Export inspections last week for U.S. #corn were disappointing, but #soybeans were better than expected. #Wheat inspections are down 3% YOY. The previous week's corn total was revised up 16%, soybeans up 4%.

@kannbwx

#China's 2020 #pork output dropped 3.3% from 2019, much less than the anticipated 5-15%. Q4 output was the best since Q1 2019. 2019 production had fallen 21% on the year because of the African swine fever outbreak.

@kannbwx

#China imported record volumes of #corn and #wheat in 2020, while its #barley and #sorghum hauls improved on the year. Corn hit 11.3 mmt (445 mbu), beyond the annual 7.2 mmt quota, incl. 2.25 mmt in December alone. Wheat imports hit 8.38 mmt (308 mbu) vs quota of 9.64 mmt.

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kannbwx

In 2019, #China used only 67% of its annual #corn quota and 33% of its #wheat quota. 2020 #sorghum imports were stellar versus 2019, but they weren't so impressive when compared with earlier years. Trade problems with the U.S. hurt that volume in 2018.

China's 2020 U.S. soybean imports surged though likely missed trade target

https://www.reuters.com/article/china-economy-trade-soybeans/chinas-2020-u-s-soybean-imports-surged-though-likely-missed-trade-target-idUSL4N2JU0KD

BEIJING, Jan 20 (Reuters) - China’s soybean imports from the United States in 2020 rose by 52.8% from a year earlier, customs data showed on Wednesday, though the stepped up buying likely fell short of what was needed to fulfil last year’s trade deal between the countries.

The world’s top soybean buyer last year brought in 25.89 million tonnes of the oilseed from the U.S., its second-largest supplier, up from 16.94 million tonnes in 2019.

Chinese buyers stepped up U.S. farm produce purchases to meet China’s pledge to buy $36.5 million in farm goods in 2020 under the Phase 1 trade deal signed with Washington last January. Soybean purchases were expected to make up half of the monetary target and estimates showed China needed to import about 40 million tonnes to make good on the deal.

Besides the push to meet the trade deal, soybean imports also rose as China rapidly replenished its pig herd after it was decimated by the deadly African swine fever during the last two years.

Chinese crushers mostly buy soybeans to crush into soymeal to feed livestock, mainly pigs, and soyoil.

In December, U.S. arrivals surged to 5.84 million tonnes, up from 3.09 million the previous year, data from the General Administration of Customs showed.

Shipments from Brazil, China’s biggest soybean supplier, were 1.18 million tonnes in December, down from 4.83 million a year earlier, as shipments dwindled after abundant arrivals in earlier months.

For 2020, Brazilian shipments were 64.28 million tonnes, up 11.46% from 2019’s 57.67 million tonnes, and almost two-thirds of total annual imports.

China’s soybean imports in 2020 were a record 100.33 million tonnes.

China is expected to import even more soybeans in the new year on strong demand and crush margins.

Crushers in Rizhao in Shandong province, a major processing hub for the beans, can make about 237 yuan ($36.64) from every tonne of beans crushed, about two times higher than a year ago. CNSOY-RZO-MRG

@kannbwx

Wednesday crop update, #Brazil #soybeans: StoneX 132.6 mmt (was 133.9 mmt) IHS Markit 133 mmt (was 132.5 mmt) Last week, USDA maintained its outlook of 133 mmt, but Conab reduced its forecast to 133.7 mmt from 134.5 mmt.

@kannbwx

4hUSDA confirms the following U.S. export sales: 136,000 tonnes of #soybeans to #China in 2020/21163,290 tonnes of soybeans to #Mexico in 2020/21336,500 tonnes of #corn to unknown in 2020/21138,000 tonnes of hard red winter #wheat to #Nigeria in 2021/22

@kannbwx

2h

#China has reported its first outbreak of African swine fever in three months. Illegal transportation of pigs is the suspected cause, which is how the last outbreak - reported on Oct. 26 - came about. China reported its hog herd grew 31% YOY by the end of 2020.

Export sales:

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

US. export sales were better than expected last week. 2020/21 sales of #soybeans incl. 864kt to #China (396kt switched from unk). Mexico, Japan and Colombia led #corn sales, and soymeal sales were a marketing year high, led by Morocco and Colombia.

metmike: A market trading demand, that responds to a bullish surprise in export sales by going almost limit down............is telling us the top is in...........its run out of fresh/new buyers. 

The weather is just TOOO bearish at a key time frame!

https://www.marketforum.com/forum/topic/62048/