Cotton Export Sales Soar

Posted on Thu, 03/18/2021 - 07:57

Old-crop corn sales were stronger than expected, with China as the lead buyer. New-crop sales were near the midpoint of expectations. Corn exports of nearly 2.2 MMT registered a marketing year high, with Japan, Mexico and China topping the list of buyers.

Sales of soybeans for 2020-21 delivery were light, as expected, with no sales reported for 2021-22. Soymeal sales actually topped the amount of soybeans sold.

Wheat sales were decent, with old-crop sales in line with expectations and new-crop sales stronger than expected. China was the lead buyer for both marketing years.

Pork and beef exports sales edged higher the week ending March 11, with China buying a net 5,800 MT of pork and 5,300 MT of beef.

 

USDA Weekly Export Sales Report

Week Ended March 11, 2021

Corn

Actual Sales (in MT)

Combined: 1,226,800
2020-21: 985,900
2021-22: 240,900

Expectations (in MT)

2020-21: 300,000-750,000
2021-22: 50,000-400,000

Weekly Sales Details

Net sales of 985,900 MT for 2020-21 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for China (624,800 MT, including 612,000 MT switched from unknown destinations), Mexico (285,500 MT, including 24,500 MT switched from unknown destinations and decreases of 2,000 MT), Colombia (208,500 MT, including 116,000 MT switched from unknown destinations and decreases of 45,300 MT), South Korea (168,200 MT, including 68,000 MT switched from unknown destinations and decreases of 15,500 MT), and Japan (138,300 MT, including 88,800 MT switched from unknown destinations and decreases of 12,000 MT), were offset by reductions primarily for unknown destinations (1,038,000 MT). For 2021-22, net sales of 240,900 MT were reported for Mexico (195,700 MT), Guatemala (36,300 MT), and Canada (8,900 MT).

Weekly Export Details

Exports of 2,199,400 MT--a marketing-year high--were up 38% from the previous week and 42% from the prior 4-week average. The destinations were primarily to Japan (434,400 MT), Mexico (390,100 MT), China (356,900 MT), Colombia (199,900 MT), and Taiwan (192,400 MT).

Comments and Performance Indicators

Export commitments are 109% ahead of year-ago, which compares to 112% ahead last week. USDA projects exports in 2020-21 at 2.600 billion bu., up 46.2% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 529,100
2020-21: 390,100
2021-22: 139,000

Expectations (in MT)

2020-21: 150,000-500,000
2021-22: 0-100,000

Weekly Sales Details

Net sales of 390,100 metric tons (MT) for 2020-21 were up 18% from the previous week and 40% from the prior 4-week average. Increases primarily for China (132,300 MT, including 130,000 MT switched from unknown destinations), Mexico (93,000 MT, including decreases of 1,000 MT), Taiwan (85,000 MT), the Philippines (75,400 MT), and Thailand (54,000 MT), were offset by reductions primarily for unknown destinations (215,800 MT). For 2021-22, net sales of 139,000 MT were reported for China (65,000 MT), the Philippines (32,000 MT), unknown destinations (28,800 MT), Honduras (7,000 MT) and the Dominican Republic (6,200 MT).

Weekly Export Details

Exports of 662,300 MT were up 41% from the previous week and 61% from the prior 4-week average. The destinations were primarily to the Philippines (178,000 MT), South Korea (100,100 MT), Mexico (80,600 MT), China (67,300 MT), and Bangladesh (58,400 MT).

Comments and Performance Indicators

Export commitments are 3% ahead of year-ago compared with 2% 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)

2020-21: 202,400

Expectations (in MT)

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

Weekly Sales Details

Net sales of 202,400 MT for 2020-21 were down 42% from the previous week and 31% from the prior 4-week average. Increases primarily for China (71,500 MT, including 66,000 MT switched from unknown destinations and decreases of 100 MT), Mexico (66,000 MT, including decreases of 500 MT), Bangladesh (57,100 MT, including 55,000 MT switched from unknown destinations), Indonesia (31,300 MT, including decreases of 900 MT), and Japan (25,100 MT, including 10,700 MT switched from unknown destinations and decreases of 1,300 MT), were offset by reductions primarily for unknown destinations (123,200 MT).

Weekly Export Details

Exports of 534,100 MT were down 24% from the previous week and 44% from the prior 4-week average. The destinations were primarily to Indonesia (127,700 MT), Egypt (90,200 MT), China (82,000 MT), Mexico (70,500 MT), and Bangladesh (57,100 MT).

