Corn and Wheat Export Sales Hit New Lows for 2019-20

Posted on Fri, 01/10/2020 - 10:38

The data was for the week ending Jan. 2, when holiday downtime likely came into play. Soybean sales were also on the light side and down 59% from the prior four-week average.

 

USDA Weekly Export Sales Report

Week Ended Jan. 2, 2020

Corn

Actual Sales (in MT)

2019-20: 161,900

Expectations (in MT)

2019-20: 350,000-700,000
2020-21: 0-25,000

Weekly Sales Details

Net sales of 161,900 metric tons for 2019-20—a marketing-year low—were down 70% from the previous week and 83% from the prior 4-week average.  Increases primarily for unknown destinations (89,700 MT), Japan (61,400 MT, including 40,900 MT switched from unknown destinations and decreases of 7,600 MT), Colombia (21,800 MT, including decreases of 4,200 MT), El Salvador (15,900 MT, including 1,900 MT switched from Guatemala), and Honduras (7,100 MT), were offset by reductions primarily for Mexico (41,500 MT).

Weekly Export Details

Exports of 514,600 MT were up 15% from the previous week and 1% from the prior 4-week average.  The destinations were primarily to Mexico (265,400 MT), Japan (89,800 MT), Colombia (82,400 MT), Canada (25,100 MT), and Honduras (23,700 MT).   

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 43% behind year-ago commitments versus 42% behind last week. USDA projects exports in 2019-20 at 1.850 billion bu., down 10.4% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 130,600
2019-20: 80,600
2020-20: 50,000

Expectations (in MT)

2019-20: 200,000-550,000
2020-21: 0

Weekly Sales Details

Net sales of 80,600 metric tons for 2019-20—a marketing-year low—were down 74% from the previous week and 87% from the prior 4-week average.  Increases primarily for Nigeria (45,500 MT, including 24,500 MT switched from unknown destinations and decreases of 1,500 MT), Mexico (20,100 MT, including decreases of 2,800 MT), Italy (20,000 MT), Indonesia (17,800 MT, including 19,000 MT switched from unknown destinations and decreases of 1,200 MT), and the Philippines (10,300 MT), were offset by reductions primarily for unknown destinations (70,000 MT).  For 2020-21, total net sales of 50,000 MT were for the Philippines. 

Weekly Export Details

Exports of 352,400 MT were up 4% from the previous week, but down 20% from the prior 4-week average.  The destinations were primarily to Nigeria (74,000 MT), the Philippines (64,300 MT), Taiwan (51,300 MT), Malaysia (36,400 MT), and Panama (25,200 MT).

Comments and Performance Indicators

Export commitments are running 5% ahead of year-ago compared with 5% ahead the week prior. USDA projects exports in 2019-20 at 975 million bu., up 4.2% from the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 358,900
2019-20: 355,500
2020-21: 3,400

Expectations (in MT)

2019-20: 400,000-800,000
2020-21: 0-50,000

Weekly Sales Details

Net sales of 355,500 MT for 2019-20 were up 8% from the previous week, but down 59% from the prior 4-week average.  Increases were primarily for Indonesia (78,600 MT, including 68,000 MT switched from unknown destinations and decreases of 100 MT), Germany (75,800 MT), China (74,700 MT, including 66,000 MT switched from unknown destinations), the Netherlands (67,200 MT, including 60,000 MT switched from unknown destinations), and South Korea (58,700 MT, including 55,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (73,000 MT), Taiwan (500 MT), Pakistan (400 MT), and Malaysia (200 MT).  For 2020-21, total net sales of 3,400 MT were for Japan.

Weekly Export Details

Exports of 1,118,800 MT were up 4% from the previous week, but down 8% from the prior 4-week average.  The destinations were primarily to China (353,800 MT), Egypt (128,500 MT), Mexico (102,500 MT), Indonesia (98,100 MT), and Germany (75,800 MT).  

Comments and Performance Indicators

Export commitments early in 2019-20 are 2% behind year-ago levels, which compares to 5% ahead of year-ago last week. USDA projects exports in 2019-20 at 1.775 billion bu., up 1.5% from year-ago.

