Sharp Decline in Weekly Corn, Soybean and Wheat Export Sales

Posted on Wed, 12/23/2020 - 08:41

USDA Weekly Export Sales Report

Week Ended Dec. 17, 2020

Corn

Actual Sales (in MT)

2020-21: 651,100

Expectations (in MT)

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

Weekly Sales Details

Net sales of 651,100 MT for 2020/2021--a marketing-year low--were down 66 percent from the previous week and 59 percent from the prior 4-week average.  Increases were primarily for unknown destinations (181,600 MT), Guatemala (99,800 MT, including decreases of 1,600 MT), Japan (87,200 MT, including 79,200 MT switched from unknown destinations and decreases of 300 MT), Egypt (60,000 MT), and Canada (42,600 MT).

Weekly Export Details

Exports of 835,700 MT were down 13 percent from the previous week and 8 percent from the prior 4-week average.  The destinations were primarily to China (271,900 MT), Japan (260,800 MT), Mexico (178,500 MT, including 36,300 late--see below), Panama (30,700 MT, including 20,800 late--see below), and Taiwan (26,500 MT).

Comments and Performance Indicators

Export commitments are 137% ahead of year-ago, which compares to 142% 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: 417,700
2020-21: 393,700
2021-22: 24,000

Expectations (in MT)

2020-21: 300,000-500,000

Weekly Sales Details

Net sales of 393,700 metric tons (MT) for 2020/2021 were down 27 percent from the previous week and 34 percent from the prior 4-week average.  Increases primarily for Nigeria (102,000 MT), Mexico (70,200 MT, including decreases of 200 MT), Indonesia (60,000 MT), South Korea (57,000 MT, including 55,000 MT switched from unknown destinations), and Japan (52,900 MT), were offset by reductions primarily for unknown destinations (17,300 MT).  For 2021/2022, total net sales of 24,000 MT were for Peru. 

Weekly Export Details

Exports of 366,300 MT were up 54 percent from the previous week, but down 8 percent from the prior 4-week average.  The destinations were primarily to Mexico (80,700 MT), China (63,000 MT, including 31,500 MT late--see below), South Korea (57,000 MT), Taiwan (49,100 MT), and Japan (30,300 MT).

Comments and Performance Indicators

Export commitments are 8% ahead of year-ago compared with 10% 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: 517,800
2020-21: 352,800
2021-22: 165,000

Expectations (in MT)

2020-21: 550,000-800,000

Weekly Sales Details

Net sales of 352,800 MT for 2020/2021--a marketing-year low--were down 62 percent from the previous week and 47 percent from the prior 4-week average.  Increases primarily for China (526,400 MT, including 396,000 MT switched from unknown destinations and decreases of 6,900 MT), the Netherlands (139,000 MT, including 138,000 MT switched from unknown destinations and decreases of 6,400 MT), Egypt (95,700 MT, including 70,800 MT switched from unknown destinations and 13,800 MT switched from Canada), Japan (75,000 MT, including 67,300 MT switched from unknown destinations and decreases of 2,800 MT), and Spain (71,800 MT, including 65,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (791,300 MT).  For 2021/2022, total net sales of 165,000 MT were for unknown destinations.

Weekly Export Details

Exports of 2,518,400 MT were down 3 percent from the previous week and 1 percent from the prior 4-week average.  The destinations were primarily to China (1,374,600 MT, including 69,100 late--see below), Egypt (192,700 MT), Mexico (147,600 MT), the Netherlands (139,000 MT), and Japan (134,000 MT).

Comments and Performance Indicators

Export commitments are 86% ahead of year-ago early in the marketing year, which compares to 89% 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)

2020-21: 223,700

Expectations

2020-21: 200,000-350,000

Weekly Sales Details

Net sales of 223,700 MT for 2020/2021 resulting in increases primarily for the Philippines (51,300 MT), Guatemala (50,700 MT), Canada (35,200 MT, including decreases of 600 MT), Mexico (34,100 MT, including decreases of 9,400 MT), and Peru (18,000 MT), were offset by reductions primarily for El Salvador (6,000 MT), Thailand (3,200 MT), and Belgium (2,200 MT).

Weekly Export Details

Exports of 314,100 MT were up 31 percent from the previous week and 32 percent from the prior 4-week average.  The destinations were primarily to the Philippines (91,400 MT), Bangladesh (49,500 MT), Honduras (36,300 MT), Venezuela (25,100 MT), and Mexico (22,800 MT).