Comments and Performance Indicators

Export commitments are 74% ahead of year-ago early in the marketing year, which compares to 76% ahead the week prior. USDA projects exports in 2020-21 at 2.250 billion bu., up 33.8% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 234,300
2020-21: 234,600
2021-22: -300

Expectations

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

Weekly Sales Details

Net sales of 234,600 MT for 2020-21 were down 10% from the previous week, but up 1% from the prior 4-week average. Increases primarily for the Philippines (50,300 MT), Canada (42,500 MT), Guatemala (38,300 MT), Peru (23,000 MT), and Mexico (19,400 MT, including decreases of 5,000 MT), were offset by reductions for Indonesia (4,400 MT) and Belgium (1,600 MT). For 2021-22, net sales reductions of 300 MT resulting in increases primarily for Guatemala (5,900 MT), were offset by reductions for El Salvador (6,300 MT).

Weekly Export Details

Exports of 246,700 MT were up 10% from the previous week, but down 16% from the prior 4-week average. The destinations were primarily to Indonesia (52,400 MT), Mexico (43,400 MT), Ecuador (33,000 MT), the Dominican Republic (32,000 MT), and Canada (28,100 MT).

Comments and Performance Indicators

Export commitments are 3% 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: 19,100

Expectations

2020-21: 0-30,000

Weekly Sales Details

Net sales of 19,100 MT for 2020-21 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for Colombia (17,000 MT), the Dominican Republic (1,200 MT), Mexico (700 MT), and Jamaica (700 MT), were offset by reductions for Canada (300 MT), Venezuela (200 MT), and Guatemala (100 MT).

Weekly Export Details

Exports of 7,900 MT were down 87% from the previous week and 75% from the prior 4-week average. The destinations were primarily to Venezuela (4,300 MT), Guatemala (1,900 MT), Mexico (1,100 MT), Canada (400 MT), and Honduras (200 MT).

Comments and Performance Indicators

Export commitments for 2020-21 are 20% behind year-ago, which compares to 20% behind year-ago the week prior. USDA projects exports will dip 8.4% this season.

Cotton

Actual Sales (in RB)

Combined: 581,000
2020-21: 437,700
2021-22: 143,300

Weekly Sales Details

Net sales of 437,700 RB for 2020-21 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for Vietnam (135,300 RB, including 5,600 RB switched from China, 1,800 RB switched from South Korea, and 1,600 RB switched from Japan), China (92,700 RB), Pakistan (58,500 RB), Turkey (51,200 RB), and Bangladesh (49,600 RB), were offset by reductions primarily for Hong Kong (1,000 RB). For 2021-22, net sales of 143,300 RB were primarily for Mexico (112,900 RB). Exports of 351,900 RB were unchanged from the previous week, but up 6% from the prior 4-week average.

Weekly Export Details

Exports of 351,900 RB were unchanged from the previous week, but up 6% from the prior 4-week average. Exports were primarily to China (86,000 RB), Vietnam (76,400 RB), Pakistan (61,000 RB), Turkey (28,400 RB), and Indonesia (26,902 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 dip just 0.2% from year-ago to 15.5 million bales this marketing year.

Beef

Actual Sales (in MT)

2021: 25,900

Weekly Sales Details

Net sales of 25,900 MT reported for 2021 were up 24% from the previous week and 39% from the prior 4-week average. Increases were primarily for Japan (8,100 MT, including decreases of 600 MT), South Korea (5,400 MT, including decreases of 400 MT), China (5,300 MT, including decreases of 100 MT), Taiwan (2,000 MT, including decreases of 100 MT), and Hong Kong (1,700 MT, including decreases of 200 MT).

Weekly Export Details

Exports of 17,800 MT were unchanged from the previous week, but up 4% from the prior 4-week average. The destinations were primarily to Japan (5,700 MT), South Korea (4,000 MT), China (2,700 MT), Mexico (1,300 MT), and Taiwan (1,100 MT).

Comments and Performance Indicators

USDA reported sales of 20,900 MT last week. USDA projects 2021 exports will climb 6.4% from year-ago levels.

Pork

Actual Sales (in MT)

2021: 39,700

Weekly Sales Details

Net sales of 39,700 MT reported for 2021 were up 23% from the previous week and 5% from the prior 4-week average. Increases primarily for Mexico (18,200 MT, including decreases of 400 MT), China (5,800 MT, including decreases of 1,300 MT), Japan (4,900 MT, including decreases of 300 MT), South Korea (4,200 MT, including decreases of 800 MT), and Canada (3,100 MT, including decreases of 400 MT), were offset by reductions primarily for Australia (200 MT).

Weekly Export Details

Exports of 40,600 MT were up 3% from the previous week and 5% from the prior 4-week average. The destinations were primarily to China (12,700 MT), Mexico (8,900 MT), Japan (5,200 MT), South Korea (3,600 MT), and the Philippines (2,200 MT).

Comments and Performance Indicators

USDA reported net sales of 32,400 MT last week. USDA projects exports in 2021 will edge just 1.5% lower.