Corn Export Sales Picked Up Ahead of Christmas

Posted on 12/29/2017 7:54 AM

 

USDA Weekly Export Sales Report
Week Ended Dec. 21, 2017


Corn
Actual Sales (in MT)

Combined: 1,348,400
2017-18: 1,245,500
2018-19: 102,900

Trade Expectations (MT) 2017-18: 600,000-1,100,000
2018-19: 0-50,000
Weekly Sales Details Net sales of 1,245,500 MT for 2017/2018 were down 20 percent from the previous week, but up 28 percent from the prior 4-week average.  Increases were reported for unknown destinations (330,300 MT), Mexico (316,600 MT, including decreases of 162,600 MT), Japan (175,600 MT, including 6,000 MT switched from unknown destinations and decreases of 7,600 MT), Colombia (108,900 MT, including 87,000 MT switched from unknown destinations and decreases of 100 MT), and Spain (66,000 MT).  Reductions were reported for Panama (1,100 MT) and the Philippines (200 MT).  For 2018/2019, net sales of 102,900 MT were reported for Guatemala (48,100 MT), Honduras (23,000 MT), El Salvador (20,600 MT), and Mexico (11,200 MT).  
Weekly Export Details Exports of 521,000 MT were down 26 percent from the previous week and 21 percent from the prior 4-week average.  The destinations were primarily to Colombia (129,000 MT), Japan (127,900 MT), Mexico (101,500 MT), Peru (69,000 MT), and the Philippines (40,900 MT). 
Comments and Performance Indicators Old and new-crop sales topped expectations. Export commitments for the 2017-18 marketing year are running 25% behind year-ago, which compares to 26% behind the week prior. USDA projects exports in 2017-18 at 1.925 billion bu., down 16.0% from the previous marketing year.

Wheat
Actual Sales (in MT)

Combined: 540,500
2017-18: 478,400
2018-19: 62,100

Trade Expectations (MT) 2017-18: 250,000-550,000
2018-19: 0
Weekly Sales Details Net sales of 478,400 metric tons for delivery in marketing year 2017/2018 were down 40 percent from the previous week, but up 1 percent from the prior 4-week average.  Increases were for Morocco (130,000 MT, including 40,000 MT switched from unknown destinations), Mexico (115,700 MT, including decreases of 2,100 MT), Nigeria (100,500 MT, including 56,000 MT switched from unknown destinations), South Korea (78,700 MT, including 65,000 MT switched from unknown destinations and decreases of 1,900 MT), and Thailand (51,400 MT).  Reductions were reported for unknown destinations (144,100 MT), the United Kingdom (1,900 MT), the Leeward and Windward Islands (200 MT), and Malaysia (100 MT).  For 2018/2019, net sales of 62,100 MT were reported for South Korea (42,100 MT) and Morocco (20,000 MT).  
Weekly Export Details Exports of 526,600 MT were down 9 percent from the previous week, but up 31 percent from the prior 4-week average.  The primary destinations were to Iraq (102,800 MT), Japan (102,400 MT), Mexico (76,500 MT), Nigeria (67,500 MT), and Thailand (65,300 MT). 
Comments and Performance Indicators Old-crop sales were near the upper end of expectations, plus USDA announced some unexpected sales for 2018-19. Export commitments for 2017-18 are running 7% behind year-ago compared with 7% behind year-ago last week. USDA projects exports in 2017-18 at 975 million bu., down 7.6% from the previous marketing year.

Soybeans
Actual Sales (in MT)

Combined: 1,056,000
2017-18: 974,700

2018-19: 81,300

Trade Expectations (MT) 2017-18: 800,000-1,500,000
Weekly Sales Details Net sales of 974,700 MT for 2017/2018 were down 44 percent from the previous week and 37 percent from the prior 4-week average.  Increases were reported for China (928,700 MT, including 451,500 MT switched from unknown destinations and decreases of 266,500 MT), Japan (97,500 MT, including 45,200 MT switched from unknown destinations and decreases of 1,800 MT), the Netherlands (84,200 MT, including 76,000 MT switched from unknown destinations and decrease of 3,000 MT), Mexico (67,500 MT, including decreases of 200 MT), and Turkey (50,800 MT).  Reductions were reported for unknown destinations (327,500 MT) and Spain (32,300 MT).  For 2018/2019, net sales of 81,300 MT were reported for unknown destinations (72,900 MT), Japan (6,400 MT), and Thailand (2,000 MT). 
Weekly Export Details Exports of 1,409,600 MT were down 9 percent from the previous week and 20 percent from the prior 4-week average.  The primary destinations were China (929,900 MT), Mexico (99,400 MT), the Netherlands (84,200 MT), Thailand (75,500 MT), and Japan (68,100 MT). 
Comments and Performance Indicators Sales for 2017-18 were within expecations; USDA also announced some unexpected business for 2018-19. Export commitments are running 15% behind year-ago, verus 16% behind last week. USDA projects exports in 2017-18 at 2.225 billion bu., up 2.3% from year-ago.

