Pace of Corn, Soybean and Cotton Export Commitments Drop Farther Behind Year-ago

Posted on 03/21/2019 7:43 AM

USDA Weekly Export Sales Report

Week Ended March 14, 2019

Corn

Actual Sales (in MT)

Combined: 915,900
2018-19: 855,900
2019-20: 60,000

Expectations (in MT)

2018-19: 6000,000-1,000,000
2019-20: 0-300,000

Weekly Sales Details

Net sales of 855,900 MT for 2018-19 were reported for Japan (346,800 MT, including 59,400 MT switched from unknown destinations), South Korea (193,500 MT), Mexico (127,400 MT, including decreases of 8,500 MT), Taiwan (93,000 MT, including decreases of 5,900 MT), and Guatemala (32,200 MT, including 24,300 MT switched from unknown destinations, 5,000 MT switched from El Salvador, 1,800 MT switched from Panama, and decreases of 2,800 MT).  Reductions were reported for unknown destinations (47,800 MT).  For 2019-20, total net sales were reported for Japan (60,000 MT). 

Weekly Export Details

Exports of 764,200 MT were primarily to Japan (277,900 MT), Mexico (138,300 MT), Taiwan (124,100 MT), Colombia (54,600 MT), and Guatemala (42,400 MT).

Comments and Performance Indicators

Export commitments are running 7% behind year-ago versus 6% 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: 437,400
2018-19: 298,600
2019-20: 138,800

Expectations (in MT)

2018-19: 200,000-450,000
2019-20: 100,000-225,000

Weekly Sales Details

Net sales of 298,600 metric tons for delivery in the 2018-19 marketing year were reported for South Korea (75,500 MT), Sri Lanka (65,000 MT, switched from Singapore), Japan (38,500 MT), Mexico (35,300 MT, including decreases of 47,300 MT), and Taiwan (29,300 MT).  Reductions were primarily for Singapore (45,000 MT) and the Philippines (9,800 MT).  For 2019-20, net sales of 138,800 MT were primarily for the Philippines (43,500 MT), Colombia (27,000 MT), Nigeria (24,000 MT), and Mexico (22,300 MT).  

Weekly Export Details

Exports of 357,000 MT were reported for the Philippines (63,700 MT), Japan (54,700 MT), South Korea (51,000 MT), Mexico (44,900 MT), and Colombia (33,600 MT).  

 

Comments and Performance Indicators

Export commitments are running 3% ahead of year-ago versus 3% 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: 335,100
2018-19: 399,500
2019-20: -64,400

Expectations (in MT)

2018-19: 600,000-1,600,000
2019-20: 0-150,000

Weekly Sales Details

Net sales of 399,500 MT for 2018-19 were reported for Germany (155,900 MT, including 80,000 MT switched from unknown destinations), China (142,600 MT, including decreases of 500 MT), Egypt (88,700 MT, including 35,200 MT switched from unknown destinations and decreases of 3,000 MT), Japan (70,200 MT, including 40,500 MT switched from unknown destinations and decreases of 700 MT), and the Netherlands (63,300 MT, including 70,000 MT switched from unknown destinations and decreases of 6,800 MT).  Reductions were reported for unknown destinations (237,500 MT) and Mexico (31,400 MT).  For 2019-20, net sales reductions of 64,400 MT resulted in increases for Japan (500 MT), were more than offset by reductions for China (65,000 MT).  

Weekly Export Details

Exports of 1,015,100 MT were primarily to China (268,600 MT), Egypt (173,700 MT), Germany (155,900 MT), Mexico (137,800 MT), and the Netherlands (63,300 MT).  

 

Comments and Performance Indicators

Export commitments are running 17% behind the 2017-18 marketing year compared with 16% 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)

2018-19: 97,400

Expectations

150,000-400,000

Weekly Sales Details

Net sales of 97,400 MT for 2018-19 were reported for Colombia (38,500 MT, including 12,000 MT switched from unknown destinations and decreases of 17,100 MT), Mexico (19,500 MT, including decreases of 100 MT), Panama (15,900 MT, including decreases of 800 MT), Venezuela (14,500 MT), and Guatemala (12,100 MT, including 8,600 MT switched from unknown destinations, 1,000 MT switched from Nicaragua, and 1,000 MT switched from El Salvador).  Reductions were primarily for unknown destinations (37,500 MT), Ecuador (7,000 MT), and Honduras (4,000 MT). 

