Grain markets were firm in overnight trade before more profit taking and position squaring took place at the open. Now, we are seeing most grain contracts moderately lower with the exception of old crop corn. Cattle futures started higher but have even gone mixed with lean hogs under pressure. Weekly export sales were bullish for corn and soybeans, neutral for wheat. Pork export sales were down noticeably while beef exports were down 4% from the previous week. View the full export sales report below.
Farm and Ranch Director Jesse Allen has the latest: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=940
This summary is based on reports from exporters for the period April 16-22, 2021.
Wheat: Net sales of 223,600 metric tons (MT) for 2020/2021 were down 7 percent from the previous week, but up 73 percent from the prior 4-week average. Increases primarily for Mexico (65,400 MT, including decreases of 1,700 MT), Indonesia (58,300 MT, including 55,000 MT switched from unknown destinations and 1,300 MT switched from Malaysia), Yemen (52,200 MT, including 49,000 MT switched from unknown destinations), Nigeria (22,200 MT), and the United Arab Emirates (10,500 MT, including 10,000 MT switched from unknown destinations), were offset by reductions primarily for Guatemala (2,200 MT) and Malaysia (1,400 MT). For 2021/2022, net sales of 237,700 MT were primarily for the Philippines (92,500 MT), Mexico (54,800 MT), Honduras (29,000 MT), Japan (26,400 MT), and the Dominican Republic (11,500 MT). Exports of 548,700 MT were down 2 percent from the previous week, but up 14 percent from the prior 4-week average. The destinations were primarily to China (130,400 MT), South Korea (94,200 MT), Japan (71,400 MT), Vietnam (68,400 MT), and Yemen (52,200 MT).
Optional Origin Sales: For 2020/2021, new optional origin sales of 18,000 MT were reported for Spain. The current outstanding balance of 53,500 MT is for Spain.
Corn: Net sales of 521,300 MT for 2020/2021 were up 35 percent from the previous week, but down 8 percent from the prior 4-week average. Increases primarily for Mexico (296,900 MT, including decreases of 3,600 MT), South Korea (117,100 MT, including 133,000 MT switched from unknown destinations and decreases of 15,900 MT), Saudi Arabia (89,200 MT, including 80,500 MT switched from unknown destinations), Colombia (71,100 MT, including 41,000 MT switched from unknown destinations and decreases of 12,400 MT), and Egypt (58,200 MT, including 60,000 MT switched from unknown destinations and decreases of 1,800 MT), were offset by reductions primarily for unknown destinations (318,500 MT). For 2021/2022, net sales of 553,400 MT were primarily for unknown destinations (361,400 MT), Guatemala (136,700 MT), Panama (20,400 MT), and Mexico (20,300 MT). Exports of 1,915,200 MT were up 19 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to China (561,600 MT), Japan (399,500 MT), Mexico (287,400 MT), South Korea (183,800 MT), and Colombia (94,600 MT).
Optional Origin Sales: For 2020/2021, options were exercised to export 166,400 MT to South Korea (134,000 MT) and the Ukraine (32,400 MT) from other than the United States. The current outstanding balance of 277,400 MT is for unknown destinations (189,500 MT), South Korea (79,000 MT), and China (8,900 MT).
Barley: Total net sales of 300 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. Increases were for Taiwan. Exports of 400 MT were down 20 percent from the previous week and 16 percent from the prior 4-week average. The destinations were Taiwan (200 MT), Canada (100 MT), and Japan (100 MT).
Sorghum: Net sales of 107,200 MT for 2020/2021 were up noticeably from the previous week, but down 45 percent from the prior 4-week average. Increases reported for China (243,200 MT, including 136,000 MT switched from unknown destinations and decreases of 6,400 MT), were offset by reductions for unknown destinations (136,000 MT). Exports of 241,200 MT were down 6 percent from the previous week and 39 percent from the prior 4-week average. The destination was China.
