China Buys Big Tonnages of U.S. Soybeans and Pork

Posted on 10/10/2019 7:47 AM

USDA Weekly Export Sales Report

Week Ended Oct. 3, 2019

Corn

Actual Sales (in MT)

2019-20: 284,500

Expectations (in MT)

2019-20: 500,000-800,000

Weekly Sales Details

Net sales of 284,500 MT for 2019-20, primarily for Colombia (109,300 MT, including 29,500 MT switched from unknown destinations), Japan (75,600 MT, including decreases of 3,200 MT), Mexico (37,600 MT, including decreases of 3,000 MT), unknown destinations (20,900 MT), and Costa Rica (12,300 MT, including 31,900 MT switched from unknown destinations and decreases of 22,600 MT), were partially offset by reductions for China (700 MT), Panama (200 MT), and Jamaica (200 MT).

Weekly Export Details

Exports of 474,400 MT were primarily to Mexico (214,900 MT), China (59,300 MT), Colombia (42,300 MT), Costa Rica (32,300 MT), and Japan (27,400 MT).

Comments and Performance Indicators

Export commitments early in the 2019-20 marketing year are 52% behind year-ago commitments versus 51% 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: 521,900

Expectations (in MT)

2019-20: 300,000-600,000

Weekly Sales Details

Net sales of 521,900 metric tons for 2019-20 were up 59% from the previous week and 38% from the prior 4-week average.  Increases primarily for China (130,000 MT), Taiwan (110,300 MT), South Korea (80,000 MT, including decreases of 17,700 MT), Mexico (62,900 MT, including decreases of 200 MT), and the Philippines (56,700 MT, including 47,300 MT switched from Indonesia), were partially offset by reductions for Indonesia (47,300 MT) and Malaysia (8,300 MT).

Weekly Export Details

Exports of 487,400 MT were down 14% from the previous week and 2% from the prior 4-week average.  The destinations were primarily to the Philippines (109,700 MT), Mexico (78,300 MT), Vietnam (69,600 MT), Italy (54,600 MT), and Malaysia (44,700 MT).

Comments and Performance Indicators

Export commitments are running 15% ahead of year-ago compared with 14% 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)

Combined: 2,095,500
2019-20: 2,092,500
2020-21: 3,000

Expectations (in MT)

2019-20: 1,300,000-1,800,000

Weekly Sales Details

Net sales of 2,092,500 MT for 2019-20, primarily for China (1,177,700 MT), unknown destinations (210,000 MT), Spain (207,300 MT, including 186,000 MT switched from unknown destinations), Taiwan (78,900 MT), and the United Kingdom (59,700 MT, including 55,000 MT switched from Egypt), were partially offset by reductions for Egypt (58,000 MT) and the Dominican Republic (1,800 MT).  For 2019-20, total net sales of 3,000 MT were for Japan. 

Weekly Export Details

Exports of 1,038,500 MT were primarily to destinations were Spain (207,300 MT), China (139,700 MT), Mexico (121,200 MT), Vietnam (79,000 MT), and Egypt (59,600 MT). 

Comments and Performance Indicators

Export commitments early in 2019-20 are 20% behind year-ago levels, which compares to 35% 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: 352,000
2018-19: -12,700
2019-20: 364,700

Expectations

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

Weekly Sales Details

Net sales of 364,700 MT for the 2019-20 marketing year (which began October 1) were primarily for Mexico (201,300 MT), Colombia (47,400 MT, including 900 MT switched from unknown destinations and decreases of 3,700 MT), the Philippines (46,000 MT), Canada (16,600 MT), and Peru (11,500 MT).  Reductions were reported for Guatemala (5,000 MT) and Jamaica (200 MT). 

Net sales reductions of 12,700 MT for September 27-30 resulting in increases primarily for Colombia (10,000 MT, switched from unknown destinations) and El Salvador (1,500 MT, switched from Guatemala), were partially offset by reductions primarily for Uruguay (11,500 MT), unknown destinations (10,000 MT), Guatemala (900 MT), and Sri Lanka (600 MT).

Weekly Export Details

A total of 802,600 MT in sales were outstanding on September 30 (the end of the 2018-19 marketing year) and carried over to the 2019-20 marketing year. 

Exports of 80,600 MT were reported for September 27-30.  The primary destinations were Morocco (29,500 MT), Mexico (15,700 MT), Canada (9,600 MT), Panama (8,500 MT), and Guatemala (7,300 MT).  Accumulated exports for the 2019-20 marketing year were 11,427,800 MT, down 6% from the 12,137,700 MT reported in 2018-19.

