Soybean Export Sales Surge on Big Purchases by China and "Unknown"

Posted on 09/19/2019 7:57 AM

USDA Weekly Export Sales Report

Week Ended Sept. 12, 2019

Corn

Actual Sales (in MT)

Combined: 1,509,500
2019-20: 1,464,600
2020-21: 64,900

Expectations (in MT)

2019-20: 900,000-1,300,000

Weekly Sales Details

Net sales of 1,464,600 MT for 2019-20 were primarily for Mexico (1,158,200 MT, including decreases of 5,900 MT), Japan (133,700 MT, including 114,900 MT switched from unknown destinations and decreases of 200 MT), Costa Rica (98,900 MT), Guatemala (55,000 MT, including 6,100 MT switched from El Salvador and decreases of 1,400 MT), and El Salvador (32,300 MT, including 3,000 MT switched from Nicaragua and decreases of 400 MT).  Reductions were primarily for unknown destinations (59,100 MT).  For 2020-21, total net sales of 64,900 MT were for Mexico.

Weekly Export Details

Exports of 457,300 MT were primarily to Mexico (237,200 MT), Japan (142,200 MT), Canada (26,100 MT), Guatemala (15,000 MT), and Honduras (13,100 MT).  

Comments and Performance Indicators

Export commitments early in the 2019-20 marketing year are 48% behind year-ago commitments versus 53% behind last week. USDA projects exports in 2019-20 at 2.050 billion bu., down 0.4% from the previous marketing year.

Wheat

Actual Sales (in MT)

2019-20: 286,600

Expectations (in MT)

2019-20: 300,000-600,000

Weekly Sales Details

Net sales of 286,600 metric tons for 2019-20 were down 53% from the previous week and 47% from the prior 4-week average.  Increases were primarily for Mexico (146,900 MT, including decreases of 2,800 MT), Colombia (57,400 MT, including 26,500 switched from unknown destinations), South Korea (53,600 MT), Ecuador (41,800 MT, including 24,000 switched from unknown destinations), and Chile (36,300 MT, including 33,000 MT switched from unknown destinations).  Reductions were primarily for unknown destinations (89,700 MT) and the Philippines (20,000 MT). 

Weekly Export Details

Exports of 509,300 MT were up 26% from the previous week, but down 1% from the prior 4-week average.  The destinations were primarily to Ecuador (92,300 MT), Sri Lanka (66,600 MT), Nigeria (51,700 MT), South Korea (37,700 MT), and Vietnam (37,400 MT).  

Comments and Performance Indicators

Export commitments are running 20% ahead of year-ago compared with 22% ahead the week prior. USDA projects exports in 2019-20 at 975 million bu., up 4.2% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2019-20: 1,728,100

Expectations (in MT)

2019-20: 700,000-1,100,000

Weekly Sales Details

Net sales of 1,728,100 MT for 2019-20 were primarily for China (593,200 MT), unknown destinations (427,400 MT), Mexico (194,800 MT, including decreases of 100 MT), Egypt (129,100 MT, including 57,500 MT switched from unknown destinations and decreases of 13,400 MT), and Spain (71,900 MT, including 63,000 MT switched from unknown destinations). 

Weekly Export Details

Exports of 701,900 MT were primarily to China (204,200 MT), Taiwan (146,700 MT), Spain (71,900 MT), Japan (67,600 MT), and Germany (56,400 MT).  

Comments and Performance Indicators

Export commitments early in 2019-20 are 37% behind year-ago levels, which compares to 44% behind year-ago last week. USDA projects exports in 2019-20 at 1.775 billion bu., up 1.7% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 435,800
2018-19: 93,700
2019-20: 342,100

Expectations

2018-19: 0-200,000
2019-20: 50,000-250,000

Weekly Sales Details

Net sales of 93,700 MT for 2018/2019 resulting in increases for the El Salvador (17,100 MT, including 700 MT switched from Guatemala), Colombia (15,500 MT), Mexico (12,800 MT), Uruguay (11,500 MT), and Vietnam (9,500 MT), were partially offset by reductions for the French West Indies (6,200 MT), the Dominican Republic (4,200 MT), Nicaragua (3,000 MT), and Qatar (1,000 MT).  For 2019-20, net sales of 342,100 MT were primarily for Mexico (203,600 MT), the Philippines (40,000 MT), the Dominican Republic (26,700 MT), Costa Rica (25,900 MT), and Canada (12,800 MT).

