FW: FI Weekly USDA Export Sales Snapshot 01/10/20

PDF attached

 

Morning.  MPOB Malaysian palm S&D was bullish and China CASDE neutral. USDA export sales were flat out poor and one of the worst reports I have seen in a while. USDA weekly export commitments were a marketing year low for wheat, corn, rice, and soybean meal. 

 

 

 

 

 

U.S. EXPORT SALES FOR WEEK ENDING 1/2/2020

	CURRENT MARKETING YEAR						NEXT MARKETING YEAR
COMMODITY	NET SALES	OUTSTANDING SALES		WEEKLY EXPORTS	ACCUMULATED EXPORTS		NET SALES	OUTSTANDING SALES
		CURRENT YEAR	YEAR AGO		CURRENT YEAR	YEAR AGO
	THOUSAND METRIC TONS
WHEAT
HRW	35.7	1,439.8	1,808.2	85.3	5,504.5	3,770.6	0.0	0.0
SRW	8.4	525.7	886.1	42.8	1,574.8	1,391.0	0.0	4.5
HRS	4.6	1,205.3	1,511.3	162.4	4,092.0	3,992.9	40.0	44.8
WHITE	11.7	1,075.7	1,167.2	59.8	2,706.0	2,961.6	10.0	10.0
DURUM	20.1	187.1	89.9	2.1	623.4	330.0	0.0	61.0
TOTAL	80.6	4,433.6	5,462.7	352.4	14,500.6	12,446.1	50.0	120.3
BARLEY	0.0	30.2	30.9	0.0	28.7	27.4	0.0	0.0
CORN	161.9	9,626.9	13,020.8	514.6	8,889.6	19,266.6	0.0	815.6
SORGHUM	20.1	514.7	119.2	75.2	592.6	357.4	0.0	0.0
SOYBEANS	355.5	7,807.5	12,517.3	1,118.8	21,963.8	17,851.9	3.4	183.5
SOY MEAL	74.2	2,841.8	3,936.1	148.1	2,771.1	2,973.6	0.0	87.3
SOY OIL	2.6	120.8	210.7	36.7	307.5	195.2	0.0	0.5
RICE
L G RGH	3.2	308.8	222.9	56.1	675.1	564.4	0.0	0.0
M S RGH	0.0	15.3	4.5	0.1	15.5	23.1	0.0	0.0
L G BRN	0.3	21.0	5.2	1.3	19.6	24.7	0.0	0.0
M&S BR	0.1	43.9	95.2	4.2	15.3	45.3	0.0	0.0
L G MLD	10.0	148.0	141.8	41.8	500.6	371.8	0.0	0.0
M S MLD	21.8	167.1	217.3	7.6	255.2	191.2	0.0	0.0
TOTAL	35.4	704.1	687.0	111.0	1,481.2	1,220.5	0.0	0.0
COTTON		THOUSAND RUNNING BALES
UPLAND	152.0	7,489.6	7,305.9	211.4	4,136.9	3,572.9	5.5	1,003.0
PIMA	5.2	181.2	294.6	5.4	172.5	172.6	0.0	35.3

 

Export Sales Highlights   

This summary is based on reports from exporters for the period December 27–January 2, 2020.

Wheat:  Net sales of 80,600 metric tons for 2019/2020–a marketing-year low–were down 74 percent from the previous week and 87 percent from the prior 4-week average.  Increases primarily for Nigeria (45,500 MT, including 24,500 MT switched from unknown destinations and decreases of 1,500 MT), Mexico (20,100 MT, including decreases of 2,800 MT), Italy (20,000 MT), Indonesia (17,800 MT, including 19,000 MT switched from unknown destinations and decreases of 1,200 MT), and the Philippines (10,300 MT), were offset by reductions primarily for unknown destinations (70,000 MT).  For 2020/2021, total net sales of 50,000 MT were for the Philippines.  Exports of 352,400 MT were up 4 percent from the previous week, but down 20 percent from the prior 4-week average.  The destinations were primarily to Nigeria (74,000 MT), the Philippines (64,300 MT), Taiwan (51,300 MT), Malaysia (36,400 MT), and Panama (25,200 MT). 

