FW: FI Evening Grain Comments 05/29/20

 

 

MARKET
WEATHER MENTALITY FOR CORN AND SOYBEANS:  U.S. planting weather will improve with drier and warmer conditions in the coming week. Faster crop development is also anticipated. In South America, conditions have not changed much and Brazil’s second season corn
crop will continue to fill and mature into early June under mostly favorable conditions.

            Harvest
weather is advancing well in Argentina and the planting outlook for Australia is fair to good, although greater rain is needed in many canola production areas. There is also need for rain in central and eastern portions of Saskatchewan while planting delays
due to too much rain continue in parts of western Alberta.

            Central
and parts of northern China need rain for some of its unirrigated coarse grain and oilseed production areas and not much is expected for a while.

            Europe’s
dryness in the southeast has been largely eliminated in recent weeks along with dryness in Ukraine, but northwestern parts of the continent continue to dry out. Rain in France and Germany is needed soon to protect summer grain and oilseed production potentials.

            Weather
today will likely have a mixed influence on market mentality.

 

MARKET
WEATHER MENTALITY FOR WHEAT:  Concern about Black Sea and eastern CIS New Lands’ dryness continues to ease. The only areas that will experience serious dryness will be in Kazakhstan and the lower Volga River Valley, although some areas in the southeastern
New Lands will also experience some crop moisture stress until greater rain evolves. The southeastern New Lands will get some rain next week.

            Northwestern
Europe’s dry bias remains a concern for some of its small grain crops and a close watch on the situation is warranted. Little to no rain is expected in the U.K., northern France and northern Germany for at least another week. Rain in Eastern Europe and the
western CIS will be great for their small grains.

            Rain
in Australia will be limited to southern coastal areas only during the coming week to ten days which may raise some concern for interior crop areas as time moves along. South Africa still needs rain in its wheat areas as does western and some southern Argentina
crop areas.

            Some
wheat damage may have occurred from flooding rain in interior southern Brazil late last week, but the lighter rain in Sao Paulo, Paraguay and Mato Grosso do Sul was very good for those crops. Conditions are expected to improve in southern Brazil, but additional
rain coming up soon will disrupt the drying process.

            China’s
winter wheat crop has performed well. Dryness occurring now is expected to spur on faster crop maturation and eventual harvesting. Spring grains in northeastern China have benefited greatly from recent rain and crop conditions have improved.

            Canada’s
Prairies are too wet in the west and a little too dry in portions of central and eastern Saskatchewan and west-central Manitoba. Changes in Canada are at least a full week away with rising crop stress in the dry areas of Saskatchewan and west-central Manitoba.
Ontario and Quebec are experiencing better wheat development conditions, although recent heat has accelerated drying trends.

            Heat
and dryness are now slated for the western U.S. high Plains region through the next week to ten days. This will stress immature crops that are unirrigated resulting in some lower yield and grain quality. The more mature crops will be sped faster to full maturity
by the heat.  Recent rain in Nebraska and northern Kansas was good for wheat development and yield. 

            U.S.
spring wheat planting and establishment is advancing well. Some rain would be welcome, but the drier areas may not get much until late next week.

            Overall,
weather today may provide a mixed bias to market mentality.

 

 

 

 

 

 

 

 

 

Seven-day
outlook:

 

Bloomberg
Ag Calendar

FRIDAY,
May 29:

• 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
• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, 8:30am
• U.S.
  Agricultural prices paid, received, 3pm
• Vietnam’s
  General Statistics Office releases data on coffee, rice, rubber exports in May
• Shanghai
  exchange’s weekly commodities inventory

MONDAY,
June 1:

• International
  Coffee Organization to hold virtual meeting of International Coffee Council, June 1-5
• USDA
  weekly corn, soybean, wheat export inspections, 11am
• U.S.
  crop progress — corn, soybean plantings, winter wheat conditions, 4pm
• International
  Cotton Advisory Committee releases monthly market balance outlook
• USDA
  soybean crush, DDGS production, corn for ethanol, 3pm
• Honduras
  and Costa Rica May Coffee Exports
• Malaysia
  palm oil export data for May 1-31
• Australia
  Commodity Index
• Ivory
  Coast cocoa arrivals
• Brazil
  soybean exports
• HOLIDAY:
  Germany, Italy, Belgium, New Zealand

TUESDAY,
June 2:

