Soybean Export Sales Hold Strong, Corn Exports Hit Marketing-year High

Posted on 11/15/2019 7:50 AM

USDA Weekly Export Sales Report

Week Ended Nov. 7, 2019

Corn

Actual Sales (in MT)

2019-20: 581,600

Expectations (in MT)

2019-20: 400,000-800,000

Weekly Sales Details

Net sales of 581,600 metric tons for 2019-20 were up 19% from the previous week and 23% from the prior 4-week average.  Increases primarily for El Salvador (103,400 MT, including 5,200 MT switched from Guatemala), Japan (97,600 MT, including 81,900 MT switched from unknown destinations), unknown destinations (86,100 MT), Colombia (71,700 MT, including 66,000 MT switched from unknown destinations and decreases of 2,300 MT), and Guatemala (55,000 MT, including 11,900 MT switched from El Salvador, 8,000 MT switched from Nicaragua, and 5,000 MT switched from Honduras), were partially offset by reductions primarily for Nicaragua (8,000 MT) and the Dominican Republic (5,900 MT). 

Weekly Export Details

Exports of 602,200 MT--a marketing-year high--were up 90% from the previous week and 30% from the prior 4-week average.  The destinations were primarily to Mexico (304,400 MT), Colombia (96,900 MT), Japan (82,100 MT), Guatemala (39,300 MT), and Panama (22,600 MT).  

Comments and Performance Indicators

Export commitments early in the 2019-20 marketing year are 47% behind year-ago commitments versus 47% behind last week. USDA projects exports in 2019-20 at 1.850 billion bu., down 10.4% from the previous marketing year.

Wheat

Actual Sales (in MT)

2019-20: 238,600

Expectations (in MT)

2019-20: 200,000-500,000

Weekly Sales Details

Net sales of 238,600 metric tons for 2019-20 were down 34% from the previous week and 37% from the prior 4-week average.  Increases primarily for Nigeria (40,000 MT, including decreases of 11,000 MT), the Philippines (36,000 MT), Chile (35,000 MT), Mexico (33,600 MT, including decreases of 1,000 MT), and Brazil (30,000 MT), were offset by reductions for Italy (1,300 MT).

Weekly Export Details

Exports of 453,600 MT were up 11% from the previous week, but down 1% from the prior 4-week average.  The destinations were primarily to China (66,000 MT), the Philippines (66,000 MT), Indonesia (58,400 MT), Mexico (58,000 MT), and Italy (39,200 MT).  

Comments and Performance Indicators

Export commitments are running 6% ahead of year-ago compared with 8% 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)

2019-20: 1,253,000

Expectations (in MT)

2019-20: 800,000-1,400,000

Weekly Sales Details

Net sales of 1,253,000 metric tons for 2019-20 were down 31% from the previous week, but up 5% from the prior 4-week average.  Increases primarily for China (760,500 MT, including 136,000 MT switched from unknown destinations), unknown destinations (129,200 MT), Egypt (115,300 MT, including 110,000 MT switched from unknown destinations), Germany (56,900 MT), and Spain (54,100 MT, including 50,000 MT switched from unknown destinations), were offset by reductions for the Philippines (46,500 MT).  For 2020-21, total net sales of 3,000 MT were reported for Japan.

Weekly Export Details

Exports of 1,274,400 MT were down 18% from the previous week and 8% from the prior 4-week average.  The destinations were primarily to China (693,500 MT), Mexico (131,400 MT), Egypt (115,300 MT), Thailand (79,400 MT), and Germany (56,900 MT).

Comments and Performance Indicators

Export commitments early in 2019-20 are 1% ahead of year-ago levels, which compares to 2% behind year-ago last week. USDA projects exports in 2019-20 at 1.775 billion bu., up 1.5% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 345,800
2019-20: 345,300
2020-21: 500

Expectations

2019-20: 100,000-350,000

Weekly Sales Details

Net sales of 345,300 MT for 2019-20, primarily for the Philippines (137,900 MT), Colombia (64,100 MT, including 14,500 MT switched from unknown destinations and decreases of 700 MT), Japan (30,900 MT, including decreases of 100 MT), El Salvador (23,500 MT, including decreases of 200 MT), and Panama (13,700 MT), were partially offset by reductions for unknown destinations (4,500 MT), Malaysia (600 MT), and Trinidad (300 MT).  For 2020-21, total net sales of 500 MT were for Japan.