Soymeal
Actual Sales (in MT) Combined: 305,900
2017-18: 288,300
2018-19: 17,600
Trade Expectations (MT)

2017-18: 100,000-300,000

Weekly Sales Details Net sales of 288,300 MT for 2017/2018 were up 57 percent from the previous week and 17 percent from the prior 4-week average.   Increases were reported for Mexico (40,200 MT), Italy (40,000 MT), Morocco (37,000 MT, including 5,000 MT switched from unknown destinations), Guatemala (31,800 MT, including decreases of 100 MT), Jordan (20,000 MT), Honduras (19,400 MT), and El Salvador (18,000 MT, including 2,500 MT switched from Honduras, 4,000 MT switched from Nicaragua, and 400 MT switched Costa Rica).  Reductions were reported for Nicaragua (4,000 MT) and Colombia (800 MT).   For 2018/2019, net sales of 17,600 MT were reported for Guatemala (7,700 MT), Honduras (6,600 MT), and El Salvador (3,300 MT).  
Weekly Export Details Exports of 222,300 MT were down 15 percent from the previous week and 8 percent from the prior 4-week average.   The primary destinations were to Mexico (63,000 MT), Thailand (52,600 MT), the Philippines (48,600 MT), Canada (15,700 MT), and El Salvador (12,000 MT).  
Comments and Performance Indicators Sales for 2017-18 were in line with expectations. Export commitments for 2017-18 are running 8% ahead of year-ago, which compares with 7% ahead last week. USDA projects exports in 2017-18 to be up 5.2% from the previous marketing year.

Soyoil
Actual Sales (in MT)

2017-18: 44,200

Trade Expectations (MT) 2017-18: 5,000-25,000
Weekly Sales Details Net sales of 44,200 MT for 2017/2018--a marketing-year high-- were up 82 percent from the previous week and up noticeably from the prior 4-week average.  Increases were reported for South Korea (15,000 MT), Colombia (10,700 MT), the Dominican Republic (10,700 MT), and Mexico (4,100 MT). 
Weekly Export Details Exports of 4,000 MT were down 75 percent from the previous week and 74 percent from the prior 4-week average.   The primary destination was Mexico (3,700 MT). 
Comments and Performance Indicators Sales were much stronger than anticipated. Export commitments for the 2017-18 marketing year are running 41% behind year-ago versus 48% behind the week prior. USDA projects exports in 2017-18 to be down 25.7% from the previous year.

Cotton
Actual Sales (in RB) Combined: 196,200
2017-18: 163,700
2018-19: 32,500
Weekly Sales Details Net sales of 163,700 running bales for 2017/2018 were down 50 percent from the previous week and 38 percent from the prior 4-week average.   Increases were reported for India (47,700 RB), Vietnam (44,500 RB, including 2,200 RB switched from South Korea, 200 RB from Thailand, 200 RB from Japan, and decreases of 700 RB), Turkey (23,500 RB), Mexico (8,900 RB), and Taiwan (7,700 RB).  Reductions were reported for Japan (1,100 RB) and Ecuador (400 RB). For 2018/2019, net sales of 32,500 RB were reported for China (24,200 RB) and Mexico (8,300 RB).
Weekly Export Details Exports of 276,700 RB--a marketing-year high--were up 87 percent from the previous week and 64 percent from the prior 4-week average.  The primary destinations were China (70,400 RB), Vietnam (49,900 RB), Pakistan (26,800 RB), Turkey (22,600 RB), and Mexico (17,700 RB).
Comments and Performance Indicators Export commitments for 2017-18 are running 29% ahead of year-ago, compared with 32% ahead the week prior. USDA projects exports in 2017-18 will decline 0.8% from the previous year to 14.8 million bales.

Beef
Actual Sales (in MT)

Combined: 18,200
2017: 9,100

2018: 9,100

Weekly Sales Details Net sales of 9,100 MT reported for 2017 were up 9 percent from the previous week and 17 percent from the prior 4-week average.  Increases were reported for South Korea (3,300 MT, including decreases of 600 MT), Japan (3,100 MT, including decreases of 1,300 MT), Mexico (1,200 MT, including decreases of 100 MT), Hong Kong (700 MT, including decreases of 600 MT), and Canada (400 MT, including decreases of 100 MT).  Reductions were reported for Taiwan (200 MT) and China (100 MT).  For 2018, net sales of 9,100 MT were reported primarily for Japan (6,400 MT), Mexico (1,300 MT), Hong Kong (600 MT), and Taiwan (600 MT).  Reductions were reported for South Korea (200 MT) and Vietnam (100 MT). 
Weekly Export Details Exports of 16,200 MT were down 1 percent from the previous week, but up 2 percent from the prior 4-week average.  The primary destinations were Japan (3,900 MT), South Korea (3,900 MT), Hong Kong (2,800 MT), Mexico (2,100 MT), and Canada (1,200 MT). 
Comments and Performance Indicators Today's tally compares to net export sales of 9,100 MT last week. USDA projects exports in 2017 to be up 12.5% from last year's total.

Pork
Actual Sales (in MT)

Combined: 31,000
2017: 16,600

2018: 14,400

Weekly Sales Details Net sales of 16,600 MT reported for 2017 were down 30 percent from the previous week and 16 percent from the prior 4-week average.  Increases were reported for Mexico (9,700 MT), Japan (3,200 MT), South Korea (1,200 MT), Canada (900 MT), and Guatemala (700 MT).  Reductions were reported for Australia (300 MT) and Colombia (300 MT).  For 2018, net sales of 14,400 MT were reported primarily for Mexico (8,500 MT), Japan (1,900 MT), South Korea (1,900 MT), and Colombia (1,400 MT).  Reductions were reported for the Philippines (100 MT). 
Weekly Export Details Exports of 24,500 MT were up 7 percent from the previous week and 5 percent from the prior 4-week average.  The destinations were primarily Mexico (11,000 MT), South Korea (4,100 MT), Japan (3,100 MT), Canada (2,100 MT), and Panama (1,100 MT). 
Comments and Performance Indicators

Last week, USDA reported export sales of 40,500 MT for 2017 and 2018 combined. USDA projects exports in 2017 to be 6.7% above last year's total.

 

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