Strong Corn, Soybean and Cotton Sales to Kick off 2021

Posted on Thu, 01/14/2021 - 07:50

Sales of corn and soybeans easily topped expectations and sales tallies for all three commodities climbed notably compared with recent weeks. Soymeal sales were also impressive the week ending Jan. 7.

Sales of beef and pork picked also up notably the first week of 2021. South Korea, Japan and China were the lead beef buyers, with Mexico, Japan and South Korea topping the buyers’ list for pork. China was notably absent from the list of top pork buyers, though it was the lead destination for pork.

 

USDA Weekly Export Sales Report

Week Ended Jan. 7, 2021

Corn

Actual Sales (in MT)

2020-21: 1,437,700

Expectations (in MT)

2020-21: 700,000-1,200,000

Weekly Sales Details

Net sales of 1,437,700 MT for 2020-21 were up 92% from the previous week and 34% from the prior 4-week average.  Increases primarily for Japan (401,500 MT, including 66,400 MT switched from unknown destinations), unknown destinations (334,500 MT), Colombia (125,900 MT, including 40,000 MT switched from unknown destinations and decreases of 84,100 MT), Mexico (124,100 MT, including decreases of 200 MT), and China (88,500 MT, including 70,000 MT switched from unknown destinations and decreases of 1,100 MT), were offset by reductions for El Salvador (24,000 MT). 

Weekly Export Details

Exports of 1,464,300 MT were up 43% from the previous week and 41% from the prior 4-week average.  The destinations were primarily to China (555,500 MT), Mexico (300,300 MT), Japan (168,400 MT), Colombia (89,700 MT), and Peru (75,400 MT).  

Comments and Performance Indicators

Export commitments are 135% ahead of year-ago, which compares to 137% ahead last week. USDA projects exports in 2020-21 at 2.550 billion bu., up 43.4% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined; 232,100
2020-21: 221,900
2021-22: 10,100

Expectations (in MT)

2020-21: 250,000-500,000
2021-22: 0-50,000

Weekly Sales Details

Net sales of 221,900 metric tons (MT) for 2020-21 were down 19% from the previous week and 49% from the prior 4-week average.  Increases primarily for Bangladesh (55,000 MT), Mexico (46,200 MT, including decreases of 5,800 MT), Malaysia (34,000 MT, switched from unknown destinations), unknown destinations (25,000 MT), and Nigeria (23,800 MT, including decreases of 3,100 MT), were offset by reductions for Guatemala (6,100 MT), El Salvador (3,900 MT), and China (1,600 MT).  For 2021-22, net sales of 10,100 MT were primarily for Guatemala (6,100 MT). 

Weekly Export Details

Exports of 358,500 MT were down 14% from the previous week and 2% from the prior 4-week average.  The destinations were primarily to South Korea (68,400 MT), Japan (65,700 MT), China (58,400 MT), the Philippines (56,900 MT), and Mexico (46,800 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: 1,234,000
2020-21: 908,000
2021-22: 326,000

Expectations (in MT)

2020-21: 300,000-700,000
2021-22: 100,000-500,000

Weekly Sales Details

Net sales of 908,000 MT for 2020-21 were up noticeably from the previous week and up 93% from the prior 4-week average.  Increases primarily for China (758,300 MT, including 264,000 MT switched from unknown destinations and decreases of 79,800 MT), Spain (143,000 MT, including 130,000 MT switched from unknown destinations), Mexico (98,100 MT, including decreases 200 MT), the Netherlands (85,500 MT, including 78,000 MT switched from unknown destinations), and Pakistan (70,100 MT, including 66,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (586,300 MT).  For 2021-22, net sales of 326,000 MT were for unknown destinations (260,000 MT) and China (66,000 MT).

Weekly Export Details

Exports of 2,040,000 MT were up 10% from the previous week, but down 12% from the prior 4-week average.  The destinations were primarily to China (1,166,000 MT), Spain (143,000 MT), Mexico (109,600 MT), Vietnam (89,700 MT), and the Netherlands (85,500 MT).

Comments and Performance Indicators

Export commitments are 83% ahead of year-ago early in the marketing year, which compares to 84% ahead the week prior. USDA projects exports in 2020-21 at 2.230 billion bu., up 32.6% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 397,400
2020-21: 337,400
2021-22: 60,000

Expectations

2020-21: 100,000-300,000

Weekly Sales Details

Net sales of 337,400 MT for 2020-21--marketing-year high--were up noticeably from the previous week and up 97% from the prior 4-week average.  Increases primarily for El Salvador (82,000 MT), Vietnam (49,900 MT, including decreases of 1,100 MT), the Philippines (45,100 MT, including decreases of 1,000 MT), Chile (35,000 MT), and Ecuador (31,700 MT, including decreases of 100 MT), were offset by reductions for unknown destinations (7,000 MT), Nepal (1,000 MT), and Colombia (300 MT).  For 2021-22, total net sales of 60,000 MT were for unknown destinations.

