Mexico Buying Powers Big Corn Sales

Posted on Thu, 12/19/2019 - 07:50

Corn exports hit a marketing-year high, as did wheat export sales. Soybean sales were also solid, with China as the lead buyer. Sales of soybean meal hit a marketing-year low, while soyoil sales topped expectations. 

USDA Weekly Export Sales Report

Week Ended Dec. 12, 2019

Corn

Actual Sales (in MT)

Combined: 2,245,500
2019-20: 1,709,400
2020-21: 536,100  

Expectations (in MT)

2019-20: 1,200,000-2,000,000
2020-21: 525,000-700,000

Weekly Sales Details

Net sales of 1,709,400 metric tons for 2019/2020--a marketing-year high--were up 96% from the previous week and up noticeably from the prior four-week average.  Increases primarily for Mexico (1,152,700 MT, including decreases of 13,500 MT), Japan (214,000 MT, including 60,400 MT switched from unknown destinations and decreases of 15,000 MT), Colombia (119,400 MT, including 25,000 MT switched from unknown destinations and decreases of 400 MT), Saudi Arabia (72,600 MT, including 68,000 MT switched from unknown destinations), and Canada (46,200 MT, including decreases of 12,600 MT), were offset by reductions for Nicaragua (15,000 MT) and Panama (1,400 MT).  For 2020/2021, net sales of 536,100 MT were primarily for Mexico (526,000 MT).

Weekly Export Details

Exports of 720,100 MT--a marketing-year high--were up 36% from the previous week and 23% from the prior four-week average.  The destinations were primarily to Mexico (295,700 MT), Japan (179,600 MT), Saudi Arabia (72,600 MT), Colombia (55,400 MT), and Costa Rica (31,300 MT).  

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 42% behind year-ago commitments versus 44% 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: 868,600

Expectations (in MT)

2019-20: 200,000-600,000

Weekly Sales Details

Net sales of 868,600 metric tons for 2019/2020--a marketing-year high--were up 73% from the previous week and 95% from the prior four-week average.  Increases were primarily for the Philippines (126,300 MT), Mexico (125,000 MT, including decreases of 5,500 MT), unknown destinations (124,000 MT), Indonesia (95,000 MT), and Thailand (94,400 MT). 

Weekly Export Details

Exports of 530,400 MT were up 36% from the previous week and 37% from the prior four-week average.  The destinations were primarily to Mexico (118,500 MT), Taiwan (65,000 MT), Japan (55,900 MT), Thailand (50,600 MT), and Nigeria (49,100 MT). 

Comments and Performance Indicators

Export commitments are running 6% ahead of year-ago compared with 3% 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: 1,466,900
2019-20: 1,430,600
2020-21: 36,300

Expectations (in MT)

2019-20: 950,000-1,400,000
2020-21: 0-400,000

Weekly Sales Details

Net sales of 1,430,600 MT for 2019/2020 were up 36% from the previous week and 18% from the prior four-week average.  Increases were primarily for China (689,600 MT, including 136,000 MT switched from unknown destinations and decreases of 300 MT), unknown destinations (180,800 MT, including 66,000 MT switched from China), Spain (131,200 MT, including 120,000 MT switched from unknown destinations), Taiwan (94,100 MT, including decreases of 300 MT), and South Korea (58,000 MT, including 63,000 MT switched from unknown destinations and decreases of 5,000 MT).  For 2020/2021, total net sales of 36,300 MT were for Japan. 

Weekly Export Details

Exports of 1,405,800 MT were down 3% from the previous week and 18% from the prior four-week average.  The destinations were primarily to China (826,600 MT), Spain (131,200 MT), Mexico (120,600 MT), Pakistan (65,200 MT), and South Korea (59,100 MT).

Comments and Performance Indicators

Export commitments early in 2019-20 are 3% ahead of year-ago levels, which compares to 9% ahead of 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)

2019-20: 83,500

Expectations

2019-20: 150,000-350,000

Weekly Sales Details

Net sales of 83,500 MT for 2019/2020--a marketing-year low--were down 65% from the previous week and 53% from the prior four-week average.  Increases primarily for Colombia (31,700 MT, including 10,000 MT switched from unknown destinations), Canada (17,000 MT, including decreases of 900 MT), the Philippines (13,000 MT), the Dominican Republic (7,000 MT), and Guatemala (5,900 MT, including 3,000 MT switched from El Salvador, 3,000 MT switched from Honduras, and decreases of 100 MT), were offset by reductions primarily for unknown destinations (16,000 MT), El Salvador (2,900 MT), and Morocco (1,700 MT).

