FI Morning Grain Comments 03/11/21

PDF attached

 

Morning.
 

 

USDA
Export Sales were good all around.  Corn commitments top 90% of USDA’s export projection and soybeans are nearly at 99%.  The soybean complex was mixed earlier but rebounded post sales, with exception of SBO that was already trading higher on strength in outside
related markets.  Corn rebounded on a pickup in SK import tenders while a large storm for the central Great Plains and WCB forecast for later this week should ease drought conditions for winter grains, keeping US wheat futures in check. 

 

Conab
revised higher the Brazil soybean yield and upward revised corn and soybean harvested areas, bearish for soybeans, in our opinion. Conab’s 135.1 million ton Brazil soybean production came in 1.1 million tons above trade expectations and was up 1.3 million
tons from the previous month. The soybean production is above the working 133 million tons used by most of the trade.  Conab tool Brazil’s corn production up 2.6 million tons from the previous month to 108.07 million tons, near trade expectations.  Both the
corn harvested areas were lifted higher form last month, with corn up 403,000 hectares and soybeans up 195,000. 

 

 

 

 

Weather

 

 

World
Weather Inc.

A
significant and important precipitation event will still occur Thursday through Sunday from the Hard Red Winter Wheat Region into the Corn Belt and northern Delta. The precipitation will be greatly important for notable soil moisture improvement in a large
portion of the Hard Red Winter Wheat Region which will benefit spring crop development. Heavy, wet snow will be involved from northern Colorado into central South Dakota and at least part of northern Iowa. This will cause travel delays and be a problem for
livestock due to calving season. In other areas impacted by this system, rain and thunderstorm activity will occur. Strong to severe thunderstorms are expected from Texas and Oklahoma into the Delta. Rain will be great enough from Oklahoma and central Kansas
through Missouri to cause flooding.

 

In
Argentina, some improvement in soil moisture is expected in the next two weeks, especially after this weekend. Rain will be notably greater in the nation Monday through next Wednesday; though, the GFS model is much drier in eastern Argentina compared to today’s
midday European Model run. The GFS is likely too dry, and the European Model may be a little too wet for this part of the nation.

           
This evening’s GFS model run was notably drier than the midday GFS model March 18 – 22 from central Argentina and Uruguay up into interior southern Brazil. The decrease was due to the model showing a much weaker trough of low pressure and associated frontal
boundary. This was likely overdone in the midday GFS model and some decrease was needed; however, this evening’s run was too dry.

           
In Brazil, conditions in the north will still be wetter than preferred leading to some additional fieldwork delays. Net drying will continue in the south into the middle of next week and this will likely be followed by some timely rain.

Source:
World Weather inc.

 

Bloomberg
Ag Calendar

Thursday,
March 11:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
• Port
  of Rouen data on French grain exports
• China
  National People’s Congress in Beijing
• New
  Zealand Food Prices
• Conab’s
  data on yield, area and output of corn and soybeans in Brazil
• HOLIDAY:
  India, Indonesia

Friday,
March 12:

• ICE
  Futures Europe weekly commitments of traders report (6:30pm London)
• CFTC
  commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
• FranceAgriMer
  weekly update on crop conditions

Source:
Bloomberg and FI

 

 

 

 

USDA
Export Sales were
good all around.  Corn commitments top 90% of USDA’s export projection and soybeans are nearly at 99%. 

 

USDA
export sales for corn of 395,500 tons old crop and 287,300 tons new crop were at the high end of expectations when combined.  2020-21 sales of 395,500 MT included Taiwan, Japan, South Korea and Mexico.  New-crop sales included Japan (175,200 MT) and Mexico
(112,100 MT).  Sorghum sales were 60,300 tons with China taking the bulk of that amount.  USDA export sales for pork were very good at 32,400 MT and included China for 10,700 MT (including decreases of 1,000 MT) and Mexico of 6,900 MT (including decreases
of 500 MT). 

 

USDA
export sales for soybeans were better than expectations when combined.  2020-21 sales of 350.600 tons included China (90,200 MT, including 65,000 MT switched from unknown destinations and decreases of 1,400 MT), Indonesia (81,000 MT, including 55,000 MT switched
from unknown destinations), Mexico (77,900 MT, including decreases of 14,400 MT), and Germany (68,100 MT).  New crop sales of 213,200 MT were reported for Taiwan (65,000 MT), China (63,000 MT), Bangladesh (55,000 MT), and Japan (30,200 MT). 

