Light corn and soybean export sales, as expected

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Memorial Day coincided with the reporting period, which may have limited business to some degree.

New-crop wheat sales were in line with expectations. While cotton export sales slowed, shipments of the fiber were still pretty solid at nearly 260,000 RB, with China as the lead buyer.

Sales of beef edged higher, and exports of the meat registered a marketing-year high, a reversal after hitting a marketing year-low the week prior.

Pork export sales slowed 24% from the prior four-week average, but China was the lead buyer. Shipments of the meat hit a marketing-year low of 27,500 MT.

 

USDA Weekly Export Sales Report

Week Ended June 3, 2021

Corn

Actual Sales (in MT)

Combined: 306,000
2020-21: 189,600
2021-22: 26,400

Expectations (in MT)

2020-21: 100,000-500,000
2021-22: 200,000-600,000

Weekly Sales Details

Net sales of 189,600 MT for 2020-21 were down 64% from the previous week and 39% from the prior 4-week average.  Increases primarily for Japan (203,700 MT, including 199,900 MT switched from unknown destinations and decreases of 53,800 MT), China (66,200 MT, including decreases of 300 MT), Colombia (58,200 MT, including 50,000 MT switched from unknown destinations and decreases of 150,000 MT), Mexico (20,000 MT, including decreases of 1,300 MT), and El Salvador (19,300 MT, including 13,400 MT switched from Guatemala), were offset by reductions primarily for unknown destinations (195,700 MT).  For 2021-22, net sales of 26,400 MT were for Costa Rica (16,300 MT), unknown destinations (7,600 MT), and Taiwan (2,500 MT).

 

Exports of 1,647,000 MT were down 23% from the previous week and 15% from the prior 4-week average.  The destinations were primarily to China (542,500 MT), Mexico (368,000 MT), Japan (357,800 MT), Colombia (146,200 MT), and South Korea (116,200 MT).

Comments and Performance Indicators

Export commitments are 68% ahead of year-ago, which compares to 71% 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)

2021-22: 325,900

Expectations (in MT)

2020-21: -25,000-100,000
2021-22: 200,000-500,000

Weekly Sales Details

Net sales of 325,900 MT for the 2021-22 marketing year, which began June 1, were primarily for South Korea (80,300 MT), the Philippines (60,200 MT, including decreases of 32,900 MT), unknown destinations (45,000 MT), Honduras (39,500 MT), and Nigeria (37,300 MT).

A total of 837,100 MT in sales were carried over from the 2020-21 marketing year, which ended May 31.

Weekly Export Details

Exports for the period ending May 31, of 459,500 MT brought accumulated exports to 24,806,600 MT, virtually unchanged from the prior year’s total of 24,812,200 MT.  The destinations were primarily to the Philippines (177,600 MT), Mexico (65,200 MT), China (63,000 MT), Nigeria (36,800 MT), and Thailand (29,900 MT). 

Exports for June 1- 3, totaled 136,300 MT, with Japan (34,900 MT), the Dominican Republic (26,400 MT), Thailand (24,500 MT), Mexico (22,900 MT), and the Philippines (16,600 MT) being the primary destinations.

Comments and Performance Indicators

Export commitments are 5% behind year-ago to kick off the new marketing year. USDA projects exports in 2021-22 at 900 million bu., down 6.7% from the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 120,700
2020-21: 15,700
2021-22: 105,000

Expectations (in MT)

2020-21: -100,000-200,000
2021-22: 100,000-400,000

Weekly Sales Details

Net sales of 15,700 MT for 2020-21 were down 12% from the previous week and 75% from the prior 4-week average.  Increases primarily for Indonesia (68,100 MT, including 80,000 MT switched from unknown destinations and decreases of 14,700 MT), Mexico (58,500 MT, including decreases of 1,300 MT), Malaysia (18,200 MT, including 12,000 MT switched from unknown destinations), Canada (10,100 MT), and Vietnam (3,700 MT, including decreases of 700 MT), were offset by reductions primarily for unknown destinations (86,900 MT) and Hong Kong (66,000 MT). For 2021-22, net sales of 105,000 MT were for Hong Kong (66,000 MT), Taiwan (22,000 MT), and unknown destinations (17,000 MT).

Weekly Export Details

Exports of 278,700 MT were up 26% from the previous week, but down 2% from the prior 4-week average.  The destinations were primarily to Indonesia (85,400 MT), Mexico (78,000 MT), Canada (22,800 MT), Colombia (21,800 MT), and Malaysia (16,900 MT).

