Corn and Wheat Export Sales Hit Marketing-Year Lows

WASHINGTON, DC – The Foreign Agricultural Service (FAS) release their latest look at U.S. commodity exports on Thursday, for the week ending February 18, 2021. According to the Weekly Export Sales Report, net sales of wheat slipped to a marketing-year low (167,700 metric tons) falling 58 percent from the previous week with Bangladesh, Japan, and the Philippines representing the top three buyers. Weekly exports increased 4 percent from the previous week (392,800 MT) mainly to China, Mexico and Nigeria.

Corn sales also fell to a a marketing-year low (453,300 MT), down 85 percent from the prior 4-week average despite good purchases from Peru, Vietnam, and Japan. Exports were down 14 percent from the previous week (1,190,100 MT) with shipments destined for Mexico, Japan, and Vietnam.

Net sorghum sales were negative as China chose to cancel 3,900 metric tons but exports, all to China (125,600 MT), were up 70 percent from the previous week.

Soybeans sales fell 63 percent (167,900 MT) from the previous week despite buying interest from the Netherlands, Japan, and Germany. At the same time, exports were 5 percent higher than the previous week (1,053,700 MT) with China representing the top destination followed closely by the Netherlands, and Mexico.

Cotton sales were impressive (247,800 RB) but slightly below the 4-week average. The top three buyers include China, Turkey, and Vietnam. Exports fell 6 percent from the previous week (292,400 RB) primarily to China, Vietnam, and Pakistan.

Beef sales slipped 63 percent from the previous week (8,500 MT) on purchases from South Korea, Japan, and Mexico, while exports (15,100 MT) made their way to South Korea, Japan, and China.

Pork sales also fell 23 percent (25,600 MT) from the previous week despite sizeable purchases from Mexico, Japan, and China. Exports were 11 percent lower (35,300 MT) with the primary destinations China, Mexico, and Japan.