Another week of outsized corn export sales, driven by known business to China

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China bought a total of 5.812 MMT of corn the week ending May 20, with 5.644 MMT of those purchases being new-crop. It also imported 847,000 MT of the grain last week. The next biggest buyer and importer of corn was Mexico.

New-crop sales of wheat topped expectations and exports of the grain were solid. Soybean sales for 2021-22 were near the low end of expectations.

Export sales and shipments of pork were both strong, with Mexico the top buyer and destination, followed by China. Beef sales were also up from last week’s revised tally, with China topping the list of buyers.

 

USDA Weekly Export Sales Report

Week Ended May 20, 2021

Corn

Actual Sales (in MT)

Combined: 6,247,200
2020-21: 555,900
2021-22: 5,691,300

Expectations (in MT)

2020-21: -100,000-400,000
2021-22: 5,900,000-7,000,000

Weekly Sales Details

Net sales of 555,900 MT for 2020-21 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Mexico (378,200 MT, including decreases of 2,100 MT), China (168,000 MT, including 66,000 MT switched from unknown destinations), South Korea (64,500 MT, including 65,000 MT switched from unknown destinations and decreases of 3,100 MT), Panama (23,700 MT, including 6,500 MT switched from Colombia (2,900 MT, switched from El Salvador and decreases of 8,200 MT), and Honduras (6,500 MT), were offset by reductions primarily for unknown destinations (70,500 MT).  For 2021-22, net sales of 5,691,300 MT primarily for China (5,644,000 MT), Panama (131,900 MT), Japan (50,000 MT), Costa Rica (32,000 MT), and unknown destinations (9,000 MT), were offset by reductions for Mexico (178,000 MT). 

 

Exports of 1,850,000 MT were down 17% from the previous week and 6% from the prior 4-week average.  The destinations were primarily to China (847,000 MT), Mexico (379,000 MT), Colombia (200,700 MT), Japan (200,000 MT), and South Korea (61,500 MT). 

Comments and Performance Indicators

Export commitments are 72% ahead of year-ago, which compares to 73% ahead last week. USDA projects exports in 2020-21 at 2.775 billion bu., up 56.1% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 403,300
2020-21: 29,500
2021-22: 373,800

Expectations (in MT)

2020-21: -75,000-150,000
2021-22: 150,000-350,000

Weekly Sales Details

Net sales of 29,500 metric tons (MT) for 2020/2021 were down 76 percent from the previous week and 58 percent from the prior 4-week average.  Increases primarily for Canada (10,400 MT, including decreases of 2,600 MT), Burma (7,000 MT, switched from Malaysia), the Philippines (4,600 MT, including decreases of 200 MT), Indonesia (4,200 MT, including 600 MT switched from Vietnam), and Japan (2,700 MT), were offset by reductions for Malaysia (6,300 MT) and Mexico (6,100 MT).  For 2021/2022, net sales of 373,800 MT primarily for Nigeria (78,000 MT), Japan (65,000 MT), the Philippines (60,000 MT), Taiwan (59,200 MT), and Vietnam (53,000 MT), were offset by reductions for unknown destinations (500 MT). 

Weekly Export Details

Exports of 529,300 MT were down 7 percent from the previous week and 5 percent from the prior 4-week average.  The destinations were primarily to Japan (92,300 MT), Mexico (85,800 MT), the Philippines (68,100 MT), China (62,900 MT), and Indonesia (57,600 MT).  

Comments and Performance Indicators

Export commitments are 4% behind year-ago compared with 3% behind year-ago the week prior. USDA projects exports in 2020-21 at 965 million bu., steady with the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 304,200
2020-21: 55,900
2021-22: 248,300

Expectations (in MT)

2020-21: -200,000-200,000
2021-22: 225,000-600,000

Weekly Sales Details

Net sales of 55,900 MT for 2020-21 were down 34% from the previous week and 65% from the prior 4-week average.  Increases primarily for Indonesia (74,900 MT, including 55,000 MT switched from unknown destinations and decreases of 300 MT), Egypt (52,000 MT, switched from unknown destinations), Mexico (34,800 MT, including decreases of 200 MT), Japan (13,700 MT, including decreases of 3,500 MT), and Vietnam (13,600 MT), were offset by reductions primarily for unknown destinations (168,100 MT).  For 2021-22, net sales of 248,300 MT were primarily for Mexico (162,500 MT) and unknown destinations (45,000 MT).

Weekly Export Details

Exports of 294,600 MT were down 12% from the previous week and 4% from the prior 4-week average.  The destinations were primarily to Indonesia (84,800 MT), Mexico (72,700 MT), Egypt (52,000 MT), Japan (32,900 MT), and Taiwan (13,200 MT). 