 

USDA
soybean meal export sales came in at 261,600 tons, better than expected.  Soybean oil sales were only 4,900 tons.  Shipments were fantastic for soybean oil at 62,800 tons while meal shipment stood at 224,800 tons. 

 

All-wheat
export sales were 329,500 tons old-crop and 31,000 tons new-crop.  Mexico and Japan dominated old crop sales and for new-crop much of it was for Central America. 

 

 

 

Macros

US
Initial Jobless Claims Mar 6: 712K (est 725K; prevR 754K; prev 745K)

US
Continuing Claims Feb 27: 4144K (est 4200K; prevR 4337K; prev 4295K)

 

 

Corn

• Corn
  futures rebounded as major importers took advantage of the recent CBOT price declines followed by good export sales (see above).  South Korea overnight bought a combined 321,000 tons of corn, 60,000 tons form the United States and rest
  optional
  origin. 
• Yesterday
  funds
  were net sellers of 18,000 corn contracts on the session. 
• The
  USDA Broiler Report showed eggs set down 1 percent from this time last year and chicks placed down 2 percent.  Cumulative placements from the week ending January 9, 2021 through March 6, 2021 for the United States were 1.68 billion. Cumulative placements were
  down 2 percent from the same period a year earlier.
• Weekly
  US ethanol production came in better than expected at 938,000 barrels per week, highest rate since mid-Jan, up 89,000 barrels, versus a
  Bloomberg poll looking for a 57,000 barrel increase and stocks came in 355,000 barrels below the previous week to 22.425 million BB poll @ 22.433 million).  US ethanol stocks are lowest since November 20, 2020.  We raised our US 2020-21 corn for ethanol usage
  to 4.970 billion bushels from 4.962 billion previously on US economic recovery and states loosening restrictions.  USDA is at 4.950 billion bushels. 
  
• The
  Environmental Protection Agency is considering issuing proposals for U.S. biofuel blending obligations for both 2021 and 2022 at the same time, two sources familiar with the matter said, after the coronavirus pandemic delayed rulemaking….The agency has previously
  combined proposals for multiple years of requirements after missing deadlines, most recently in 2015, when it dealt with 2014, 2015 and 2016 at the same time.” (Reuters)

 

Export
developments.

• South
  Korea’s KOCOPIA bought 60,000 tons of US corn at an estimated $300.00 a ton c&f for arrival in South Korea around June 20.
  

• South
  Korea’s KFA bought 64,000 tons of optional origin corn at an estimated $290.99 a ton c&f for arrival around July 10.
• South
  Korea’s NOFI bought 197,000 tons of optional origin corn in three consignments, at prices cheaper than their late February import tender that cost around $293.90 per ton. 
  
• First
  consignment was bought at $288.85 a ton c&f for arrival around July 5
• Second
  consignment was bought at $288.70 a ton c&f for arrival around July 15
• Third
  consignment was bought at $287.40 a ton c&f for arrival around July 25.
• Turkey
  seeks 115,000 tons of corn for animal feed on March 18 for March 25-April 20 shipment.
  

 

Soybeans

• The
  soybean complex was
  mixed before the USDA export sales report with soybeans under pressure from a large Brazil soybean production estimate, but very good US soybean complex export sales supported futures.  Meal was lower following China futures and lower lead by Rotterdam values
  but higher soybeans and strength in soybean oil underpinned the market (see above sales).  Soybean oil was higher overnight from firmer selected global vegetable oil markets and made another leg up after USDA reported shipments above 60,000 tons.  Note the
  Rosario grains exchange lowered their Argentina soybean crop to 45 million tons. 
  
• Malaysian
  palm oil rallied for the 7^th consecutive day, up 86 MYR and cash rose $20.00/ton.  China soybean meal futures tanked by 3.5% and China soybean oil futures fell 1.5%. 
  
• There
  are no major changes to the SA weather forecast.  Argentina will continue to see a drier bias into next week impacting yield potential, but rain is expected next Tuesday and Wednesday is expected to bring widespread relief (1-2+ inches).  Northern and central
  Brazil will remain active for at least the next week. 
• Rosario
  grains exchange reported the Argentina soybean crop are seeing reduced yields from drought.  They are now at 45 million tons.  We are lower as well at 46 million tons from 46.5 million.  For Brazil we are using 133 million tons, around other trade expectations. 
  
• China
  cash soybean crush margins on our analysis improved again by a good amount to 175 cents from 146 previous, up from 113 cents late last week and compares to 128 cents year earlier. 
  