Optional Origin Sales:  For 2019/2020, the current outstanding balance of 56,000 MT is for the Philippines.   

Export Adjustments: Accumulated exports of hard red spring wheat to Mexico were adjusted down 340 MT for week ending December 19^th and 476 MT for week ending December 26^th.  These exports were reported in error. 

Corn:  Net sales of 161,900 metric tons for 2019/2020–a marketing-year low-were down 70 percent from the previous week and 83 percent from the prior 4-week average.  Increases primarily for unknown destinations (89,700 MT), Japan (61,400 MT, including 40,900 MT switched from unknown destinations and decreases of 7,600 MT), Colombia (21,800 MT, including decreases of 4,200 MT), El Salvador (15,900 MT, including 1,900 MT switched from Guatemala), and Honduras (7,100 MT), were offset by reductions primarily for Mexico (41,500 MT).  Exports of 514,600 MT were up 15 percent from the previous week and 1 percent from the prior 4-week average.  The destinations were primarily to Mexico (265,400 MT), Japan (89,800 MT), Colombia (82,400 MT), Canada (25,100 MT), and Honduras (23,700 MT).   

Optional Origin Sales:  For 2019/2020, options were exercised to export 128,000 MT to South Korea from othe than the United States.  The current outstanding balance of 368,900 MT is for South Korea (260,000 MT), Egypt (58,900 MT), and Israel (50,000 MT).

Barley: No net sales or exports for 2019/2020 were reported during the week. 

Sorghum:  Net sales of 20,100 MT for 2019/2020 were primarily for Mexico (11,400 MT) and unknown destinations (5,000 MT).  Exports of 75,200 MT were up noticeably from the previous week and up 9 percent from the prior 4-week average.  The destinations were China (63,600 MT) and Mexico (11,600 MT). 

Rice:  Net sales of 35,400 MT for 2019/2020–a marketing-year low–were down 23 percent from the previous week and 27 percent from the prior 4-week average.  Increases were primarily for South Korea (17,000 MT), Saudi Arabia (9,500 MT), Mexico (4,000 MT), Canada (1,700 MT), and Jordan (1,300 MT).  Exports of 111,000 MT were up noticeably from the previous week and up 51 percent from the prior 4-week average.  The destinations were primarily to Mexico (47,400 MT), Haiti (30,500 MT), Saudi Arabia (10,100 MT), Guatemala (9,500 MT), and South Korea (4,100 MT).

Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance is 200 MT, all Canada.

Soybeans:  Net sales of 355,500 MT for 2019/2020 were up 8 percent from the previous week, but down 59 percent from the prior 4-week average.  Increases were primarily for Indonesia (78,600 MT, including 68,000 MT switched from unknown destinations and decreases of 100 MT), Germany (75,800 MT), China (74,700 MT, including 66,000 MT switched from unknown destinations), the Netherlands (67,200 MT, including 60,000 MT switched from unknown destinations), and South Korea (58,700 MT, including 55,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (73,000 MT), Taiwan (500 MT), Pakistan (400 MT), and Malaysia (200 MT).  For 2020/2021, total net sales of 3,400 MT were for Japan.  Exports of 1,118,800 MT were up 4 percent from the previous week, but down 8 percent from the prior 4-week average.  The destinations were primarily to China (353,800 MT), Egypt (128,500 MT), Mexico (102,500 MT), Indonesia (98,100 MT), and Germany (75,800 MT). 

Exports for Own Account:  For 2019/2020, the current exports for own account outstanding balance is 2,100 MT, all Canada.

Export Adjustments: Accumulated exports of soybeans to the Netherland were adjusted down 75,789 MT for week ending December 19^th.  The correct destination is Germany and is included in this week’s report.