Rice: Net sales of 32,200 MT for 2020/2021 were down 67 percent from the previous week and 37 percent from the prior 4-week average. Increases primarily for Costa Rica (17,500 MT), El Salvador (5,000 MT), Honduras (2,500 MT), Canada (2,300 MT), and the Dominican Republic (2,200 MT), were offset by reductions for Mexico (900 MT). Exports of 82,000 MT were down 12 percent from the previous week, but up 50 percent from the prior 4-week average. The destinations were primarily to Mexico (25,100 MT), South Korea (23,700 MT), Haiti (15,000 MT), Colombia (9,000 MT), and Canada (3,200 MT).
Exports for Own Account: For 2020/2021, the current exports for own account outstanding balance is 100 MT, all Canada.
Soybeans: Net sales of 292,500 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for Mexico (115,300 MT, including decreases of 1,000 MT), China (62,500 MT, including decreases of 5,500 MT), Egypt (51,900 MT, including 48,700 MT switched from unknown destinations), Saudi Arabia (29,200 MT, including 30,000 MT switched from unknown destinations and decreases of 800 MT), and Japan (23,400 MT, including decreases of 1,600 MT), were offset by reductions for unknown destinations (53,000 MT). For 2021/2022, net sales of 439,000 MT were reported for China (198,000 MT), unknown destinations (186,000 MT), and Pakistan (55,000 MT). Exports of 340,400 MT were up 50 percent from the previous week, but down 6 percent from the prior 4-week average. The destinations were primarily to Egypt (106,900 MT, including 58,200 MT – late), Mexico (62,100 MT), Japan (55,000 MT), Saudi Arabia (29,200 MT), and Colombia (23,900 MT).
Exports for Own Account: For 2020/2021, the current exports for own account outstanding balance is 5,800 MT, all Canada.
Late Reporting: For 2021, exports totaling 58,200 MT of soybeans were reported late to Egypt.
Soybean Cake and Meal: Net sales of 163,500 MT for 2020/2021 were up 32 percent from the previous week and 41 percent from the prior 4-week average. Increases primarily for the Philippines (95,400 MT), the Dominican Republic (24,700 MT, including decreases of 800 MT), Canada (11,300 MT, including decreases of 400 MT), El Salvador (8,800 MT, including 9,300 MT switched from Guatemala and decreases of 900 MT), and Panama (6,400 MT), were offset by reductions for Guatemala (9,500 MT). For 2021/2022, net sales of 96,900 MT were for Guatemala (66,000 MT) and Canada (30,900 MT). Exports of 187,700 MT were down 7 percent from the previous week and 18 percent from the prior 4-week average. The destinations were primarily to the Philippines (47,800 MT), Mexico (37,100 MT), Guatemala (20,000 MT), Canada (18,300 MT), and Israel (15,500 MT).
Soybean Oil: Net sales of 3,600 MT for 2020/2021 were down 36 percent from the previous week and 40 percent from the prior 4-week average. Increases primarily for Venezuela (3,000 MT), Canada (1,600 MT), and El Salvador (800 MT), were offset by reductions primarily for Guatemala (1,700 MT). Exports of 12,400 MT were up 25 percent from the previous week and 38 percent from the prior 4-week average. The destinations were primarily to Guatemala (7,600 MT), the Dominican Republic (4,000 MT), Canada (500 MT), and Mexico (200 MT).
Cotton: Net sales of 77,100 RB for 2020/2021 were down 25 percent from the previous week and 46 percent from the prior 4-week average. Increases primarily for Turkey (20,900 RB), China (15,900 RB, including decreases 6,600 RB), Pakistan (13,400 RB), Vietnam (9,000 RB, including 4,500 RB switched from China, 3,900 RB switched from Hong Kong, and decreases of 17,300 RB), and Mexico (6,000 RB), were offset by reductions for Hong Kong (3,900 RB). For 2021/2022, net sales of 16,300 RB reported for Mexico (11,900 RB), Pakistan (4,400 RB), Thailand (900 RB), and Turkey (400 RB), were offset by reductions for Vietnam (1,300 RB). Exports of 341,900 RB were up 4 percent from the previous week and 2 percent from the prior 4-week average. Exports were primarily to China (82,100 RB), Vietnam (72,500 RB), Turkey (47,900 RB), Pakistan (31,700 RB), and Mexico (20,500 RB). Net sales of Pima totaling 4,800 RB were down 28 percent from the previous week and 11 percent from the prior 4-week average. Increases primarily for India (1,500 RB), Egypt (1,300 RB), Pakistan (900 RB), Peru (900 RB), and Thailand (200 RB), were offset by reductions for Italy (300 RB). For 2021/2022, net sales of 2,500 RB were primarily for Egypt (1,300 RB). Exports of 14,500 RB were down 26 percent from the previous week and 19 percent from the prior 4-week average. The destinations were primarily to India (5,600 RB), Vietnam (2,700 RB), Egypt (1,700 RB), Turkey (1,300 RB), and China (1,300 RB).
