FW: FI Evening Grain Comments 04/02/20

PDF attached includes US corn, soybean and all-wheat balances

 

Russia
and Saudi Arabia may slow oil production.  China said they plan to buy oil for reserves and a rally in crude oil might be helping stocks out. US jobless claims were about double estimates at 6.648 million.

 

Weather

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS:

Weather
in South America, South Africa and India remains favorable for most oilseed development. India’s rapeseed will benefit from drier weather to help reduce a quality decline because of moisture during crop maturation and harvest season.

Improving
rainfall in Southeast Asia will be good for palm oil production and corn planting.

            China’s
recent flooding rain in the south and that which is expected this weekend into next week will delay early season coarse grain planting and will keep rapeseed development a little sluggish as well. Dryness is also a concern in Yunnan.

U.S.
early season grain and oilseed areas are facing similar conditions with frequent precipitation and soggy field conditions to limit field progress for a while. Today’s somewhat drier biased outlook does offer a few pockets of drying, but the bottom line will
require much more precipitation.

           
Australia needs greater rain in the south prior to late April and May planting of canola. Rain in New South Wales and neighboring Wednesday and that which occurs through Friday will help to moisten some areas, but follow up rain will be needed.

Europe’s
drier weather bias in place today will improve field conditions for planting, but warming temperatures are needed before much early corn will be seeded. Winter rapeseed will be breaking dormancy, but no aggressive crop development is expected for a while.
Warming next week will help improve the situation. Timely rain will be needed once seasonal warming becomes a little more significant.

Overall,
weather today will provide a mixed influence on market weather mentality with a bearish bias.

 

MARKET
WEATHER MENTALITY FOR WHEAT: 

India’s
drier weather this week will help protect winter crop quality after weekend weather trended a little too wet in the north. China winter crops are in mostly good condition with more aggressive development expected as soon as additional warming kicks in.

            U.S.,
Russia and Europe winter crop conditions vary from fair to very good. Recent frost and freezes in southern production areas did not permanently harm crops. Warming is needed in all production areas.

There
is some need for timely precipitation in the drier areas of western Kansas, eastern Colorado, central Washington, Kazakhstan, eastern portions of Russia’s Southern Region, the lower Volga River Basin and southeastern Europe. Recent wet weather in Spain was
ideal for its winter grains.

            North
Africa and the Middle East will need dry weather soon to promote grain maturation and harvesting. Too much moisture could result in a grain quality decline. Morocco has been too dry this year and will come up quite short on production.

           
Wheat planting prospects for Australia and South Africa are good this year because of recent rain and that which is expected over the next few weeks.

            Overall,
weather today will likely provide a mixed influence on market mentality.

Source:
World Weather Inc. and FI

 

 

Bloomberg
Ag Calendar

THURSDAY,
April 2:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, 8:30am
• UN’s
  FAO World Food Price Index, 4am
• Port
  of Rouen data on French grain exports

FRIDAY,
April 3:

• ICE
  Futures Europe weekly commitments of traders report on coffee, cocoa, sugar positions
  
• 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

 

 

 

 

 

Macros

·        
President Trump announced Russia is considering cutting oil production. Trump: Oil Output Cut Could Be As Much As 15m Bbls

·        
US Crude Oil Futures Settle At $25.32/Bbl, Up $5.01 Or 24.67%

·        
US Initial Jobless Claims Mar-28: 6648K (exp 3800K; prev 3283K)

–         
Continuing Claims Mar-21: 3029K (exp 4941K; R prev 1784K)

·        
US Trade Balance (USD) Feb: -39.9B (exp -40.0B; R prev -45.5B)

·        
US Factory Orders (M/M) Feb: 0.0% (est 0.2%; prev -0.5%)

–
Factory Orders Ex-Transportation (M/M) Feb: -0.9% (prev R -0.4%)

–
Durable Goods Orders (M/M) Feb F: 1.2% (est 1.2%; prev 1.2%)

–
Durables Ex-Transportation (M/M) Feb F: -0.6% (est -0.6%; prev -0.6%)

–
Cap Goods Orders Nondef Ex-Air (M/M) Feb F: -0.9% (est -0.8%; prev -0.8%)

–
Cap Goods Ship Nondef Ex-Air (M/M) Feb F: -0.8% (est -0.8%; prev -0.7%)

 

Corn.