• U.S.
  Purdue Agriculture Sentiment, 9:30am
• New
  Zealand global dairy trade auction
• EU
  weekly grain, oilseed import and export data (delayed because of holiday)

WEDNESDAY,
June 3:

• EIA
  U.S. weekly ethanol inventories, production, 10:30am
• China’s
  CNGOIC to publish monthly forecast on crop output, supply and demand
• EARNINGS:
  Tereos

THURSDAY,
June 4:

• USDA
  weekly crop net-export sales for corn, soybeans, wheat, cotton, 8:30am
• FAO
  world food price index, 4am
• Port
  of Rouen data on French grain exports
• New
  Zealand commodity price

FRIDAY,
June 5:

• 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
• Malaysia’s
  palm oil export data for June 1-5

Source:
Bloomberg and FI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn.

·        
Corn futures
closed
lower today following gains this week.  Hot and dry weather seems to be a catalyst to this week’s gains, but with most of the corn sown in moist soil, the heat will act as a greenhouse for the growing corn and should improve conditions on Monday afternoon. 

·        
Corn futures are seeing their best weekly gain in 6 months and best month performance in 9 months.

• CFTC
  Commitment of Traders Report showed that corn speculators increased their net short position by 22,355 contracts to 312,459 for the week ending May 26.
• Funds
  were net sellers of 12,000 corn contracts on the session.

·        
China sold 4 million tons of corn on Thursday at an average price of 1,765 yuan per ton. 

·        
(Reuters) – China may reduce its imports of agricultural products from the United States if Washington issues a severe response to Beijing’s push to impose national security laws on Hong Kong, three sources
said.

·        
USDA export sales for corn of 427,200 tons were below expectations and down from 884,200 tons previous week. 

 

Corn
Export Developments

• Under
  the 24-hour reporting system, private exporters sold 101,600 tons of corn to unknown for 2019-20 delivery. 
  

 

 

 

 

Updated 5/28/20

• July
  corn is seen in a $3.10 and $3.50 range.  December lows could reach $2.90 if US weather cooperates. 
  

 

Soybean
complex

• Soybeans
  fell today on rising US/China tensions and the thought that soybean area may grow at the expense of corn acres.
  
• President
  Trump did hold a news conference after the bell which spoke on Hong Kong security restrictions and severing ties with WHO.  No mention of US/China trade, but today’s rhetoric was an escalation so it may be seen as bearish for soy. 
  
• China
  was said to pick up another US soybean cargo on Friday.  Under the 24-hour announcement system, China bought 132,000 tons of soybeans, split between crop years. 
  
• Reuters:
  The
  USDA Fats & Oils report on Monday is expected to show an April soybean crush of 182.5 million bushels and end-of-month soyoil stocks of 2.532 billion lbs. If realized, it would be a record crush for the month of April and a two-year high in oil stocks.
• CFTC
  Commitment of Traders Report revealed that soybean speculators increased their net short position by 9,677 contracts to 14,060 for the week ending May 26.
• Funds
  were net sellers of 6,000 soybeans, 1,000 soymeal, and 1,000 soybean oil on the session.
• US
  producers are reserved sellers as plantings continue and stimulus checks are mailed. 
  
• USDA
  export sales posted 644,300 tons for current crop year soybeans, well below 1.205 million tons previous week.  New-crop sales were only 203,000 tons, bearish in my opinion as traders are looking for China to buy for Q4.  Soybean meal sales were lackluster,
  but soybean oil sales were good at 56,700 tons (2019-20). 
• UGA
  sees Ukraine’s soybean production at 4.225 million tons, up from 3.713 million in 2019. 
  
• Offshore
  values this morning were leading CBOT soybean oil 41 points higher (57 higher for the week) and meal $1.70 lower ($0.30 higher for the week). 
  

·        
China cash crush margins as of this morning, using our calculation, were 67 cents per bushel (87 previous session) and compares to 68 cents a week ago and 100 cents around this time last year. 
Early
April crush margins were over $2.00.

·        
Malaysian palm:
Up 10 percent in May. 

·        
Indonesia will leave its palm oil export unchanged for June at zero percent. 

 

Oilseeds
Export Developments

• Under
  the 24-hour reporting system, private exporters sold 132,000 tons of soybeans to China, split between crop years. 
  