Exports for Own Account: For 2020/2021, exports for own account totaling 13,700 RB to China were applied to new or outstanding sales. The current exports for own account outstanding balance of 12,500 RB is for China (7,600 RB), Vietnam (4,500 RB), and Bangladesh (400 RB).
Hides and Skins: Net sales of 256,600 pieces for 2021 were down 28 percent from the previous week and 27 percent from the prior 4-week average. Increases primarily for China (90,000 whole cattle hides, including decreases of 14,700 pieces), South Korea (81,800 whole cattle hides, including decreases of 800 pieces), Mexico (42,800 whole cattle hides, including decreases of 900 pieces), Thailand (18,200 whole cattle hides, including decreases of 600 pieces), and Indonesia (7,700 whole cattle hides), were offset by reductions for Brazil (100 pieces) and Spain (100 MT). Exports of 450,600 pieces were up 19 percent from the previous week and 16 percent from the prior 4-week average. Whole cattle hides exports were primarily to China (344,200 pieces), South Korea (39,400 pieces), Mexico (27,900 pieces), Thailand (15,600 pieces), and Taiwan (9,000 pieces).
Net sales of 324,000 wet blues for 2021 were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for Italy (144,900 unsplit, including decreases of 200 unsplit), Vietnam (99,700 unsplit, including decreases of 200 unsplit), Thailand (39,800 unsplit, including decreases of 200 unsplit), Mexico (20,000 grain splits and 2,600 unsplit), and China (14,900 unsplit). Exports of 151,300 wet blues were up 11 percent from the previous week and 16 percent from the prior 4-week average. The destinations were primarily to China (54,900 unsplit and 2,300 grain splits), Italy (30,000 unsplit and 4,500 grain splits), Vietnam (26,600 unsplit), Mexico (13,700 grain splits and 4,400 unsplit), and Thailand (10,000 unsplit). Net sales of 1,219,300 splits reported for Vietnam (1,003,800 pounds, including decreases 2,300 pounds), Taiwan (169,800 pounds, including decreases of 2,400 pounds), and China (50,600 pounds, including decreases of 5,000 pounds), were offset by reductions for Italy (4,800 pounds). Exports of 509,200 pounds were to China (169,400 pounds), Vietnam (161,800 pounds), Italy (94,400 pounds), and Taiwan (83,600 pounds).
Beef: Net sales of 23,600 MT reported for 2021 were down 4 percent from the previous week, but up 22 percent from the prior 4-week average. Increases were primarily for South Korea (11,700 MT, including decreases of 600 MT), Japan (4,900 MT, including decreases of 600 MT), Mexico (2,000 MT), China (1,900 MT, including decreases of 200 MT), and Hong Kong (600 MT, including decreases of 100 MT). Exports of 18,700 MT were down 4 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to South Korea (5,900 MT), Japan (4,800 MT), China (3,100 MT), Mexico (1,300 MT), and Taiwan (1,000 MT).
Pork: Net sales of 35,600 MT reported for 2021 were down noticeably from the previous week, but up 59 percent from the prior 4-week average. Increases were primarily for Mexico (16,700 MT, including decreases of 600 MT), Japan (6,800 MT, including decreases of 200 MT), South Korea (5,000 MT, including decreases of 500 MT), China (2,000 MT, including decreases of 1,300 MT), and Honduras (800 MT). Exports of 58,800 MT–a marketing-year high–were up 34 percent from the previous week and 46 percent from the prior 4-week average. The destinations were primarily to Mexico (30,300 MT, including 17,700 MT – late), China (13,900 MT), Japan (4,100 MT), South Korea (2,300 MT), and Canada (1,900 MT).