·        
Corn futures started higher strength in WTI crude oil and US planting delay concerns, but bear spreading led to mixed settlement.  While we were in the process of downward revising our weekly ethanol production
estimates for the US (updated corn balance attached), WTI crude oil jumped about $4.00 barrel higher after President Trump said he brokered a deal with Saudi Arabia and Russia on lowering crude oil production.  This helped support corn prices.  Algeria bought
corn but origin was thought to be Black Sea or US rather than Argentina. 

·        
US crude settled at $25.32/bbl, up $5.01 or 24.67%. 

·        
USDA export sales for corn of 1.075 million tons were at the high end of expectation.  See text after the wheat comment. 

• Precipitation
  for the Delta and lower Midwest early this month might be frequent enough to delay planting progress.
• China’s
  commerce ministry said main grain supplies are sufficient for domestic demand and will not be in shortage even without any imports.  China’s ending stocks of wheat, corn and rice in 2019 totaled more than 280 million tons.  Consumption on average is more than
  200 million tons.
• Ukraine’s
  grain exports were record 46 million tons in the first nine months of the 2019-20 versus 37.6 million year earlier, according to the Ministry for Development of Economy, Trade and Agriculture.
• Ukraine’s
  grain and oilseed exports in 2019-20 July-June season were estimated by UGA at 57.2 million tons, above 55.6 million tons a month ago. Ukraine’s major traders union UGA said this week it agreed with an economy ministry proposal to limit wheat exports to 20.2
  million tons in the 2019-20 season to avoid a rise in domestic bread prices. -Reuters

·        
US ethanol production is on the decline and we again revised lower our corn for ethanol for 2019-20 to a low 5.000 billion bushels, below 5.378 billion for 2018-19 and well below USDA’s 2019-20 estimate of
5.425 billion. We increased our feed estimate to 5.800 billion bushels due to robust Q2 feed demand.   USDA is using 5.525 billion bushels.  Look for USDA to lower corn for ethanol and raise its feed estimate in its April update.  We think USDA will report
2019-20 ending stocks around 1.986 billion bushels versus 1.892 billion for March.  Attached is our US corn balance. 

·        
For new crop, several analysts are above 2.4 billion bushels, including myself,  for ending stocks. 

 

Export
Developments

• Algeria
  bought 40,000 tons of corn for late April and early May shipment at about $192 to $193 a ton c&f.  Origin was thought to be from the US. 
  
• Egypt
  might be looking around for a couple cargos of Ukraine corn. 
• Today
  China was planned to auction off 20,000 tons of frozen pork from state reserves. 
  

 

Updated
3/24/20

• CBOT
  May is seen in a $3.10 and $3.70 range.  July could reach below $3.00 if we see a major reduction in US ethanol production.  December is seen in a $2.85-$3.95 range.   
  

 

Soybean
complex

• CBOT
  soybean
  complex traded two-sided, ending lower on lack of bullish news, despite a February US daily crush rate breaking January’s record.  There was talk that Argentina agriculture commodity movement was starting to flow at better rates than last week.  The brazil
  real remains very weak and USD was up 57points as of 1:50 pm CT. 
• Soybean
  meal ended $1.40-$5.80 lower led by bear spreading. 
• Soybean
  oil saw a lift on higher WTI crude oil. 

·        
USDA export sales for soybeans were above expectations at 957.4k tons and included China for 131,000 tons. SBM meal sales were poor but shipments were good. SBO sales were a marketing year high at 67k.   See
text after the wheat comment. 

·        
The Southern Palm Oil Millers Association estimated a 4% increase in palm oil production.  This pressured palm oil prices on Thursday. 

·        
The Argentina BA Grains Exchange estimated the soybean crop at 49.5 million tons, down from a previous forecast of 52 million tons.  Last year they had 55.1 million tons. 

 

Oilseeds
Export Developments

• Egypt
  seeks 3,000 tons of soybean oil and 2,000 tons of sunflower oil on April 5 for May 1-25 delivery. 
  

 

 

Updated
4/1/20 (top end of range lowered)

• May
  soybeans are seen in a $8.40-$9.00 range.
• May
  meal is seen in a $305 to $340 range
• May
  soybean oil range is 24.50 to 27.50

 

Wheat

• US
  wheat futures ended lower again on technical selling. 
• US
  export sales for wheat of 72,900 tons old crop were a marketing year low. New crop sales of 185,900 tons were below our expectations. 
  