Comments and Performance Indicators

Export commitments are 47% ahead of year-ago early in the marketing year, which compares to 49% ahead the week prior. USDA projects exports in 2020-21 at 2.280 billion bu., up 35.6% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 274,300
2020-21: 197,400
2021-22: 76,900

Expectations

2020-21: 100,000-300,000
2021-22: 0-75,000

Weekly Sales Details

Net sales of 197,400 MT for 2020-21 were up 4% from the previous week and 26% from the prior 4-week average.  Increases primarily for unknown destinations (53,500 MT), the Philippines (48,600 MT), Mexico (37,600 MT, including decreases of 2,300 MT), the Dominican Republic (11,000 MT), and Sri Lanka (9,900 MT), were offset by reductions primarily for Belgium (4,300 MT) and Guatemala (2,500 MT).  For 2021-22, net sales of 76,900 MT were for Panama (46,900 MT) and Canada (30,000 MT).

Weekly Export Details

Exports of 192,100 MT were up noticeably from the previous week and up 13% from the prior 4-week average.  The destinations were primarily to the Philippines (50,100 MT), Mexico (34,500 MT), Morocco (30,300 MT), Colombia (26,900 MT), and Canada (18,800 MT).

Comments and Performance Indicators

Export commitments are 1% ahead of year-ago, which compares to 1% 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: 1,700

Expectations

2020-21: -10,000-25,000

Weekly Sales Details

Net sales of 1,700 MT for 2020-21 were down noticeably from the previous week, but up 14% from the prior 4-week average.  Increases were primarily for Canada (1,400 MT, including decreases of 200 MT).

Weekly Export Details

Exports of 1,000 MT were down 93% from the previous week and 92% from the prior 4-week average.  The destinations were to Canada (600 MT) and Mexico (400 MT). 

Comments and Performance Indicators

Export commitments for 2020-21 are 42% behind year-ago, which compares to 39% behind year-ago the week prior. USDA projects exports will fall 19.0% this season.

Cotton

Actual Sales (in RB)

Combined: 263,600
2020-21: 171,200
2021-22: 92,400

Weekly Sales Details

Net sales of 171,200 RB for 2020-21 were up 59% from the previous week and up noticeably from the prior 4-week average.  Increases primarily for China (42,800 RB, including 800 RB switched from Hong Kong and decreases of 1,400 RB), Pakistan (39,500 RB), Vietnam (21,900 RB, including 1,100 RB switched from Japan, 1,100 RB switched from South Korea, and decreases of 800 RB), Turkey (19,400 RB, including decreases of 2,500 RB), and Indonesia (7,600 RB, including 1,300 RB switched from Japan and decreases of 800 RB), were offset by reductions primarily for South Korea (1,100 RB) and Hong Kong (800 RB).  For 2021-22, net sales of 92,400 RB were primarily for Turkey (37,000 RB), Mexico (35,200 RB), Pakistan (6,600 RB), Thailand (6,500 RB), and South Korea (4,000 RB).

Weekly Export Details

Exports of 323,500 RB were down 6% from the previous week and 9% from the prior 4-week average.  Exports were primarily to Vietnam (83,300 RB), China (57,900 RB), Turkey (43,800 RB), Pakistan (40,700 RB), and Indonesia (28,000 RB). 

Comments and Performance Indicators

Export commitments are 5% behind 2019-20, which compares to 6% behind year-ago last week. USDA forecasts total cotton exports will rise 4.6% from year-ago to 16.25 million bales this marketing year.

Beef

Actual Sales (in MT)

2021: 27,900

Weekly Sales Details

Net sales of 27,900 MT reported for 2021 were up 19% from the previous week and 45% from the prior 4-week average.  Increases were primarily for China (9,000 MT, including decreases of 100 MT), Japan (8,800 MT, including decreases of 500 MT), South Korea (6,000 MT, including decreases 400 MT), Indonesia (1,100 MT), and Taiwan (1,000 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 19,400 MT were down 1% from the previous week, but up 4% from the prior 4-week average.  The destinations were primarily to Japan (5,400 MT), South Korea (4,900 MT), China (3,500 MT), Taiwan (1,300 MT), and Mexico (1,300 MT). 

Comments and Performance Indicators

USDA reported sales of 23,200 MT last week. USDA projects 2021 exports will climb 9.2% from year-ago levels.

Pork

Actual Sales (in MT)

2021: 45,900

Weekly Sales Details

Net sales of 45,900 MT reported for 2021 were up noticeably from the previous week and up 56% from the prior 4-week average.  Increases primarily for Mexico (21,800 MT, including decreases of 700 MT), China (9,600 MT, including decreases of 400 MT), Japan (7,700 MT, including decreases of 200 MT), Canada (3,000 MT, including decreases of 400 MT), and Colombia (1,100 MT, including decreases of 100 MT), were offset by reductions for Peru (100 MT). 

Weekly Export Details

Exports of 47,800 MT were up 38% from the previous week and 11% from the prior 4-week average.  The destinations were primarily to Mexico (16,800 MT), China (13,500 MT), Japan (4,800 MT), South Korea (3,000 MT), and Canada (2,200 MT).

Comments and Performance Indicators

USDA reported net sales of 19,000 MT last week. USDA projects exports in 2021 will climb 2.0% from last year’s strong tally.

 

 

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