As China continues to ramp up its purchases of U.S. ag products to meet their Phase One trade agreement with the United States, some growers are experiencing higher prices for their raw commodities.
For wheat, Net sales were down noticeably from the previous week, but up 55 percent from the prior 4-week average on increases primarily for Mexico, Taiwan, and Japan.
According to the Foreign Agriculture Service at USDA, the United States is Vietnam’s second-largest supplier of agricultural goods, following China.
According to USDA’s latest WASDE Report, white wheat exports are raised on continued strong sales and shipments to China and South Korea.
The Foreign Agricultural Service release their latest look at U.S. commodity exports on Thursday, for the week ending February 18.
Futures prices — the price of a contract to deliver a commodity at a certain time in the future – for wheat, corn, and soybeans have been trending higher since August 2020.
USDA released their latest Weekly Export Sales Report on Friday, a day later than normal due to the Martin Luther King, Jr. Holiday on Monday.
USDA end of year stocks estimate for all major crops is fairly easy to report: all are lower than in 2019. Specifically, corn stocks are slightly lower while wheat stocks are down 9 percent, soybeans are off 10 percent and sorghum stocks are down 12 percent as of December 1.
According to the Foreign Ag Service, U.S. wheat sales were up 38 percent from the previous week (616,500 metric tons) on purchase from Mexico, Japan, and Thailand.
USDA released their latest Weekly Export Sales report on Friday reveling a big week for U.S. wheat, corn and cotton exports.
Wheat growers are cautiously optimistic as export sales show signs of improvement in 2020.
Variable growing conditions greatly influenced the U.S. hard red winter wheat crop in 2020, according to the U.S. Wheat Associates.
Net sales of U.S. wheat totaled over 530,000 metric tons, up 5 percent from the previous week and the Philippines was the top buyer.
According to USDA’s Annual Small Grain Agricultural Survey, yields this past growing season averaged just a tick under 51 bushels per acre.
Producers of the top five field crops in the United States have struggled to cover total costs of production over the past decade.
Wheat sales last week were impressive, increasing 46 percent over the previous week and 41 percent above the 4-week average, with Mexico and China topping all buyers.
As a key component of the new USMCA trade agreement, Canada agreed to allow wheat grown in the United States for import purposes to receive an official Canadian grade as long as the variety was approved in that country.
Despite COVID-19, grain has been moving and basis has generally tightened since April with both positive and negative volatility depending on the month and specific grain.
(WASHINGTON, DC) Markets rallied on the heels of USDA’s latest World Agricultural Supply and Demand […]
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