Weekly Export Details

Exports of 185,400 MT were primarily to Colombia (41,200 MT), Mexico (35,100 MT), Panama (15,900 MT), El Salvador (15,500 MT), and Canada (14,600 MT).

Comments and Performance Indicators

Export commitments for 2018-19 are running 6% ahead of year-ago, compared with 8% 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: 5,500

Expectations

8,000-30,000

Weekly Sales Details

Net sales of 5,500 MT for 2018-19 reported for the Dominican Republic (5,200 MT), Mexico (900 MT), and South Korea (300 MT), were partially offset by reductions for Canada (1,000 MT).

Weekly Export Details

Exports of 29,200 MT were primarily to South Korea (15,100 MT), the Dominican Republic (8,300 MT), Colombia (2,000 MT), Nicaragua (1,500 MT), and Mexico (1,100 MT). 

 

Comments and Performance Indicators

Export commitments for the 2018-19 marketing year are running 13% behind year-ago, versus 8% 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: 157,800
2018-19: 125,000
2019-20: 32,800

Weekly Sales Details

Net sales of 125,000 RB for 2018-19 were reported for China (84,700 RB, including 6,600 RB switched from Hong Kong, 2,200 RB switched from Vietnam, and decreases of 8,800 RB), Turkey (21,500 RB), India (16,300 RB), Pakistan (10,300 RB), and Bangladesh (5,100 RB).  Reductions were reported for China (11,600 RB), Hong Kong (6,600 RB), Malaysia (4,200 RB), Indonesia (4,000 RB).  For 2019-20, net sales of 32,800 RB were primarily reported for China (15,400 RB), Pakistan (8,800 RB), and Japan (7,300 RB).  

Weekly Export Details

Exports of 350,100 RB were primarily to Pakistan (79,000 RB), Vietnam (67,300 RB), Indonesia (36,400 RB), China (36,200 RB), and Turkey (32,800 RB).  Net sales of Pima totaling 22,100 RB for 2018-19 were primarily for China (13,700 RB), Vietnam (4,400 RB), and Thailand (1,200 RB).  For 2019-20, total net sales of 1,000 RB were primarily reported for China (500 MT).  Exports of 16,600 RB were primarily to India (5,900 RB), China (4,500 RB), Pakistan (2,400 RB), Thailand (1,600 RB), and Indonesia (1,000 RB).  

 

Comments and Performance Indicators

Export commitments for 2018-19 are running 13% behind year-ago, versus 12% 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: 18,600

Weekly Sales Details

Net sales of 18,600 MT for 2019 reported for Hong Kong (6,300 MT, including decreases of 100 MT), South Korea (4,000 MT, including decreases of 200 MT), Mexico (2,900 MT, including decreases of 100 MT), Japan (2,900 MT, including decreases of 300 MT), and Taiwan (900 MT, including decreases of 100 MT), were partially offset by reductions for Indonesia (200 MT).  

Weekly Export Details

Exports of 14,400 MT were primarily to Japan (4,600 MT), South Korea (4,100 MT), Mexico (1,700 MT), Taiwan (1,200 MT), and Hong Kong (900 MT).

 

Comments and Performance Indicators

Last week, sales totaled 12,800 MT. USDA projects 2019 exports to rise 3.1% from year-ago levels.

Pork

Actual Sales (in MT)

2019: 29,300

Weekly Sales Details

Net sales of 29,300 MT for 2019 reported for Mexico (15,500 MT), China (3,000 MT), Japan (2,300 MT), South Korea (1,700 MT), and Hong Kong (1,400 MT).  

Weekly Export Details

Exports of 26,700 MT were primarily to Mexico (6,900 MT), China (4,600 MT), South Korea (4,500 MT), Japan (3,000 MT), and Canada (1,700 MT).

Comments and Performance Indicators

Sales totaled 50,300 MT in last week’s report. USDA projects exports in 2019 will rise 4.3% from year-ago.

 

 

 

 

 

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