Big week to week drop for US corn export sales

U.S. corn exports for the week ending February 4th fell back to Earth after hitting a record high during the week ending January 28th. The big difference was the lack of demand from China. The USDA says China didn’t buy any U.S. corn last week with sales at 1.5 million tons, a week to week drop of 81%. Soybean, wheat, soybean meal, soybean oil, rice, cotton, beef, and pork exports were down on the week, and while sorghum was above the previous week, sales were below average. The USDA’s next set of supply and demand estimates is out March 9th.Physical shipments of corn and soybeans were more than what’s needed to meet projections for the current marketing year. The 2020/21 marketing year started June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.Wheat came out at 591,000 tons (21.7 million bushels), down 8% from the week ending January 28th, ...