Extraordinarily Strong Soybean Export Sales for mid-April

Posted on 04/19/2018 8:06 AM

For the third week in a row, old-crop soybean export sales have topped the 1 MMT mark, which is quite impressive for April. Today’s old-crop sales tally is 10 times higher than the average figure for this time of year, according to Doane analysis. And that tally is pushed even higher with the addition of new-crop sales of nearly 1.091 MMT.

USDA Weekly Export Sales Report

Week Ended April 12, 2018

Corn

Actual Sales (in MT)

Combined: 1,203,900
 2017-18: 1,091,700
 2018-19: 112,200

Expectations (in MT)

 2017-18: 700,000-1,200,000
 2018-19: 0-200,000

Weekly Sales Details

Net sales of 1,091,700 MT for 2017-18 were up 30% from the previous week, but down 4% from the prior four-week average.  Increases were reported for Colombia (246,300 MT, including 123,000 MT switched from unknown destinations and decreases of 300 MT), Taiwan (175,700 MT, including 65,000 MT switched from Japan and 65,000 MT switched from unknown destinations), Japan (141,300 MT, including 57,700 MT switched from unknown destinations and decreases of 167,200 MT), South Korea (132,500 MT, including 129,000 MT switched from Japan and decreases of 4,900 MT), and China (129,500 MT, including 130,000 MT switched from unknown destinations and decreases of 800 MT).  Reductions were primarily for unknown destinations (180,900 MT).  For 2018-19, net sales of 112,200 MT were for Japan (65,000 MT) and Mexico (47,200 MT).

Weekly Export Details

 Exports of 1,593,800 MT were down 17% from the previous week, but up 8% from the prior four-week average.  The destinations were primarily to Mexico (306,600 MT), Japan (219,400 MT), South Korea (203,100 MT), Colombia (179,300 MT), and Taiwan (151,300 MT).

Comments and Performance Indicators

Old- and new-crop sales met expectations. Export commitments for the 2017-18 marketing year are running 2% behind year-ago, which compares to 2% behind the week prior. USDA projects exports in 2017-18 at 2.225 billion bu., down 3.0% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 173,500
 2017-18: -66,900

 2018-19: 240,400

Expectations (in MT)

 2017-18: 100,000-350,000
 2018-19: 0-200,000

Weekly Sales Details

Net sales reductions of 66,900 metric tons for delivery in marketing year 2017-18--a marketing-year low--were down noticeably from the previous week and from the prior four-week average.  Increases were for the Philippines (48,300 MT, including 30,000 MT switched from unknown destinations and decreases of 20,400 MT), Chile (33,000 MT, including 30,000 MT switched from unknown destinations), Venezuela (30,000 MT), Colombia (7,600 MT, including 8,500 MT switched from unknown destinations and decreases of 900 MT), and Peru (7,400 MT).  Reductions were primarily reported for Japan (65,000 MT), unknown destinations (63,700 MT), and Indonesia (50,000 MT).  For 2018-19, net sales of 240,400 MT were primarily reported for the Philippines (65,000 MT), Indonesia (50,000 MT), Thailand (39,500 MT), and Japan (36,200 MT).  

Weekly Export Details

Exports of 452,100 MT were up 4% from the previous week and 9% from the prior four-week average.  The primary destinations were to the Philippines (145,500 MT), Mexico (70,400 MT), Japan (59,000 MT), Iraq (52,500 MT), and Chile (33,000 MT).

Comments and Performance Indicators

Old-crop sales were much lighter than expected, while new-crop sales topped expectations. Export commitments for 2017-18 are running 17% behind year-ago compared with 15% behind year-ago last week. USDA projects exports in 2017-18 at 925 million bu., down 12.3% from the previous marketing year

Soybeans

Actual Sales (in MT)

Combined: 2,131,400
 2017-18: 1,040,700
 2018-19: 1,090,700

Expectations (in MT)

 2017-18: 900,000-1,400,000
 2018-19: 500,000-800,000

Weekly Sales Details

Net sales of 1,040,700 MT for 2017-18 were down 31% from the previous week, but up 12% from the prior four-week average.  Increases were reported for unknown destinations (581,000 MT), Mexico (129,900 MT, including decreases of 3,100 MT), Indonesia (77,800 MT, including decreases of 1,100 MT), Egypt (61,400 MT, including decreases of 3,600 MT), and Japan (43,400 MT, including 28,500 MT switched from unknown destinations and decreases of 3,100 MT).  Reductions were reported for China (52,900 MT).  For 2018-19, net sales of 1,090,700 MT were primarily for China (321,000 MT), Mexico (271,800 MT), Argentina (240,000 MT), and unknown destinations (188,000 MT). 

Weekly Export Details

Exports of 402,300 MT--a marketing-year low--were down 4% from the previous week and 31% from the prior four-week average.  The destinations were primarily to Egypt (111,400 MT), Mexico (87,500 MT), Japan (55,200 MT), Indonesia (37,800 MT), and Colombia (35,900 MT).