• Yesterday
  funds were net sellers of 14,000 soybean contracts, sellers of 7,000 soybean meal contracts and net sellers of 1,000 bean oil contracts.
  
• ICE
  May canola was up 8.90 as of 7:45 am CT to 785.60.
• Rotterdam
  vegetable oil prices were unchanged to 10 euros higher from this time yesterday and meal mostly 4-9 euros lower. 
  
• Offshore
  values are leading CBOT SBO 34 points higher and meal $0.70 short ton lower.
  
• China
  cash crush margins on our analysis were 146 cents (105 previous), up from 113 cents late last week and compares to 128 cents year earlier. 
  

China
futures:

Malaysian
palm oil:

 

Export
Developments

• South
  Korea’s NOFI group seeks 12,000 tons of soybean meal for March 11-March 29 shipment (US), or up through April 15 if sourced from China. 
  
• The
  USDA CCC seeks 2,030 tons of packaged oil on March 16 for shipment Apr 16 – May 15.

 

Wheat

• US
  wheat futures extended losses on technical selling although USDA export sales were good (see above corn comment).  The Philippines passed on 385,000 tons of animal feed wheat due to high prices.  The 1-7 day US precipitation map indicates the event this week
  will be more widespread than that of yesterday, providing relief to the central and southern Great Plains and western Corn Bely through parts of the Ohio River Valley.  Northern Plains will miss out on precipitation. 
  
• USD
  was 19 points lower as of 8:00 CT. 
• Traders
  are awaiting the results of Egypt in for wheat.  Lowest offer was $281.49 per ton fob for 60,000 tons of Romanian origin.
• Yesterday
  funds were net sellers of 3,000 net soft wheat contracts on the session.
• EU
  May milling wheat was down 1.75 at 225.75 euros as of 7:45 am CT. 
• Ukrainian
  state weather forecaster noted most regions of Ukraine may have optimal soil moisture reserves as of early spring.  Spring barley plantings could start between March 17 and 25. 
  

 

Export
Developments.

• Egypt
  seeks wheat for April 15-25 shipment. 

• The
  Philippines passed on 385,000 tons of animal feed wheat for shipment between June to December due to high prices. 
  

• Jordan
  seeks 120,000 tons of animal feed barley, on March 16 for shipment between October 1 and November 15. 
  

• Results
  awaited: Algeria seeks around 50,000 tons of feed barley on March 11 for shipment by April 25. 
  
• Pakistan
  seeks 300,000 tons of wheat on March 16 for April-August shipment. 

 

Rice/Other

·        
Bangladesh recently got approval to import 150,000 tons of rice from India.  (3/10)

·        
Bangladesh seeks 50,000 tons of rice on March 18.

·        
Syria seeks 25,000 tons of white rice on March 29, from China or Egypt. 

 

 

U.S. EXPORT SALES FOR WEEK ENDING 3/4/2021 

	CURRENT MARKETING YEAR						NEXT MARKETING YEAR
COMMODITY	NET SALES	OUTSTANDING SALES		WEEKLY EXPORTS	ACCUMULATED EXPORTS		NET SALES	OUTSTANDING SALES
		CURRENT YEAR	YEAR AGO		CURRENT YEAR	YEAR AGO
	THOUSAND METRIC TONS
WHEAT
HRW	151.9	1,376.1	1,779.4	110.9	6,782.8	6,993.6	6.0	258.0
SRW	20.1	413.9	336.8	10.9	1,340.7	1,964.1	12.0	296.6
HRS	67.9	1,941.5	1,606.9	110.4	5,218.6	5,369.5	13.0	245.7
WHITE	89.1	2,138.1	1,046.0	236.1	4,236.0	3,707.2	0.0	80.3
DURUM	0.5	154.2	148.4	0.5	518.4	679.8	0.0	5.0
TOTAL	329.5	6,023.8	4,917.3	468.7	18,096.5	18,714.2	31.0	885.6
BARLEY	1.1	11.5	14.9	0.2	22.0	34.3	0.0	14.5
CORN	395.5	31,756.3	12,881.3	1,592.9	27,762.7	15,231.9	287.3	1,554.0
SORGHUM	60.3	2,844.4	915.9	59.2	3,094.1	1,083.1	53.0	756.0
SOYBEANS	350.6	7,111.4	4,167.5	705.1	53,320.3	30,092.0	213.2	5,076.2
SOY MEAL	261.6	2,720.2	3,252.0	224.8	5,673.9	5,078.9	18.3	233.4
SOY OIL	4.9	101.8	257.1	62.8	501.1	500.1	0.0	0.6
RICE
L G RGH	14.4	264.6	376.7	25.3	1,007.8	879.6	0.0	0.0
M S RGH	0.0	9.9	50.9	0.0	19.0	17.5	0.0	0.0
L G BRN	0.3	12.6	13.2	0.5	24.5	35.0	0.0	0.0
M&S BR	0.2	70.7	69.6	0.2	81.9	38.1	0.0	0.0
L G MLD	6.7	76.1	60.7	4.3	401.1	635.2	0.0	0.0
M S MLD	7.5	224.7	194.0	17.8	347.8	385.4	0.0	0.0
TOTAL	29.0	658.7	765.1	48.2	1,882.2	1,990.8	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	212.0	5,308.2	7,057.0	351.6	8,481.5	7,470.1	92.2	1,288.8
PIMA	12.4	263.2	232.8	23.7	457.8	271.3	0.0	1.1