• Egypt
  looks to increase their grain and other agriculture commodity stocks to last six months.  Many commodities are at three months, with some at 5-6 months.  Egypt will start buying local wheat around April 15. 
  
• Egypt
  canceled an import tender for wheat for May 5-20 shipment. Egypt’s GASC will require the supplier of wheat to bear the burden in freight difference if the origin changes.  Uncertainty for port loadings from coronavirus concerns is starting to spook traders. 
  
• Russia
  plans to sell up to 83% of grain from its state stockpile on the domestic market, starting April 13, or up to 1.5 million tons, mainly for needs by the flour and bakery industry. They currently have 1.8 million tons of grain in reserves after already selling
  1 million tons. 

• World
  food prices fell in March to 172.2 points last month, down 4.3% on February.  Vegetable oil prices fell 19 percent led by declines in Malaysian palm oil. 
  

• Paris
  May milling wheat settled down 2.75 euros, or 1.4%, at 190.75 euros ($206.89) a ton.

• US
  HRW wheat area will see precipitation through early next week bias east and north.  Rain and snow in the Red River Basin into early Friday will likely to promote ongoing flooding. The Red River may reach major flood stage at some locations.
  

 

Export
Developments.

• In
  its third import tender in weeks, Algeria seeks wheat on Friday. 
• After
  the close Egypt announced they are in for wheat on Thursday for May 5-20 shipment, then cancelled it a couple hours later.
  
• Ethiopia
  seeks 400,000 tons of wheat on April 7. 
• Jordan
  is in for 120,000 tons of wheat on April 6 for June-August shipment.
• Jordan
  seeks 120,000 tons of feed barley on April 7 for September through October shipment. 
  
• In
  an SBS import tender, Japan seeks 80,000 tons of feed wheat and 100,000 tons of barley on April 8 for arrival in Japan by July 31. 
  

 

Rice/Other

• The
  Philippines said it has secured Vietnam’s commitment for continuous supply of rice.
• The
  Philippines seek 300,000 tons of rice from Thailand and Vietnam.
• Cambodia
  will ban rice exports on April 5. 

 

Trade
outlook

• May
  Chicago $5.15 and $5.68 range
• May
  KC $4.40 and $4.90 range
• May
  MN $5.15 and $5.35 range

 

US
Trade Balance – Agriculture (Source Dow Jones)

DJ
U.S. Grain Exports-Apr 2

   
In kilograms (top) and in bushels (bottom), except flour in cwt and malt

in
pounds.  /1 denotes includes commercial and donated. Source: U.S. Department

of
Commerce.

(*)NOTE:
Year ago figures reflect data reported at that time.

Data
includes Exports and Re-Exports.

 

                               ——-
In Kilograms ——-

                         Feb
20         Jan 20         Dec 19      Feb 19(*)

Barley               
1,805,334      4,935,169      3,549,000      5,489,650

Corn
/1           3,916,049,000  2,494,779,000  2,508,110,000  3,616,868,000

Sorghum            
297,902,000    252,083,000    429,017,000    304,705,000

Oats                 
3,294,333      2,591,827      2,108,645      2,646,264

Rye                     
10,201        156,917        191,000         46,000

Wheat
/1          2,184,411,853  1,880,541,355  2,161,218,136  2,285,227,870

  wheat
flour /1     22,924,077     22,285,228     19,393,854     24,921,853

Malt                
34,692,762     36,006,869     33,837,887     34,499,204

 

                            ——-
In Bushels, CWT or Pounds ——-

                         Feb
20         Jan 20         Dec 19      Feb 19(*)

Barley                  
82,917        226,668        163,003        252,135

Corn
/1             154,166,457     98,214,103     98,738,916    142,388,342

Sorghum             
11,727,763      9,923,967     16,889,480     11,995,583

Oats                   
226,959        178,561        145,272        182,311

Rye                        
402          6,177          7,519          1,811

Wheat
/1             80,262,572     69,097,357     79,410,358     83,966,889

  wheat
flour /1        505,389        491,305        427,561        549,433

Malt                
76,484,461     79,381,572     74,599,784     76,057,739

1/Includes
commercial and donated.

