MT) for 2020-21--a marketing-year low--were down 67% from the previous week and 75% from the prior 4-week average.  Increases primarily for South Korea (49,300 MT, including 45,000 MT switched from unknown destinations and decreases of 3,900 MT), the Philippines (29,300 MT), Japan (28,900 MT), Mexico (23,500 MT, including decreases of 3,900 MT), and Panama (19,300 MT), were offset by reductions primarily for China (56,700 MT), unknown destinations (50,000 MT), and El Salvador (7,500 MT).  For 2021-22, net sales of 529,900 MT were primarily for China (260,000 MT), unknown destinations (154,600 MT), South Korea (83,000 MT), Honduras (15,000 MT), and the Dominican Republic (12,500 MT).

Weekly Export Details

Exports of 634,200 MT were up noticeably from the previous week and up 23% from the prior 4-week average.  The destinations were primarily to China (200,300 MT), Mexico (129,100 MT), South Korea (123,400 MT), the Philippines (57,200 MT), and Ecuador (29,500 MT).  

Comments and Performance Indicators

Export commitments are 1% ahead of year-ago compared with 2% 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: 246,100
2020-21: -92,500
2021-22: 338,600

Expectations (in MT)

2020-21: 100,000-450,000
2021-22: 0-200,000

Weekly Sales Details

Net sales reductions 92,500 MT for 2020-21--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average.  Increases primarily for Egypt (66,200 MT, including 65,000 MT switched from unknown destinations and decreases of 2,500 MT), Japan (40,700 MT, including 8,800 MT switched from unknown destinations), Indonesia (21,100 MT, including decreases of 200 MT), Mexico (13,200 MT, including decreases of 900 MT), and Saudi Arabia (10,400 MT, including 9,500 MT switched from unknown destinations), were offset by reductions primarily for China (216,100 MT).  For 2021-22, net sales of 338,600 MT were reported for China (264,000 MT), Taiwan (65,000 MT), Mexico (10,000 MT), and Thailand (300 MT), were offset by reductions for Japan (700 MT).

Weekly Export Details

Exports of 345,200 MT--a marketing-year low--were down 25% from the previous week and 37% from the prior 4-week average.  The destinations were primarily to Egypt (119,200 MT), Mexico (76,500 MT), Costa Rica (27,100 MT), Indonesia (26,100 MT), and Taiwan (18,500 MT). 

Comments and Performance Indicators

Export commitments are 63% ahead of year-ago early in the marketing year, which compares to 66% ahead the week prior. USDA projects exports in 2020-21 at 2.250 billion bu., up 33.8% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 132,500
2020-21: 127,700
2021-22: 4,800

Expectations

2020-21: 100,000-250,000
2021-22: 0-50,000

Weekly Sales Details

Net sales of 127,700 MT for 2020-21 were down 9% from the previous week and 36% from the prior 4-week average.  Increases primarily for Mexico (40,900 MT), Canada (39,300 MT, including decreases of 700 MT), Colombia (16,800 MT, including decreases of 2,700 MT), Japan (8,500 MT), and Belgium (5,900 MT), were offset by reductions for El Salvador (5,100 MT) and Jamaica (4,400 MT).  For 2021-22, net sales of 4,800 MT were primarily for Mexico.

Weekly Export Details

Exports of 249,600 MT were down 3% from the previous week and 1% from the prior 4-week average.  The destinations were primarily to the Philippines (43,100 MT), Mexico (35,100 MT), Canada (34,000 MT), the Dominican Republic (32,000 MT), and Colombia (27,600 MT).

Comments and Performance Indicators

Export commitments are 1% ahead of year-ago, which compares to 2% ahead of year-ago the week prior. USDA projects exports in 2020-21 will climb 1.2% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2020-21: 15,700

Expectations

2020-21: 0-30,000

Weekly Sales Details

Net sales of 15,700 MT for 2020-21 were up noticeably from the previous week and up 53% from the prior 4-week average.  Increases primarily for South Korea (15,000 MT), Mexico (700 MT), and the Dominican Republic (500 MT), were offset by reductions for Colombia (500 MT).