Soymeal

Actual Sales (in MT)

2019-20: 74,200

Expectations

2019-20: 75,000-250,000

Weekly Sales Details

Net sales of 74,200 MT for 2019-20--a marketing-year low--were down 22% from the previous week and 47% from the prior 4-week average.  Increases primarily for Ecuador (35,500 MT), Canada (7,400 MT, including decreases of 1,800 MT), unknown destinations (6,000 MT), Honduras (4,600 MT), and the Philippines (4,100 MT), were offset by reductions for Guatemala (900 MT) and Japan (200 MT).

Weekly Export Details

Exports of 148,100 MT were primarily to the Dominican Republic (35,600 MT), Mexico (35,100 MT), Canada (23,100 MT), Colombia (13,000 MT), and Guatemala (12,400 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 19% behind year-ago early in the marketing year, which compares to 18% behind last week. USDA projects exports in 2019-20 to edge 2.6% lower from the previous marketing year.

Soyoil

Actual Sales (in MT)

2019-20: 2,600

Expectations

2019-20: 0-25,000

Weekly Sales Details

Net sales of 2,600 MT for 2019-20 were reported for Mexico (2,300 MT) and Colombia (300 MT).

Weekly Export Details

Exports of 36,700 MT were primarily to Morocco (21,000 MT), Colombia (6,800 MT), Mexico (4,500 MT), and the Dominican Republic (4,200 MT).  

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 6% ahead of year-ago, which compares to 5% ahead of year-ago last week. USDA projects exports in 2019-20 to fall 12.4% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 157,500
2019-20: 152,000
2020-21: 5,500

Weekly Sales Details

Net sales of 152,000 RB for 2019-20 were down 38% from the previous week and 33% from the prior 4-week average.  Increases primarily for Vietnam (97,600 RB, including 6,900 RB switched from Hong Kong, 2,100 RB switched from South Korea, 300 RB switched from Japan, and decreases of 1,500 RB), Pakistan (24,400 RB), Turkey (19,000 RB), South Korea (15,700 RB, including decreases of 200 RB), and Bangladesh (12,800 RB, including decreases of 600 RB), were offset by reductions primarily for India (18,000 RB), Hong Kong (6,900 RB), and Nicaragua (3,900 RB).  For 2020-21, net sales of 5,500 RB were for Turkey (4,400 RB) and Vietnam (1,100 RB). 

Weekly Export Details

Exports of 211,400 RB were down 6% from the previous week, but up 2% from the prior 4-week average.  Exports were primarily to Pakistan (58,900 RB), Vietnam (54,000 RB), China (34,000 RB), Indonesia (12,600 RB), and Turkey (11,000 RB).

Comments and Performance Indicators

Export commitments for 2019-20 are 7% ahead of year-ago versus 8% ahead of year-ago last week. USDA forecasts total cotton exports to fall rise 11.8% to 16.5 million bales this marketing year.

Beef

Actual Sales (in MT)

2019: 8,100

Weekly Sales Details

Net sales of 8,100 MT for 2020 were primarily for Japan (1,700 MT, including decreases of 200 MT), the Philippines (1,600 MT), South Korea (1,000 MT, including decreases of 100 MT),  Taiwan (1,000 MT, including decreases of 100 MT), and Mexico (900 MT). 

Outstanding sales on Dec. 31 totaled 74,600 MT and were carried over to 2020.

Weekly Export Details

Exports of 4,500 MT were primarily to Japan (1,700 MT), South Korea (1,300 MT), Taiwan (500 MT), Mexico (300 MT), and Hong Kong (200 MT).  Accumulated exports for 2019 totaled 823,500 MT, down 4% from the 861,700 MT exported in 2018.

Comments and Performance Indicators

Last week, USDA reported sales of 9,400 MT for 2019 and 2020 combined. USDA projects 2020 exports surge 7.5% from year-ago levels.

Pork

Actual Sales (in MT)

2019: 26,800

Weekly Sales Details

Net sales of 26,800 MT for 2020 were primarily for China (7,200 MT), Mexico (7,100 MT), South Korea (5,500 MT), Japan (4,100 MT), and Vietnam (1,000 MT).  Outstanding sales on Dec. 31 totaled 137,400 MT and were carried over to 2020.

Weekly Export Details

Exports of 1,900 MT were primarily to Mexico (500 MT), China (500 MT), Japan (400 MT), Canada (200 MT), and South Korea (100 MT).  Accumulated exports for 2019 totaled 1,624,300 MT, up 39% from the 1,168,800 MT exported in 2018.

Comments and Performance Indicators

Sales totaled 27,400 in last week’s report. USDA projects exports in 2020 jump 12.8% from year-ago.