Impressive Corn and Soybean Export Sales, with Bean Sales Near 3.2 MMT

Posted on Fri, 09/11/2020 - 07:25

The multi-million metric ton sales of were driven in large part by aggressive Chinese buying. Other highlights of today’s update include wheat exports hitting a marketing-year high. Exports of soymeal were also quite strong, but soyoil sales were light. Pork export sales retreated after last week’s strong showing, with sales coming more in line with the four-week average. China continues to buy and import U.S. beef.

 

USDA Weekly Export Sales Report

Week Ended Sept. 3, 2020

Corn

Actual Sales (in MT)

Combined: 2,474,900
2019-20: 651,600
2020-21: 1,823,300

Expectations (in MT)

2019-20: -100,000-100,000
2020-21: 1,000,000-1,900,000

Weekly Sales Details

Net sales for the 2020-21 marketing year, which began Sept. 1, totaled 1,823,300 MT.  Increases were primarily for China (1,194,500 MT, including decreases of 63,000 MT), Japan (255,900 MT), Mexico (215,000 MT, including 8,000 MT switched from Guatemala and decreases of 14,400 MT), Colombia (75,100 MT, including 53,000 MT switched from unknown destinations and decreases of 9,200 MT), and Panama (59,700 MT). Reductions were primarily for Jamaica (80,100 MT). 

A total of 1,250,400 MT in sales were carried over from the 2019-20 marketing year, which ended Aug. 31. 

Exports for the period ending Aug. 31 of 651,600 MT brought accumulated exports to 43,273,800 MT, down 14% from the prior year’s total of 49,202,100 MT.  The primary destinations were China (201,700 MT), Japan (177,000 MT), Mexico (150,100 MT), Honduras (28,100 MT), and El Salvador (23,800 MT).

Weekly Export Details

Exports for Sept. 1-3 totaled 245,700 MT, with China (67,500 MT), Mexico (62,900 MT), Colombia (54,700 MT), and Canada (47,900 MT) being the primary destinations.

Comments and Performance Indicators

Export commitments kick off the 2020-21 marketing year a dramatic 162% ahead of year-ago. USDA projects exports in 2020-21 at 2.225 billion bu., up 24.0% from the previous marketing year.

Wheat

Actual Sales (in MT)

2020-21: 484,400

Expectations (in MT)

2020-21: 250,000-600,000

Weekly Sales Details

Net sales of 484,400 metric tons (MT) for 2020-21 were down 17% from the previous week and 14% from the prior 4-week average.  Increases primarily for the Philippines (123,100 MT), Japan (116,500 MT), Mexico (85,500 MT, including 400 MT switched from the Dominican Republic), Indonesia (55,500 MT), and Taiwan (51,100 MT, including decreases of 800 MT), were offset by reductions primarily for South Korea (25,200 MT), unknown destinations (22,100 MT), Guatemala (8,100 MT), and Peru (6,000 MT). 

Weekly Export Details

Exports of 726,900 MT--a marketing-year high--were up 50% from the previous week and 45% from the prior 4-week average.  The destinations were primarily to Yemen (99,300 MT), Vietnam (91,800 MT), China (90,100 MT), Mexico (70,700 MT), and Brazil (60,800 MT).

Comments and Performance Indicators

Export commitments are 8% ahead of year-ago compared with 9% ahead of year-ago the week prior. USDA projects exports in 2020-21 at 975 million bu., up 1.0% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2020-21: 3,161,800

Expectations (in MT)

2019-20: -100,000-100,000
2020-21: 1,100,000-1,900,000

Weekly Sales Details

Net sales for the 2020-21 marketing year, which began Sept. 1, totaled 3,161,800 MT.  Increases were primarily for China (1,592,900 MT, including 66,000 MT switched from unknown destinations and decreases of 4,200 MT), unknown destinations (926,000 MT), Mexico (272,200 MT), Egypt (145,000 MT), and the Netherlands (57,500 MT, including 60,000 MT switched from unknown destinations and decreases of 2,500 MT).  Reductions were for Algeria (2,600 MT). 

A total of 2,538,200 MT in sales were carried over from the 2019-20 marketing year, which ended Aug. 31.

Weekly Export Details

Exports for the period ending Aug. 31 of 1,149,400 MT brought accumulated exports to 44,934,500 MT, down 4% from the prior year’s total of 46,770,300 MT.  The primary destinations were China (542,200 MT), Germany (209,300 MT), Mexico (71,500 MT), the Netherlands (69,300 MT), and Pakistan (65,600 MT). 

Exports for Sept. 1-3 totaled 526,200 MT, with China (400,900 MT), the Netherlands (57,500 MT), Algeria (32,400 MT), Mexico (11,000 MT), and Taiwan (8,200 MT) being the primary destinations.

