Strong Old- and New-crop Corn Sales for Mid-July

Posted on 07/19/2018 7:39 AM

 

USDA Weekly Export Sales Report

Week Ended July 12, 2018

Corn

Actual Sales (in MT)

Combined: 1,415,500
2017-18: 641,000
2018-19: 774,500

Expectations (in MT)

 2017-18: 300,000-600,000
 2018-19: 200,000-500,000

Weekly Sales Details

Net sales of 641,000 MT for 2017-18 were up 59% from the previous week and 38% from the prior 4-week average.  Increases were reported for Japan (123,800 MT, including 43,100 MT switched from unknown destinations and decreases of 2,100 MT), Mexico (123,200 MT, including decreases of 300 MT), Argentina (80,000 MT), Saudi Arabia (77,500 MT, including 73,000 MT switched from unknown destinations and decreases of 3,300 MT), and Egypt (75,800 MT, including 25,800 MT switched from Spain and decreases of 10,000 MT).  Reductions were primarily for unknown destinations (96,600 MT), Spain (25,800 MT), the United Kingdom (21,000 MT), and France (20,000 MT).  For 2018-19, net sales of 774,500 MT were reported for Mexico (245,200 MT), South Korea (126,000 MT), El Salvador (99,700 MT), and Guatemala (96,100 MT)

Weekly Export Details

Exports of 1,293,000 MT were down 7% from the previous week and 16% from the prior 4-week average.  The destinations were primarily to Mexico (335,700 MT), Japan (211,400 MT), South Korea (129,800 MT), Peru (77,600 MT), and Saudi Arabia (76,300 MT). 

Comments and Performance Indicators

Export commitments for the 2017-18 marketing year are running 4% ahead of year-ago, which compares to 4% ahead of year-ago the week prior. USDA projects exports in 2017-18 at 2.400 billion bu., up 4.6% from the previous marketing year.

Wheat

Actual Sales (in MT)

2018-19: 300,000

Expectations (in MT)

2018-19: 150,000-500,000

Weekly Sales Details

Net sales of 300,000 MT for 2018-19 were up noticeably from the previous week, but down 25% from the prior 4-week average.  Increases were reported for the Philippines (136,200 MT, including 60,000 MT switched from unknown destinations), Thailand (64,000 MT), Honduras (42,400 MT, including decreases of 200 MT), Argentina (30,000 MT), and Brazil (28,000 MT, including decreases of 2,000 MT).  Reductions were reported for unknown destinations (24,000 MT), Trinidad (12,400 MT), and Nigeria (1,000 MT).

Weekly Export Details

Exports of 434,700 MT--a marketing-year high--were up 52% from the previous week and 19% from the prior 4-week average.  The destinations were primarily to the Philippines (122,300 MT), Japan (101,000 MT), Mexico (67,800 MT), South Korea (56,200 MT), and Brazil (28,000 MT). 

Comments and Performance Indicators

Export commitments are running 32% behind year-ago versus 30% behind last week. USDA projects exports in 2018-19 at 975 million bu., up 8.2% from the previous marketing year

Soybeans

Actual Sales (in MT)

Combined: 865,700
 2017-18: 252,300
 2018-19: 613,400

Expectations (in MT)

 2017-18: 200,000-500,000
 2018-19: 100,000-500,000

Weekly Sales Details

Net sales of 252,300 MT for 2017-18 were up 59% from the previous week, but down 22% from the prior 4-week average. Increases were reported for the Netherlands (78,500 MT, including 87,500 MT switched from unknown destinations and decrease of 9,000 MT), Canada (74,300 MT), Iran (71,400 MT, including 67,000 MT switched from unknown destinations), Indonesia (70,400 MT, including 50,000 MT switched from unknown destinations and decreases of 100 MT), and Mexico (66,600 MT, including decreases of 1,000 MT).  Reductions were for unknown destinations (113,000 MT), Egypt (60,000 MT), and the United Kingdom (12,000 MT).  For 2018-19, net sales of 613,400 MT reported for unknown destinations (433,000 MT), Argentina (120,000 MT), Mexico (27,000 MT), and Pakistan (25,000 MT), were partially offset by reductions for China (60,000 MT). 

Weekly Export Details

Exports of 605,200 MT were down 18% from the previous week and 22% from the prior 4-week average.  The destinations included Mexico (119,800 MT), Indonesia (91,400 MT), the Netherlands (78,500 MT), Iran (71,400 MT), and Pakistan (66,900 MT). 

Comments and Performance Indicators

Export commitments are running 4% behind year-ago, versus 4% behind last week. USDA projects exports in 2017-18 at 2.085 billion bu., down 3.7% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 00
2017-18: 00
2018-19: 00

Expectations

 2017-18: 50,000-200,000
 2018-19: 25,000-150,000

Weekly Sales Details

Net sales of 131,000 MT for 2017-18 were up noticeably from the previous week and up 21% from the prior 4-week average.  Increases were reported for Spain (66,000 MT, including 60,000 MT switched from unknown destinations), Colombia (29,000 MT, including 10,500 MT switched from unknown destinations), the Dominican Republic (21,700 MT), Mexico (15,300 MT, including decreases of 3,600 MT), and Vietnam (13,100 MT).  Reductions were reported for unknown destinations (61,700 MT) and Nicaragua (3,000 MT).  For 2018-19, net sales of 91,000 MT were primarily for El Salvador (46,300 MT) and Guatemala (29,200 MT). 

