Encouraging Export Sales Data to Kick Off February

Posted on Thu, 02/13/2020 - 07:43

Today’s report was encouraging on many fronts. Corn exports hit a marketing year high, and this week’s sales neared the 1 MMT mark. Wheat sales surged versus year-ago and were near the upper end of expectations. And soybeans sales were also solid for this point in the season, pushing commitments further ahead of last year’s pace. Cotton export sales and exports were strong, with the former marking a high for the 2019-20 marketing year. Pork sales and shipments were also solid, with China as a prominent destination.

 

USDA Weekly Export Sales Report

Week Ended Feb. 6, 2020

Corn

Actual Sales (in MT)

2019-20: 968,800

Expectations (in MT)

2019-20: 700,000-1,200,000
2020-21: 0-100,000

Weekly Sales Details

Net sales of 968,800 MT for 2019-20 were down 22% from the previous week and 9% from the prior 4-week average.  Increases primarily for Japan (383,000 MT, including 60,300 MT switched from unknown destinations and decreases of 21,300 MT), South Korea (193,500 MT), Colombia (110,700 MT, including 75,000 MT switched from unknown destinations and decreases of 1,400 MT), Saudi Arabia (61,700 MT, including 70,000 MT switched from unknown destinations and decreases of 8,300 MT), and Mexico (52,600 MT, including decreases of 100 MT), were offset by reductions for unknown destinations (14,700 MT) and El Salvador (7,900 MT).

Weekly Export Details

Exports of 782,800 MT--a marketing-year high--were up 31% from the previous week and 41% from the prior 4-week average.  The destinations were primarily to Mexico (228,700 MT), Japan (203,800 MT), Colombia (189,700 MT), Saudi Arabia (61,700 MT), and El Salvador (29,600 MT).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 26% behind year-ago commitments versus 29% behind last week. USDA projects exports in 2019-20 at 1.725 billion bu., down 16.5% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 687,100
2019-20: 643,100
2020-21: 44,000

Expectations (in MT)

2019-20: 300,000-650,000
2020-21: 0-50,000

Weekly Sales Details

Net sales of 643,100 metric tons for 2019-20 were up 90% from the previous week and 10% from the prior 4-week average.  Increases primarily for Nigeria (130,800 MT, including 51,700 MT switched from unknown destinations), the Philippines (104,800 MT), South Korea (91,100 MT), Vietnam (81,000 MT, including 10,000 MT switched from unknown destinations), and Mexico (79,200 MT), were offset by reductions for unknown destinations (50,900 MT), Bangladesh (3,000 MT), and Costa Rica (200 MT). For 2020-21, net sales of 44,000 MT were for the Philippines (24,000 MT), unknown destinations (11,000 MT), and Peru (9,000 MT).

Weekly Export Details

Exports of 506,300 MT were up 25% from the previous week and 26% from the prior 4-week average.  The destinations were primarily to Nigeria (98,800 MT), Bangladesh (87,000 MT), Mexico (69,400 MT), the Philippines (65,800 MT), and Japan (59,800 MT).

Comments and Performance Indicators

Export commitments are running 21% ahead of year-ago compared with 18% ahead the week prior. USDA projects exports in 2019-20 at 1 billion bu., up 6.8% from the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 651,100
2019-20: 644,800
2020-21: 6,300

Expectations (in MT)

2019-20: 600,000-1,000,000
2020-21: 0

Weekly Sales Details

Net sales of 644,800 MT for 2019-20 were down 8% from the previous week, but up 2% from the prior 4-week average.  Increases primarily for China (132,000 MT), Egypt (120,000 MT), Bangladesh (60,900 MT, including 56,000 MT switched from unknown destinations and decreases of 1,100 MT), the Netherlands (56,000 MT, including 60,000 MT switched from unknown destinations and decreases of 4,000 MT), and Japan (48,400 MT, including 29,700 MT switched from unknown destinations and decreases of 1,200 MT), were offset by reductions for Costa Rica (100 MT).  For 2020-21, net sales of 6,300 MT were for Japan (6,100 MT) and Hong Kong (200 MT).

Weekly Export Details

Exports of 611,300 MT were down 58% from the previous week and 50% from the prior 4-week average.  The destinations were primarily to Bangladesh (85,900 MT), Mexico (73,000 MT), China (69,000 MT), the Netherlands (56,000 MT), and Taiwan (50,800 MT).

