FW: FI Evening Grain Comments 05/21/20

PDF attached

 

 

Weather

The
US CPC looks for above normal temperatures for June-August period for the US west, Gulf Coast, and East Coast. 

 

 

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS: 

           
Periodic rain delays are expected in U.S. planting during the next ten days, but some fieldwork is expected. The wettest conditions are expected this weekend into early next week. A very good environment will remain for emerging and establishing spring and
summer crops.

Rain
in western Canada’s Prairies this week will stall spring fieldwork through the weekend while weather in the east will be dry and warm favoring spring planting progress.  More rain in Ontario, Canada Friday into early next week will keep fieldwork for corn
and soybean areas advancing slowly. Next week will perpetuate some of the delays in southeastern Canada with rain expanding into Quebec after the weekend.

Brazil
and Argentina weather will not change much over the coming ten days and that should translate into ongoing good western Safrinha crop conditions in Brazil while conditions in the east are quite varied leaving many areas in need of rain. Harvesting in Argentina
may be briefly delayed by rain today and Thursday.

Good
harvest weather is expected in South Africa and India. Crop planting and establishment in China is expected to advance favorably, although the North China Plain and Yellow River Basin will be drying out.

Rain
is expected over the next few days in southeastern Europe brining some needed relief to dryness in the Balkan Countries. In the meantime, Western Europe will be drying out with northern France, the United Kingdom, Belgium, Netherlands and Germany becoming
too dry soon.

Rain
in Ukraine and a part of Russia’s Southern region in the coming week will be welcome, but more rain will be needed near the Black and Caspian Seas.

Southeast
Asia still needs greater rain in Thailand and portions of the Philippines while conditions in Indonesia and Malaysia are mostly good.

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

Source:
World Weather Inc. and FI

 

MARKET
WEATHER MENTALITY FOR WHEAT:  Russia’s
spring wheat region has been making the news recently with an erratic rainfall distribution in the southeastern New Lands and some very warm to hot temperatures that occurred in the past week. Rainfall will continue sporadic and more warm-biased conditions
are likely. The area of concern is near the northeastern border of Kazakhstan.

Dryness
remains in the southwestern U.S. Plains and in some areas near the Black Sea and developing in northern Europe. Dryness was also continuing in Western and South Australia. Rain chances are improving for some of these drier areas with rain in the Balkan Countries
over the next few days, some scattered showers in Russia and Ukraine and some rainfall in the southwestern U.S. Plains.

           
Some showers impacted Queensland and far northern New South Wales, Australia recently, but much more rain will be needed to induce the best autumn planting. Western Australia may receive some rain Sunday into Monday and that too will be welcome.

           
Canada’s Prairies planting has been advancing favorably while wheat development in Quebec and Ontario should begin improving this week due to warmer temperatures. A storm in Alberta and western Saskatchewan today into Friday will stall farm progress.

           
Spring wheat planting in the northern U.S. Plains should be advancing favorably.

           
Rain is needed in Argentina and South Africa to support planting.

           
Overall, weather today is expected to have a bullish bias to market mentality.

Source:
World Weather Inc. and FI

 

Seven-day
outlook:

 

Bloomberg
Ag Calendar

THURSDAY,
May 21:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, 8:30am
• Port
  of Rouen data on French grain exports
• USDA
  red meat production, 3 pm
• U.S.
  cold storage – pork, beef, poultry
• HOLIDAY:
  France, Germany, Belgium, Indonesia

FRIDAY,
May 22:

• 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
• U.S.
  cattle on feed, poultry slaughter, 3 pm
• Shanghai
  exchange’s weekly commodities inventory, 15.30
• EARNINGS:
  Sime Darby Plantation

SATURDAY,
May 23:

• China
  May trade data, including agricultural imports

Source:
Bloomberg and FI

 

 

USDA
Export Sales

• US
  pork export sales slumped to 5,800 tons. 
• Soybeans
  were above expectations at 1.205 million tons. China was the dominant buyer of soybeans at 737,400 tons (decrease of 600 tons).  Meal was 198,800 tons with shipments at 208,900 tons and soybean oil export sales at a very good 62,100 tons with shipments at
  11,700 tons.
• All-wheat
  export sales were 175,800 tons. New-crop was better at 252,400 tons. Combined they were within expectations. 
  