• USDA
  seeks 12,500 tons of packaged vegetable oil on June 2 for July shipment. 
  

 

 

 

 

 

 

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

• US
  wheat futures climbed
  on short-covering and hot & dry weather for the US Plains.
• CFTC
  Commitment of Traders Report showed that wheat speculators decreased their net short position by 10,756 contracts to 43,317 for the week ending May 26.
• Funds
  were net buyers of 5,000 wheat contracts on the session.
• USDA
  reported 209,800 tons of old crop wheat were committed per export sales as the crop-year winds down.  New-crop was a healthy 498,500 tons, but new-crop commitments total 3.033 million tons, down from 3.734 million tons year earlier.  
• Ukraine
  announced they will allow exporters to export without restrictions for the next two months.
  
• Ukraine
  2019-20 grain exports hit a record 54.1 million tons, up 17 percent from previous season, according to crop year to date data from the AgMin arm.  20.2 million tons includes wheat and 28.4 million tons corn. 
  
• SovEcon
  estimated Russian wheat exports for 2020-21 at 36.8 million tons, up 3 million from 2019-20. 
  
• Argentina
  is 13.4 percent complete on wheat plantings, according to the BA Grains exchange.  21 MMT production was projected. 
  
• Asian
  buyers may return to the market after slowing imports over the past two months from coronavirus lockdowns, according to Reuters. 
  
• Bulgaria
  may produce 5 million tons of wheat in 2020, down from 6.1 million tons in 2019 but enough to meet consumption of 1.8 million tons and keep their status as a net exporter. 
  
• Paris
  December wheat futures ended up 1.25 euro at 190.50 euros.

 

Export
Developments.

• Thailand
  passed on 227,500 tons of feed wheat for Aug-Oct shipment.  Lowest offer was $215/ton c&f. 
  
• Syria
  looks to sell 100,000 tons of feed barley.  Offers are due June 23. 
• Iraq’s
  grain board said it had procured over 2 MMT of local wheat since April 20 and expects to reach the 6 MMT target for the season. 
  

 

Rice/Other

• South
  Korea bought 40,000 tons of rice from China that was set to close May 13 at $845.47 and $845.26 c&f.  They were in for 77,100 tons initially.
  
• The
  Philippines seeks 300,000 tons of rice on June 8. 

 

 

Updated 5/28/20

• Chicago July is seen in a $5.00-$5.31 range
• KC July $4.50-$4.80
• MN July $5.10-$5.40 
  

 

U.S. EXPORT SALES FOR WEEK ENDING 5/21/2020                               

	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	95.6	995.3	1,167.9	270.5	9,038.9	8,229.9	237.6	1,308.7
SRW	-5.5	175.3	233.0	13.0	2,268.0	3,129.1	47.9	385.7
HRS	88.2	1,121.8	539.9	152.1	6,840.9	6,612.5	95.3	648.0
WHITE	50.2	705.3	432.6	86.9	4,654.7	5,019.3	91.8	447.4
DURUM	-18.7	43.4	27.9	38.7	922.0	476.0	24.0	243.0
TOTAL	209.8	3,041.1	2,401.4	561.2	23,724.5	23,466.7	496.5	3,032.9
BARLEY	0.2	9.7	19.3	0.3	40.6	42.0	0.0	31.0
CORN	427.2	12,170.5	8,646.5	1,061.2	27,667.8	39,600.6	46.5	3,385.0
SORGHUM	180.9	1,322.3	525.0	141.4	2,531.1	1,034.7	0.0	195.0
SOYBEANS	644.3	6,719.2	11,825.0	331.8	35,442.9	34,346.9	203.0	2,332.4
SOY MEAL	127.2	2,152.6	2,789.4	225.1	7,811.7	8,105.7	44.7	279.8
SOY OIL	56.6	324.1	165.2	28.8	816.6	575.9	0.0	11.0
RICE
L G RGH	4.3	266.0	246.4	0.6	1,217.2	1,052.8	0.0	0.0
M S RGH	0.0	36.9	35.4	0.3	59.5	64.2	0.0	0.0
L G BRN	0.3	20.4	4.1	0.4	46.8	36.8	0.0	0.0
M&S BR	0.0	56.6	7.7	0.4	59.6	139.0	0.0	0.0
L G MLD	2.0	48.0	93.9	20.2	806.0	702.0	0.0	0.0
M S MLD	1.9	173.5	183.3	7.3	539.1	446.1	0.0	0.0
TOTAL	8.5	601.4	570.9	29.1	2,728.2	2,441.0	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	44.6	5,258.3	4,930.9	267.4	11,077.5	9,980.0	171.9	2,821.9
PIMA	10.1	145.2	188.4	1.4	411.6	520.5	0.0	33.8

 

 

 

 

Export Sales Highlights 

This summary is based on reports from exporters for the period May 15-21, 2020.

