Corn, Soybean and Wheat Sales Align with Tepid Expectations

Posted on 07/18/2019 10:40 AM

USDA Weekly Export Sales Report

Week Ended July 11, 2019

Corn

Actual Sales (in MT)

Combined: 333,000
2018-19: 200,000
2019-20: 133,000

Expectations (in MT)

2018-19: 250,00-500,000
2019-20: 100,000-300,000

Weekly Sales Details

Net sales of 200,000 MT for 2018-19 were down 60% from the previous week and 21% from the prior 4-week average.  Increases were reported for Japan (144,300 MT, including 21,200 MT switched from unknown destinations and decreases of 9,900 MT), unknown destinations (31,200 MT), Jamaica (18,500 MT), Canada (14,300 MT, including decreases of 200 MT), and Mexico (10,500 MT, including decreases of 47,700 MT).  Reductions were primarily for Colombia (31,700 MT).  For 2019-20, net sales of 133,000 MT were reported for Panama (104,100 MT), Mexico (11,200 MT), Colombia (9,000 MT), unknown destinations (7,600 MT), and Honduras (1,100 MT).

Weekly Export Details

Exports of 682,400 MT were down 40% from the previous week and 1% from the prior 4-week average.  The destinations were primarily to Mexico (302,800 MT), Japan (143,300 MT), Colombia (63,800 MT), South Korea (60,000 MT), and Guatemala (30,600 MT).  

Comments and Performance Indicators

Export commitments are running 16% behind year-ago versus 15% behind 2017-18 levels the previous week. USDA projects exports in 2018-19 at 2.100 billion bu., down 13.9% from the previous marketing year.

Wheat

Actual Sales (in MT)

2019-20: 347,300

Expectations (in MT)

2019-20: 200,000-400,000

Weekly Sales Details

Net sales of 347,300 metric tons for 2019-20 were up 22% from the previous week and 2% from the prior 4-week average.  The primary destinations were Mexico (166,500 MT, including decreases of 23,000 MT), South Korea (80,000 MT), Italy (31,000 MT), Haiti (27,500 MT, including 25,000 MT switched from unknown destinations), and Costa Rica (16,000 MT).  Reductions were reported for unknown destinations (32,300 MT), Malaysia (9,200 MT), Brazil (1,100 MT), and Panama (800 MT).

Weekly Export Details

Exports of 286,400 MT were down 57% from the previous week and 49% from the prior 4-week average.  The destinations were primarily to Taiwan (50,600 MT), Colombia (48,600 MT), Japan (42,600 MT), Algeria (30,200 MT), and Haiti (27,500 MT).  

Comments and Performance Indicators

Export commitments are running 21% ahead of year-ago compared with 22% ahead the week prior. USDA projects exports in 2019-20 at 950 million bu., up 1.5% from the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 326,300
2018-19: 127,900
2019-20: 198,400

Expectations (in MT)

2018-19: 0-400,000
2019-20: 100,000-300,000

Weekly Sales Details

Net sales of 127,900 MT for 2018-19 were down 3% from the previous week and 68% from the prior 4-week average.  Increases were reported for Indonesia (123,500 MT, including 55,000 MT switched from unknown destinations and decreases of 100 MT), Germany (62,100 MT), Bangladesh (53,200 MT, including 55,000 MT switched from unknown destinations and decrease of 1,800 MT), Peru (49,800 MT, including 48,000 MT switched from unknown destinations), and Japan (22,300 MT, including 18,000 MT switched from unknown destinations and decreases of 300 MT).  Reductions were primarily for unknown destinations (171,100 MT) and Mexico (32,000 MT).  For 2019-20, net sales of 198,400 MT were reported for unknown destinations (77,000 MT), Egypt (55,000 MT), Taiwan (42,800 MT), and Mexico (21,800 MT).

Weekly Export Details

Exports of 909,000 MT were up 31% from the previous week and 29% from the prior 4-week average.  The destinations were primarily to China (458,000 MT), Mexico (129,600 MT), Indonesia (75,100 MT), Germany (62,100 MT), and Bangladesh (54,200 MT).  

Comments and Performance Indicators

Export commitments are running 16% behind the 2017-18 marketing year versus 15% behind the week prior. USDA projects exports in 2018-19 at 1.700 billion bu., down 20.3% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 214,800
2018-19: 65,300
2019-20: 149,500

Expectations

2018-19: 50,000-200,000
2019-20: 0-100,000

Weekly Sales Details

Net sales of 65,300 MT for 2018-19 were up 45% from the previous week and 31% from the prior 4-week average.  Increases were reported for Ecuador (31,300 MT, including 30,000 MT switched from unknown destinations), Morocco (30,000 MT), Mexico (13,600 MT, including decreases of 1,200 MT), Canada (9,500 MT), and Jamaica (7,200 MT).  Reductions were primarily for unknown destinations (33,000 MT), Honduras (3,800 MT), the Dominican Republic (3,500 MT), and Colombia (2,000 MT).  For 2019-20, net sales of 149,500 MT were primarily for the Philippines (90,000 MT) and Panama (46,000 MT). 