 

 

Export Sales Highlights

This
summary is based on reports from exporters for the period February 26-March 4, 2021.

Wheat:  Net
sales of 329,500 metric tons (MT) for 2020/2021 were up 50 percent from the previous week, but down 4 percent from the prior 4-week average.  Increases primarily for Mexico (111,500 MT, including decreases of 1,200 MT), Japan (56,100 MT, including decreases
of 500 MT), Thailand (53,300 MT), Vietnam (44,000 MT, including 11,000 MT switched from unknown destinations), and Ecuador (30,500 MT, including 30,000 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (51,000
MT).  For 2021/2022, net sales of 31,000 MT were for Honduras (17,000 MT) and Colombia (14,000 MT).  Exports of 468,700 MT were up 15 percent from the previous week and 16 percent from the prior 4-week average.  The destinations were primarily to China (130,600
MT), South Korea (82,600 MT), Japan (71,100 MT), the Philippines (62,700 MT), and Taiwan (61,700 MT). 

Optional
Origin Sales: 
For 2020/2021, the current outstanding balance of 10,000 MT, all Spain.

Corn: 
Net sales of 395,500 MT for 2020/2021 were up noticeably from the previous week, but down 48 percent from the prior 4-week average.  Increases primarily for Taiwan (135,200 MT, including 56,000 MT switched from Japan and 65,000 MT late), South Korea (127,600
MT, including 68,000 MT switched from unknown destinations and decreases of 6,400 MT), Mexico (108,000 MT), Vietnam (63,700 MT, including 66,000 MT switched from unknown destinations and decreases of 2,300 MT), and Kuwait (41,100 MT, switched from unknown
destinations), were offset by reductions primarily for unknown destinations (180,900 MT).  For 2021/2022, net sales of 287,300 MT were reported for Japan (175,200 MT) and Mexico (112,100 MT).  Exports of 1,592,900 MT were down 21 percent from the previous
week, but up 4 percent from the prior 4-week average.  The destinations were primarily to China (348,400 MT), Japan (276,300 MT), Mexico (202,100 MT), Egypt (140,800 MT), and South Korea (127,900 MT).

Optional
Origin Sales: 
For 2020/2021, the current outstanding balance of 1,174,400 MT is for South Korea (793,000 MT), unknown destinations (244,000 MT), Taiwan (70,000 MT), China (65,000 MT), and Ukraine (2,400 MT).

Late
Reporting: 
For 2020/2021, net sales totaling 131,000 MT were reported late for Japan (66,000 MT) and Taiwan (65,000 MT).

Barley: 
For 2020/2021, net sales of 1,100 MT were for Canada (900 MT) and South Korea (200 MT).  Exports of 200 MT were primarily to South Korea.

Sorghum: 
For 2020/2021, net sales of 60,300 MT were primarily for China (60,200 MT, including decreases of 100 MT).  For 2021/2022, total net sales of 53,000 MT were for China.  Exports of 59,200 MT were down 18 percent from the previous week and 28 percent from the
prior 4-week average.  The destination was China.

Rice: 
Net sales of 29,000 MT for 2020/2021 were down 69 percent from the previous week and 61 percent from the prior 4-week average.  Increases were primarily for Mexico (7,200 MT, including decreases of 300 MT), Canada (5,700 MT), Guatemala (5,000 MT), Japan (4,400
MT), and El Salvador (4,400 MT).  Exports of 48,200 MT were down 67 percent from the previous week and 37 percent from the prior 4-week average.  The destinations were primarily to Venezuela (24,500 MT), Japan (13,500 MT), Canada (3,100 MT), Mexico (1,700
MT), and Jordan (1,400 MT).

