Corn Sales Slow to a Crawl

Posted on 06/13/2019 7:40 AM

USDA Weekly Export Sales Report

Week Ended June 6, 2019

Corn

Actual Sales (in MT)

Combined: 262,600
2018-19: 168,500
2019-20: 94,100

Expectations (in MT)

2018-19: 250,00-550,000
2019-20: 100,000-300,000

Weekly Sales Details

Net sales of 168,500 MT for 2018-19 were up noticeably from the previous week, but down 64% from the prior four-week average.  Increases were reported for Japan (164,900 MT, including 140,000 MT switched from unknown destinations and decreases of 41,000 MT), Colombia (94,600 MT, including 70,000 MT switched from unknown destinations, 30,000 MT switched from Mexico, and decreases of 1,000 MT), Taiwan (58,300 MT, including 2,600 MT switched from Japan), Canada (13,600 MT), and Costa Rica (11,100 MT, including 10,100 MT switched from Nicaragua).  Reductions were primarily for unknown destinations (184,500 MT).  For 2019-20, net sales of 94,100 MT reported for unknown destinations (101,600 MT), Nicaragua (1,500 MT), and Costa Rica (1,100 MT), were partially offset by reductions for Canada (10,200 MT).

Weekly Export Details

Exports of 888,600 MT were up 15% from the previous week, but down 18% from the prior four-week average.  The destinations were primarily to Japan (322,100 MT), Mexica (253,400 MT), Colombia (95,800 MT), and Taiwan (58,600 MT).

Comments and Performance Indicators

Export commitments are running 14% behind year-ago versus 13% 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: 47,600

Expectations (in MT)

2018-19: -50,000-50,000
2019-20: 250,000-450,000

Weekly Sales Details

Net sales for the 2019-20 marketing year, which began June 1, totaled 47,600 MT metric tons, resulting increases for Japan (112,100 MT, including 11,000 MT switched from unknown destinations and decreases of 200 MT), Mexico (75,300 MT, including decreases of 500 MT), Taiwan (56,700 MT, including 55,000 MT switched from unknown destinations), Iraq (55,000 MT, including 45,000 MT switched from unknown destinations), and Vietnam (30,000 MT).  Reductions were primarily for unknown destinations (189,200 MT), the Philippines (50,000 MT), and South Korea (48,600 MT). 

A total of 1,587,300 MT in sales were carried over from the 2018-19 marketing year, which ended May 31.

Weekly Export Details

Exports for the period ending May 31, of 17,600 MT brought accumulated exports to 24,200,600 MT, up 78% from the prior year’s total of 310,000 MT.  The primary destinations were Mexico (16,200 MT), Taiwan (700 MT), and Burma (700 MT).  Exports for June 1 totaled 380,100 MT, with Iraq (105,000 MT), Mexico (72,000 MT), Taiwan (56,700 MT), Japan (46,400 MT), and South Korea (37,700 MT) being the primary destinations.

Comments and Performance Indicators

Export commitments are running 35% ahead of year-ago 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: 531,100
2018-19: 255,900
2019-20: 275,200

Expectations (in MT)

2018-19: 200,000-500,000
2019-20: 100,000-300,000

Weekly Sales Details

Net sales of 255,900 MT for 2018-19 were down 50% from the previous week and 44% from the prior four-week average.  Increases were reported for Egypt (110,000 MT, including 55,000 MT switched from unknown destinations), Japan (87,500 MT, including 64,200 MT switched from unknown destinations and decreases of 1,100 MT), Taiwan (77,900 MT, including decreases of 100 MT), China (74,700 MT, including 68,000 MT switched from unknown destinations and decreases of 1,400 MT), and the Netherlands (38,500 MT, including 40,000 MT switched from unknown destinations and decreases of 2,200 MT).  Reductions were reported for unknown destinations (185,200 MT) and Costa Rica (8,500 MT).  For 2019-20, net sales of 275,200 MT were primarily for Pakistan (70,000 MT), Taiwan (65,000 MT), unknown destinations (63,000 MT), and Egypt (55,000 MT). 

Weekly Export Details

Exports of 759,000 MT were up 34% from the previous week and 40% from the prior four-week average.  The destinations were primarily to China (403,700 MT), Mexico (75,500 MT), Japan (69,600 MT), Bangladesh (58,800 MT), and the Netherlands (58,500 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: 154,000
2018-19: 112,500
2019-20: 41,500

Expectations

2018-19: 100,000-250,000
2019-20: 0-100,000

Weekly Sales Details

Net sales of 112,500 MT for 2018-19 were up 2% from the previous week, but down 34% from the prior four-week average.  Increases were reported for the Philippines (85,100 MT, including decreases of 100 MT), Vietnam (50,000 MT, switched from unknown destinations), Mexico (8,900 MT, including decreases of 100 MT), Canada (5,500 MT, including decreases of 800 MT), and Colombia (4,000 MT).  Reductions were for unknown destinations (50,000 MT), Honduras (4,600 MT), and Burma (700 MT).  For 2019-20, net sales of 41,500 MT were for Guatemala (35,000 MT), El Salvador (4,300 MT), and Canada (2,200 MT). 

