China Makes Big U.S. Soybean & Pork Buys

Posted on 03/14/2019 7:58 AM

USDA Weekly Export Sales Report

Week Ended March 7, 2019

Corn

Actual Sales (in MT)

Combined: 646,600
2018-19: 372,000
2019-20: 474,600

Expectations (in MT)

2018-19: 8000,000-1,200,000
2019-20: 0-300,000

Weekly Sales Details

Net sales of 372,000 MT for 2018/2019 were reported for South Korea (120,200 MT, late reporting), Japan (110,600 MT, including 22,500 MT switched from unknown destinations and decreases of 27,000 MT), Guatemala (73,700 MT), Taiwan (68,900 MT, including decreases of 1,100 MT), and Colombia (61,800 MT, switched from unknown destinations).  Reductions were primarily for unknown destinations (53,200 MT), Morocco (30,000 MT), Peru (21,800 MT), and Mexico (20,000 MT).  For 2019/2020, net sales of 474,600 MT were primarily for Mexico (269,600 MT) and Japan (202,000 MT, late reporting). 

Weekly Export Details

Exports of 785,800 MT were primarily to Japan (319,700 MT), Mexico (225,600 MT), Colombia (135,700 MT), Guatemala (30,500 MT), and El Salvador (26,200 MT).

 

Comments and Performance Indicators

Export commitments are running 6% behind year-ago versus 1% behind 2017-18 levels the previous week. USDA projects exports in 2018-19 at 2.375 billion bu., down 2.6% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 346,000
2018-19: 263,000
2019-20: 83,000

Expectations (in MT)

2018-19: 400,000-600,000
2019-20: 50,000-150,000

Weekly Sales Details

Net sales of 263,000 metric tons for delivery in the 2018/2019 marketing year were reported for Nigeria (106,300 MT, including 24,000 MT switched from unknown destinations), Japan (62,500 MT), Yemen (44,000 MT, including 40,000 MT switched from unknown destinations), Vietnam (32,800 MT, including 30,000 MT switched from unknown destinations), and Malaysia (27,600 MT, including 22,000 MT switched from unknown destinations).  Reductions were primarily for unknown destinations (96,000 MT).  For 2019/2020, net sales of 83,000 MT were reported for Nigeria (48,000 MT), Mexico (12,200 MT), Peru (11,800 MT), and unknown destinations (11,000 MT).

Weekly Export Details

Exports of 743,300 MT were reported for Indonesia (135,300 MT), Malaysia (74,600 MT), Nigeria (72,300 MT), Yemen (58,800 MT), and Mexico (54,700 MT).

 

Comments and Performance Indicators

Export commitments are running 3% ahead of year-ago versus 2% ahead of year-ago the week prior. USDA projects exports in 2018-19 at 965 million bu., up 7.1% from the previous marketing year

Soybeans

Actual Sales (in MT)

Combined: 1,914,900
2018-19: 1,911,900
2019-20: 3,000

Expectations (in MT)

2018-19: 1,200,000-1,900,000
2019-20: 0-150,000

Weekly Sales Details

Net sales of 1,911,900 MT for 2018/2019 were reported for China (1,707,600 MT, including 53,000 MT switched from unknown destinations and decreases of 7,100 MT), Mexico (67,500 MT, including decreases of 1,700 MT), Bangladesh (57,000 MT), Japan (40,800 MT, including 15,200 MT switched from unknown destinations and decreases of 1,000 MT), and Colombia (21,800 MT, including 20,000 MT switched from unknown destinations).  Reductions were primarily for Taiwan (52,500 MT).  For 2019/2020, total net sales of 3,000 MT were reported for Japan. 

Weekly Export Details

Exports of 819,800 MT were primarily to China (386,600 MT), Mexico (217,000 MT), Japan (91,400 MT), Indonesia (33,200 MT), and Colombia (20,300 MT). 