Write
to Kareema Clark at csstat@dowjones.com

 

 

DJ
U.S. February Oilseed, Meal, Oils/Fats Exports-Apr 2

  
In kilograms (top). Oils in pounds, soybeans in bushels, meal and hulls in

short
tons (bottom). Source: U.S. Department of Commerce.

(*)NOTE:
Year ago figures reflect data reported at that time.

Data
includes Exports and Re-Exports.

 

                               ——-
In Kilograms ——-

                        Feb
20         Jan 20         Dec 19     Feb 19(*)

soybeans         
2,758,866,780  5,319,216,023  5,570,376,324 4,577,364,744

soyoil             
179,744,204     56,754,373     83,597,599    41,656,639

  crude            
163,046,872     44,792,336     63,337,525    29,230,159

  refined              
108,209        117,811         26,618        74,299

  other/1           
16,290,645     11,604,484     20,064,091    12,102,016

  hydrogenated         
298,478        239,742        169,365       250,165

cottonseed
oil        1,869,006      3,350,588      2,995,985     2,614,588

  crude                
551,000        287,428        436,031        70,727

  refined                
3,181      1,950,488      1,175,021     1,914,644

  other/1            
1,251,311      1,112,672      1,360,432       629,217

  hydrogenated          
63,514              0         24,501             0

sunseeds               
111,174        139,950         95,844        20,412

sunseed
oil           2,656,075      3,763,147      3,547,768     2,729,318

rapeseed            
18,964,381     15,539,122     16,936,345    26,690,888

rapeseed
oil          9,792,681      7,162,668     10,661,340     6,513,300

   crude             
5,914,163        617,984      6,671,711       942,103

   refined           
3,878,518      6,544,684      3,989,629     5,571,197

linseed
meal             76,253         96,195        150,303             0

cottonseed
meal       7,107,971      9,314,249      7,004,919    11,456,804

soymeal          
1,026,610,411    709,529,097    787,612,454   787,412,007

soymeal/flour      
227,891,987    255,531,628    219,553,686   200,862,800

soymeal
hulls         5,132,000     18,361,000      9,703,000     7,924,000

lard                 
1,554,612      2,432,874      2,193,897     1,007,426

edible
tallow        10,542,563     12,182,157     11,565,601     9,121,219

inedible
tallow      36,917,562     23,993,259     38,124,785    18,742,291

ch
white grease       5,010,434              0         36,421         9,960

 

                         ——-
In Bushels, Pounds or Short Tons ——-

                         Feb
20         Jan 20         Dec 19     Feb 19(*)

soybeans           
101,369,961    195,445,726    204,674,192   168,187,637

soyoil             
396,268,206    125,121,996    184,301,190    91,837,184

  crude            
359,456,884     98,750,214    139,635,364    64,441,481

  refined              
238,560        259,729         58,683       163,801

  other/1           
35,914,731     25,583,512     44,233,756    26,680,383

  hydrogenated         
658,031        528,541        373,386       551,520

cottonseed
oil        4,120,454      7,386,783      6,605,017     5,764,181

  crude              
1,214,747        633,670        961,284       155,926

  refined                
7,013      4,300,091      2,590,478     4,221,068

  other/1            
2,758,669      2,453,022      2,999,240     1,387,186

  hydrogenated         
140,024              0         54,015             0

sunseeds               
245,097        308,537        211,300        45,001

sunseed
oil           5,855,644      8,296,320      7,821,491     6,017,117

rapeseed            
41,809,311     34,257,906     37,338,256    58,843,346

rapeseed
oil         21,589,170     15,790,983     23,504,235    14,359,371

   crude            
13,038,500      1,362,422     14,708,608     2,076,982

   refined           
8,550,670     14,428,561      8,795,628    12,282,389

linseed
meal                 84            106            166             0

cottonseed
meal           7,835         10,267          7,722        12,629

soymeal              
1,131,633        782,114        868,185       867,964

soymeal
flour/me        251,205        281,673        242,014       221,411

soymeal
hulls             5,657         20,239         10,696         8,735

lard           
      3,427,333      5,363,570      4,836,716     2,220,995

edible
tallow        23,242,377     26,857,064     25,497,790    20,108,849

inedible
tallow      81,389,306     52,896,091     84,050,778    41,319,686

ch
white grease      11,046,118              0         80,295        21,958

Write
to Kareema Clark at csstat@dowjones.com

 

 

DJ
U.S. February Grain Imports-Apr 2

  
In kilograms, from the U.S. Commerce Department, converted to

pounds
by Dow Jones.