• Wheat:  Net sales of 209,800 metric tons for 2019/2020 were up 19 percent from the previous week,
  but down 23 percent from the prior 4-week average.  Increases primarily for Vietnam (60,000 MT), Venezuela (33,000 MT, all late – see below), Japan (31,400 MT, including decreases of 500 MT), Brazil (30,000 MT), and Ecuador (22,800 MT), were offset by reductions
  for Colombia (5,500 MT), Panama (2,000 MT), and Guatemala (1,000 MT).  For 2020/2021, net sales of 496,500 MT primarily for Japan (96,700 MT), South Korea (90,200 MT), the Philippines (62,000 MT), Indonesia (60,000 MT), and South Africa (53,000 MT), were offset
  by reductions for the Dominican Republic (800 MT).  Exports of 561,200 MT were up 53 percent from the previous week and 29 percent from the prior 4-week average.  The destinations were primarily to China (166,400 MT), Japan (92,400 MT, late 36,500 MT – see
  below), the Philippines (57,800 MT), Taiwan (51,000 MT), and Mexico (41,700 MT). 
  Late Reporting:  For 2019/2020, net sales totaling 33,000 MT were reported late.  These sales were reported for Venezuela.  For 2019/2020, exports totaling 127,200 MT were reported late.  The destinations were to Japan (36,500 MT), Venezuela (33,000
  MT), Nigeria (32,200 MT), Italy (19,200 MT), and Spain (6,300 MT).
• Corn:  Net sales of 427,200 MT for 2019/2020 were down 52 percent from the previous week and 58 percent
  from the prior 4-week average.  Increases primarily for Japan (171,300 MT, including 44,800 MT switched from unknown destinations and decreases of 62,100 MT), Israel (87,700 MT, including 60,000 MT switched from unknown destinations and decreases of 2,300
  MT), Mexico (80,400 MT, including decreases of 2,600 MT), South Korea (63,700 MT, including decreases of 1,400 MT), and Colombia (44,300 MT, including decreases of 5,000 MT), were offset by reductions primarily for unknown destinations (164,800 MT) and El
  Salvador (33,300 MT).  For 2020/2021, net sales of 46,500 MT were for unknown destinations (30,000 MT), El Salvador (15,000 MT), and Nicaragua (1,500 MT).  Exports of 1,061,200 MT were down 16 percent from the previous week and from the prior 4-week average. 
  The destinations were primarily to Mexico (321,200 MT), Japan (260,000 MT), Colombia (142,300 MT), Israel (110,700 MT), and Honduras (33,500 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 712,000 MT is for South Korea (452,000 MT), Vietnam (195,000 MT), and Taiwan (65,000 MT). 
  Export Adjustments:  Accumulated exports of corn to South Korea were adjusted down 67,350 MT for week ending April 16^th.  These exports were reported in error.
• Barley: Net sales of 200 MT for 2019/2020 were reported for Taiwan.  Exports of 300 MT were down
  54 percent from the previous week and 31 percent from the prior 4-week average.  The destination was Taiwan.
• Sorghum:  Net sales of 180,900 MT for 2019/2020 were up noticeably from the previous week and up
  65 percent from the prior 4-week average.  Increases were for China (180,100 MT, including 66,000 MT switched from unknown destinations) and unknown destinations (800 MT).  Exports of 141,400 MT were down 46 percent from the previous week and 17 percent from
  the prior 4-week average.  The destination was China.
• Rice: 
  Net sales of 8,500 MT for 2019/2020–a marketing-year low–were down 93 percent from the previous week and 85 percent from the prior 4-week average.  Increases primarily for Mexico (4,400
  MT), Canada (1,700 MT), Japan (700 MT), Saudi Arabia (700 MT), and Honduras (500 MT), were offset by reductions for Haiti (200 MT). 
  Exports of 29,100 MT were down 76 percent from the previous week and 59 percent from the prior 4-week average.  The destinations were primarily to Haiti (15,100 MT), Mexico (3,500 MT), Canada
  (2,600 MT), Japan (2,500 MT), and South Korea (2,300 MT). Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance is 100 MT, all Canada. 
  Export Adjustments: Accumulated exports of long grain, milled rice to Guatemala were adjusted down 12,000 MT for week ending December 26^th.  The correct destination is Colombia and will be included in next week’s report. 
  