Exports for October 1-3 of 77,100 MT were reported to Colombia (20,700 MT), Mexico (15,100 MT), El Salvador (13,400 MT), and Canada (7,800 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 12% behind year-ago at the start of the marketing year. USDA projects exports in 2019-20 to edge down 0.4% from the previous marketing year.

Soyoil

Actual Sales (in MT)

Combined: 2,000
2018-19: 800
2019-20: 1,200

Expectations

2018-19: 0-10,000
2019-20: 5,000-25,000

Weekly Sales Details

Net sales of 1,200 MT for the 2019-20 marketing year (which began Oct. 1) were primarily for the Dominican Republic (1,000 MT) and Canada (100 MT).  Exports for October 1-3 of 4,500 MT were reported for the Dominican Republic (4,000 MT), Mexico (400 MT), and Canada (100 MT).  Net sales of 800 MT for September 27-30 were for Mexico (700 MT) and Canada (100 MT). 

A total of 125,900 MT in sales were outstanding on Sept. 30 (the end of the 2018-19 marketing year) and carried over to the 2019-20 marketing year.

Weekly Export Details

Exports of 4,500 MT were reported for September 27-30.  The primary destinations were the Dominican Republic (4,000 MT) and Mexico (400 MT).  Accumulated exports for the 2019-20 marketing year were 800,800 MT, down 21% from the 1,017,500 MT reported in 2018-19.

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are running 31% ahead of year-ago as the marketing year kicks off.   USDA projects exports in 2019-20 to fall 15.9% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 183,500
2019-20: 188,800
2020-21: -5,300

Weekly Sales Details

Net sales of 188,800 RB for 2019-20 were up 6% from the previous week and 53% from the prior 4-week average.  Increases were primarily for Pakistan (137,300 RB), Vietnam (37,500 RB, including 1,000 RB switched from Japan), South Korea (7,900 RB, including decreases of 900 RB), Indonesia (5,200 RB, including 300 RB switched from Vietnam), and India (3,300 RB).  Reductions were for El Salvador (7,400 RB), Mexico (400 RB), and Malaysia (200 RB).  For 2020/2021, total net sales reductions of 5,300 RB were for El Salvador.

Weekly Export Details

Exports of 149,100 RB were down 4% from the previous week and 10% from the prior 4-week average.  Exports were primarily to Vietnam (31,800 RB), China (17,900 RB), Bangladesh (14,700 RB), Turkey (12,600 RB), and India (10,100 RB).

Comments and Performance Indicators

Export commitments for 2019-20 are running 2% behind year-ago versus 5% 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: -27,500
2019: -29,100
2020: 1,600

Weekly Sales Details

Net sales reductions of 29,100 MT reported for 2019--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average.  Increases primarily for South Korea (4,200 MT, including decreases of 400 MT), Japan (4,200 MT, including decreases of 200 MT), Mexico (1,200 MT, including decreases of 100 MT), Taiwan (1,100 MT), and Indonesia (700 MT), were partially offset by reductions primarily for Hong Kong (36,000 MT).  For 2020, net sales of 1,600 MT were for South Korea (1,100 MT) and Japan (500 MT). 

Weekly Export Details

Exports of 16,400 MT were unchanged from the previous week, but up 1% from the prior 4-week average.  The destinations were primarily to Japan (4,800 MT), South Korea (3,700 MT), Mexico (2,100 MT), Hong Kong (1,700 MT), and Taiwan (1,300 MT).

Comments and Performance Indicators

Last week, 2019 sales totaled 12,500 MT. USDA projects 2019 exports to slide 0.6% from year-ago levels.

Pork

Actual Sales (in MT)

Combined: 154,800
2019: 31,300
2020: 123,500

Weekly Sales Details

Net sales of 31,300 MT reported for 2019 were up 1% from the previous week and 26% from the prior 4-week average.  Increases primarily for China (18,800 MT), Canada (3,300 MT), Mexico (2,700 MT), South Korea (2,300 MT), and Japan (1,900 MT), were partially offset by reductions for Guatemala (500 MT).  For 2020, net sales of 123,500 MT were reported for China (123,400 MT) and Australia (100 MT). 

Weekly Export Details

Exports of 26,700 MT were up 15% from the previous week and from the prior 4-week average.  The primary destinations were to Mexico (7,200 MT), China (6,700 MT), Japan (3,100 MT), South Korea (3,100 MT), and Australia (1,600 MT).

Comments and Performance Indicators

Sales for 2019 totaled 31,000 in last week’s report. USDA projects exports in 2019 will rise 11.1% from year-ago.

 

 

 

 

 

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