Corn Export Sales Fade as Prices Climb

Posted on 06/20/2019 10:13 AM

USDA Weekly Export Sales Report

Week Ended June 13, 2019

Corn

Actual Sales (in MT)

Combined: 399,200
2018-19: 38,400
2019-20: 360,800

Expectations (in MT)

2018-19: 100,00-400,000
2019-20: 200,000-500,000

Weekly Sales Details

Net sales of 38,400 MT for 2018-19 were down 77% from the previous week and 90% from the prior 4-week average.  Increases were reported for Japan (107,500 MT, including 104,200 MT switched from unknown destinations and decreases of 30,800 MT), Honduras (9,300 MT, including 12,200 MT switched from Guatemala and decreases of 2,900 MT), the French West Indies (8,100 MT), Canada (7,900 MT), and Taiwan (7,500 MT).  Reductions were primarily for unknown destinations (61,500 MT), Mexico (22,700 MT), Colombia (21,000 MT), and Guatemala (10,500 MT).  For 2019-20, net sales of 360,800 MT reported for unknown destinations (184,400 MT), Mexico (175,000 MT), and Canada (2,900 MT), were partially offset by reductions for the French West Indies (1,500 MT).

Weekly Export Details

Exports of 640,900 MT--a marketing-year low--were down 28% from the previous week and 40% from the prior 4-week average.  The destinations were primarily to Mexico (266,800 MT), Japan (155,900 MT), Saudi Arabia (68,700 MT), Honduras (39,200 MT), and Taiwan (38,400 MT).

Comments and Performance Indicators

Export commitments are running 14% behind year-ago versus 14% behind 2017-18 levels the previous week. USDA projects exports in 2018-19 at 2.200 billion bu., down 9.8% from the previous marketing year.

Wheat

Actual Sales (in MT)

2019-20: 187,600

Expectations (in MT)

2019-20: 200,000-500,000

Weekly Sales Details

Net sales of 187,600 metric tons were reported for delivery in marketing year 2019-20.  The primary destinations were Algeria (59,900 MT, including 60,000 MT switched from unknown destinations and decreases of 100 MT), Yemen (58,400 MT), Japan (38,700 MT), Mexico (31,600 MT, including decreases of 20,600 MT), and Guatemala (30,700 MT, switched from unknown destinations).  Reductions were reported for unknown destinations (83,900 MT), Indonesia (65,500 MT), and South Korea (6,500 MT). 

Weekly Export Details

Exports of 431,000 MT were primarily to Indonesia (84,500 MT), the Philippines (65,900 MT), Mexico (61,100 MT), Iraq (52,500 MT), and Vietnam (43,000 MT).

Comments and Performance Indicators

Export commitments are running 27% ahead of year-ago, which compares with 35% ahead last week at the start of the 2019-20 marketing year. USDA projects exports in 2019-20 at 900 million bu., down 5.3% from the previous marketing year

Soybeans

Actual Sales (in MT)

Combined: 771,500
2018-19: 571,500
2019-20: 200,000

Expectations (in MT)

2018-19: 100,000-400,000
2019-20: 100,000-400,000

Weekly Sales Details

Net sales of 571,500 MT for 2018-19 were up noticeably from the previous week and up 34% from the prior 4-week average. Increases were reported for unknown destinations (141,400 MT), Egypt (110,000 MT), the Netherlands (82,600 MT, including 66,000 MT switched from Argentina and decreases of 3,900 MT), Japan (56,600 MT, including 41,200 MT switched from unknown destinations and decreases of 1,000 MT), and Indonesia (55,700 MT, including 55,000 MT switched from unknown destinations and decreases of 400 MT).  Reductions were reported for Argentina (66,000 MT) and Malaysia (800 MT). For 2019-20, net sales of 200,000 MT were primarily for Thailand (68,000 MT), Pakistan (66,000 MT), and unknown destinations (63,000 MT).

Weekly Export Details

Exports of 736,500 MT were down 3% from the previous week, but up 28% from the prior 4-week average.  The destinations were primarily to China (339,800 MT), Indonesia (84,300 MT), Japan (75,500 MT), the Netherlands (62,100 MT), and Mexico (54,900 MT).

Comments and Performance Indicators

Export commitments are running 16% behind the 2017-18 marketing year compared with 16% behind year-ago the previous week. USDA projects exports in 2018-19 at 1.700 billion bu., down 20.2% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 147,300
2018-19: 109,600
2019-20: 37,700

Expectations

2018-19: 100,000-300,000
2019-20: 0-100,000

Weekly Sales Details

Net sales of 109,600 MT for 2018-19 were down 3% from the previous week and 26% from the prior 4-week average.  Increases were reported for the Philippines (95,500 MT), Honduras (7,200 MT, including 5,900 MT switched from Guatemala), Canada (4,500 MT), Guyana (3,400 MT, including 3,500 MT switched from unknown destinations and decreases of 100 MT), and the French West Indies (2,800 MT).  Reductions were primarily for Guatemala (5,300 MT), Ecuador (4,000 MT), and unknown destinations (3,800 MT).  For 2019-20, net sales of 37,700 MT were for Guatemala (21,2000 MT), El Salvador (9,600 MT), and Canada (6,900 MT). 

