USDA confirms the sale of 124,355 tonnes of U.S. #corn to #Mexico for delivery in 2019/20.
That's the fourth consecutive day with a daily sale of #corn. Between Jan 23-28, the daily sale totals are: 2019/20: 522,007 tonnes (Mexico, Guatemala, Unknown) 2020/21: 140,976 tonnes (Guatemala, Japan) Total of 662,983 tonnes (26.1 mln bu)
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Here's the summary table from Reuters. Keep in mind that these sales have not yet been accounted for in weekly export sales. On Thursday, data for the week ended Jan. 23 will be published. So not all these sales will make it into the next report.
Cleared up my confusion from earlier.
Exports for corn were wonderful........also good for wheat. Beans not so much.
The virus has cast further doubt on China’s ability to buy $36.5 billion of U.S. agricultural goods in 2020. Traders were already questioning the commitment as rival soybean supplier Brazil harvests a massive crop and a deadly pig disease curbs Chinese demand for soy used to feed livestock.
China, in the deal signed on Jan. 15, promised to buy at least an additional $12.5 billion worth of U.S. farm products in 2020 and at least $19.5 billion in 2021 over the 2017 level of $24 billion.
But U.S. futures prices have since dropped 5% for soybeans Sv1 and 8% for pork LHJ0 as China, the world’s biggest soybean importer and pork consumer, has failed to make major purchases.
Agricultural producers have grown worried China’s demand will temporarily suffer as the government has quarantined cities in a bid to contain the coronavirus. Delays or reductions in China’s planned purchases could put more pressure on U.S. farm incomes that suffered during the countries’ bruising trade war.
“It obviously is going to have some ramifications economy-wide, which we hope will not inhibit the purchase goal that we have for this year,” Perdue told reporters on a conference call.
Prior to the trade deal, futures prices rose for goods like U.S. corn Cv1 and wheat Wv1 on expectations for increased Chinese buying. The U.S. Department of Agriculture has not announced grain sales to China in its daily reporting system since the agreement.
“With the coronavirus, China appears to be shut down for the foreseeable future and that does not bode well for U.S. corn prices,” said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa. "
#AGtrivia some key dates in WASDE history From a cool presentation by Joe Glauber at IFPRI and former Chief Economist