Comments and Performance Indicators

Export commitments early in 2019-20 are 9% ahead of year-ago levels, which compared to 6% ahead of year-ago last week. USDA projects exports in 2019-20 at 1.825 billion bu., up 4.4% from year-ago.

Soymeal

Actual Sales (in MT)

2019-20: 234,200

Expectations

2019-20: 125,000-400,000

Weekly Sales Details

Net sales of 234,200 MT for 2019-20 were up 10% from the previous week, but down 44% from the prior 4-week average.  Increases primarily for Morocco (37,000 MT), the Philippines (35,400 MT), the Dominican Republic (25,000 MT), Canada (22,600 MT), and Ecuador (22,600 MT, including 7,000 MT switched from unknown destinations and decreases of 400 MT), were offset by reductions for Nicaragua (5,500 MT) and Belgium (900 MT).

Weekly Export Details

Exports of 268,200 MT were up 56% from the previous week and 27% from the prior 4-week average.  The destinations were primarily to Spain (60,900 MT), the Philippines (50,700 MT), Mexico (45,500 MT), Libya (27,500 MT), and Canada (17,100 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 9% ahead of year-ago early in the marketing year, which compares to 5% ahead last week. USDA projects exports in 2019-20 to edge 2.1% lower from the previous marketing year.

Soyoil

Actual Sales (in MT)

2019-20: 39,100

Expectations

2019-20: 7,000-30,000

Weekly Sales Details

Net sales of 39,100 MT for 2019-20 primarily for South Korea (25,000 MT), Morocco (16,000 MT, switched from unknown destinations), Canada (3,600 MT), Jamaica (3,600 MT), and El Salvador (2,600 MT), were offset by reductions for unknown destinations (16,000 MT) and Colombia (500 MT). 

Weekly Export Details

Exports of 12,800 MT were primarily to Venezuela (5,500 MT), the Dominican Republic (2,900 MT), El Salvador (2,200 MT), Mexico (1,700 MT), and Canada (300 MT).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 58% ahead of year-ago, which compares to 48% 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: 408,200
2019-20: 350,900
2020-21: 57,300

Weekly Sales Details

Net sales of 350,900 RB for 2019-20--a marketing-year high--were up 6% from the previous week and 15% from the prior 4-week average.  Increases primarily for Vietnam (152,000 MT, including 2,600 RB switched from South Korea), Turkey (74,000 RB), Pakistan (49,300 RB), Bangladesh (44,200 RB), and Indonesia (20,500 RB, including 1,200 RB switched from Japan), were offset by reductions primarily for China (48,400 RB).  For 2020-21, net sales of 57,300 RB were for Bangladesh (26,200 RB), Pakistan (18,500 RB), Malaysia (6,600 RB), Indonesia (5,300 RB), and Ecuador (700 RB).

Weekly Export Details

Exports of 400,500 RB were down 4% from the previous week, but up 20% from the prior 4-week average. Exports were primarily to Pakistan (93,400 RB), Vietnam (81,500 RB), Turkey (63,100 RB), China (52,200 RB), and Bangladesh (36,200 RB).

Comments and Performance Indicators

Export commitments for 2019-20 are 21% ahead of year-ago versus 18% 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)

2020: 17,500

Weekly Sales Details

Net sales of 17,500 MT for 2020 were primarily for Japan (6,900 MT, including decreases of 800 MT), South Korea (4,300 MT, including decreases of 400 MT), Mexico (2,700 MT, including decreases of 100 MT), Taiwan (1,000 MT, including decreases of 100 MT), and Canada (500 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 16,900 MT were primarily to Japan (6,300 MT), South Korea (4,700 MT), Mexico (1,900 MT), Taiwan (1,000 MT), and Canada (1,000 MT).  

Comments and Performance Indicators

Last week, USDA reported sales of 18,700 MT for 2020. USDA projects 2020 exports surge 9.2% from year-ago levels.

Pork

Actual Sales (in MT)

2020: 28,600

Weekly Sales Details

Net sales of 28,600 MT for 2020 were primarily for Mexico (6,800 MT), Japan (4,400 MT), China (3,700 MT), South Korea (3,600 MT), and Canada (3,100 MT).

Weekly Export Details

Exports of 42,900 MT were primarily to Mexico (13,100 MT), China (13,000 MT), Japan (6,000 MT), South Korea (3,600 MT), and Canada (2,200 MT).

Comments and Performance Indicators

Sales totaled 29,500 in last week’s report. USDA projects exports in 2020 surge 16.7% from year-ago.