• Corn
  export sales came in at 884,200 tons, within expectations. 
• US
  sorghum export sales were 83,100 tons. 

 

 

 

 

Macros

·        
US Initial Jobless Claims May-16: 2438K (exp 2400K; prev 2981K)

–         
Continuing Claims May-9: 25073K (exp 24250K; prev 22833K)

·        
US Philadelphia Fed Business Outlook May: -43.1 (exp -40.0; prev -56.6)

 

Corn.

·        
Corn futures ended 0.50-1.75
cents lower led by bear spreading on favorable US weather to allow producers to near finish plantings within the next two weeks and China’s announcement to start releasing corn from state reserves.  July corn settled near its 20-day MA.

·        
Funds sold an estimated net 8,000 contracts. 

·        
EIA reported US generation of D6 ethanol blending credits during April at 645 million RINs, down from 1.14 billion in March.

·        
With wheat on the tear higher over the past couple days, this has brought into question whether or not short covering in the corn market is overdue.  Managed money futures and options position in corn as of
week ago Tuesday was net short 214,054 contracts, compared to net short about 29,500 contracts back in January.  Note prices back in January were around $3.90.  We are unsure a short covering rally will be last long given expectations for the 2021-22 US carryout
to rise above 3.0 billion bushels.  Note it wasn’t too long ago the trade saw a record net short position for managed money corn, at 322,219 contracts established April 2019.  So, we can’t rule out additional shorts added on over the next few months if US
weather remains favorable. 

·        
Some sections of the northern IL river are closed due to flooding. 

·        
China is expected to receive around 9,000 tons of US ethanol after the country waived tariffs. 

·        
US crop year to date commitments to China amount to just over 1.250 million tons so far this season, thanks to China granting reduced import tariffs for the US corn.  Hard to imagine this is the largest amount
committed from the US since the 2013-14. The landed import price of corn into southern China has been at a discount to local cash prices for a few years. But China corn production has grown, and US landed corn prices during most of that time has been uncompetitive
to Ukrainian corn. In addition, China has been an aggressive seller of corn reserves, which brings us to think there is an opportunity for China to eventually restock state reserves to ensure long term food security.  

 

 

Source:
Reuters and FI

 

Corn
Export Developments

·        
China plans to sell 4 million tons of corn from state reserves on May 28.  This would be the first auction of the season.  3.66 million tons of corn is from 2015. 

 

 

 

Updated
5/21/20

• July
  corn is seen in a $3.00 ($2.90 previously)
  and $3.35 range.  December lows could reach $2.90 if US weather cooperates. 
  

 

Soybean
complex

• CBOT
  July soybean futures fell 11.75 (bear spreading), meal down $2.00-$3.00/short ton, and soybean oil 22-26 points lower. 
  Lack
  of fresh US soybean sales to China disappointed traders.  Parts of Europe was on holiday. 
  
• Funds
  sold an estimated net 10,000 soybeans, sold 3,000 soybean meal and sold an estimated net 2,000 soybean oil.
  
• July
  soybeans ended below its 50-day MA. 
• US
  soybean meal basis firmed across the eastern Midwest and was weaker in the WCB.  Chicago was down $3 to 3 under. Decatur was up $1 to 5 under. 
  

·        
EIA reported US generation of D4 ethanol blending credits at 357 million biodiesel credits during April, down from 371 million in March.

• APK-Inform
  reported Ukrainian sunflower oil export prices rose to $725-$735 per ton FOB Black Sea from $700-$705 a week earlier.

·        
CNGOIC reported China bought 10 cargoes of palm oil for June-October loading. 

·        
Malaysia said they are committed to maintaining good relations with India. Recently Indian buyers purchased up to 200,000 tons of Malaysian palm oil for June and July.

·        
Malaysian palm plantations continue to see a worker shortage.  They rely on foreigners for 70 percent of the plantation workforce.  

 

University
of Illinois Hubbs,
T. and S. Irwin. “The Impact of Late Planting on U.S. Average Soybean Yield.”
farmdoc daily (10):93,  Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, May 20, 2020.

https://farmdocdaily.illinois.edu/2020/05/the-impact-of-late-planting-on-u-s-average-soybean-yield.html?utm_source=farmdoc+daily+and+Farm+Policy+News+Updates&utm_campaign=b6d7df2591-FDD_RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_2caf2f9764-b6d7df2591-173649469

 

Oilseeds
Export Developments

• None
  reported

 

Soybean
oil commitments are running at highest level since 2010-11.

