The bulk of these big new-crop soybean sales was known via USDA’s daily reporting service. China accounted for 1.147 MMT of the 1.670 MMT in new-crop sales. China’s purchases look particularly astute after yesterday’s Acreage Report showed an unexpected cut in soybean plantings vs. March intentions.
Sales of soymeal were once again solid for both marketing years, though exports of the soy byproduct dropped 63% from the prior four-week average. Soyoil sales were light, as expected.
Old-crop sales were light, as expected, but they were able to stay in positive territory, despite some sales reductions by unknown and China. New-crop sales of the grain fell well short of expectations. Wheat sales were also lackluster, but in line with pre-report expectations.
Cotton sales slowed in the latest reporting week, though exports were in line with recent tallies.
Beef export sales slowed, but pork exports were solid in the latest reporting period. Mexico was the lead buyer and destination for the pork.
USDA Weekly Export Sales Report Week Ended June 24, 2021 | |
Corn | |
Actual Sales (in MT) | Combined: 82,600 |
Expectations (in MT) | 2020-21: -100,000-400,000 |
Weekly Sales Details | Net sales of 15,000 MT for 2020-21 were down 93% from the previous week and 94% from the prior four-week average. Increases primarily for Japan (99,700 MT, including 159,200 MT switched from unknown destinations and decreases of 4,500 MT), Mexico (94,700 MT, including decreases of 12,100 MT), Honduras (29,200 MT, including decreases of 6,000 MT), Nicaragua (22,500 MT), and Venezuela (8,400 MT, including 8,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (167,200 MT) and China (75,000 MT). For 2021-22, net sales of 67,600 MT were for unknown destinations (50,000 MT), Honduras (12,000 MT), Mexico (4,500 MT), Canada (600 MT), and Taiwan (500 MT). |
| Exports of 1,136,700 MT were down 33% from the previous week and 36% from the prior four-week average. The destinations were primarily to China (335,000 MT), Japan (334,700 MT, including 60,700 MT - late), Mexico (252,500 MT), South Korea (61,300 MT), and Honduras (49,600 MT). |
Comments and Performance Indicators | Export commitments are 64% ahead of year-ago, which compares to 66% ahead last week. USDA projects exports in 2020-21 at 2.850 billion bu., up 60.3% from the previous marketing year. |
Wheat | |
Actual Sales (in MT) | 2021-22: 226,300 |
Expectations (in MT) | 2021-22: 200,000-500,000 |
Weekly Sales Details | Net sales of 226,300 metric tons (MT) were reported for delivery in marketing year 2021-22. Increases primarily for Japan (148,700 MT), Mexico (31,100 MT, including decreases of 1,200 MT), unknown destinations (18,500 MT), Jamaica (9,400 MT, switched from unknown destinations and decreases of 300 MT), and Guyana (8,100 MT, switched from unknown destinations and decreases of 200 MT), were offset by reductions primarily for Nigeria (2,500 MT). |
Weekly Export Details | Exports of 136,000 MT were primarily to Mexico (59,200 MT), Nigeria (27,500 MT), Japan (27,200 MT), Jamaica (9,400 MT), and Guyana (8,100 MT). |
Comments and Performance Indicators | Export commitments are 10% behind year-ago early in the 2021-22 marketing year, which compares to 9% behind last week. USDA projects exports in 2021-22 at 900 million bu., down 8.6% from the previous marketing year. |
Soybeans | |
Actual Sales (in MT) | Combined: 1,762,900 |
Expectations (in MT) | 2020-21: -100,000-300,000 |
Weekly Sales Details | Net sales of 92,800 MT for 2020-21 were down 35% from the previous week, but up 62% from the prior four-week average. Increases primarily for China (31,200 MT, including decreases of 100 MT), Canada (19,800 MT), Mexico (7,300 MT, including decreases of 3,300 MT), unknown destinations (6,400 MT), and Vietnam (6,100 MT, including decreases of 100 MT), were offset by reductions for South Korea (100 MT). For 2021-22, net sales of 1,670,100 MT reported for China (1,147,000 MT), unknown destinations (511,600 MT), Indonesia (9,000 MT), and Taiwan (3,000 MT), were offset by reductions for Canada (500 MT). |
Weekly Export Details | Exports of 148,500 MT were down 39% from the previous week and 33% from the prior four-week average. The destinations were primarily to Mexico (69,900 MT), Indonesia (23,100 MT), China (9,500 MT), Japan (8,900 MT), and Vietnam (7,500 MT). |
Comments and Performance Indicators | Export commitments are 38% ahead of year-ago early in the marketing year, which compares to 39% 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: 417,300 |
Expectations | 2020-21: 125,000-400,000 |