Weekly Export Details

Exports of 212,100 MT were down 24% from the previous week and from the prior 4-week average.  The destinations were primarily to Colombia (52,600 MT), Vietnam (50,100 MT), Mexico (42,800 MT), Canada (20,800 MT), and the United Kingdom (19,500 MT). 

Comments and Performance Indicators

Export commitments are 5% ahead of year-ago, which compares to 6% ahead 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: 11,100

Expectations

2020-21: 5,000-30,000

Weekly Sales Details

Net sales of 11,100 MT for 2020-21 were up noticeably from the previous week, but down 52% from the prior 4-week average.  Increases primarily for unknown destinations (8,500 MT), Mexico (2,500 MT), Guatemala (700 MT, switched from Jamaica), and Canada (100 MT), were offset by reductions for Jamaica (700 MT). 

Weekly Export Details

Exports of 49,200 MT were up noticeably from the previous and from the prior 4-week average.  The destinations were primarily to India (36,000 MT), Guatemala (7,500 MT), Jamaica (2,800 MT), Mexico (2,200 MT), and Canada (400 MT).

Comments and Performance Indicators

Export commitments for 2020-21 are 8% ahead of year-ago, which compares to 15% behind year-ago the week prior. USDA projects exports will dip 3.1% this season.

Cotton

Actual Sales (in RB)

Combined: 376,300
2020-21: 326,000
2021-22: 50,300

Weekly Sales Details

Net sales of 326,000 RB for 2020-21 were up noticeably from the previous week and up 2% from the prior 4-week average.  Increases primarily for China (151,200 RB, including 2,900 RB switched from Hong Kong and decreases of 15,400 RB), Pakistan (56,600 RB), Turkey (39,000 RB), Bangladesh (24,300 RB, including decreases of 6,000 RB), and Vietnam (23,800 RB, including decreases of 10,000 RB), were offset by reductions for Hong Kong (2,900 RB) and Malaysia (1,500 RB).  For 2021-22, net sales of 50,300 RB were for Malaysia (22,000 RB), Guatemala (13,200 RB), Bangladesh (8,800 RB), and Peru (6,300 RB).

Weekly Export Details

Exports of 274,600 RB were up 2% from the previous week and from the prior 4-week average.  Exports were primarily to China (156,800 RB), Vietnam (40,800 RB), Pakistan (26,400 RB), Mexico (11,300 RB), and Turkey (11,000 RB). 

Comments and Performance Indicators

Export commitments steady with 2019-20, which compares to 1% behind last week. USDA forecasts total cotton exports will slide 1.8% to 15.25 million bales this marketing year.

Beef

Actual Sales (in MT)

2021: 16,800

Weekly Sales Details

Net sales of 16,800 MT reported for 2021, increases were primarily for South Korea (4,900 MT, including decreases of 300 MT), Japan (4,100 MT, including decreases of 300 MT), China (2,800 MT, including decreases of 200 MT), Mexico (1,300 MT, including decreases of 100 MT), and Taiwan (800 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 14,200 MT were primarily to Japan (4,200 MT), South Korea (4,000 MT), China (1,600 MT), Mexico (1,400 MT), and Taiwan (900 MT).

Comments and Performance Indicators

USDA reported sales a net sales reduction of 1,200 MT last week. USDA projects 2021 exports will climb 5.3% from year-ago levels.

Pork

Actual Sales (in MT)

2021: 23,800

Weekly Sales Details

Net sales of 23,800 MT reported for 2021, increases primarily for Mexico (6,600 MT, including decreases of 700 MT), Japan (3,400 MT, including decreases of 200 MT), South Korea (3,300 MT, including decreases of 500 MT), the Philippines (2,400 MT), and Colombia (2,400 MT, including decreases of 100 MT), were offset by reductions primarily for Australia (100 MT).

Weekly Export Details

Exports of 30,000 MT were primarily to China (11,500 MT), Mexico (6,900 MT), Japan (3,300 MT), South Korea (2,300 MT), and Canada (1,500 MT).

Comments and Performance Indicators

USDA reported an 8,600 MT net sales reduction last week. USDA projects exports in 2021 will edge just 1.9% lower.