Strong cotton sales and shipments to wrap up May

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Old-crop corn sales topped expectations, while new-crop sales were right in line with what the market expected. Exports of the grain held above 2 MMT.

Soybean sales were light, as expected. USDA also reported a modest net sales reduction for old-crop wheat, which is not surprising at this point in the marketing year.

Cotton sales surprised to the upside, as did shipments of the fiber.

Sales of beef and pork slowed notably the week ending May 27, with beef exports hitting a new low for the marketing year.

 

USDA Weekly Export Sales Report

Week Ended May 27, 2021

Corn

Actual Sales (in MT)

Combined: 970,600
2020-21: 531,100
2021-22: 439,500

Expectations (in MT)

2020-21: -200,000-400,000
2021-22: 300,000-900,000

Weekly Sales Details

Net sales of 531,100 MT for 2020-21 were down 5% from the previous week, but up noticeably from the prior 4-week average.  Increases primarily for Japan (179,500 MT, including 126,000 MT switched from unknown destinations and decreases of 2,900 MT), China (158,500 MT, including 63,800 MT switched from unknown destinations), South Korea (138,000 MT, including decreases of 5,000 MT), Costa Rica (97,400 MT), and Colombia (80,300 MT, including 89,000 MT switched from unknown destinations and decreases of 13,900 MT), were offset by reductions primarily for unknown destinations (227,000 MT).  For 2021-22, net sales of 439,500 MT were primarily for unknown destinations (202,400 MT), Japan (150,800 MT), Mexico (64,300 MT), and Canada (14,200 MT).

 

Exports of 2,127,400 MT were up 15% from the previous week and 9% from the prior 4-week average.  The destinations were primarily to China (1,112,500 MT, including 76,100 MT - late), Mexico (302,300 MT), Japan (280,100 MT, including 97,900 MT - late), South Korea (140,200 MT, including 9,000 MT - late), and Colombia (109,900 MT).

Comments and Performance Indicators

Export commitments are 71% ahead of year-ago, which compares to 72% 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: 365,000
2020-21: -33,300
2021-22: 398,300

Expectations (in MT)

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

Weekly Sales Details

Net sales reductions of 33,300 metric tons (MT) for 2020-21 were down noticeably from the previous week and from the prior 4-week average.  Increases primarily for Brazil (16,500 MT, including 15,000 MT switched from Mexico), Jamaica (8,900 MT, including 8,500 MT switched from unknown destinations), Burma (8,500 MT), Guyana (5,300 MT, including 5,000 MT switched from unknown destinations), and Indonesia (2,000 MT), were offset by reductions primarily for South Korea (44,800 MT), Mexico (13,600 MT), unknown destinations (12,900 MT), and Malaysia (5,600 MT).  For 2021-22, net sales of 398,300 MT were primarily for the Philippines (105,500 MT), Japan (65,700 MT), Mexico (52,600 MT), South Korea (48,600 MT), and Nigeria (46,000 MT).

Weekly Export Details

Exports of 243,200 MT were down 54% from the previous week and 56% from the prior 4-week average.  The destinations were primarily to Mexico (63,200 MT), South Korea (57,700 MT), Burma (33,800 MT), Malaysia (23,400 MT), and Brazil (16,500 MT).

Comments and Performance Indicators

Export commitments are 5% behind year-ago compared with 4% 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: 198,100
2020-21: 17,800
2021-22: 180,300

Expectations (in MT)

2020-21: -100,000-200,000
2021-22: 0-400,000

Weekly Sales Details

Net sales of 17,800 MT for 2020-21 were down 68% from the previous week and 82% from the prior 4-week average.  Increases primarily for Japan (41,000 MT, including 9,000 MT switched from unknown destinations and decreases of 200 MT), Colombia (15,500 MT, including 13,000 MT switched from unknown destinations), Canada (10,900 MT), Indonesia (5,900 MT, including decreases of 500 MT), and Taiwan (5,200 MT, including decreases of 500 MT), were offset by reductions primarily for unknown destinations (72,000 MT).  For 2021-22, net sales of 180,300 MT were for unknown destinations (132,000 MT), Mexico (34,000 MT), China (10,000 MT), Panama (5,600 MT), and Taiwan (4,300 MT), were offset by reductions for Costa Rica (5,600 MT). 

Weekly Export Details

Exports of 221,700 MT—a marketing-year low—were down 25% from the previous week and from the prior 4-week average.  The destinations were primarily to Mexico (103,400 MT), Japan (34,800 MT, including 3,000 MT - late), Taiwan (19,900 MT), Indonesia (17,400 MT), and Colombia (15,500 MT). 