Comments and Performance Indicators

Export commitments are 216% ahead of year-ago as the 2020-21 marketing year kicks off. USDA projects exports in 2020-21 at 2.125 billion bu., up 28.8% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 359,600
2019-20: 26,600
2020-21: 333,000

Expectations

2019-20: 25,000-100,000
2020-21: 200,000-400,000

Weekly Sales Details

Net sales of 26,600 MT for 2019-20--marketing-year low--were down 77% from the previous week and 72% from the prior 4-week average.  Increases primarily for Indonesia (24,100 MT), Mexico (15,100 MT), the Dominican Republic (11,000 MT), Vietnam (8,800 MT), and Japan (5,200 MT), were offset by reductions primarily for Canada (41,600 MT).  For 2020-21, net sales of 333,000 MT primarily for the Philippines (175,000 MT), Colombia (81,000 MT), Panama (22,600 MT), the Dominican Republic (21,000 MT), and Canada (13,300 MT), were offset by reductions for Jamaica (10,500 MT).

Weekly Export Details

Exports of 179,000 MT were up 12% from the previous week, but down 12% from the prior 4-week average.  The destinations were primarily to the Philippines (45,900 MT), the Dominican Republic (32,000 MT), Mexico (21,900 MT), Canada (15,500 MT), and Morocco (15,400 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 1% ahead of year-ago, which compares to 1% ahead last week. USDA projects exports in 2019-20 will climb 1.6% from the previous marketing year.

Soyoil

Actual Sales (in MT)

Combined: 1,100
2019-20: 4,100
2020-21: -3,000

Expectations

2019-20: 0-10,000
2020-21: 0-30,000

Weekly Sales Details

Net sales of 4,100 MT for 2019-20 resulting in increases primarily for the Dominican Republic (7,300 MT, including 5,000 MT switched from Colombia), Canada (1,700 MT), and Belgium (100 MT), were offset by reductions for Colombia (5,000 MT).  For 2020-21, total net sales reductions of 3,000 MT were reported for Guatemala.

Weekly Export Details

Exports of 20,500 MT were up noticeably from the previous week and up 43% from the prior 4-week average.  The destinations were primarily to the Dominican Republic (7,000 MT), Colombia (7,000 MT), Guatemala (4,700 MT), Canada (1,400 MT), and Mexico (300 MT).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 42% ahead of year-ago, which compares to 43% ahead of year-ago last week. USDA projects exports in 2019-20 will rise 46.9% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 197,100
2020-21: 126,700
2021-22: 70,400

Weekly Sales Details

Net sales of 126,700 RB for 2020-21 primarily for China (79,100 RB), Vietnam (20,300 RB, including decreases of 600 RB), Thailand (8,700 RB, including 1,300 RB switched from Indonesia), Turkey (8,700 RB, including decreases of 200 RB), and Pakistan (7,300 RB, including decreases of 100 RB), were offset by reductions primarily for Colombia (5,300 RB) and Honduras (3,500 RB).  For 2021-22, total net sales of 70,400 RB were reported for Indonesia. 

Weekly Export Details

Exports of 273,900 RB were primarily to China (132,200 RB), Vietnam (33,700 RB), Turkey (27,900 RB), Pakistan (14,000 RB), and Malaysia (13,700 RB). 

Comments and Performance Indicators

Export commitments are 15% behind year-ago early in the 2020-21 marketing year, which compares to 20% behind last week. USDA forecasts total cotton exports will slide 2.6% to 15.0 million bales this marketing year.

Beef

Actual Sales (in MT)

Combined: 15,600
2020: 15,500
2021: 100

Weekly Sales Details

Net sales of 15,500 MT reported for 2020 were up 37% from the previous week and 14% from the prior 4-week average.  Increases were primarily for South Korea (5,600 MT, including decreases of 400 MT), Japan (4,300 MT, including decreases of 400 MT), Mexico (1,300 MT), China (1,200 MT), and Hong Kong (700 MT, including decreases of 200 MT).  For 2021, total net sales of 100 MT were for Japan.

Weekly Export Details

Exports of 16,100 MT were down 8% from the previous week and 9% from the prior 4-week average.  The destinations were primarily to South Korea (4,900 MT), Japan (4,100 MT), Taiwan (1,500 MT), Hong Kong (1,300 MT), and China (1,300 MT).

Comments and Performance Indicators

Sales totaled 11,800 MT last week. USDA projects 2020 exports will drop 4.3% from year-ago levels.

Pork

Actual Sales (in MT)

Combined: 30,300
2020: 30,200
2021: 100

Weekly Sales Details

Net sales of 30,200 MT reported for 2020 were down 44% from the previous week and 3% from the prior 4-week average.  Increases were primarily for Mexico (8,900 MT, including decreases of 300 MT), China (8,300 MT, including decreases of 400 MT), Japan (5,600 MT, including decreases of 200 MT), Chile (2,000 MT), and Canada (2,000 MT, including decreases of 400 MT).  For 2021, total net sales of 100 MT were for Australia.

Weekly Export Details

Exports of 33,600 MT were up 3% from the previous week and 2% from the prior 4-week average.  The destinations were primarily to Mexico (11,100 MT), China (8,500 MT), Japan (4,700 MT), Canada (2,300 MT), and South Korea (2,100 MT).

Comments and Performance Indicators

Sales totaled 53,900 MT last week. USDA projects exports in 2020 will surge 19.4% from year-ago.