 

                           —-Feb
2020—-                —-Jan 2020—-

                             kilograms         
pounds       kilograms          pounds

 

durum
wheat                  1,241,038       2,736,489         814,483       1,795,935

spring
wheat                 4,736,025      10,442,935       4,142,498       9,134,208

winter
wheat                   219,563         484,136       5,521,264      12,174,387

wheat/meslin               
14,225,678      31,367,620      64,990,645     143,304,372

TOTAL
WHEAT                 20,422,304      45,031,180      75,468,890     166,408,902

 

barley                      
5,802,961      12,795,529       8,794,326      19,391,489

oats                        
1,716,044       3,783,877         756,837       1,668,826

 

corn           
            51,770,117     114,153,108      35,001,660      77,178,660

other
corn                   6,652,128      14,667,942      11,612,706      25,606,017

TOTAL
CORN                  58,422,245     128,821,050      46,614,366     102,784,677

Write
to Rodney Christian at csstat@dowjones.com

 

 

DJ
U.S. Feb Soymeal, Vegetable Oils/Oilseed Imports-Apr 2

  
In kilograms from the U.S. Commerce Department, converted to pounds

by
Dow Jones.

 

                           —-Feb
2020—-                —-Jan 2020—-

                             kilograms         
pounds       kilograms          pounds

coconut
oil                 42,735,701      94,232,221      51,347,342     113,220,889

palm
kernel oil             42,979,896      94,770,671      17,956,230      39,593,487

palm
oil                   135,082,314     297,856,502      86,431,329     190,581,080

soybean                    
40,171,946      88,579,141      22,979,107      50,668,931

soymeal                             
0               0               0               0

soyoil                     
12,724,684      28,057,928      14,800,242      32,634,534

rapeseed
oil

 edible                   
128,611,364     283,588,058     169,404,234     373,536,336

rapeseed
oil,

 inedible     
                  1,330           2,933           1,140           2,514

Write
to Rodney Christian at csstat@dowjones.com

 

 

U.S.
EXPORT SALES FOR WEEK ENDING 3/26/2020

	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	54.1	1,812.1	2,563.3	170.3	7,492.2	6,073.0	82.2	522.4
SRW	5.6	279.2	922.8	15.9	2,060.1	2,320.3	16.0	178.4
HRS	-24.9	1,537.5	1,403.4	78.0	5,710.2	5,314.3	64.7	240.9
WHITE	37.9	1,148.5	1,102.9	9.2	3,830.3	4,142.4	23.0	59.0
DURUM	0.2	230.4	117.0	0.2	682.3	364.3	0.0	151.0
TOTAL	72.9	5,007.7	6,109.5	273.5	19,775.1	18,214.2	185.9	1,151.7
BARLEY	0.2	10.7	24.7	0.8	38.7	34.7	0.0	31.0
CORN	1,075.4	13,600.8	13,154.3	1,258.5	18,306.6	30,041.1	20.3	1,761.0
SORGHUM	200.2	1,255.6	236.4	231.2	1,417.2	774.0	0.0	33.0
SOYBEANS	957.4	5,102.0	13,635.9	468.4	31,759.5	29,940.6	114.0	528.9
SOY MEAL	125.2	2,851.5	3,292.0	324.9	5,935.4	6,028.5	-15.9	101.0
SOY OIL	67.0	286.4	143.6	59.5	612.6	441.1	2.3	4.9
RICE
L G RGH	25.3	328.3	314.0	43.8	979.0	804.4	0.0	0.0
M S RGH	1.5	44.4	55.1	0.4	24.9	31.1	0.0	0.0
L G BRN	0.2	20.7	6.2	0.4	36.7	29.3	0.0	0.0
M&S BR	0.2	63.1	78.4	0.8	45.2	63.0	0.0	0.0
L G MLD	4.5	94.0	109.1	4.0	660.8	587.3	0.0	0.0
M S MLD	36.6	255.0	205.5	7.1	405.3	349.5	0.0	0.0
TOTAL	68.3	805.4	768.1	56.5	2,151.9	1,864.5	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	147.5	6,665.1	5,750.7	400.8	8,627.3	7,137.0	111.4	2,006.5
PIMA	0.2	211.4	249.2	23.8	328.6	382.1	0.0	35.3

 

 

Export
Sales Highlights 

This
summary is based on reports from exporters for the period March 20-26, 2020.

