Weekly Soybean Export Sales Soar, Topping 3.6 MMT

Posted on Thu, 07/30/2020 - 08:04

China accounted for nearly 2 MMT of those sales, with “unknown scooping up more than 1.2 MMT of soybeans. On the other hand, USDA reported a net sales reduction for old-crop corn with new-crop corn sales coming in on the lower side of expectations, with China absent from the list of top buyers.  But USDA via its daily reporting service did announce 1.937 MMT in corn sales to China for 2020-21 delivery this morning.

Wheat sales held strong, with the Philippines, Taiwan, Brazil and Mexico topping the list of buyers.

With the 2019-20 cotton export season basically at an end, it was encouraging to see a net sales (rather than reduction) for old-crop, with cotton exports remaining active and topping 320,000 MT.

Also of note, USDA reported sales of 20 MT of U.S. rice to China for the 2019-20 marketing year, a small sale but the first such sales of U.S. rice since the two countries signed the Phase 1 trade deal.

Beef and pork sales surged the week ending July 23, with 2020 beef sales registering a new marketing-year high thanks to strong buying from South Korea and Japan. China also purchased 1,400 MT of beef from the U.S. Total pork sales hit 40,000 MT, with China and Mexico accounting for the bulk of the purchases.

 

USDA Weekly Export Sales Report

Week Ended July 23, 2020

Corn

Actual Sales (in MT)

Combined: 609,400
2019-20: -29,300
2020-21: 638,700

Expectations (in MT)

2019-20: 200,000-550,000
2020-21: 400,000-1,000,000

Weekly Sales Details

Net sales reductions of 29,300 MT for 2019/2020--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average.  Increases primarily for Colombia (41,800 MT, including decreases of 3,200 MT), unknown destinations (27,600 MT), Japan (13,100 MT, including decreases of 2,500 MT), Taiwan (13,000 MT), and Guatemala (11,400 MT, including 4,000 MT switched from Costa Rica, 4,000 MT switched from El Salvador, and 2,000 MT switched from Nicaragua), were offset by reductions primarily for Canada (53,700 MT), Mexico (44,100 MT), Panama (22,100 MT), and El Salvador (14,300 MT).  For 2020/2021, net sales of 638,700 MT primarily for unknown destinations (245,900 MT), Mexico (112,000 MT), Japan (100,000 MT), Canada (75,700 MT), and Honduras (32,000 MT), were offset by reductions for Colombia (4,000 MT).

Weekly Export Details

Exports of 971,200 MT were down 8 percent from the previous week and 15 percent from the prior 4-week average.  The destinations were primarily to Mexico (360,800 MT), Japan (355,100 MT), China (67,900 MT), Guatemala (66,500 MT), and Colombia (58,800 MT).

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 12% behind year-ago commitments versus 12% behind last week. USDA projects exports in 2019-20 at 1.775 billion bu., down 14.1% from the previous marketing year.

Wheat

Actual Sales (in MT)

2020-21: 676,600

Expectations (in MT)

2020-21: 250,000-650,000

Weekly Sales Details

Net sales of 676,600 metric tons (MT) for 2020/2021 were up 10 percent from the previous week and 30 percent from the prior 4-week average.  Increases were primarily for the Philippines (132,400 MT, including 16,000 MT switched from unknown destinations and decreases of 9,500 MT), Taiwan (102,800 MT, including decreases of 1,000 MT), Brazil (62,100 MT), Mexico (60,400 MT, including decreases of 65,100 MT), and Japan (60,200 MT).

Weekly Export Details

Exports of 505,400 MT were down 4 percent from the previous week and 2 percent from the prior 4-week average.  The destinations were primarily to the Philippines (93,400 MT), Thailand (62,800 MT), Mexico (62,200 MT), Brazil (62,100 MT), and Chile (46,500 MT).