 

Updated
5/21/20

• July
  soybeans are seen in a $8.15-$8.65 range. 
• July
  soybean meal is seen in a $270 to $305 range. 
• July
  soybean oil range is now seen in a 26.00 to 28.50 range. 

 

Wheat

• CBOT
  July Chicago wheat ended 2.25 cents higher on follow through bullish sentiments surrounding around talk that Russian grain supplies will be smaller than expected.  KC July ended 1.25 cents higher while MN July 2.50 cents lower.
  
• Funds
  bought an estimated net 3,000 Chicago wheat contracts. 
• South
  Korea is in for US wheat.
• Western
  Europe will dry down over the next week to ten days.  Eastern Europe will see a good mix of rain and sunshine.  Warmer weather is needed for parts of southern Russia and Ukraine were cool air is expected to continue into next week.  The western CIS will see
  a mix of erratic rain and sunshine through the middle of next week. 

 

 

• Russia’s
  IKAR lowered their Russia’s 2020 wheat crop to 76.2 million tons from 77.2 million tons.  Recently the Russian AgMin pegged the 2020 grain crop at 120 million tons from 125.3 million previously, and slightly less than in 2019. 
  
• KS
  and OK crop tour yield estimates are indicating they will below USDA’s projections.
  
• Harvesting
  of winter wheat across TX and OK is expected to slow in the coming days from rain showers. 
  
• Canada
  saw a storm across Alberta and western Saskatchewan Wednesday into Thursday that will further delay spring planting progress.
  

 

 

2020
Kansas Wheat Tour

• The
  Kansas Wheat Commission, the Kansas State University extension and the Kansas Department of Agriculture crop tour showed day one and two average yield for west-central, southwest, north-central and northwest Kansas, at 42.0 bpa, below 47 projected by USDA
  for the entire state. 
• Day
  two results: 32.9 bu/acre in southwest Kansas and 42.5 bu/acre in west-central Kansas.
  
• The
  Oklahoma Wheat Commission believes the wheat crop will be closer to 85-90 million bushels rather than the 96.5 million projected on May 5.  USDA is at 102.6 million bu.
  

http://kswheat.com/harvest/hrw-virtual-wheat-tour

#wheattour20

 

Export
Developments.

• The
  Philippines seeks 168,000 tons of feed wheat on Friday for July-September shipment.
  
• South
  Korea’s Kofmia bought 35,000 tons of US wheat at an average price of $225.14/ton and passed on the remaining 54,000 tons of milling wheat for August and September arrival. 
  

• Results
  awaited: Syria seeks 200,000 tons of soft wheat on May 20.
• Japan
  bought 110,573 tons of food wheat. Original details as follows:

• Japan
  seeks 80,000 tons of feed wheat and 100,000 tons of feed barley to be loaded by August 31 and arrive in Japan by October 29, in its weekly (SBS) tender system, on May 27.

 

Rice/Other

• None
  reported

 

 

Updated 5/21/20

• Chicago July is seen in a $5.00-$5.31 range
• KC July $4.40-$4.70
• MN July $5.05-$5.30 
  

 