• Soybeans:  Net sales of 644,300 MT for 2019/2020 were down
  47 percent from the previous week and 27 percent from the prior 4-week average.  Increases primarily for China (192,400 MT, including decreases of 600 MT), Mexico (175,000 MT, including 47,500 MT switched from unknown destinations and decreases of 900 MT),
  unknown destinations (104,400 MT), Egypt (49,000 MT, including 50,000 MT switched from unknown destinations and decreases of 1,000 MT), and Japan (35,900 MT, including decreases of 5,300 MT), were offset by reductions for Colombia (400 MT).  For 2020/2021,
  net sales of 203,000 MT were for China (200,000 MT) and Japan (3,000 MT).  Exports of 331,800 MT–a marketing-year low–were down 34 percent from the previous week and 32 percent from the prior 4-week average.  The destinations were primarily to Mexico (116,400
  MT), Japan (60,900 MT), Egypt (49,000 MT), Indonesia (45,700 MT), and Malaysia (23,500 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 127,200 MT for 2019/2020 were down 36 percent from the previous week and 15 percent from the prior 4-week average.  Increases primarily for Colombia (54,000 MT, late 13,800 – see below), Mexico (31,900 MT), El Salvador (13,100 MT), Venezuela (11,000
  MT, all late – see below), and Canada (9,600 MT, including decreases of 600 MT).  For 2020/2021, net sales of 44,700 MT primarily for unknown destinations (33,200 MT), Japan (6,400 MT), El Salvador (6,000 MT), Jamaica (5,000 MT), and Guatemala (2,000 MT),
  were offset by reductions for Colombia (9,000 MT).  Exports of 225,100 MT were up 8 percent from the previous week and 6 percent from the prior 4-week average.  The destinations were primarily to Mexico (66,900 MT), the Philippines (47,600 MT), Colombia (31,400
  MT), Canada (20,900 MT), and Morocco (15,300 MT).  Late Reporting:  For 2019/2020, net sales totaling 24,800 MT were reported late.  These sales were reported for Colombia (13,800 MT) and Venezuela (11,000 MT).  For 2019/2020, exports totaling 24,800
  MT of were reported late.  The destinations were to Colombia (13,800 MT) and Venezuela (11,000 MT).
• Soybean Oil: 
  Net sales of 56,600 MT for 2019/2020 were primarily for Colombia (26,000 MT), South Korea (19,500 MT), Venezuela (6,000 MT), Guatemala (2,900 MT),
  and Haiti (700 MT).  Exports of 28,800 MT were up noticeably from the previous week, but down 6 percent from the prior 4-week average.  The destinations were to Morocco (17,000 MT), Tunisia (7,000 MT), Costa Rica (3,000 MT), Mexico (1,300 MT), and Canada (300
  MT).
• Cotton: 
  Net sales of 44,600 RB for 2019/2020 were down 65 percent from the previous week and 85 percent from the prior 4-week average.  Increases for China (58,600 RB), Vietnam (34,000 RB, including decreases of 6,300 RB), and Germany (200 RB), were offset by reductions
  primarily for Pakistan (12,100 RB), Thailand (9,200 RB), Turkey (8,800 RB), South Korea (7,400 RB), and Mexico (6,400 RB).  For 2020/2021, net sales of 171,900 RB were primarily for China (113,200 RB), Turkey (24,600 RB), Pakistan (11,400 RB), Thailand (9,700
  RB), and South Korea (9,400 RB), were offset by reductions for Mexico (4,300 RB).  Exports of 267,400 RB were up 6 percent from the previous week, but down 4 percent from the prior 4-week average.  Exports were primarily to Vietnam (84,300 RB), China (55,300
  RB), Pakistan (52,900 RB), Turkey (30,500 RB), and South Korea (10,500 RB).  Net sales of Pima totaling 10,100 RB were up noticeably from the previous week and from the from the prior 4-week average.  Increases were primarily for China (9,600 RB), Turkey (300
  RB), and South Korea (200 RB).  Exports of 1,400 RB were down 70 percent from the previous week and 76 percent from the prior 4-week average.  The destinations were primarily to Pakistan (700 RB), Vietnam (300 RB), and India (200 RB). Exports for Own Account: 
  For 2019/2020, new exports for own account totaling 11,300 RB were to Vietnam.  The current exports for own account outstanding balance of 31,800 RB is for Vietnam (11,900 RB), China (10,700 RB), Indonesia (8,200 RB), and Bangladesh (1,000 RB). 
  

