China Scooped Up a Lot of Soybeans Last Week

Posted on Thu, 05/21/2020 - 07:46

On the other hand, sales of wheat and cotton were pretty light. Old-crop corn sales were within expectations but down from recent weeks, with USDA reporting a small net sales reduction for 2020-21.

Beef sales hit another marketing-year low as high prices clipped demand. Pork sales were also very disappointing, with net sales reductions by China and Chile resulting in a negative total. In stark contrast, weekly pork exports high a marketing-year high, with China as the lead destination.

 

USDA Weekly Export Sales Report

Week Ended May 14, 2020

Corn

Actual Sales (in MT)

Combined: 854,800
2019-20: 884,200
2020-21: -29,400

Expectations (in MT)

2019-20: 500,000-1,000,000
2020-21: 200,000-400,000

Weekly Sales Details

Net sales of 884,200 MT for 2019-20 were down 18% from the previous week and 10% from the prior 4-week average.  Increases primarily for Japan (332,600 MT, including 39,600 MT switched from unknown destinations and decreases of 4,100 MT), Mexico (215,000 MT, including 30,000 MT switched from unknown destinations and decreases of 5,200 MT), South Korea (133,000 MT, including decreases of 2,900 MT), Peru (64,000 MT), and the Dominican Republic (35,000 MT), were offset by reductions for the French West Indies (4,400 MT) and Egypt (2,400 MT).  For 2020-21, net sales reductions of 29,400 MT resulting in increases for Honduras (3,700 MT), Canada (1,100 MT), and Guatemala (400 MT), were more than offset by reductions for Mexico (34,500 MT).

Weekly Export Details

Exports of 1,261,300 MT were down 4% from the previous week, but up 10% from the prior 4-week average.  The destinations were primarily to Mexico (362,900 MT), Japan (263,800 MT), China (129,600 MT), South Korea (122,000 MT), and Colombia (115,100 MT).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 17% behind year-ago commitments versus 18% behind last week. USDA projects exports in 2019-20 at 1.775 billion bu., down 14.0% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 428,200
2019-20: 175,800
2020-21: 252,400

Expectations (in MT)

2019-20: 100,000-250,000
2020-21: 100,000-400,000

Weekly Sales Details

Net sales of 175,800 metric tons for 2019-20 were down 14% from the previous week and 39% from the prior 4-week average.  Increases primarily for the Philippines (59,000 MT), South Korea (37,700 MT), unknown destinations (31,200 MT), Italy (20,900 MT), and Mexico (17,700 MT, including decreases of 100 MT), were offset by reductions for the Dominican Republic (6,300 MT).  For 2020-21, net sales of 252,400 MT were primarily for unknown destinations (128,000 MT), the Philippines (50,000 MT), Mexico (42,200 MT), the Dominican Republic (9,800 MT), and Chile (7,500 MT). 

Weekly Export Details

Exports of 368,000 MT were unchanged from the previous week, but down 23% from the prior 4-week average.  The destinations were primarily to Japan (69,300 MT), the Philippines (64,200 MT), South Korea (56,500 MT), Mexico (54,000 MT), and Taiwan (53,200 MT).

Comments and Performance Indicators

Export commitments are running 3% ahead of year-ago compared with 2% ahead of year-ago the week prior. USDA projects exports in 2019-20 at 970 million bu., up 3.6% from the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 1,669,000
2019-20: 1,205,000
2020-21: 464,000

Expectations (in MT)

2019-20: 500,000-1,000,000
2020-21: 300,000-600,000

Weekly Sales Details

Net sales of 1,205,000 MT for 2019-20 were up 99% from the previous week and 80% from the prior 4-week average.  Increases were primarily for China (737,400 MT, including decreases of 600 MT), unknown destinations (177,700 MT), Egypt (89,300 MT, including 85,800 MT switched from unknown destinations and decreases of 400 MT), Italy (38,600 MT), and Canada (28,800 MT).  For 2020-21, net sales of 464,000 MT were for China (462,000 MT) and Taiwan (2,000 MT).

Weekly Export Details

Exports of 500,000 MT were up 18% from the previous week and 2% from the prior 4-week average.  The destinations were primarily to Egypt (137,300 MT), China (76,700 MT), Mexico (61,300 MT), Italy (38,600 MT), and Taiwan (36,000 MT).

Comments and Performance Indicators

Export commitments early in 2019-20 are 9% behind year-ago levels, which compared to 11% behind year-ago last week. USDA projects exports in 2019-20 at 1.675 billion bu., down 4.2% from year-ago.

Soymeal

Actual Sales (in MT)

2019-20: 198,800

Expectations

2019-20: 75,000-250,000
2020-21: 0-50,000

Weekly Sales Details

Net sales of 198,800 MT for 2019-20 were up 96% from the previous week and 59% from the prior 4-week average.  Increases primarily for the Philippines (140,200 MT), the Dominican Republic (17,500 MT), Canada (12,300 MT), Morocco (8,000 MT), and Peru (6,000 MT), were offset by reductions primarily for the French West Indies (4,300 MT) and Guatemala (300 MT).