Weekly Export Details

Exports of 160,300 MT were down 3% from the previous week and 23% from the prior four-week average.  The destinations were primarily to Vietnam (50,100 MT), Mexico (28,200 MT), Canada (17,300 MT), Nicaragua (12,500 MT), and Honduras (10,500 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: 5,100

Expectations

8,000-25,000

Weekly Sales Details

Net sales of 5,100 MT for 2018-19 were down 67% from the previous week and 71% from the prior four-week average.  Increases were reported for South Korea (3,000 MT), Canada (700 MT), Mexico (600 MT, including decreases of 200 MT), the Dominican Republic (500 MT), and Trinidad and Tobago (300 MT).

Weekly Export Details

Exports of 4,000 MT were down 87% from the previous week and 83% from the prior four-week average.  The destinations were primarily to Mexico (2,500 MT) and Canada (1,000 MT). 

Comments and Performance Indicators

Export commitments for the 2018-19 marketing year are running 14% behind year-ago, versus 15% 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: 118,100
2018-19: 75,100
2019-20: 43,000

Weekly Sales Details

Net sales of 75,100 RB for 2018-19 were down 59% from the previous week and 72% from the prior four-week average.  Increases were reported for India (30,400 RB, including decreases of 1,000 RB), Vietnam (25,200 RB, including 1,500 RB switched from South Korea, 1,000 RB switched from Japan and decreases of 6,300 RB), Indonesia (9,800 RB), Turkey (8,300 RB), and Taiwan (2,900 RB).  Reductions were primarily for China (5,600 RB) and Mexico (2,000 RB).  For 2019-20, net sales of 43,000 RB primarily for Japan (11,700 RB), Guatemala (11,700 RB), Vietnam (8,500 RB), China (4,400 RB), and Pakistan (3,500 RB), were partially offset by reductions for Mexico (4,000 RB).  Exports of 360,400 RB were up 17% from the previous week and 1% from the prior four-week average. 

Weekly Export Details

Exports were primarily to Vietnam (90,700 RB), Turkey (55,200 RB), India (53,600 RB), China (42,500 RB), and Indonesia (22,500 RB).

Comments and Performance Indicators

Export commitments for 2018-19 are running 7% behind year-ago, versus 8% 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: 16,500
2019: 16,400
2020: 100

Weekly Sales Details

Net sales of 16,400 MT reported for 2019 were down 2% from the previous week and 18% from the prior four-week average.  Increases were reported for Japan (8,900 MT, including decreases of 400 MT), Mexico (1,800 MT, including decreases of 100 MT), Canada (1,300 MT, including decreases of 100 MT), Taiwan (1,200 MT, including decreases of 100 MT), and South Korea (600 MT, including decreases of 500 MT).  For 2020, total net sales were reported for Japan (100 MT).

Weekly Export Details

Exports of 18,200 MT were up 2% from the previous week and 8% from the prior four-week average.  The primary destinations were Japan (6,700 MT), South Korea (4,600 MT), Mexico (1,800 MT), Taiwan (1,400 MT), and Hong Kong (1,100 MT).

Comments and Performance Indicators

Last week, sales totaled 16,700 MT. USDA projects 2019 exports to rise 0.2% from year-ago levels.

Pork

Actual Sales (in MT)

2019: 23,100
2020: 100

Weekly Sales Details

Net sales of 23,100 MT reported for 2019 were down 32% from the previous week and 36% from the prior four-week average.  Increases were reported for Australia (5,000 MT), Mexico (4,400 MT), Japan (3,400 MT), Hong Kong (2,700 MT), and China (2,400 MT).  For 2020, total net sale of 100 MT resulted increases primarily for China (200 MT).

Weekly Export Details

Exports of 25,100 MT were up 13% from the previous week and 8% from the prior four-week average.  The primary destinations were Mexico (7,600 MT), China (5,200 MT), Japan (3,300 MT), South Korea (2,300 MT), and Canada (1,900 MT).

Comments and Performance Indicators

Sales totaled 33,800 MT in last week’s report. USDA projects exports in 2019 will rise 10.2% from year-ago.

 

 

 

 

 

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