Weekly Export Details

Exports of 7,200 MT were down 32% from the previous week and 69% from the prior 4-week average.  The destinations were primarily to South Korea (5,300 MT), Mexico (1,200 MT), and Canada (700 MT).

Comments and Performance Indicators

Export commitments for 2020-21 are 29% behind year-ago, which compares to 29% behind year-ago the week prior. USDA projects exports will dip 8.4% this season.

Cotton

Actual Sales (in RB)

Combined: 318,900
2020-21: 269,900
2021-22: 49,000

Weekly Sales Details

Net sales of 269,900 RB for 2020-21 were up noticeably from the previous week and up 8% from the prior 4-week average.  Increases primarily for Vietnam (136,200 RB, including 4,400 RB switched from China and 2,200 RB switched from Hong Kong), Pakistan (49,900 RB, including decreases of 200 RB), China (31,200 RB, including decreases of 8,300 RB), Turkey (21,800 RB), and South Korea (7,900 RB), were offset by reductions primarily for Hong Kong (2,200 RB) and Malaysia (300 RB).  For 2021-22, net sales of 49,000 RB were primarily for Indonesia (13,200 RB), China (13,200 RB), Turkey (11,800 RB), Pakistan (5,700 RB), and Mexico (2,600 RB).

Weekly Export Details

Exports of 371,700 RB were up 15% from the previous week and 11% from the prior 4-week average.  Exports were primarily to Vietnam (121,200 RB), Pakistan (53,000 RB), Turkey (51,300 RB), China (45,800 RB), and Mexico (16,700 RB). 

Comments and Performance Indicators

Export commitments are 3% behind 2019-20, which compares to 5% behind year-ago last week. USDA forecasts total cotton exports will dip just 0.2% from year-ago to 15.5 million bales this marketing year.

Beef

Actual Sales (in MT)

2021: 18,200

Weekly Sales Details

Net sales of 18,200 MT reported for 2021 were down 3% from the previous week and 14% from the prior 4-week average.  Increases primarily for South Korea (9,100 MT, including decreases of 700 MT), Japan (4,200 MT, including decreases of 400 MT), China (1,900 MT, including decreases of 100 MT), Mexico (1,300 MT, including decreases of 100 MT), and Taiwan (700 MT, including decreases of 100 MT), were offset by reductions primarily for the Philippines (300 MT) and Vietnam (100 MT).

Weekly Export Details

Exports of 18,800 MT were up 1% from the previous week and 4% from the prior 4-week average.  The destinations were primarily to South Korea (6,500 MT), Japan (4,700 MT), China (3,200 MT), Mexico (1,100 MT), and Taiwan (1,000 MT).

Comments and Performance Indicators

USDA reported sales of 18,700 MT last week. USDA projects 2021 exports will climb 6.4% from year-ago levels.

Pork

Actual Sales (in MT)

2021: 33,400

Weekly Sales Details

Net sales of 33,400 MT reported for 2021 were down 45% from the previous week and 22% from the prior 4-week average.  Increases were primarily for Mexico (23,000 MT, including decreases of 500 MT), Japan (3,400 MT, including decreases of 300 MT), Australia (1,600 MT, including decreases of 100 MT), China (1,200 MT, including decreases of 1,000 MT), and South Korea (1,200 MT, including decreases of 400 MT).

Weekly Export Details

Exports of 38,400 MT were down 5% from the previous week and 3% from the prior 4-week average.  The destinations were primarily to China (13,400 MT), Mexico (7,800 MT), Japan (5,400 MT), South Korea (3,300 MT), and the Philippines (1,700 MT). 

Comments and Performance Indicators

USDA reported net sales of 61,000 MT last week. USDA projects exports in 2021 will edge just 1.5% lower.