Weekly Export Details

Exports of 193,200 MT were up 74% from the previous week and 32% from the prior 4-week average.  The destinations were primarily to Vietnam (50,100 MT), Mexico (36,000 MT), Ecuador (31,300 MT), Canada (22,600 MT), and the Dominican Republic (13,100 MT). 

Comments and Performance Indicators

Export commitments for 2018-19 are running 3% behind year-ago, which compares to 2% behind the week prior. USDA projects exports in 2018-19 to be down 0.8% from the previous marketing year.

Soyoil

Actual Sales (in MT)

Combined: 13,700
2018-19: 12,200
2019-20: 1,500

Expectations

2018-19: 5,000-45,000
2019-20: 0-5,000

Weekly Sales Details

Net sales of 12,200 MT for 2018-19 were up 43%, but down 6% from the prior 4-week average.  Increases were reported for Guatemala (6,000 MT), South Korea (2,000 MT), the Dominican Republic (1,500 MT, including decreases of 1,000 MT), Mexico (1,300 MT), and El Salvador (1,200 MT). For 2019-20, total net sales of 1,500 MT were for Mexico. 

Weekly Export Details

Exports of 14,800 MT were down 52% from the previous week, but up 9% from the prior 4-week average.  The destinations were to Guatemala (8,000 MT), the Dominican Republic (4,000 MT), Mexico (2,200 MT), Canada (500 MT), and Panama (100 MT). 

Comments and Performance Indicators

Export commitments for the 2018-19 marketing year are running 18% behind year-ago, which compares to 18% behind the week prior. USDA projects exports in 2018-19 to be down 16.1% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 272,900
2018-19: 54,000
2019-20: 218,900

Weekly Sales Details

Net sales of 54,000 RB for 2018-19 were up 1% from the previous week and 46% from the prior 4-week average.  Increases were primarily for Vietnam (34,400 RB, including 100 RB switched from Japan), India (11,900 RB, including decreases of 1,000 RB), Indonesia (3,300 RB, including 100 RB switched from Japan), Bangladesh (3,300 RB), and Malaysia (2,600 RB, switched from Indonesia).  Reductions were for Thailand (4,900 RB), El Salvador (1,200 RB), and Japan (600 RB).  For 2019-20, net sales of 218,900 RB were primarily for Vietnam (100,900 RB), India (33,700 RB), Turkey (18,700 RB), Guatemala (18,000 RB), and Pakistan (9,800 RB). 

Weekly Export Details

Exports of 310,300 RB were down 7% from the previous week and 6% from the prior 4-week average. Exports were primarily to India (89,200 RB), Vietnam (57,100 RB), Turkey (33,500 RB), Bangladesh (27,100 RB), and Mexico (14,500 RB).

Comments and Performance Indicators

Export commitments for 2018-19 are running 6% behind year-ago, versus 6% behind the week prior. USDA forecasts total cotton exports to fall 8.5% to 14.5 million bales this marketing year.

Beef

Actual Sales (in MT)

Combined: 19,900
2019: 19,800
2020: 100

Weekly Sales Details

Net sales of 19,800 MT reported for 2019 were down 8% from the previous week, but up 8% from the prior 4-week average.  Increases were reported for Japan (8,000 MT, including decreases of 300 MT), South Korea (3,600 MT, including decreases of 600 MT), Mexico (3,200 MT, including decreases of 100 MT), Taiwan (1,300 MT, including decreases of 100 MT), and Canada (1,100 MT, including decreases of 100 MT).  For 2020, total net sales of 100 MT were for Japan. 

Weekly Export Details

Exports of 18,000 MT were up 20% from the previous week and 5% from the prior 4-week average.  The primary destinations were Japan (6,000 MT), South Korea (4,900 MT), Mexico (2,000 MT), Taiwan (1,600 MT), and Hong Kong (1,300 MT).

Comments and Performance Indicators

Last week, sales totaled 21,500 MT. USDA projects 2019 exports to slide 0.3% from year-ago levels.

Pork

Actual Sales (in MT)

Combined: 30,300
2019: 30,100
2020: 200

Weekly Sales Details

Net sales of 30,100 MT reported for 2019 were up noticeably from the previous week and up 43% from the prior 4-week average.  Increases were primarily for Mexico (8,800 MT), Taiwan (8,200 MT), Hong Kong (2,300 MT), Japan (2,300 MT), and Canada (2,000 MT).  For 2020, total net sales of 200 MT were for Japan.

Weekly Export Details

Exports of 36,800 MT were up 47% from the previous week and 42% from the prior 4-week average.  The primary destinations were China (9,900 MT), Taiwan (8,400 MT), Mexico (8,300 MT), Japan (3,200 MT), and Canada (1,700 MT).

Comments and Performance Indicators

Sales totaled 11,400 in last week’s report. USDA projects exports in 2019 will rise 9.6% from year-ago.

 

 

 

 

 

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