Comments and Performance Indicators

Export commitments are 9% ahead of year-ago compared with 6% ahead of year-ago the week prior. The season kicked off June 1. USDA projects exports in 2020-21 at 1.115 billion bu., up 1.7% from the previous marketing year.

Soybeans

Actual Sales (in MT)

Combined: 3,602,000
2019-20: 257,800
2020-21: 3,344,200

Expectations (in MT)

2019-20: 300,000-500,000
2020-21: 1,500,000-2,000,000

Weekly Sales Details

Net sales of 257,800 MT for 2019/2020 were down 29 percent from the previous week and 45 percent from the prior 4-week average.  Increases primarily for Germany (152,400 MT), Egypt (151,200 MT, including 38,000 MT switched from unknown destinations and decreases of 800 MT), the Netherlands (116,900 MT, including 55,000 MT switched from unknown destinations), Bangladesh (59,000 MT, switched from unknown destinations), and Indonesia (47,100 MT, including decreases of 10,400 MT), were offset by reductions primarily for unknown destinations (323,600 MT) and China (64,300 MT).  For 2020/2021, net sales of 3,344,200 MT primarily for China (1,989,000 MT), unknown destinations (1,232,900 MT), Mexico (64,800 MT), Egypt (43,000 MT), and Taiwan (39,000 MT), were offset by reductions for Switzerland (60,000 MT).

Weekly Export Details

Exports of 674,500 MT were up 44 percent from the previous week and 42 percent from the prior 4-week average.  The destinations were primarily to Germany (152,400 MT), China (135,600 MT), Mexico (113,400 MT), the Netherlands (56,900 MT), and Algeria (41,800 MT).

Comments and Performance Indicators

Export commitments early in 2019-20 are 4% behind year-ago levels, which compared to 4% behind year-ago last week. USDA projects exports in 2019-20 at 1.650 billion bu., down 5.8% from year-ago.

Soymeal

Actual Sales (in MT)

Combined: 293,800
2019-20: 260,900
2020-21: 32,900

Expectations

2019-20: 150,000-400,000
2020-21: 0-75,000

Weekly Sales Details

Net sales of 260,900 MT for 2019/2020 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for the Philippines (137,300 MT), Mexico (33,800 MT), Australia (25,000 MT), Canada (24,400 MT, including decreases of 300 MT), and Colombia (20,000 MT, including decreases of 200 MT), were offset by reductions for El Salvador (5,200 MT), Panama (3,400 MT), Belgium (1,500 MT), and the Dominican Republic (800 MT).  For 2020/2021, net sales of 32,900 MT primarily for Canada (14,300 MT), Guatemala (11,800 MT), El Salvador (4,200 MT), Panama (3,400 MT), and the Philippines (2,000 MT), were offset by reductions for Morocco (5,000 MT).

Weekly Export Details

Exports of 185,300 MT were down 10 percent from the previous week and 19 percent from the prior 4-week average.  The destinations were primarily to Colombia (41,700 MT), Morocco (30,600 MT), Canada (21,900 MT), Guatemala (21,800 MT), and Mexico (18,700 MT).

Comments and Performance Indicators

Export commitments for 2019-20 are running 1% ahead of year-ago, which compares to 1% behind last week. USDA projects exports in 2019-20 to hold basically steady with the previous marketing year.

Soyoil

Actual Sales (in MT)

Combined: 10,800
2019-20: 800
2020-21: 10,000

Expectations

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

Weekly Sales Details

Net sales of 800 MT for 2019/2020 were primarily for Canada (300 MT), Mexico (300 MT), and the Dominican Republic (200 MT).  For 2020/2021, total net sales of 10,000 MT were for South Korea.

Weekly Export Details

Exports of 10,900 MT were down 71 percent from the previous week and 34 percent from the prior 4-week average.  The destinations were primarily to Colombia (3,000 MT), Guatemala (2,400 MT), Nicaragua (2,100 MT), El Salvador (1,900 MT), and Canada (800 MT).  

