Weekly Corn Sales Surge to Nearly 1.9 MMT

Posted on Thu, 03/26/2020 - 08:11

Sales of soybeans and wheat were also impressive, with China as a lead buyer. Sales of soybean oil and exports of pork also notched marketing year highs.

                                                                                                       

USDA Weekly Export Sales Report

Week Ended March 19, 2020

Corn

Actual Sales (in MT)

Combined: 1,897,200
2019-20: 1,814,300
2020-21: 82,900

Expectations (in MT)

2019-20: 900,000-1,800,000
2020-21: 0-100,000

Weekly Sales Details

Net sales of 1,814,300 MT for 2019-20--a marketing-year high--were up noticeably from the previous week and up 81% from the prior 4-week average.  Increases primarily for China (756,000 MT), Japan (333,000 MT, including 91,200 MT switched from unknown destinations and decreases of 2,300 MT), Mexico (219,200 MT, including 24,000 MT switched from unknown destinations and decreases of 3,700 MT), Colombia (152,900 MT, including 50,000 MT switched from unknown destinations and decreases of 3,900 MT), and South Korea (132,000 MT), were offset by reductions for unknown destinations (42,000 MT) and El Salvador (23,300 MT).  For 2020-21, net sales of 82,900 MT resulting in increases for Mexico (91,400 MT), were offset by reductions for Guatemala (8,500 MT). 

Weekly Export Details

Exports of 846,000 MT were down 13% from the previous week and 5% from the prior 4-week average.  The destinations were primarily to Japan (257,500 MT), Mexico (231,500 MT), Colombia (120,700 MT), the Dominican Republic (86,700 MT), and Guatemala (65,000 MT).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 28% behind year-ago commitments versus 31% behind last week. USDA projects exports in 2019-20 at 1.725 billion bu., down 16.5% from the previous marketing year.

Wheat

Actual Sales (in MT)

Combined: 1,106,400
2019-20: 740,000
2020-21: 366,400

Expectations (in MT)

2019-20: 200,000-500,000
2020-21: 150,000-450,000

Weekly Sales Details

Net sales of 740,000 metric tons for 2019-20 were up noticeably from the previous week and up 73% from the prior 4-week average.  Increases primarily for China (200,000 MT), South Korea (146,100 MT, including decreases of 18,400 MT), Japan (144,000 MT), Nigeria (87,300 MT, including 30,000 MT switched from unknown destinations), and Mexico (64,300 MT, including decreases of 700 MT), were offset by reductions primarily for Bangladesh (29,800 MT), unknown destinations (24,600 MT), Jamaica (11,700 MT), and the Dominican Republic (7,000 MT).  For 2020-21, net sales of 366,400 MT were primarily for China (285,000 MT), unknown destinations (36,800 MT), Panama (23,000 MT), and Peru (15,600 MT).

Weekly Export Details

Exports of 415,700 MT were up 12% from the previous week, but down 11% from the prior 4-week average.  The destinations were primarily to Taiwan (79,200 MT), the Philippines (65,200 MT), Indonesia (53,800 MT), Malaysia (42,600 MT), and Mexico (35,300 MT).

Comments and Performance Indicators

Export commitments are running 4% ahead of year-ago compared with 3% ahead the week prior. USDA projects exports in 2019-20 at 1 billion bu., up 6.8% from the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 904,800
2019-20: 904,300
2020-21: 500

Expectations (in MT)

2019-20: 400,000-800,000
2020-21: 0-100,000

Weekly Sales Details

Net sales of 904,300 MT for 2019-20 were up 43% from the previous week and up noticeably from the prior 4-week average.  Increases primarily for unknown destinations (406,100 MT), China (199,300 MT), Indonesia (69,400 MT, including 55,000 MT switched from unknown destinations and decreases of 1,000 MT), Bangladesh (55,000 MT), and Peru (37,400 MT, including 35,000 MT switched from unknown destinations), were offset by reductions for Egypt (2,200 MT).  For 2020-21, total net sales of 500 MT were for Japan.

Weekly Export Details

Exports of 607,100 MT were up 26% from the previous week and 4% from the prior 4-week average.  The destinations were primarily to Egypt (127,800 MT), Taiwan (94,800 MT), Japan (74,700 MT), Indonesia (74,400 MT), and China (64,300 MT). 