Weekly Sales Details | Net sales of 232,800 MT for 2020-21 were down 40% from the previous week, but up 1% from the prior four-week average. Increases primarily for Vietnam (95,000 MT, including 50,000 MT switched from unknown destinations), Romania (45,000 MT), Slovenia (42,000 MT), Colombia (34,000 MT), and Mexico (21,400 MT, including decreases of 2,000 MT), were offset by reductions primarily for unknown destinations (44,300 MT), Ecuador (27,000 MT), and Costa Rica (3,500 MT). For 2021-22, net sales of 184,500 MT were primarily for Ecuador (90,000 MT), Mexico (84,200 MT), Honduras (6,000 MT), and Costa Rica (3,500 MT). |
| Exports of 81,500 MT were down 62% from the previous week and 63% from the prior four-week average. The destinations were primarily to Mexico (29,300 MT), Canada (17,400 MT), Guatemala (12,200 MT), Panama (5,700 MT), and Sri Lanka (4,400 MT). |
Comments and Performance Indicators | Export commitments are 2% 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: 2,300 |
Expectations | 2020-21: 0-15,000 |
Weekly Sales Details | Net sales of 2,300 MT for 2020-21 were down 2% from the previous week, but up 6% from the prior four-week average. Increases were primarily for Mexico (1,300 MT, including decreases of 900 MT). |
Weekly Export Details | Exports of 1,000 MT were down 85% from the previous week and 91% from the prior four-week average. The destinations were to Canada (600 MT) and Mexico (400 MT). |
Comments and Performance Indicators | Export commitments for 2020-21 are 43% behind year-ago, which compares to 43% behind year-ago the week prior. USDA projects exports will fall 33.1% this season. |
Cotton | |
Actual Sales (in RB) | Combined: 176,500 |
Weekly Sales Details | Net sales of 42,600 RB for 2020-21 were down 43% from the previous week and 64% from the prior four-week average. Increases primarily for Vietnam (10,500 RB, including 3,100 RB switched from China, 800 RB switched from Japan, 400 RB switched from Thailand, and decreases of 11,000 RB), Pakistan (7,800 RB), Turkey (5,900 RB), Bangladesh (4,100 RB), and China (3,400 RB, including 2,200 RB switched from Vietnam), were offset by reductions for Malaysia (300 RB). For 2021-22, net sales of 133,900 RB were primarily for Mexico (54,800 RB), Bangladesh (46,800 RB), Pakistan (8,300 RB), China (7,700 RB), and Vietnam (4,400 RB). |
Weekly Export Details | Exports of 274,000 RB were up 33% from the previous week, but down 3% from the prior four-week average. Exports were primarily to Vietnam (77,800 RB), China (54,100 RB), Turkey (44,400 RB), Pakistan (22,500 RB), and Mexico (18,300 RB). |
Comments and Performance Indicators | Export commitments are 5% behind 2019-20, which compares to 5% behind year-ago last week. USDA forecasts total cotton exports will rise 5.6% from year-ago to 16.40 million bales this marketing year. |
Beef | |
Actual Sales (in MT) | 2021: 12,100 |
Weekly Sales Details | Net sales of 12,100 MT reported for 2021 were down 28% from the previous week and 17% from the prior four-week average. Increases were primarily for Japan (3,300 MT, including decreases of 500 MT), South Korea (2,800 MT, including decreases of 600 MT), China (2,100 MT, including decreases of 100 MT), Taiwan (1,500 MT, including decreases of 200 MT), and Canada (600 MT, including decreases of 200 MT). |
Weekly Export Details | Exports of 18,900 MT were up 4% from the previous week and 9% from the prior four-week average. The destinations were primarily to Japan (4,900 MT), South Korea (4,900 MT), China (4,200 MT), Taiwan (1,200 MT), and Mexico (1,100 MT). |
Comments and Performance Indicators | USDA reported sales totaling 17,300 MT last week. USDA projects 2021 exports will climb 13.1% from year-ago levels. |
Pork | |
Actual Sales (in MT) | 2021: 28,600 |
Weekly Sales Details | Net sales of 28,600 MT reported for 2021 were unchanged from the previous week, but up 12% from the prior four-week average. Increases primarily for Mexico (17,700 MT, including decreases of 900 MT), Japan (2,800 MT, including decreases of 400 MT), Canada (1,800 MT, including decreases of 800 MT), Colombia (1,600 MT, including decreases of 100 MT), and China (1,500 MT, including decreases of 1,000 MT), were offset by reductions for New Zealand (100 MT). |
Weekly Export Details | Exports of 32,200 MT were down 4% from the previous week and 5% from the prior four-week average. The destinations were primarily to Mexico (13,500 MT), China (5,100 MT), Japan (4,000 MT), South Korea (3,000 MT), and Canada (2,000 MT). |
Comments and Performance Indicators | USDA reported net sales of 28,600 MT last week. USDA projects exports in 2021 will climb 3.7% from last year’s strong tally. |