Weekly Export Details

Exports of 273,000 MT were primarily to the Philippines (71,900 MT), Mexico (35,700 MT), Japan (32,800 MT), Morocco (28,900 MT), and Peru (20,300 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 16% behind year-ago early in the marketing year, which compares to 13% behind last week. USDA projects exports in 2019-20 to edge 2.6% lower from the previous marketing year.

Soyoil

Actual Sales (in MT)

2019-20: 28,000

Expectations

2019-20: 5,000-25,000

Weekly Sales Details

Net sales of 28,000 MT for 2019/2020 were for Colombia (16,700 MT), Mexico (3,700 MT), Canada (3,100 MT), unknown destinations (3,000 MT), and El Salvador (1,500 MT). 

Weekly Export Details

Exports of 16,200 MT were primarily to South Korea (10,000 MT), Mexico (3,900 MT), Colombia (2,000 MT), and Canada (300 MT). 

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 4% ahead of year-ago, which compares to 7% 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: 250,500
2019-20: 249,400
2020-21: 1,100

Weekly Sales Details

Net sales of 249,400 RB for 2019/2020 were down 10% from the previous week, but up 5% from the prior four-week average.  Increases primarily for Turkey (70,400 RB, including decreases of 100 RB), Pakistan (44,200 RB), Indonesia (28,300 RB, including 600 RB switched from Japan and 400 RB switched from Malaysia), Bangladesh (27,700 RB), and China (25,100 RB), were offset by reductions for Spain (200 RB).  For 2020/2021, total net sales of 1,100 RB were for Mexico. 

Weekly Export Details

Exports of 213,200 RB were up 14% from the previous week and 26% from the prior four-week average.  Exports were primarily to Vietnam (40,900 RB), China (35,500 RB), Pakistan (33,800 RB), Mexico (21,700 RB), and Bangladesh (14,500 RB).

Comments and Performance Indicators

Export commitments for 2019-20 are 11% ahead of year-ago versus 10% 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: 13,200
2019: 10,100
2020: 3,100

Weekly Sales Details

Net sales of 10,100 MT reported for 2019 were up 2% from the previous week, but down 12% from the prior four-week average.  Increases primarily Japan (4,400 MT, including decreases of 400 MT), South Korea (2,500 MT, including decreases of 600 MT), Mexico (1,100 MT), Taiwan (500 MT, including decreases of 300 MT), and Canada (400 MT, including decreases of 100 MT), were partially offset by reductions primarily for Hong Kong (200 MT).  For 2020, net sales of 3,100 MT primarily for Mexico (1,400 MT), Japan (700 MT), Vietnam (400 MT), Taiwan (400 MT), and Canada (300 MT), were offset by reductions primarily for South Korea (700 MT). 

Weekly Export Details

Exports of 17,900 MT were up 4% from the previous week, but down 11% from the prior four-week average.  The destinations were primarily to South Korea (4,600 MT), Japan (4,500 MT), Mexico (2,000 MT), Taiwan (1,800 MT), and Hong Kong (1,600 MT).

Comments and Performance Indicators

Last week, USDA reported sales of 11,900 MT for 2019 and 2020 combined. USDA projects 2019 exports will slide 2.8% from year-ago levels.

Pork

Actual Sales (in MT)

Combined: 27,200
2019: 26,800
2020: 10,400

Weekly Sales Details

Net sales of 26,800 MT reported for 2019 were down 8% from the previous week and 23% from the prior four-week average.  Increases primarily for Mexico (11,300 MT), China (5,900 MT), Japan (5,800 MT), Canada (1,200 MT), and Colombia (900 MT), were offset by reductions primarily for Australia (300 MT) and the Philippines (100 MT).  For 2020, net sales of 10,400 MT primarily for South Korea (8,600 MT), Mexico (2,100 MT), Japan (1,300 MT), Australia (1,000 MT), and Colombia (400 MT), were offset by reductions for China (4,200 MT). 

Weekly Export Details

Exports of 39,200 MT were up 3% from the previous week, but down 10% from the prior four-week average.  The primary destinations were to China (15,300 MT), Mexico (11,400 MT), South Korea (2,900 MT), Japan (2,900 MT), and Canada (1,800 MT).

Comments and Performance Indicators

Sales totaled 44,800 in last week’s report. USDA projects exports in 2019 will rise 7.1% from year-ago.