Weekly Export Details

Exports of 195,900 MT were up 41% from the previous week, but down 2% from the prior 4-week average.  The destinations were primarily to Mexico (38,400 MT), Ecuador (32,000 MT), Venezuela (30,000 MT), the Dominican Republic (21,500 MT), and Canada (21,300 MT). 

Comments and Performance Indicators

Export commitments for 2018-19 are running 3% behind year-ago, which compares to 4% behind the week prior. USDA projects exports in 2018-19 to be down 1.9% from the previous marketing year.

Soyoil

Actual Sales (in MT)

Combined: 20,600
2018-19: 18,900
2019-20: 1,700

Expectations

2018-19: 0-25,000
2019-20: 0-10,000

Weekly Sales Details

Net sales of 18,900 MT for 2018/2019 were up noticeably from the previous week and from the prior 4-week average.  Increases were primarily for unknown destinations (15,000 MT), El Salvador (1,900 MT), and Nicaragua (1,500 MT).  For 2019-20, net sales of 1,700 MT were for South Korea (1,100 MT) and the Dominican Republic (600 MT).

Weekly Export Details

Exports of 18,000 MT were up 35% from the previous week and 49% from the prior 4-week average.  The destinations were primarily to South Korea (17,000 MT), Mexico (800 MT), and Canada (200 MT).   

Comments and Performance Indicators

Export commitments for the 2018-19 marketing year are running 14% behind year-ago, which compares to 15% 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: 104,300
2019-20: 85,000
2020-21: 19,300

Weekly Sales Details

Net sales of 85,000 RB for 2019-20 were up 14% from the previous week, but down 38% from the prior 4-week average.  Increases were primarily for Mexico (43,300 RB, including decreases of 900 RB), Pakistan (20,400 RB), Costa Rica (15,200 RB), Turkey (14,300 RB), and Vietnam (11,000 RB, including 900 RB switched from Hong Kong, 400 RB switched from Japan, and decreases of 600 RB).  Reductions were for China (39,300 RB).  For 2020-21, net sales of 19,300 RB were primarily for Bangladesh (13,200 RB), Colombia (2,300 RB), Costa Rica (2,300 RB), and Mexico (1,100 RB).

Weekly Export Details

Exports of 166,600 RB were unchanged from the previous week, but down 27% from the prior 4-week average.  Exports were primarily to Vietnam (48,400 RB), Indonesia (29,500 RB), Mexico (19,200 RB), China (18,800 RB), and India (10,800 RB).

Comments and Performance Indicators

Export commitments for 2019-20 are running 6% behind year-ago versus 6% behind year-ago last week. USDA forecasts total cotton exports to fall rise 11.8% to 16.5 million bales this marketing year.

Beef

Actual Sales (in MT)

Combined: 17,000
2019: 16,600
2020: 400

Weekly Sales Details

Net sales of 16,600 MT were reported for 2019 were down 8% from the previous week and 1% from the prior 4-week average.  Increases were primarily for South Korea (4,000 MT, including decreases of 400 MT), Mexico (3,100 MT, including decreases of 100 MT), Japan (3,000 MT, including decreases of 200 MT), Hong Kong (2,400 MT, including decreases of 300 MT), and Taiwan (1,900 MT, including decreases of 100 MT).  For 2020, net sales of 400 MT were primarily for Japan (300 MT) and Mexico (100 MT). 

Weekly Export Details

Exports of 17,100MT were up 17% from the previous week and 11% from the prior 4-week average.  The destinations were primarily to Japan (5,100 MT), South Korea (4,300 MT), Mexico (1,900 MT), Taiwan (1,400 MT), and Hong Kong (1,000 MT).

Comments and Performance Indicators

Last week, 2019 sales totaled 18,100 MT. USDA projects 2019 exports to slide 0.6% from year-ago levels.

Pork

Actual Sales (in MT)

Combined: 14,300
2019: 14,200
2020: 100

Weekly Sales Details

Net sales of 14,200 MT reported for 2019 were down 35% from the previous week and 34% from the prior 4-week average.  Increases were primarily for South Korea (3,000 MT), Japan (2,700 MT), Mexico (2,100 MT), Canada (1,800 MT), and Colombia (1,500 MT).  For 2020, total net sales of 100 MT were for Australia.

Weekly Export Details

Exports of 24,300 MT were up 16% from the previous week and 2% from the prior 4-week average.  The primary destinations were to Mexico (8,500 MT), China (5,900 MT), Japan (3,100 MT), South Korea (2,100 MT), and Canada (1,500 MT).

Comments and Performance Indicators

Sales for 2019 totaled 21,900 in last week’s report. USDA projects exports in 2019 will rise 11.1% from year-ago.

 

 

 

 

 

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