Weekly Export Details

Exports of 208,900 MT were up 20% from the previous week, but down 14% from the prior 4-week average.  The destinations were primarily to the Philippines (50,800 MT), Mexico (34,700 MT), Ecuador (32,100 MT), Colombia (25,300 MT), and Canada (24,700 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 8% behind year-ago, which compares to 8% behind last week. USDA projects exports in 2019-20 to edge 0.8% lower from the previous marketing year.

Soyoil

Actual Sales (in MT)

Combined: 62,600
2019-20: 62,100
2020-21: 500

Expectations

2019-20: 15,000-45,000
2020-21: 0-5,000

Weekly Sales Details

Net sales of 62,100 MT for 2019-20 were primarily for South Korea (22,000 MT), China (20,000 MT), Guatemala (6,000 MT), Colombia (5,500 MT), and the Dominican Republic (5,400 MT).  For 2020-21, total net sales of 500 MT were for Mexico. 

Weekly Export Details

Exports of 11,700 MT were down 82% from the previous week and 67% from the prior 4-week average.  The destinations were to Guatemala (5,500 MT), Colombia (3,000 MT), Mexico (2,900 MT), and Canada (300).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 54% ahead of year-ago, which compares to 47% ahead of year-ago last week. USDA projects exports in 2019-20 to climb 31.4% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 249,100
2019-20: 128,900
2020-21: 120,200

Weekly Sales Details

Net sales of 128,900 RB for 2019-20 were down 46% from the previous week and 51% from the prior 4-week average.  Increases primarily for China (153,600 RB, including 1,800 RB switched from Vietnam and decreases of 5,500 RB), Turkey (5,400 RB, including decreases of 1,000 RB), Vietnam (3,900 RB, including decreases of 3,800 RB), Nicaragua (2,200 RB switched from Vietnam), and Taiwan (2,200 RB), were offset by reductions primarily for Bangladesh (16,300 RB), Thailand (11,900 RB), Japan (4,000 RB), Malaysia (3,500 RB), and Mexico (2,800 RB).  For 2020-21, net sales of 120,200 RB were primarily for China (79,200 RB), Bangladesh (19,800 RB), and Thailand (11,200 RB).

Weekly Export Details

Exports of 252,200 RB were up 4% from the previous week, but down 11% from the prior 4-week average.  Exports were primarily to China (64,100 RB), Vietnam (58,500 RB), Pakistan (34,200 RB), Bangladesh (22,300 RB), and Turkey (20,800 RB).

Comments and Performance Indicators

Export commitments for 2019-20 are 11% ahead of year-ago versus 13% ahead of year-ago last week. USDA forecasts total cotton exports to fall rise 1.6% to 15 million bales this marketing year.

Beef

Actual Sales (in MT)

2020: 4,000

Weekly Sales Details

Net sales of 4,000 MT reported for 2020--a marketing-year low--were down 4% from the previous week and 47% from the prior 4-week average.  Increases primarily for Japan (2,900 MT, including decreases of 900 MT), South Korea (1,000 MT, including decreases of 200 MT), Hong Kong (300 MT, including decreases of 200 MT), China (200 MT), and the Philippines (200 MT, including decreases of 100 MT), were offset by reductions primarily for Mexico (400 MT) and Taiwan (100 MT). 

Weekly Export Details

Exports of 11,000 MT were down 10% from the previous week and 16% from the prior 4-week average.  The destinations were primarily to Japan (4,000 MT), South Korea (2,700 MT), Hong Kong (1,400 MT), Canada (900 MT), and Taiwan (700 MT).

Comments and Performance Indicators

Last week, USDA reported sales of 4,200 MT for 2020. USDA projects 2020 exports slide 4.2% from year-ago levels.

Pork

Actual Sales (in MT)

2020: -5,800

Weekly Sales Details

Net sales reductions of 5,800 MT reported for 2020 resulting in increases for Japan (3,200 MT, including decreases of 600 MT), Canada (1,000 MT, including decreases of 500 MT), Nicaragua (800 MT), Mexico (700 MT, including decreases of 1,900 MT), and South Korea (400 MT, including decreases of 1,100 MT), were more than offset by reductions for China (12,600 MT) and Chile (700 MT). 

Weekly Export Details

Exports of 49,700 MT--a marketing-year high--were up noticeably from the previous week and up 36% from the prior 4-week average.  The destinations were primarily to China (19,800 MT), Mexico (13,600 MT), Japan (6,100 MT), South Korea (4,100 MT), and Canada (2,000 MT).

Comments and Performance Indicators

Sales totaled 10,800 in last week’s report. USDA projects exports in 2020 surge 13.1% from year-ago.