 

Comments and Performance Indicators

Export commitments are running 16% behind the 2017-18 marketing year compared with 18% behind year-ago the previous week. USDA projects exports in 2018-19 at 1.875 billion bu., down 11.9% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 226,100
2018-19: 226,000
2019-20: 100

Expectations

50,000-300,000

Weekly Sales Details

Net sales of 226,000 MT for 2018/2019 were reported for Mexico (70,400 MT, including decreases of 2,700 MT), Israel (34,000 MT), the Philippines (28,700 MT), Guatemala (27,400 MT, including decreases of 600 MT), and Colombia (23,500 MT, including decreases of 500 MT).  Reductions were primarily for unknown destinations (2,600 MT) and Ecuador (300 MT).  For 2019/2020, net sales of 100 MT were reported for Mexico.

Weekly Export Details

Exports of 192,200 MT were primarily to Vietnam (52,200 MT), the Philippines (49,700 MT), Mexico (18,700 MT), Colombia (17,800 MT), and Canada (14,900 MT).

Comments and Performance Indicators

Export commitments for 2018-19 are running 8% ahead of year-ago, compared with 7% ahead as of the week before. USDA projects exports in 2018-19 to be down 2.2% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2018-19: 14,000

Expectations

5,000-20,000

Weekly Sales Details

Net sales of 14,000 MT for 2018/2019 were reported for the Dominican Republic (5,300 MT), Guatemala (4,500 MT), Jamaica (3,500 MT), and Mexico (600 MT). 

Weekly Export Details

Exports of 35,600 MT were primarily to South Korea (33,000 MT), Mexico (2,300 MT), and Canada (100 MT).

 

Comments and Performance Indicators

Export commitments for the 2018-19 marketing year are running 8% behind year-ago, versus 5% behind year-ago the week prior. USDA projects exports in 2018-19 to be down 8.1% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 189,200
2018-19: 166,100
2019-20: 23,100

Weekly Sales Details

Net sales of 166,100 RB for 2018/2019 were reported for China (49,300 RB, including decreases of 11,000 RB), Turkey (35,400 RB), Indonesia (20,800 RB), Vietnam (14,000 RB, including 2,600 RB switched from South Korea and decreases of 8,800 RB), and Bangladesh (11,000 RB). For 2019/2020, net sales of 23,100 RB were primarily for China (19,000 RB) and Thailand (2,600 RB). 

Weekly Export Details

Exports of 287,000 RB were primarily to Vietnam (78,700 RB), Pakistan (52,700 RB), China (23,900 RB), Turkey (22,800 RB), and Mexico (21,100 RB).  

Comments and Performance Indicators

Export commitments for 2018-19 are running 12% behind year-ago, versus 11% behind the week prior. USDA forecasts total cotton exports to fall 5.4% to 15.0 million bales this marketing year.

Beef

Actual Sales (in MT)

2019: 00

Weekly Sales Details

Net sales of 12,800 MT for 2019 were primarily for Japan (6,500 MT, including decreases of 200 MT), South Korea (1,700 MT, including decreases of 400 MT), Taiwan (1,500 MT), Hong Kong (1,100 MT, including decreases of 100 MT), and Canada (1,000 MT, including decreases of 200 MT). 

Weekly Export Details

Exports of 15,000 MT were primarily to Japan (4,400 MT), South Korea (3,700 MT), Mexico (1,700 MT), Hong Kong (1,400 MT), and Taiwan (1,400 MT).

 

Comments and Performance Indicators

Last week, sales totaled 24,700 MT. USDA projects 2019 exports to rise 3.1% from year-ago levels.

Pork

Actual Sales (in MT)

2019: 50,300

Weekly Sales Details

Net sales of 50,300 MT for 2019 reported for China (23,800 MT), Mexico (8,900 MT), Japan (4,500 MT), Canada (2,900 MT), and Colombia (2,100 MT), were partially offset by reductions for Nicaragua (200 MT).  

Weekly Export Details

Exports of 25,900 MT were primarily to Mexico (7,200 MT), South Korea (4,300 MT), Japan (3,400 MT), China (3,400 MT), and Canada (2,100 MT).

Comments and Performance Indicators

Sales totaled 24,400 MT in last week’s report. USDA projects exports in 2019 will rise 4.3% from year-ago.

 

 

 

 

 

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