Weekly Export Details

Exports of 276,200 MT were primarily to the Philippines (47,800 MT), Guatemala (33,400 MT), Japan (27,600 MT), Mexico (23,900 MT), and Canada (23,700 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 14% behind year-ago early in the marketing year, which compares to 14% behind last week. USDA projects exports in 2019-20 to edge 1.5% lower from the previous marketing year.

Soyoil

Actual Sales (in MT)

2019-20: 30,600

Expectations

2019-20: 5,000-25,000

Weekly Sales Details

Net sales of 30,600 MT for 2019-20 were primarily for unknown destinations (10,300 MT), South Korea (10,000 MT), Mexico (3,300 MT), Nicaragua (2,200 MT, including 400 MT switched from unknown destinations), and Canada (2,100 MT).

Weekly Export Details

Exports of 12,100 MT were primarily to Guatemala (9,000 MT) and Mexico (2,800 MT).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are running 2% ahead of year-ago early in the marketing year, which compares to 4% ahead of year-ago last week. USDA projects exports in 2019-20 to fall 12.4% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 346,200
2019-20: 345,100
2020-21: 1,100

Weekly Sales Details

Net sales of 345,100 RB for 2019-20--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average.  Increases were primarily for Pakistan (117,000 RB), China (83,300 RB), Turkey (46,000 RB), Vietnam (29,400 RB, including 400 RB switched from Hong Kong), and Bangladesh (18,300 RB, including decreases of 400 RB).  For 2020-21, total net sales of 1,100 RB were for Indonesia.

Weekly Export Details

Exports of 126,200 RB were down 3% from the previous week and 13% from the prior 4-week average.  Exports were primarily to Pakistan (35,600 RB), Vietnam (31,100 RB), China (15,700 RB), Mexico (8,800 RB), and Turkey (8,000 RB). 

Comments and Performance Indicators

Export commitments for 2019-20 are 6% ahead of year-ago versus 3% ahead of 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: 28,100
2019: 25,300
2020: 2,800

Weekly Sales Details

Net sales of 25,300 MT reported for 2019 were up noticeably from the previous week and up 92% from the prior 4-week average.  Increases were primarily for Japan (7,100 MT, including decreases of 500 MT and 3,600 MT late reporting), South Korea (4,500 MT, including decreases of 600 MT and 1,700 MT late reporting), Mexico (4,400 MT, including decreases of 100 MT and 1,500 MT late reporting), China (1,400 MT, including 900 MT late reporting), and Egypt (1,400 MT, late reporting).  For 2020, net sales of 2,800 MT primarily for South Korea (2,000 MT), Taiwan (300 MT), and the Philippines (300 MT), were offset by reductions for Japan (100 MT). 

Weekly Export Details

Exports of 16,100 MT were up 2% from the previous week and 4% from the prior 4-week average.  The destinations were primarily to South Korea (4,800 MT, including 100 MT late reporting), Japan (4,400 MT, including 100 MT late reporting), Hong Kong (1,800 MT), Mexico (1,500 MT, including 100 MT late reporting), and Taiwan (1,100 MT).

Comments and Performance Indicators

Last week, USDA reported sales of 12,300 MT for 2019 and 2020. USDA projects 2019 exports will slide 1.8% from year-ago levels.

Pork

Actual Sales (in MT)

Combined: 29,700
2019: 19,900
2020: 10,800

Weekly Sales Details

Net sales of 19,900 MT reported for 2019 were down up 19% from the previous week, but down 78% from the prior 4-week average.  Increases primarily for China (5,500 MT), Japan (5,100 MT), Mexico (2,700 MT), Canada (1,800 MT), and South Korea (1,100 MT), were offset by reductions for Guatemala (200 MT).  For 2020, net sales of 10,800 MT were primarily for China (9,900 MT), South Korea (300 MT), Japan (200 MT), and Australia (100 MT).

Weekly Export Details

Exports of 34,300 MT were up 2% from the previous week, but down 56% from the prior 4-week average.  The primary destinations were to China (10,900 MT), Mexico (9,000 MT), Japan (4,300 MT), South Korea (4,100 MT), and Australia (1,700 MT).

Comments and Performance Indicators

Sales totaled 24,900 in last week’s report. USDA projects exports in 2019 will rise 10.6% from year-ago.

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