Comments and Performance Indicators

Export commitments early in 2019-20 are 14% behind year-ago levels, which compared to 16% ahead of year-ago last week. USDA projects exports in 2019-20 at 1.825 billion bu., up 4.4% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 267,200
2019-20: 251,200
2020-21: 16,000

Expectations

2019-20: 100,000-350,000

Weekly Sales Details

Net sales of 251,200 MT for 2019-20 were up noticeably from the previous week and up 39% from the prior 4-week average.  Increases primarily for the Philippines (50,500 MT), Indonesia (49,500 MT), Colombia (40,100 MT, including decreases of 600 MT), Israel (27,000 MT), and Canada (19,400 MT, including decreases of 1,100 MT), were offset by reductions for the Dominican Republic (1,800 MT).  Net sales of 16,000 MT for 2020-21 were primarily for Guatemala (15,600 MT).

Weekly Export Details

Exports of 289,700 MT were up 20% from the previous week, but down 3% from the prior 4-week average.  The destinations were primarily to Spain (60,400 MT), Indonesia (50,600 MT), Mexico (34,200 MT), Colombia (31,700 MT), and Ecuador (31,600 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 5% behind year-ago early in the marketing year, which compares to 6% 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: 55,900

Expectations

2019-20: 8,000-30,000
2020-21: 0-5,000

Weekly Sales Details

Net sales of 55,900 MT for 2019-20--a marketing-year high--primarily for South Korea (35,000 MT), Jamaica (10,500 MT), Mexico (4,600 MT), the Dominican Republic (2,600 MT), and Guatemala (2,500 MT), were offset by reductions for Canada (2,700 MT). 

Weekly Export Details

Exports of 14,000 MT were down 64% from the previous week and 49% from the prior 4-week average.  The destinations were primarily to the Dominican Republic (5,400 MT), Colombia (4,600 MT), Mexico (3,700 MT) and Canada (200 MT).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 52% ahead of year-ago, which compares to 45% ahead of year-ago last week. USDA projects exports in 2019-20 to climb 8.2% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 397,200
2019-20: 277,100
2020-21: 120,100

Weekly Sales Details

Net sales of 277,100 RB for 2019-20 were down 19% from the previous week and 23% from the prior 4-week average.  Increases primarily for Vietnam (74,900 RB, including 1,300 RB switched from Malaysia and decreases of 9,300 RB), Turkey (55,200 RB, including 2,200 RB switched from Vietnam), Pakistan (53,200 RB, including decreases of 1,800 RB), China (44,900 RB, including decreases of 8,800 RB), and Indonesia (13,300 RB, including 300 RB switched from Japan and decreases of 800 RB), were offset by reductions for Japan (1,400 RB) and Honduras (600 RB).  For 2020-21, net sales of 120,100 RB were primarily for Pakistan (26,400 RB), China (17,600 RB), South Korea (15,400 RB), Mexico (12,800 RB), and Honduras (9,700 RB).

Weekly Export Details

Exports of 386,800 RB were up 5% from the previous week, but down 3% from the prior 4-week average.  Exports were primarily to Pakistan (86,100 RB), Turkey (71,300 RB), China (65,800 RB), Vietnam (55,200 RB), and Indonesia (31,500 RB). 

Comments and Performance Indicators

Export commitments for 2019-20 are 21% ahead of year-ago versus 20% 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)

2020: 14,500

Weekly Sales Details

Net sales of 14,500 MT reported for 2020 were down 32% from the previous week and 12% from the prior 4-week average.  Increases primarily for South Korea (7,200 MT, including decreases of 300 MT), Japan (5,100 MT, including decreases of 600 MT), Taiwan (700 MT, including decreases of 100 MT), Canada (600 MT, including decreases of 100 MT), and Hong Kong (300 MT, including decreases of 100 MT), were offset by reductions for Vietnam (100 MT).

Weekly Export Details

Exports of 16,800 MT were up 1% from the previous week, but unchanged from the prior 4-week average.  The destinations were primarily to Japan (7,100 MT), South Korea (4,000 MT), Mexico (1,400 MT), Taiwan (1,200 MT), and Canada (1,000 MT).

Comments and Performance Indicators

Last week, USDA reported sales of 21,200 MT for 2020. USDA projects 2020 exports surge 8.0% from year-ago levels.

Pork

Actual Sales (in MT)

2020: 38,600

Weekly Sales Details

Net sales of 38,600 MT reported for 2020 were up 8% from the previous week and 89% from the prior 4-week average.  Increases were primarily for Mexico (11,100 MT), China (9,500 MT), Japan (9,400 MT), Canada (2,400 MT), and Chile (1,200 MT). 

Weekly Export Details

Exports of 48,600 MT--a marketing-year high--were up 13% from the previous week and 12% from the prior 4-week average.  The destinations were primarily to China (23,000 MT), Mexico (9,600 MT), Japan (5,400 MT), South Korea (3,500 MT), and Canada (2,400 MT).

Comments and Performance Indicators

Sales totaled 35,700 in last week’s report. USDA projects exports in 2020 surge 22.6% from year-ago.