• Wheat: 
  Net sales of 72,900 metric tons for 2019/2020–a marketing-year low–were down 90 percent from the previous week and 86 percent from the prior 4-week average.  Increases primarily for Mexico (84,900 MT), the Philippines (60,000 MT), Malaysia (42,900 MT, switched
  from unknown destinations), Chile (40,000 MT), and Bangladesh (25,000 MT), were offset by reductions primarily for unknown destinations (125,800 MT), Indonesia (65,600 MT), Nigeria (25,000 MT), Panama (22,200 MT), and the Dominican Republic (17,300 MT).  For
  2020/2021, net sales of 185,900 MT were primarily for the Philippines (60,000 MT), China (60,000 MT), Panama (23,200 MT), unknown destinations (22,200 MT), and Ecuador (16,000 MT).  Exports of 273,500 MT were down 34 percent from the previous week and 42 percent
  from the prior 4-week average.  The destinations were primarily to Indonesia (74,400 MT), Mexico (74,300 MT), Japan (34,300 MT), Taiwan (24,900 MT), and Colombia (21,800 MT). 
  
• Corn: 
  Net sales of 1,075,400 MT for 2019/2020 were down 41 percent from the previous week and 13 percent from the prior 4-week average.  Increases primarily for Mexico (314,600 MT, including 57,000 MT switched from unknown destinations), Japan (239,000, MT, including
  30,800 MT switched from unknown destinations and decreases of 12,400 MT), unknown destinations (170,800 MT), South Korea (136,100 MT, including decreases of 700 MT), and Colombia (97,600 MT, including 98,500 MT switched from unknown destinations and decreases
  of 8,400 MT), were offset by reductions primarily for Panama (12,600 MT), Guatemala (5,300 MT), and El Salvador (4,000 MT).  For 2020/2021, net sales of 20,300 MT were primarily for Canada (10,200 MT).  Exports of 1,258,500 MT–a marketing-year high–were
  up 49 percent from the previous week and 42 percent from the prior 4-week average.  The destinations were primarily to Japan (478,700 MT), Mexico (299,200 MT), Colombia (202,500 MT), South Korea (129,500 MT), and Costa Rica (33,100 MT). 
  

Optional
Origin Sales: 
For 2019/2020, options were exercised to export 65,000 MT to South Korea from the United States.  The current outstanding balance of 581,000 MT is for South Korea (521,000 MT) and Israel (60,000 MT).

• Barley:
  Net sales of 200 MT for 2019/2020 were reported for Taiwan.  Exports of 800 MT were down 76 percent from the previous week and 23 percent from the prior 4-week average.  The destination was Japan.
• Sorghum: 
  Net sales of 200,200 MT for 2019/2020 resulting in increases for unknown destinations (132,000 MT) and China (77,700 MT, including 66,000 MT switched from unknown destinations and decreases of 2,000 MT), were offset by reductions for Japan (9,200 MT) and Mexico
  (400 MT).  Exports of 231,200 MT–a marketing-year high–were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to China (198,700 MT), Japan (20,800 MT), and Mexico (11,500 MT). 
  
• Rice: 
  Net
  sales of 68,300 MT for 2019/2020 were down 7 percent from the previous week, but up 35 percent from the prior 4-week average.  Increases were primarily for Japan (33,300 MT), Nicaragua (18,000 MT), El Salvador (5,200 MT), Mexico (4,100 MT, including decreases
  of 300 MT), and Canada (2,400 MT).  Exports
  of 56,500 MT were down 21 percent from the previous week, but up 4 percent from the prior 4-week average.  The destinations were primarily to Mexico (44,900 MT), Canada (3,300 MT), South Korea (2,800 MT), Saudi Arabia (1,800 MT), and Japan (1,400 MT).