Comments and Performance Indicators

Export commitments are 45% ahead of year-ago early in the marketing year, which compares to 47% 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: 218,200
2020-21: 217,700
2021-22: 500

Expectations

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

Weekly Sales Details

Net sales of 217,700 MT for 2020-21 were up 10% from the previous week and 31% from the prior 4-week average.  Increases primarily for the Philippines (59,100 MT, including decreases of 100 MT), Ecuador (48,000 MT), the Dominican Republic (19,100 MT), Colombia (17,500 MT, including 11,000 MT switched from Ecuador and decreases of 12,200 MT), and Mexico (13,700 MT, including decreases of 4,200 MT), were offset by reductions for El Salvador (700 MT).  For 2021-22, net sales of 500 MT were primarily for Japan.

Weekly Export Details

Exports of 281,100 MT were up 46% from the previous week and 64% from the prior 4-week average.  The destinations were primarily to Colombia (74,700 MT, including 2,300 MT - late), the Philippines (50,500 MT), Ecuador (37,000 MT), Mexico (29,200 MT), and Israel (18,400 MT).

Comments and Performance Indicators

Export commitments are 2% behind 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: 1,000

Expectations

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

Weekly Sales Details

Net sales of 1,000 MT for 2020-21 were down 41% from the previous week, but unchanged from the prior 4-week average. Increases primarily for Jamaica (4,000 MT) and Mexico (600 MT), were offset by reductions primarily for Colombia (3,000 MT). 

Weekly Export Details

Exports of 9,300 MT were up noticeably from the previous week, but down 3% from the prior 4-week average.  The destinations were primarily to the Dominican Republic (7,700 MT), Mexico (1,000 MT), and Canada (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: 279,600
2020-21: 180,800
2021-22: 98,800

Weekly Sales Details

Net sales of 180,800 RB for 2020-21 were up 6% from the previous week and 82% from the prior 4-week average.  Increases were primarily for Pakistan (74,900 RB), China (43,200 RB, including 3,200 RB switched from Vietnam and decreases of 23,100 RB), Vietnam (22,900 RB, including 3,900 RB switched from China, 200 RB switched from Thailand, 100 RB switched from Japan, and decreases of 16,200 RB), Nicaragua (8,800 RB, switched from Vietnam), and Turkey (8,000 RB).  For 2021-22, net sales of 98,800 RB were primarily for South Korea (36,100 RB), Pakistan (24,200 RB), Turkey (13,600 RB), Vietnam (10,300 RB), and Colombia (4,800 RB).

Weekly Export Details

Exports of 366,500 RB were up 13% from the previous week and 5% from the prior 4-week average.  Exports were primarily to China (96,400 RB), Vietnam (96,100 RB), Turkey (33,500 RB), Pakistan (33,400 RB), and Mexico (15,300 RB). 

Comments and Performance Indicators

Export commitments are 4% behind 2019-20, which compares to 5% 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: 12,600

Weekly Sales Details

Net sales of 12,600 MT reported for 2021 were down 55% from the previous week and 38% from the prior 4-week average.  Increases were primarily for Japan (4,000 MT, including decreases of 600 MT), South Korea (2,500 MT, including decreases of 400 MT), Taiwan (1,900 MT, including decreases of 100 MT), Mexico (1,400 MT, including decrease of 100 MT), and Chile (900 MT).

Weekly Export Details

Exports of 12,400 MT—a marketing-year low—were down 36% from the previous week and 34% from the prior 4-week average.  The destinations were primarily to Japan (4,800 MT), South Korea (3,500 MT), Taiwan (900 MT), China (800 MT), and Mexico (700 MT). 

Comments and Performance Indicators

USDA reported sales of 27,900 MT last week. USDA projects 2021 exports will climb 9.2% from year-ago levels.

Pork

Actual Sales (in MT)

2021: 24,300

Weekly Sales Details

Net sales of 24,300 MT reported for 2021 were down 47% from the previous week and 24% from the prior 4-week average.  Increases primarily for Mexico (13,900 MT, including decreases of 1,600 MT), China (4,800 MT, including decreases of 900 MT), Japan (1,800 MT, including decreases of 800 MT), Colombia (1,600 MT, including decreases of 100 MT), and Canada (1,200 MT, including decreases of 500 MT), were offset by reductions for South Korea (1,000 MT), Nicaragua (100 MT), and Peru (100 MT).

Weekly Export Details

Exports of 36,400 MT were down 24% from the previous week and 10% from the prior 4-week average.  The destinations were primarily to Mexico (13,500 MT), China (9,700 MT), Japan (3,400 MT), South Korea (2,100 MT), and Canada (1,800 MT).  

Comments and Performance Indicators

USDA reported net sales of 45,900 MT last week. USDA projects exports in 2021 will climb 2.0% from last year’s strong tally.

 

 

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