U.S. EXPORT SALES FOR WEEK ENDING 5/14/2020                               

	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	52.7	1,170.2	1,306.7	127.0	8,768.4	8,011.9	80.3	1,071.1
SRW	7.9	193.8	262.8	12.0	2,254.9	3,098.8	44.6	337.8
HRS	81.8	1,185.7	595.5	137.6	6,688.9	6,511.5	42.3	552.7
WHITE	33.4	742.1	490.8	91.4	4,567.8	4,933.1	78.2	355.7
DURUM	0.0	100.8	27.9	0.0	883.3	476.0	7.0	219.0
TOTAL	175.8	3,392.6	2,683.7	368.0	23,163.3	23,031.4	252.4	2,536.3
BARLEY	0.2	9.8	20.2	0.6	40.3	41.0	0.0	31.0
CORN	884.2	12,804.5	9,460.1	1,261.3	26,673.9	37,880.2	-29.4	3,338.5
SORGHUM	83.1	1,282.8	599.8	263.8	2,389.7	1,010.6	32.0	195.0
SOYBEANS	1,205.0	6,406.7	11,838.2	500.0	35,111.2	33,934.7	464.0	2,129.4
SOY MEAL	198.8	2,250.5	2,848.7	208.9	7,586.6	7,862.6	0.0	235.1
SOY OIL	62.1	296.3	149.0	11.7	787.8	557.0	0.5	11.0
RICE
L G RGH	69.3	262.2	259.5	61.9	1,216.7	1,024.3	0.0	0.0
M S RGH	4.5	37.2	35.7	1.5	59.2	63.9	0.0	0.0
L G BRN	3.8	20.5	4.4	0.5	46.4	31.9	0.0	0.0
M&S BR	2.1	56.9	13.9	2.7	59.2	132.7	0.0	0.0
L G MLD	30.8	66.2	64.7	44.5	797.8	699.0	0.0	0.0
M S MLD	2.8	178.9	181.2	8.8	531.8	439.6	0.0	0.0
TOTAL	113.3	622.0	559.4	119.9	2,711.1	2,391.4	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	128.9	5,481.1	5,052.7	252.2	10,810.1	9,569.5	120.2	2,650.0
PIMA	0.6	136.5	218.9	4.6	410.3	488.4	0.0	33.8

 

 

Export Sales Highlights 

This summary is based on reports from exporters
for the period May 8-14, 2020.

Wheat:  Net sales of 175,800 metric tons for 2019/2020 were down 14 percent from
the previous week and 39 percent from the prior 4-week average.  Increases primarily for the Philippines (59,000 MT), South Korea (37,700 MT), unknown destinations (31,200 MT), Italy (20,900 MT), and Mexico (17,700 MT, including decreases of 100 MT), were
offset by reductions for the Dominican Republic (6,300 MT).  For 2020/2021, net sales of 252,400 MT were primarily for unknown destinations (128,000 MT), the Philippines (50,000 MT), Mexico (42,200 MT), the Dominican Republic (9,800 MT), and Chile (7,500 MT). 
Exports of 368,000 MT were unchanged from the previous week, but down 23 percent from the prior 4-week average.  The destinations were primarily to Japan (69,300 MT), the Philippines (64,200 MT), South Korea (56,500 MT), Mexico (54,000 MT), and Taiwan (53,200
MT).

 

Corn:  Net sales of 884,200 MT for 2019/2020 were down 18 percent from the previous
week and 10 percent from the prior 4-week average.  Increases primarily for Japan (332,600 MT, including 39,600 MT switched from unknown destinations and decreases of 4,100 MT), Mexico (215,000 MT, including 30,000 MT switched from unknown destinations and
decreases of 5,200 MT), South Korea (133,000 MT, including decreases of 2,900 MT), Peru (64,000 MT), and the Dominican Republic (35,000 MT), were offset by reductions for the French West Indies (4,400 MT) and Egypt (2,400 MT).  For 2020/2021, net sales reductions
of 29,400 MT resulting in increases for Honduras (3,700 MT), Canada (1,100 MT), and Guatemala (400 MT), were more than offset by reductions for Mexico (34,500 MT).  Exports of 1,261,300 MT were down 4 percent from the previous week, but up 10 percent from
the prior 4-week average.  The destinations were primarily to Mexico (362,900 MT), Japan (263,800 MT), China (129,600 MT), South Korea (122,000 MT), and Colombia (115,100 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 777,000 MT is for South Korea (517,000 MT), Vietnam (195,000 MT), and Taiwan (65,000 MT).

 

Barley: Net sales of 200 MT for 2019/2020 were reported for Taiwan.  Exports of 600
MT were down 5 percent from the previous week, but up noticeably from the prior 4-week average.  The destination was Japan.

 

Sorghum:  Net sales of 83,100 MT for 2019/2020 were down noticeably from the previous
week and down 29 percent from the prior 4-week average.  Increases for China (131,500 MT, including 116,000 MT switched from unknown destinations and decreases of 200 MT), were offset by reductions for unknown destinations (48,000 MT) and Japan (300 MT). 
For 2020/2021, net sales of 32,000 MT for China (65,000 MT), were offset by reductions for New Zealand (33,000 MT).  Exports of 263,800 MT–a marketing-year high–were up noticeably from the previous week and up 91 percent from the prior 4-week average.  The
destinations were primarily to China (254,100 MT) and Japan (9,700 MT).