Soybeans: 
Net sales of 350,600 MT for 2020/2021 were up 32 percent from the previous week, but down 5 percent from the prior 4-week average.  Increases primarily for China (90,200 MT, including 65,000 MT switched from unknown destinations and decreases of 1,400 MT ),
Indonesia (81,000 MT, including 55,000 MT switched from unknown destinations), Mexico (77,900 MT, including decreases of 14,400 MT), Germany (68,100 MT), and Egypt (64,700 MT, including 55,000 MT switched from unknown destinations), were offset by reductions
primarily for unknown destinations (125,300 MT).  For 2021/2022, net sales of 213,200 MT were reported for Taiwan (65,000 MT), China (63,000 MT), Bangladesh (55,000 MT), and Japan (30,200 MT).  Exports of 705,100 MT were down 36 percent from the previous week
and 45 percent from the prior 4-week average.  The destinations were primarily to China (224,800 MT), Egypt (149,700 MT), Indonesia (84,800 MT), Germany (68,100 MT), and Mexico (61,100 MT).

Exports
for Own Account: 
The current exports for own account outstanding balance is 5,800 MT, all Canada.

Export
Adjustment:
Accumulated exports of soybeans to the Netherlands were adjusted down 68,132 MT for week ending February 25^th.  The correct destination for this shipment was Germany.

Soybean
Cake and Meal: 
Net sales of 261,600 MT for 2020/2021 were up 40 percent from the previous week and 12 percent from the prior 4-week average.  Increases primarily for Mexico (89,400 MT, including decreases of 15,400 MT), the Philippines (75,200 MT, including decreases of
100 MT), Ecuador (29,500 MT, including decreases of 500 MT), El Salvador (18,500 MT, including 5,000 MT switched from Guatemala), and the Dominican Republic (15,000 MT), were offset by reductions for Guatemala (3,400 MT) and Belgium (1,800 MT).  For 2021/2022,
net sales of 18,300 MT were for Guatemala (12,000 MT) and El Salvador (6,300 MT).  Exports of 224,800 MT were down 48 percent from the previous week and 25 percent from the prior 4-week average.  The destinations were primarily to the Philippines (47,700 MT),
Mexico (29,800 MT), Peru (28,100 MT), Ecuador (27,000 MT), and Colombia (23,200 MT).

Soybean
Oil: 
Net sales of 4,900 MT for 2020/2021 were down 10 percent from the previous week, but up 43 percent from the prior 4-week average.  Increases primarily for South Korea (25,000 MT, switched from unknown destinations), Hong Kong (5,600 MT, including 5,500 MT
switched from unknown destinations), Guatemala (3,500 MT), El Salvador (1,000 MT), and Mexico (500 MT), were offset by reductions primarily for unknown destinations (30,500 MT).  Exports of 62,800 MT–a marketing-year high–were up 48 percent from the previous
week and up noticeably from the prior 4-week average.  The destinations were primarily to South Korea (40,000 MT), Guatemala (9,500 MT), Hong Kong (5,600 MT), El Salvador (2,800 MT), and Costa Rica (2,000 MT).

Cotton: 
Net sales of 212,000 RB for 2020/2021 were up 25 percent from the previous week and 5 percent from the prior 4-week average.  Increases were primarily for China (58,000 RB, including 20,200 RB switched from Vietnam), Vietnam (30,700 RB, including 400 RB switched
from Japan, 400 RB switched from South Korea, and decreases of 4,200 RB), Turkey (30,300 RB), Pakistan (23,600 RB), and Bangladesh (21,300 RB).  For 2021/2022, net sales of 92,200 RB were primarily for Mexico (56,300 RB), Turkey (23,300 RB), and China (10,100
RB).  Exports of 351,600 RB were down 7 percent from the previous week and 1 percent from the prior 4-week average.  Exports were primarily to China (94,000 RB), Vietnam (70,200 RB), Pakistan (60,200 RB), Turkey (36,700 RB), and Mexico (22,600 RB).  Net sales
of Pima totaling 12,400 RB were up 58 percent from the previous week and 13 percent from the prior 4-week average.  Increases primarily for China (4,400 RB), India (3,400 RB), Pakistan (2,300 RB, including 800 RB switched from the United Arab Emirates), Germany
(900 RB), and Thailand (700 RB, including 100 RB switched from Japan), were offset by reductions primarily for the United Arab Emirates (800 MT).  Exports of 23,700 RB were up noticeably from the previous week and from the prior 4-week average.  The destinations
were primarily to India (7,400 RB), China (4,100 RB), Pakistan (3,600 RB), Peru (3,000 RB), and Vietnam (2,100 RB).  