Exports
for Own Account: 
For 2019/2020, new exports for own account totaling 100 MT were to Canada.  The current exports for own account outstanding balance is 100 MT, all Canada.

• Soybeans: 
  Net sales of 957,400 MT for 2019/2020 were up 6 percent from the previous week and 75 percent from the prior 4-week average.  Increases primarily for Mexico (388,000 MT, including 47,500 MT switched from unknown destinations and decreases of 2,300 MT), China
  (131,000 MT), Bangladesh (108,300 MT, switched from unknown destinations and decreases of 300 MT), Indonesia (97,800 MT, including 68,000 MT switched from unknown destinations and decreases of 2,100 MT), and Egypt (55,000 MT), were offset by reductions for
  Barbados (1,200 MT).  For 2020/2021, net sales of 114,000 MT were for unknown destinations (65,000 MT), Mexico (47,500 MT), and Japan (1,500 MT).  Exports of 468,400 MT were down 23 percent from the previous week and 20 percent from the prior 4-week average. 
  The destinations were primarily to Mexico (124,600 MT), Bangladesh (108,300 MT), Indonesia (86,400 MT), Japan (44,200 MT), and Malaysia (26,100 MT). 
  

Exports
for Own Account: 
For 2019/2020, the current exports for own account outstanding balance is 2,100 MT, all Canada.

• Soybean
  Cake and Meal: 
  Net sales of 125,200 MT for 2019/2020 were down 50 percent from the previous week and 39 percent from the prior 4-week average.  Increases primarily for the United Kingdom (29,400 MT, switched from unknown destinations), Mexico (25,300 MT, including decreases
  of 100 MT), New Zealand (25,000 MT), Canada (22,600 MT), and Guatemala (11,200 MT, including decreases of 10,700 MT), were offset by reductions primarily for unknown destinations (30,000 MT), Nepal (5,000 MT), Honduras (4,700 MT), and Chile (4,500 MT).  For
  2020/2021, net sales reductions of 15,900 MT were for Guatemala (15,400 MT) and El Salvador (500 MT).  Exports of 324,900 MT were up 12 percent from the previous week and 7 percent from the prior 4-week average.  The destinations were primarily to Mexico (66,200
  MT), the Philippines (50,500 MT), Morocco (42,300 MT), the United Kingdom (29,400 MT), and Canada (25,900 MT).
• Soybean
  Oil:  Net
  sales of 67,000 MT for 2019/2020–marketing-year high–were primarily for South Korea (42,000 MT), unknown destinations (15,000 MT), Mexico (5,800 MT), Colombia (3,000 MT), and the Dominican Republic (900 MT, including decreases of 900 MT).  For 2020/2021,
  total net sales of 2,300 MT were for Mexico.  Exports of 59,500 MT were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to Morocco (20,000 MT), Colombia (14,000 MT), Guatemala (8,000 MT), Mexico (3,600
  MT), and Jamaica (3,500 MT).
• Cotton: 
  Net sales of 147,500 RB for 2019/2020 were down 47 percent from the previous week and 61 percent from the prior 4-week average.  Increases primarily for Vietnam (77,500 RB, including 2,100 RB switched from Taiwan, 700 RB switched from Japan, and decreases
  of 2,200 RB), China (24,500 RB), South Korea (15,000 RB, including 4,400 RB switched from Vietnam), Japan (14,000 RB, including 400 RB switched from South Korea and decreases of 500 RB), and Turkey (11,200 RB), were offset by reductions for Thailand (4,900
  RB), Malaysia (4,800 RB), and Bangladesh (1,000 RB).  For 2020/2021, net sales of 111,400 RB primarily for Turkey (36,100 RB), Pakistan (17,200 RB), Indonesia (12,800 RB), Portugal (11,000 RB), and Bangladesh (11,000 RB), were offset by reductions for Guatemala
  (500 RB).  Exports of 400,800 RB were up 4 percent from the previous week, but down 3 percent from the prior 4-week average.  Exports were primarily to Vietnam (92,400 RB), China (71,800 RB), Pakistan (70,400 RB), Turkey (68,000 RB), and Bangladesh (23,200
  RB).  Net sales of Pima totaling 200 RB were down 99 percent from the previous week and from the prior 4-week average.  Increases primarily for Bangladesh (400 RB) and Greece (300 RB), were offset by reductions for El Salvador (500 RB).  Exports of 23,800
  RB–a marketing-year high–were up 37 percent from the previous week and 50 percent from the prior 4-week average.  The primary destinations were primarily to India (6,200 RB), China (5,900 RB), Pakistan (5,000 RB), Vietnam (1,300 RB), and Bangladesh (1,300
  RB).  Exports for Own Account:  For 2019/2020, new exports for own account totaling 500 RB were to Pakistan.  Exports for own account totaling 1,600 RB to Pakistan (900 RB) and Indonesia (700 RB) were applied to new or outstanding sales.  The current
  exports for own account outstanding balance of 31,000 RB is for Indonesia (19,400 RB), Bangladesh (6,500 RB), China (2,500 RB), India (1,700 RB), Malaysia (400 RB), Vietnam (300 RB), and Pakistan (200 RB).