 

Rice: 
Net sales of 113,300 MT for 2019/2020 were up noticeably from the previous week and from the prior 4-week average.  Increases were primarily for Mexico (80,300 MT),
Honduras (19,300 MT), Canada (5,300 MT), Haiti (3,200 MT, including decreases of 500 MT), and South Korea (2,000 MT). 
Exports of 119,900 MT were up 60 percent from the previous week and up noticeably from the prior 4-week average.  The destinations were primarily to Mexico (64,100 MT),
Colombia (25,900 MT), Haiti (14,900 MT), South Korea (4,600 MT), and Japan (3,100 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 1,205,000 MT for
2019/2020 were up 99 percent from the previous week and 80 percent from the prior 4-week average.  Increases were primarily for China (737,400 MT, including decreases of 600 MT), unknown destinations (177,700 MT), Egypt (89,300 MT, including 85,800 MT switched
from unknown destinations and decreases of 400 MT), Italy (38,600 MT), and Canada (28,800 MT).  For 2020/2021, net sales of 464,000 MT were for China (462,000 MT) and Taiwan (2,000 MT).  Exports of 500,000 MT were up 18 percent from the previous week and 2
percent from the prior 4-week average.  The destinations were primarily to Egypt (137,300 MT), China (76,700 MT), Mexico (61,300 MT), Italy (38,600 MT), and Taiwan (36,000 MT). 

Exports for Own Account:  For 2019/2020, the
current exports for own account outstanding balance is 2,100 MT, all Canada. 
Export Adjustments: Accumulated exports of soybeans to Italy were adjusted down 48,605 MT for week ending May 7th.  These exports were reported in error.

 

Soybean Cake and Meal: 
Net sales of 198,800 MT for 2019/2020 were up 96 percent from the previous week and 59 percent from the prior 4-week average.  Increases primarily for the Philippines (140,200 MT), the Dominican Republic (17,500 MT), Canada (12,300 MT), Morocco (8,000 MT),
and Peru (6,000 MT), were offset by reductions primarily for the French West Indies (4,300 MT) and Guatemala (300 MT).  Exports of 208,900 MT were up 20 percent from the previous week, but down 14 percent from the prior 4-week average.  The destinations were
primarily to the Philippines (50,800 MT), Mexico (34,700 MT), Ecuador (32,100 MT), Colombia (25,300 MT), and Canada (24,700 MT). 

 

Soybean Oil: 
Net sales of 62,100 MT for 2019/2020 were primarily for South Korea (22,000 MT), China (20,000 MT), Guatemala (6,000 MT),
Colombia (5,500 MT), and the Dominican Republic (5,400 MT).  For 2020/2021, total net sales of 500 MT were for Mexico.  Exports of 11,700 MT were down 82 percent from the previous week and 67 percent from the prior 4-week average.  The destinations were to
Guatemala (5,500 MT), Colombia (3,000 MT), Mexico (2,900 MT), and Canada (300).

 

Cotton: 
Net sales of 128,900 RB for 2019/2020 were down 46 percent from the previous week and 51 percent from the prior 4-week average.  Increases primarily for China (153,600 RB, including 1,800 RB switched from Vietnam and decreases of 5,500 RB), Turkey (5,400 RB,
including decreases of 1,000 RB), Vietnam (3,900 RB, including decreases of 3,800 RB), Nicaragua (2,200 RB switched from Vietnam), and Taiwan (2,200 RB), were offset by reductions primarily for Bangladesh (16,300 RB), Thailand (11,900 RB), Japan (4,000 RB),
Malaysia (3,500 RB), and Mexico (2,800 RB).  For 2020/2021, net sales of 120,200 RB were primarily for China (79,200 RB), Bangladesh (19,800 RB), and Thailand (11,200 RB).  Exports of 252,200 RB were up 4 percent from the previous week, but down 11 percent
from the prior 4-week average.  Exports were primarily to China (64,100 RB), Vietnam (58,500 RB), Pakistan (34,200 RB), Bangladesh (22,300 RB), and Turkey (20,800 RB).  For 2019/2020, net sales of Pima totaling 600 RB were primarily for Turkey (300 RB) and
South Korea (300 RB).  Exports of 4,600 RB were down 42 percent from the previous week and 27 percent from the prior 4-week average.  The destinations were primarily to Pakistan (1,300 RB), China (1,100 RB), Turkey (600 RB), Bahrain (400 RB), and Indonesia
(400 RB).  Exports for Own Account:  For 2019/2020, new exports for own account totaling 3,300 RB were to China (2,200 RB), Thailand (900 RB), and Vietnam (300 RB).  Exports for own account totaling 900 RB to Thailand were applied to new or outstanding
sales.  Decreases were reported for China (900 RB).  The current exports for own account outstanding balance of 20,500 RB is for China (10,700 RB), Indonesia (8,200 RB), Bangladesh (1,000 RB), and Vietnam (600 RB).  

