@kannbwx

U.S. export inspections were as expected last week. Some 774kt #corn was inspected for #China, and the previous week's corn total was adjusted up by 5%.

Still about 10-11 cargoes of #soybeans must ship to China before August 31. #Wheat marketing year ends a week from today.

export sales

https://apps.fas.usda.gov/export-sales/highlite.htm

@kannbwx

Total U.S. #corn export sales landed within the range of expectations at 6.25 mmt (246 mbu). 

Sales were heavier on old crop than new versus expectations, but #China's new-crop total of 10.7 mmt is as predicted. 

No corn cancellations by China through May 20 - they bought old crop.

Part of the reason total new-crop corn sales were a bit below expectations was that Mexico cancelled 178kt new crop in favor of 378kt old crop. The China purchases were exactly as expected, though.

@kannbwx

2h

USDA confirms the sale of 152,400 tonnes of U.S. #corn for delivery to unknown destinations in 2021/22, which begins Sept. 1.

@kannbwx

1h

The sales won't continue like this every week though. So far for the next week we have the 152,400 tonnes flashed today. That compares w/ 5.8 mmt flashed in the prior week. China tends to buy in big bursts and then quiets down. But rumor is China was buying US corn yesterday.

@kannbwx

Through May 20, U.S. exporters had sold 14.63 million tonnes (576 mbu) of #corn for 2021/22, including 10.7 mmt to #China and 1.8 mmt to #Mexico.

@kannbwx

But we don't necessarily want to extrapolate this toward a massive new export record in 21/22 - exports are actually seen down on the year at this point. Of course that forecast is subject to change, but the thought is that we are selling it earlier than usual (due to China).

@kannbwx

USA has never sold #corn like it has since #China stepped in as a major buyer last year. So far in 2021 there have been 4 weeks with sales of 4 mmt to 7.5 mmt each. The only other ones like that on the chart were during gov't shutdowns where multiple weeks were dumped at once.

8mReplying to 

@kannbwx

U.S. #corn exports to #China have been the largest of the season in the last two weeks. According to the weekly export sales report, USA shipped 1.01 mmt of corn to China through 5/13 and 847kt through 5/20. There's 9.4 mmt to go by Aug. 31.