Weekly Export Details

Exports of 341,900 MT--a marketing year high--were up noticeably from the previous week and up 54% from the prior 4-week average.  The primary destinations were the Philippines (95,400 MT), Spain (66,000 MT), Ecuador (31,900 MT), Colombia (30,600 MT), and Mexico (26,500 MT). 

 

Comments and Performance Indicators

Export commitments for 2017-18 are running 16% ahead of year-ago, which compares with 15% ahead last week. USDA projects exports in 2017-18 to be up 16.6% from the previous marketing year.

Soyoil

Actual Sales (in MT)

Combined: 20,100
2017-18: 10,900
2018-19: 9,200

Expectations

 2017-18: 8,000-30,000
2018-19: 0-10,000

Weekly Sales Details

Net sales of 10,900 MT for 2017-18 were down 60% from the previous week and 61% from the prior 4-week average.  Increases were primarily for Venezuela (18,000 MT, switched from unknown destinations), Mexico (4,600 MT), Jamaica (3,500 MT), and Colombia (2,000 MT).  Reductions were reported for unknown destinations (18,000 MT) and Nicaragua (400 MT).  For 2018-19, net sales of 9,200 MT were reported for the Dominican Republic.  

Weekly Export Details

Exports of 20,400 MT were up noticeably from the previous week and up 6% from the prior 4-week average.  The primary destinations were Venezuela (18,000 MT), Mexico (1,900 MT), and Canada (400 MT).  

 

Comments and Performance Indicators

Export commitments for the 2017-18 marketing year are running 2% behind year-ago versus 1% behind the week prior. USDA projects exports in 2017-18 to be down 4.1% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 260,600
 2017-18: 12,900
 2018-19: 247,700

Weekly Sales Details

Net sales of 12,900 running bales for 2017-18 were down 89% from the previous week and up noticeably from the prior 4-week average. Increases were reported for Pakistan (6,900 RB, including decreases of 100 RB), China (5,900 RB, including 2,800 RB switched from Vietnam), South Korea (2,800 RB, including 1,500 RB switched from Vietnam), Vietnam (1,900 RB, including 300 RB switched from Japan and decreases of 200 RB), and Indonesia (1,800 RB, including 400 RB switched from Thailand and decreases of 400 RB).  Reductions were reported for Turkey (8,000 RB), Japan (2,500 RB), and unknown destinations (800 RB).  For 2018-19, net sales of 247,700 RB were reported for Vietnam (93,400 RB), Pakistan (36,400 RB), Malaysia (26,900 RB), and China (24,300 RB). 

Weekly Export Details

Exports of 227,300 RB were down 12% from the previous week and 33% from the prior 4-week average.  The primary destinations were Vietnam (53,300 RB), Turkey (32,300 RB), Indonesia (26,300 RB), China (18,000 RB), and Mexico (15,500 RB). 

Comments and Performance Indicators

Export commitments for 2017-18 are running 12% ahead of year-ago, compared with 12% ahead the week prior. USDA projects exports in 2017-18 will rise 8.6% from the previous year to 16.20 million bales.

Beef

Actual Sales (in MT)

Combined: 13,600
2018: 13,500
2019: 100

Weekly Sales Details

Net sales of 13,500 MT for 2018 were down 17% from the previous week and 16% from the prior 4-week average.  Increases were primarily for South Korea (5,700 MT, including decreases of 800 MT), Mexico (1,800 MT, including decreases of 100 MT), Taiwan (1,500 MT), Japan (1,400 MT, including decreases of 2,700 MT), and Canada (1,000 MT, including decreases of 100 MT).  Reductions were reported for Indonesia (100 MT).  For 2019, net sales of 100 MT were reported for Japan.

Weekly Export Details

Exports of 19,600 MT--a marketing-year high--were up 28% from the previous and 11% from the prior 4-week average.  The primary destinations were Japan (6,300 MT), South Korea (5,900 MT), Mexico (2,000 MT), Taiwan (1,600 MT), and Canada (1,300 MT).

Comments and Performance Indicators

Today's tally compares to net sales of 16,300 MT last week. USDA projects exports in 2018 to be up 7.3% from last year's total.

Pork

Actual Sales (in MT)

2018: 19,700

Weekly Sales Details

Net sales of 19,700 MT for 2018 were up noticeably from the previous week and up 33% from the prior 4-week average.  Increases were reported for Japan (9,400 MT), Mexico (2,200 MT), Australia (1,900 MT), Canada (1,600 MT), and Colombia (1,200 MT).  

Weekly Export Details

Exports of 18,700 MT were up 1% from the previous week and 3% from the prior 4-week average.  The primary destinations were Mexico (6,300 MT), Japan (3,900 MT), South Korea (2,200 MT), Canada (1,300 MT), and Australia (1,200 MT).      

Comments and Performance Indicators

Last week, USDA reported export sales of 9,200 MT for 2018. USDA projects exports in 2018 to be 6.4% above last year's total.

 

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