·        
Hides and Skins:
Net sales of 433,000 pieces for 2020 were up 22 percent from the previous week and 46 percent from the prior 4-week average.  Increases were reported for China (381,000 whole cattle hides, including decreases of 10,400 pieces), South Korea (43,000 whole cattle
hides, including decreases of 700 pieces), Mexico (8,700 whole cattle hides, including decreases of 100 pieces), Indonesia (300 whole cattle hides, including decreases of 500 pieces), and Thailand (100 whole cattle hides, including decreases of 300 pieces),
were offset by reductions for Japan (100 whole cattle hides). 
Exports of 447,900 pieces reported for 2020 were up 7 percent from the previous week and 14 percent from the prior 4-week average.  Whole cattle hides exports were primarily to China (361,200 pieces), South Korea (44,000
pieces), Thailand (16,100 pieces), Indonesia (8,600 pieces), and Mexico (7,100 pieces). 

·        
Net sales of 122,900 wet blues
for 2020 were up noticeably from the previous week and from the prior 4-week average.  Increases reported for Mexico (54,000 grain splits), Italy (51,100 unsplit, including decreases of 400 unsplit), Thailand (16,200 unsplit, including decreases of 500 grain
splits), and South Korea (4,100 grain splits), were offset by reductions for India (1,900 grain splits) and China (100 unsplit).  Exports of 89,600 wet blues for 2020 were up 45 percent from the previous week and 20 percent from the prior 4-week average. 
The destinations were primarily to Italy (49,600 unsplit), Mexico (11,900 grain splits), Thailand (10,200 unsplit), South Korea (8,100 grain splits), and Vietnam (4,500 unsplit). 
Net sales of 179,300 splits were for China (94,900 pounds) and Vietnam (84,400 pounds).  Exports of 113,100 pounds were to
Vietnam.

·        
Beef:
Net sales of 11,500 MT reported for 2020 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily
for South Korea (5,400 MT, including decreases of 300 MT), Japan (3,000 MT, including decreases of 500 MT), China (1,600 MT), Taiwan (600 MT, including decreases of 200 MT), and Canada (500 MT, including decreases of 100 MT), were offset by reductions for
Mexico (300 MT) and Chile (100 MT).  Exports of 11,300 MT were up 3 percent from the previous week, but down 10 percent from the prior 4-week average.  The destinations were primarily to Japan (4,500 MT), South Korea (3,100 MT), Hong Kong (1,200 MT), Taiwan
(900 MT), and Canada (400 MT).  

·        
Pork:
Net sales of 20,600 MT reported for 2020 were primarily for Mexico (9,000 MT, including decreases of 300 MT), China (6,100 MT, including decreases
of 700 MT), Canada (2,200 MT, including decreases of 300 MT), Japan (2,200 MT, including decreases of 500 MT), and Albania (400 MT).  Exports of 34,500 MT were down 31 percent from the previous week and 11 percent from the prior 4-week average.  The destinations
were primarily to China (15,200 MT), Mexico (8,400 MT), Japan (2,800 MT), South Korea (2,000 MT), and Canada (1,800 MT).

 

FOREIGN AGRICULTURAL SERVICE/USDA

 

                                                                                                SUMMARY OF EXPORT TRANSACTIONS
                                                                                 REPORTED UNDER THE DAILY SALES REPORTING SYSTEM
                                                                                                FOR PERIOD ENDING MAY 21, 2020 

COMMODITY                                             DESTINATION                                            QUANITY (MT)                            MARKETING YEAR

SOYBEANS                                                 CHINA                                                           60,000 MT 1/                                2019/2020

SOYBEANS                                                 CHINA                                                           66,000 MT 1/                                2020/2021

 

1/ Export sales.