Comments and Performance Indicators

Export commitments are 6% ahead of year-ago, which compares to 4% 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: 20,900

Expectations

2020-21: 5,000-15,000

Weekly Sales Details

Net sales of 20,900 MT for 2020/2021 primarily for Peru (11,500 MT), Venezuela (4,000 MT), unknown destinations (4,000 MT), South Korea (1,000 MT), and Colombia (1,000 MT), were offset by reductions for Canada (700 MT).

Weekly Export Details

Exports of 23,600 MT were primarily to South Korea (17,500 MT), Venezuela (5,500 MT), Canada (300 MT), and Mexico (200 MT).

Comments and Performance Indicators

Export commitments for 2020-21 are even with year-ago, which compares to 4% ahead the week prior. USDA projects exports will dip 3.1% this season.

Cotton

Actual Sales (in RB)

Combined: 483,800
2020-21: 416,700
2021-22: 67,100

Weekly Sales Details

Net sales of 416,700 RB for 2020/2021 were down 1 percent from the previous week, but up 14 percent from the prior 4-week average.  Increases primarily for China (185,600 RB, including decreases of 13,500 RB), Vietnam (108,400 RB), Pakistan (52,000 RB), El Salvador (17,200 RB), and Turkey (14,800 RB), were offset by reductions primarily for Mexico (10,500 RB).  For 2021/2022, net sales of 67,100 RB were primarily for El Salvador (21,600 RB), Honduras (15,000 RB), China (13,200 RB), and Turkey (9,200 RB).

Weekly Export Details

Exports of 281,200 RB were up 12 percent from the previous week and 20 percent from the prior 4-week average.  Exports were primarily to China (156,200 RB), Pakistan (30,900 RB), Vietnam (24,000 RB), Mexico (16,800 RB), and Turkey (14,300 RB).  Net sales of Pima totaling 30,900 RB were up noticeably from the previous week and from the prior 4-week average.  Increases were primarily for India (9,200 RB), China (8,700 RB), Pakistan (3,700 RB), Egypt (2,700 RB), and Vietnam (2,600 RB).

Comments and Performance Indicators

Export commitments are 1% behind 2019-20, which compares to 4% 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)

Combined: 13,200
2020: 6,000
2021: 7,200

Weekly Sales Details

Net sales of 6,000 MT reported for 2020 were down 40 percent from the previous week, but up noticeably from the prior 4-week average.  Increases were primarily for Japan (2,000 MT, including decreases of 400 MT), South Korea (1,900 MT, including decreases of 700 MT), Mexico (600 MT, including decreases of 100 MT), Canada (400 MT, including decreases of 100 MT), and Hong Kong (400 MT, including decreases of 400 MT).  For 2021, net sales of 7,200 MT were primarily for South Korea (3,100 MT), Hong Kong (2,100 MT), Japan (700 MT), Mexico (500 MT), and Taiwan (300 MT). 

Weekly Export Details

Exports of 13,500 MT were down 30 percent from the previous week and 27 percent from the prior 4-week average.  The destinations were primarily to South Korea (3,700 MT), Japan (3,300 MT), Mexico (1,900 MT), Hong Kong (1,500 MT), and Canada (800 MT).

Comments and Performance Indicators

USDA reported sales totaling 14,600 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)

Combined: 39,700
2020: 16,300
2021: 23,400

Weekly Sales Details

Net sales of 16,300 MT reported for 2020 were down 59 percent from the previous week and 44 percent from the prior 4-week average.  Increases primarily for Mexico (17,000 MT, including decreases of 1,000 MT), Japan (2,300 MT, including decreases of 2,000 MT), Canada (1,500 MT, including decreases of 500 MT), the Philippines (900 MT, including decreases of 200 MT), and Guatemala (900 MT), were offset by reductions primarily for China (6,100 MT) and South Korea (1,800 MT).  For 2021, net sales of 23,400 MT were primarily for China (7,700 MT), South Korea (3,900 MT), Colombia (3,50 MT), Japan (1,400 MT), and the Philippines (1,400 MT).

Weekly Export Details

Exports of 40,500 MT were down 4 percent from the previous week, but up 2 percent from the prior 4-week average.  The destinations were primarily to Mexico (14,400 MT), China (13,100 MT), Japan (3,200 MT), South Korea (2,600 MT), and Canada (1,700 MT).

Comments and Performance Indicators

Sales totaled 84,200 MT for 2020 and 2021 combined last week. USDA projects exports in 2020 will surge 15.9% from year-ago.