Export Adjustments: Accumulated exports of Pima to Turkey were adjusted down 85 RB for week ending February 6^th and 85 RB for week ending February 13th.  These exports
were reported in error.

 

Hides and Skins:
Net sales of 354,100 pieces for 2020 were up 24 percent from the previous week, but down 9 percent from the prior 4-week average.  Increases were reported for China (323,600 whole cattle hides, including decreases of 45,600 pieces), South Korea (11,400 whole
cattle hides, including decreases of 5,100 pieces), Thailand (9,000 whole cattle hides, including decreases of 300 pieces), Vietnam (4,700 whole cattle hides, including decreases of 100 pieces), and Brazil (1,400 whole cattle hides).  Additionally, net sales
reported for Italy (1,800 calf skins, including decreases of 300 calf skins) and Belgium (1,100 kip skins, including decreases of 400 kip skins), were offset by reductions for Canada (100 kip skins).  Exports of 417,000 pieces reported for 2020 were up 6 percent
from the previous week and 10 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (354,800 pieces), South Korea (19,700 pieces), Thailand (9,300 pieces), Indonesia (9,100 pieces), and Taiwan (5,200 pieces).  In addition,
there were exports primarily to Italy (1,800 calf skins) and Belgium (2,600 kip skins).

 

Net sales of 19,800 wet blues
for 2020 were down 39 percent from the previous week and 68 percent from the prior 4-week average.  Increases reported for Italy (21,400 unsplit, including decreases of 200 unsplit), China (800 unsplit, including decreases of 100 unsplit), Taiwan (600 unsplit),
and Vietnam (200 grain splits), were offset by reductions for Brazil (3,000 unsplit and 100 grain splits).  Exports of 62,000 wet blues for 2020 were down 18 percent from the previous week and 17 percent from the prior 4-week average.  The destinations were
to Italy (43,300 unsplit), Thailand (8,800 unsplit), Brazil (4,500 grain splits), Vietnam (2,300 unsplit and 2,000 grain splits), and China (1,200 unsplit).  No net sales of splits were reported for the week.  Exports of 81,000 pounds–a marketing-year low–were
to China (41,000 pounds) and Vietnam (40,000 pounds).

 

Beef:
Net sales of 4,000 MT reported for 2020–a marketing-year low–were down 4 percent from the previous
week and 47 percent from the prior 4-week average.  Increases primarily for Japan (2,900 MT, including decreases of 900 MT), South Korea (1,000 MT, including decreases of 200 MT), Hong Kong (300 MT, including decreases of 200 MT), China (200 MT), and the Philippines
(200 MT, including decreases of 100 MT), were offset by reductions primarily for Mexico (400 MT) and Taiwan (100 MT).  Exports of 11,000 MT were down 10 percent from the previous week and 16 percent from the prior 4-week average.  The destinations were primarily
to Japan (4,000 MT), South Korea (2,700 MT), Hong Kong (1,400 MT), Canada (900 MT), and Taiwan (700 MT).

Pork:
Net sales reductions of 5,800 MT reported for 2020 resulting in increases for Japan (3,200 MT, including decreases of 600 MT), Canada (1,000 MT, including decreases of 500 MT), Nicaragua (800 MT), Mexico (700 MT, including decreases of 1,900 MT), and
South Korea (400 MT, including decreases of 1,100 MT), were more than offset by reductions for China (12,600 MT) and Chile (700 MT).  Exports of 49,700 MT–a marketing-year high–were up noticeably from the previous week and up 36 percent from the prior 4-week
average.  The destinations were primarily to China (19,800 MT), Mexico (13,600 MT), Japan (6,100 MT), South Korea (4,100 MT), and Canada (2,000 MT).