Exports
for Own Account: 
For 2020/2021, new exports for own account totaling 2,800 RB were to Vietnam (2,600 RB) and Bangladesh (200 RB).  Exports for own account totaling 8,400 RB primarily to Vietnam (7,200 RB) were applied to new or outstanding sales.  The current exports for own
account outstanding balance of 35,000 RB is for China (28,200 RB), Vietnam (6,200 RB), and Bangladesh (600 RB).

Hides
and Skins: 
Net sales of 518,600 pieces for 2021 were up 44 percent from the previous week and 60 percent from the prior 4-week average.  Increases primarily for China (390,500 whole cattle hides, including decreases of 35,600 pieces), South Korea (31,300 whole cattle
hides, including decreases of 2,100 pieces), Thailand (29,000 whole cattle hides, including decreases of 700 pieces), Mexico (26,600 whole cattle hides, including decreases of 1,000 pieces), and Taiwan (17,900 whole cattle hides), were offset by reductions
for Brazil (1,400 pieces).  Total net sales of 1,000 calf skins were for Italy, including decreases of 100 pieces.  In addition, total
net sales reductions of 300 kip skins were for Belgium. 
Exports of 389,800 pieces for 2021 were down 1 percent from the previous week, but up 10 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (286,400 pieces), South Korea (40,700 pieces), Mexico (27,300 pieces), Thailand
(17,700 pieces), and Brazil (5,900 pieces).  Exports of 3,900 calf skins were to Italy.  Additionally, exports of 2,600 kip skins were to Belgium.

Net
sales of 144,400 wet blues for 2021 were up 91 percent from the previous week and 44 percent from the prior 4-week average.  Increases primarily for Vietnam (68,400 unsplit, including decreases of 200 unsplit), China (26,200 unsplit, including decreases of
400 unsplit), Italy (19,700 unsplit, including decreases of 200 unsplit), Thailand (16,800 unsplit), and Mexico (7,800 grain splits and 1,100 unsplit, including decreases of 100 grain splits).  Exports of 108,800 wet blues for 2021 were up 16 percent from
the previous week and 1 percent from the prior 4-week average.  The destinations were primarily to Vietnam (33,200 unsplit), Italy (24,100 unsplit and 7,200 grain splits), China (20,700 unsplit and 2,500 grain splits), Brazil (6,500 unsplit), and Thailand
(4,900 unsplit).  Net sales of 1,486,600 splits were reported for Vietnam (1,205,100 pounds, including decreases of 2,100 pounds), Italy (195,700 pounds), and Taiwan (85,800 pounds, including decreases of 700 pounds).  Exports of 482,500 pounds were to Vietnam
(440,000 pounds) and Taiwan (42,500 pounds). 

Beef: 
Net
sales of 20,900 MT reported for 2021 were down 8 percent from the previous week, but up 17 percent from the prior 4-week average.  Increases were primarily for South Korea (6,600 MT, including decreases of 400 MT), Japan (5,900 MT, including decreases of 800
MT), Mexico (2,100 MT), China (1,800 MT, including decreases of 100 MT), and Taiwan (1,800 MT, including decreases of 100 MT).  Exports of 17,800 MT were down 9 percent from the previous week, but up 5 percent from the prior 4-week average.  The destinations
were primarily to South Korea (5,500 MT), Japan (4,700 MT), China (2,700 MT), Mexico (1,200 MT), and Taiwan (900 MT).

Pork: 
Net
sales of 32,400 MT reported for 2021 were down 46 percent from the previous week and 17 percent from the prior 4-week average.  Increases primarily for China (10,700 MT, including decreases of 1,000 MT), Mexico (6,900 MT, including decreases of 500 MT), Japan
(3,100 MT, including decreases of 200 MT), South Korea (2,900 MT, including decreases of 700 MT), and Canada (2,800 MT, including decreases of 400 MT), were offset by reductions primarily for Guatemala (400 MT).  Exports of 39,300 MT were down 2 percent from
the previous week, but up 3 percent from the prior 4-week average.  The destinations were primarily to China (11,900 MT), Mexico (10,000 MT), Japan (4,800 MT), South Korea (3,300 MT), and the Philippines (2,000 MT).