·        
Hides and Skins:
Net sales of 619,300 pieces for 2020 were up 52 percent from the previous week and 59 percent from the prior 4-week average.  Increases were primarily for China (484,600 whole cattle hides, including decreases of 8,300 pieces), Thailand (47,900 whole cattle
hides, including decreases of 1,100 pieces), Indonesia (28,700 whole cattle hides, including decreases of 200 pieces), South Korea (26,000 whole cattle hides, including decreases of 1,500 pieces), and Mexico (24,200 whole cattle hides, including decreases
of 400 pieces).  Additionally, there were net sales reported for Mexico (2,600 kip skins).  Exports of 368,200 pieces reported for 2020 were up 1 percent from the previous week and 7 percent from the prior 4-week average.  Whole cattle hide exports were primarily
to China (190,000 pieces), South Korea (43,800 pieces), Mexico (40,800 pieces), Thailand (38,500 pieces), and Taiwan (21,200 pieces).  In addition, there were exports to Italy (5,200 calf skins). 

·        
Net sales of 55,600 wet blues
for 2020 were down 47 percent from the previous week and from the prior 4-week average.  Increases primarily for China (25,000 unsplit), Thailand (14,200 unsplit), Mexico (11,900 grain splits), South Korea (4,100 grain splits), and Taiwan (1,600 grain splits
and decreases of 100 unsplit), were offset by reductions for the Dominican Republic (3,200 unsplit).  Exports of 153,500 wet blues for 2020 were up 33 percent from the previous week and 13 percent from the prior 4-week average.  The destinations were primarily
to Italy (41,300 unsplit and 1,500 grain splits), China (36,800 unsplit and 4,200 grain splits), Vietnam (30,300 unsplit), Thailand (21,100 unsplit and 1,600 grain splits), and Taiwan (8,400 unsplit).  Total net sales of 172,100 splits were for Vietnam.  Exports
of 160,000 pounds were to Vietnam.

·        
Beef:
Net
sales of 18,200 MT reported for 2020 were up 26 percent from the previous week and 10 percent from the prior 4-week average.  Increases primarily for Japan (8,500 MT, including decreases of 700 MT), South Korea (5,700 MT, including decreases of 300 MT), Hong
Kong (1,300 MT, including decreases of 100 MT), Taiwan (1,200 MT, including decreases of 100 MT), and Canada (1,100 MT, including decreases of 200 MT), were offset by reductions for the Philippines (100 MT) and Mexico (100 MT).  Exports of 17,000 MT were up
1 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to Japan (6,800 MT), South Korea (4,100 MT), Taiwan (1,600 MT), Mexico (1,200 MT), and Canada (1,000 MT).

• Pork:
  Net
  sales of 38,200 MT reported for 2020 were down 1 percent from the previous week, but up 88 percent from the prior 4-week average.  Increases were primarily for China (18,900 MT), Mexico (8,500 MT), Japan (4,000 MT), South Korea (2,200 MT), and Canada (1,600
  MT).  Exports of 40,200 MT were down 17 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were primarily to China (16,200 MT), Mexico (9,400 MT), Japan (5,100 MT), South Korea (2,700 MT), and Canada (2,200 MT).

 

Updated 4/1/20

• CBOT Chicago May wheat is seen in a $5.20-$5.80 range
  

·       
CBOT KC May wheat is seen in a $4.45-$5.25 range

·       
MN May wheat is seen in a $5.00-$5.50 range