Weekly Export Details

Exports of 167,300 MT were up 4% from the previous week, but down 14% from the prior 4-week average.  The destinations were primarily to the Philippines (55,300 MT), Mexico (21,900 MT), Venezuela (21,000 MT), Canada (14,400 MT), and the Dominican Republic (12,000 MT).

Comments and Performance Indicators

Export commitments for 2018-19 are running steady with year-ago, compared with steady with year-ago the week before. USDA projects exports in 2018-19 to be down 0.4% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2018-19: 4,400

Expectations

2018-19: 5,000-25,000
2019-20: 0

Weekly Sales Details

Net sales of 4,400 MT for 2018-19 were down 14% from the previous week and 73% from the prior 4-week average, resulting in increases for the Dominican Republic (4,700 MT), were partially offset by reductions for Canada (400 MT).

Weekly Export Details

Exports of 12,900 MT were up noticeably from the previous week, but down 35% from the prior 4-week average.  The destinations were primarily to the Dominican Republic (11,000 MT) and Mexico (1,400 MT).

Comments and Performance Indicators

Export commitments for the 2018-19 marketing year are running 15% behind year-ago, versus 14% behind year-ago the week prior. USDA projects exports in 2018-19 to be down 12.1% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 102,500
2018-19: -119,300
2019-20: 221,800

Weekly Sales Details

Net sales reductions of 119,300 RB--a marketing-year low--for 2018-19 were down noticeably from the previous week and from the prior 4-week average.  Increases reported for India (15,600 RB, including 1,000 RB switched from Vietnam), Mexico (5,300 RB), Egypt (5,100 RB), Taiwan (3,700 RB), and Indonesia (3,100 RB, including 1,100 RB switched from China, 100 RB switched from Japan, and decreases of 800 RB), were more than offset by reductions for Turkey (84,600 RB) and China (69,900 RB).  For 2019-20, net sales of 221,800 RB were primarily for Turkey (98,200 RB), China (49,400 RB), El Salvador (22,500 RB), Guatemala (15,800 RB), and Mexico (10,000 RB). 

Weekly Export Details

Exports of 321,200 RB were down 11% from the previous week and 10% from the prior 4-week average.  Exports were primarily to India (59,200 RB), Turkey (55,700 RB), Vietnam (55,400 RB), China (36,000 RB), and Bangladesh (22,900 RB).  Net sales of Pima totaling 4,000 RB primarily for El Salvador (2,200 RB), Bangladesh (1,300 RB), Austria (400 RB), and Turkey (300 RB), were partially offset by reductions for Switzerland (400 RB). 

Comments and Performance Indicators

Export commitments for 2018-19 are running 7% behind year-ago, versus 7% behind the week prior. USDA forecasts total cotton exports to fall 6.9% to 14.75 million bales this marketing year.

Beef

Actual Sales (in MT)

Combined: 18,500
2019: 18,000
2020: 500

Weekly Sales Details

Net sales of 18,000 MT reported for 2019 were up 9% from the previous week, but down 9% from the prior 4-week average.  Increases were reported for Japan (4,400 MT, including decreases of 300 MT), South Korea (4,200 MT, including decreases of 500 MT), Mexico (3,600 MT, including decreases of 100 MT), Canada (1,600 MT, including decreases of 100 MT), and Hong Kong (1,600 MT, including decreases of 200 MT).  For 2020, net sales of 500 MT were primarily for Canada.

Weekly Export Details

Net sales of 18,000 MT reported for 2019 were up 9% from the previous week, but down 9% from the prior 4-week average.  Increases were reported for Japan (4,400 MT, including decreases of 300 MT), South Korea (4,200 MT, including decreases of 500 MT), Mexico (3,600 MT, including decreases of 100 MT), Canada (1,600 MT, including decreases of 100 MT), and Hong Kong (1,600 MT, including decreases of 200 MT).  For 2020, net sales of 500 MT were primarily for Canada.

Comments and Performance Indicators

Last week, sales totaled 16,500 MT. USDA projects 2019 exports to rise 0.2% from year-ago levels.

Pork

Actual Sales (in MT)

2019: 19,700

Weekly Sales Details

Net sales of 19,700 MT reported for 2019 were down 15% from the previous week and 50% from the prior 4-week average.  Increases were reported for Mexico (8,200 MT), Australia (3,600 MT), Japan (2,300 MT), South Korea (1,700 MT), and Canada (1,300 MT).  Reductions were reported for China (100 MT). 

Weekly Export Details

Exports of 24,100 MT were down 4% from the previous week, but up 2% from the prior 4-week average.  The primary destinations were Mexico (7,700 MT), China (5,800 MT), Japan (2,900 MT), Canada (1,500 MT), and South Korea (1,500 MT).

Comments and Performance Indicators

Sales totaled 23,200 MT in last week’s report. USDA projects exports in 2019 will rise 10.2% from year-ago.

 

 

 

 

 

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