Comments and Performance Indicators

Export commitments are 42% ahead of year-ago early in the marketing year, which compares to 45% 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: 170,200
2020-21: 136,300
2021-22: 3,900

Expectations

2020-21: 100,000-300,000
2021-22: 0-50,000

Weekly Sales Details

Net sales of 136,300 MT for 2020-21 were down 37% from the previous week and 20% from the prior 4-week average.  Increases primarily for Mexico (44,900 MT, including decreases of 5,200 MT), Canada (26,700 MT), Japan (25,200 MT, including decreases of 100 MT), Cote D’Ivoire (15,000 MT), and Costa Rica (9,600 MT, including decreases of 8,600 MT), were offset by reductions primarily for Guatemala (5,100 MT) and Colombia (1,400 MT).  For 2021-22, net sales of 3,900 MT were for Canada (2,400 MT) and Mexico (1,500 MT).

 

Exports of 187,500 MT were down 33% from the previous week and 2% from the prior 4-week average.  The destinations were primarily to the Philippines (49,800 MT), Mexico (31,400 MT), Honduras (25,300 MT), Morocco (18,000 MT), and Canada (16,400 MT).

Comments and Performance Indicators

Export commitments are 3% behind 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: 3,200

Expectations

2020-21: -10,000-16,000

Weekly Sales Details

Net sales of 3,200 MT for 2020-21 were up noticeably from the previous week and from the prior 4-week average.  Increases were for Venezuela (3,000 MT) and Mexico (100 MT).

Weekly Export Details

Exports of 18,600 MT were up 99% from the previous week and up noticeably from the prior 4-week average.  The destinations were primarily to South Korea (15,000 MT), Guatemala (2,600 MT), and Mexico (600 MT).

Comments and Performance Indicators

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

Cotton

Actual Sales (in RB)

Combined: 129,600
2020-21: 108,200
2021-22: 21,400

Weekly Sales Details

Net sales of 108,200 RB for 2020-21 were down 40% from the previous week and 16% from the prior 4-week average.  Increases primarily for Pakistan (47,100 RB), Vietnam (21,800 RB, including 1,900 RB switched from China, 400 RB switched from Japan, and decreases of 100 RB), China (18,800 RB, including 2,200 RB switched from Vietnam and decreases of 200 RB), Turkey (7,900 RB), and Singapore (3,400 RB), were offset by reductions for Malaysia (1,800 RB) and El Salvador (1,200 RB).  For 2021-22, net sales of 21,400 RB were for Pakistan (15,000 RB), Vietnam (3,100 RB), Malaysia (1,800 RB), Bangladesh (1,100 RB), and Japan (400 RB).

Weekly Export Details

Exports of 258,400 RB were down 30% from the previous week and 21% from the prior 4-week average.  Exports were primarily to China (60,400 RB), Vietnam (44,700 RB), Pakistan (31,300 RB), Turkey (29,500 RB), and Mexico (23,900 RB).

Comments and Performance Indicators

Export commitments are 5% behind 2019-20, which compares to 4% 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: 16,100

Weekly Sales Details

Net sales of 16,100 MT reported for 2021 were up 28% from the previous week, but down 17% from the prior 4-week average.  Increases primarily for Japan (4,800 MT, including decreases of 600 MT), South Korea (4,000 MT, including decreases of 500 MT), Mexico (2,500 MT), China (2,300 MT, including decreases of 100 MT), and Indonesia (1,000 MT), were offset by reductions for Honduras (100 MT). 

Weekly Export Details

Exports of 21,100 MT--a marketing-year high--were up 70% from the previous week and 22% from the prior 4-week average.  The destinations were primarily to South Korea (5,400 MT), Japan (5,200 MT), China (4,600 MT), Mexico (1,500 MT), and Canada (1,300 MT).

Comments and Performance Indicators

USDA reported sales of 12,600 MT last week. USDA projects 2021 exports will climb 9.2% from year-ago levels.

Pork

Actual Sales (in MT)

2021: 19,700

Weekly Sales Details

Net sales of 19,700 MT reported for 2021 were down 19% from the previous week and 24% from the prior 4-week average.  Increases primarily for China (8,100 MT, including decreases of 700 MT), Mexico (6,400 MT, including decreases 1,500 MT), Colombia (1,600 MT), Japan (1,300 MT, including decreases of 600 MT), and South Korea (900 MT, including decreases of 300 MT), were offset by reductions for Australia (200 MT). 

Weekly Export Details

Exports of 27,500 MT--a marketing-year low--were down 25% from the previous week and 32% from the prior 4-week average.  The destinations were primarily to Mexico (10,100 MT), China (6,600 MT), Japan (3,500 MT), South Korea (2,600 MT), and Canada (1,100 MT).

Comments and Performance Indicators

USDA reported net sales of 24,300 MT last week. USDA projects exports in 2021 will climb 2.0% from last year’s strong tally.

 

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