Comments and Performance Indicators

Old-crop sales met expectations, while new-crop sales were even higher than expected. Export commitments are running 3% behind year-ago, versus 4% behind last week. USDA projects exports in 2017-18 at 2.065 billion bu., down 5.0% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 171,700
2017-18: 164,900
2018-19: 6,800

Expectations

 2017-18: 150,000-400,000
 2018-19: 0

Weekly Sales Details

Net sales of 164,900 MT for 2017-18 were down 48% from the previous week and down 41% from the prior four-week average. Increases were reported for the Indonesia (70,000 MT), Ireland (15,000 MT), Colombia (13,200 MT, including decreases of 400 MT), Burma (8,500 MT), and the Philippines (8,300 MT).  Reductions were reported for El Salvador (3,000 MT), Panama (700 MT), and the Dominican Republic (100 MT).  For 2018-19, net sales of 6,800 MT were reported for Mexico.

Weekly Export Details

Exports of 274,300 MT were down 8% from the previous week, but up 19% from the prior four-week average.  The primary destinations were the Philippines (71,700 MT), Peru (32,100 MT), Thailand (30,500 MT), and Morocco (28,000 MT).

 

Comments and Performance Indicators

Old-crop sales were near the lower end of expectations, and USDA also reported some unexpected business for 2018-19. Export commitments for 2017-18 are running 8% ahead of year-ago, which compares with 8% ahead last week. USDA projects exports in 2017-18 to be up 7.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

 2017-18: 28,000

Expectations

 2017-18: 12,000-34,000
 2018-19: 0

Weekly Sales Details

Net sales of 28,000 MT were up 27% from the previous week, but down 18% from the prior four-week average.  Increases reported for Peru (12,000 MT), Guatemala (7,300 MT), Nicaragua (4,100 MT), Colombia (2,000 MT), and Mexico (2,000 MT). 

Weekly Export Details

Exports of 50,800 MT--a marketing-year high--were up noticeably from the previous week and from the prior four-week average.  The primary destinations were South Korea (38,000 MT), the Dominican Republic (9,800 MT), and Mexico (2,200 MT). 

 

Comments and Performance Indicators

Sales were near the upper end of expectations.  Export commitments for the 2017-18 marketing year are running 10% behind year-ago versus 10% behind the week prior. USDA projects exports in 2017-18 to be down 21.8% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 520,000
 2017-18: 290,200
 2018-19: 229,800

Weekly Sales Details

Net sales of 290,200 running bales for 2017-18 were up 62% from the previous week, but down 2% from the prior four-week average.  Increases were reported for China (77,900 RB, including 3,000 RB switched from Hong Kong), Vietnam (74,600 RB, including 2,200 RB switched from Malaysia and decreases of 2,200 RB), Turkey (44,600 RB, including 800 RB switched from Bahrain and decreases of 2,200 RB), Indonesia (38,900 RB, including 400 RB switched from China and 300 RB switched from Japan), and Bangladesh (18,500 RB).  Reductions were reported for Hong Kong (3,000 RB) and India (2,900 RB).  For 2018-19, net sales of 229,800 RB were primarily for Vietnam (107,200 RB), Indonesia (40,500 RB), China (25,600 RB), and Pakistan (19,800 RB).  

Weekly Export Details

Exports of 362,000 RB were down 28% from the previous week and 20% from the prior four-week average.  The primary destinations were Vietnam (80,300 RB), China (54,200 RB), Pakistan (42,900 RB), Turkey (38,200 RB), and Bangladesh (26,000 RB). 

Comments and Performance Indicators

Export commitments for 2017-18 are running 17% ahead of year-ago, compared with 17% ahead the week prior. USDA projects exports in 2017-18 will rise 0.5% from the previous year to 15 million bales.

Beef

Actual Sales (in MT)

2018: 19,900

Weekly Sales Details

Net sales of 19,900 MT for 2018 were down 9% from the previous week, but up 18% from the prior four-week average.  Increases were primarily for Japan (8,600 MT, including decreases of 1,600 MT), Mexico (3,600 MT, including decreases of 100 MT), South Korea (2,700 MT, including decreases of 400 MT), Canada (2,200 MT, including decreases of 100 MT), and Hong Kong (1,600 MT, including decreases of 100 MT).  

Weekly Export Details

Exports of 15,200 MT were up 1% from the previous week, but down 3% from the prior four-week average.  The primary destinations were Japan (5,000 MT), South Korea (3,700 MT), Mexico (1,900 MT), Hong Kong (1,400 MT), and Canada (1,300 MT).

 

Comments and Performance Indicators

Today's tally compares to sales of 21,800 MT last week. USDA projects exports in 2018 to be up 5.7% from last year's total.

Pork

Actual Sales (in MT)

2018: 17,900

Weekly Sales Details

Net sales of 17,900 MT for 2018 were down 18% from the previous week and 12% from the prior four-week average.  Increases were reported for South Korea (4,700 MT), Mexico (4,500 MT), Japan (2,900 MT), Canada (1,900 MT), and Colombia (1,100 MT).  

Weekly Export Details

Exports of 16,100 MT were down 30% from the previous week and 29% from the prior four-week average.  The primary destinations were Mexico (5,000 MT), South Korea (3,300 MT), Japan (3,200 MT), China (1,200 MT), and Canada (900 MT).

Comments and Performance Indicators

Last week, USDA reported export sales of 21,800 MT for 2018 combined. USDA projects exports in 2018 to be 4.8% above last year's total.

 

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