Comments and Performance Indicators

Export commitments for the 2019-20 marketing year are 48% ahead of year-ago, which compares to 50% ahead of year-ago last week. USDA projects exports in 2019-20 to climb 46.9% from the previous year.

Cotton

Actual Sales (in RB)

Combined: 128,500
2019-20: 118,700
2020-21: 9,500

Weekly Sales Details

Net sales of 118,700 RB for 2019/2020 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for Vietnam (76,500 RB, including 2,200 RB switched from China and 800 RB switched from South Korea), China (22,100 RB), Bangladesh (17,600 RB), Turkey (4,000 RB), and Brazil (3,900 RB, switched from Ecuador), were offset by reductions for Ecuador (3,900 RB), Pakistan (2,500 RB), Mexico (2,100 RB), the Philippines (1,900 RB), and India (1,800 RB).  For 2020/2021, net sales of 9,500 RB primarily for Vietnam (3,000 RB), Pakistan (2,600 RB), Turkey (1,500 RB), Thailand (1,400 RB), and Bangladesh (1,100 RB), were offset by reductions for Japan (400 RB).

Weekly Export Details

Exports of 320,800 RB were up 18 percent from the previous week and 8 percent from the prior 4-week average.  Exports were primarily to China (105,100 RB), Vietnam (93,100 RB), Turkey (41,700 RB), Bangladesh (25,400 RB), and Pakistan (18,500 RB).

Comments and Performance Indicators

Export commitments for 2019-20 are 10% ahead of year-ago versus 9% ahead of year-ago last week. USDA forecasts total cotton exports to fall rise 2.4% to 15.2 million bales this marketing year.

Beef

Actual Sales (in MT)

Combined: 30,700
2020: 29,500
2021: 1,200

Weekly Sales Details

Net sales of 29,500 MT reported for 2020--a marketing-year high--were up 89 percent from the previous week and 81 percent from the prior 4-week average.  Increases primarily for South Korea (11,500 MT, including decreases of 600 MT), Japan (10,600 MT, including decreases of 400 MT), Taiwan (1,500 MT, including decreases of 200 MT), China (1,400 MT), and Hong Kong (1,300 MT, including decreases of 100 MT), were offset by reductions primarily for Chile (100 MT) and the Philippines (100 MT).  For 2021, net sales of 1,200 MT were primarily for Mexico (1,100 MT) and the Philippines (100 MT).

Weekly Export Details

Exports of 18,300 MT were up 14 percent from the previous week and 19 percent from the prior 4-week average.  The destinations were primarily to Japan (6,600 MT), South Korea (5,700 MT), Taiwan (1,400 MT), Canada (1,200 MT), and Hong Kong (1,000 MT).

Comments and Performance Indicators

Last week, USDA reported sales of 15,600 MT for 2020. USDA projects 2020 exports slide 3.7% from year-ago levels.

Pork

Actual Sales (in MT)

Combined: 40,000
2020: 39,600
2021: 400

Weekly Sales Details

Net sales of 39,600 MT reported for 2020 were up 24 percent from the previous week and 12 percent from the prior 4-week average.  Increases primarily for China (17,800 MT, including decreases of 1,200 MT), Mexico (15,400 MT, including decreases of 200 MT), Canada (2,300 MT, including decreases of 400 MT), Japan (900 MT, including decreases of 1,800 MT),  and the Philippines (800 MT, including 200 MT switched from Vietnam), were offset by reductions primarily for Australia (400 MT).  For 2021, total net sales of 400 MT were for Australia.

Weekly Export Details

Exports of 31,500 MT were down 12 percent from the previous week and 3 percent from the prior 4-week average.  The destinations were primarily to China (10,200 MT), Mexico (9,200 MT), Japan (4,400 MT), Canada (2,300 MT), and South Korea (1,000 MT).

Comments and Performance Indicators

Sales totaled 32,100 in last week’s report. USDA projects exports in 2020 surge 19.0% from year-ago.