Soybean Cake and Meal:  Net sales of 74,200 MT for 2019/2020–a marketing-year low–were down 22 percent from the previous week and 47 percent from the prior 4-week average.  Increases primarily for Ecuador (35,500 MT), Canada (7,400 MT, including decreases of 1,800 MT), unknown destinations (6,000 MT), Honduras (4,600 MT), and the Philippines (4,100 MT), were offset by reductions for Guatemala (900 MT) and Japan (200 MT).  Exports of 148,100 MT were primarily to the Dominican Republic (35,600 MT), Mexico (35,100 MT), Canada (23,100 MT), Colombia (13,000 MT), and Guatemala (12,400 MT).

Soybean Oil:  Net sales of 2,600 MT for 2019/2020 were reported for Mexico (2,300 MT) and Colombia (300 MT).  Exports of 36,700 MT were primarily to Morocco (21,000 MT), Colombia (6,800 MT), Mexico (4,500 MT), and the Dominican Republic (4,200 MT). 

Cotton:  Net sales of 152,000 RB for 2019/2020 were down 38 percent from the previous week and 33 percent from the prior 4-week average.  Increases primarily for Vietnam (97,600 RB, including 6,900 RB switched from Hong Kong, 2,100 RB switched from South Korea, 300 RB switched from Japan, and decreases of 1,500 RB), Pakistan (24,400 RB), Turkey (19,000 RB), South Korea (15,700 RB, including decreases of 200 RB), and Bangladesh (12,800 RB, including decreases of 600 RB), were offset by reductions primarily for India (18,000 RB), Hong Kong (6,900 RB), and Nicaragua (3,900 RB).  For 2020/2021, net sales of 5,500 RB were for Turkey (4,400 RB) and Vietnam (1,100 RB).  Exports of 211,400 RB were down 6 percent from the previous week, but up 2 percent from the prior 4-week average.  Exports were primarily to Pakistan (58,900 RB), Vietnam (54,000 RB), China (34,000 RB), Indonesia (12,600 RB), and Turkey (11,000 RB).  Net sales of Pima totaling 5,200 RB were down 66 percent from the previous week and 62 percent from the prior 4-week average.  Increases were primarily for Pakistan (1,700 RB), India (1,600 RB), Vietnam (900 RB), Greece (700 RB), and Turkey (200 RB).  Exports of 5,400 RB were down 13 percent from the previous week and 37 percent from the prior 4-week average.  The primary destinations were Peru (2,000 RB), India (1,800 RB), Turkey (1,300 RB), and Thailand (200 RB). 

Exports for Own account:  For 2019/2020, new exports for own account totaling 7,200 RB were primarily to Vietnam (5,100 RB).  The current exports for own account outstanding balance of 22,800 RB is for India (8,700 RB), Bangladesh (6,500 RB), Vietnam (5,100 RB), and China (2,500 RB).

Hides and Skins: Net sales of hides and skins for 2020 totaled 157,200 pieces, primarily for China (86,400 pieces, including decreases of 700 pieces), South Korea (29,900 pieces, including decreases of 500 pieces), Thailand (20,400 pieces), Indonesia (19,800 pieces), and Vietnam (1,900 pieces, including decreases of 1,200 pieces), were offset by reductions for Italy (1,400 pieces) and Brazil (700 pieces).  Outstanding sales of hides and skins totaled 2,372,700 pieces on December 31^st and were carried over to 2020.  For 2020, hide and skins exports of 44,300 pieces, were to China (23,200 pieces), South Korea (9,700 pieces), Taiwan (3,600 pieces), and Mexico (2,300 pieces). Accumulated exports of hides and skins in 2019 totaled, 21,748,100 pieces, up 1 percent from the prior year’s total of 21,457,300 pieces.

Net sales of 30,800 wet blues for 2020 were reported.  Increases were reported for South Korea (14,000 grain splits), Taiwan (12,100 unsplit), Italy (5,700 unsplit), Vietnam (1,600 unsplit), and China (100 grain split including decreases of 2,700 unsplit).  Outstanding sales of 536,800 were remaining on December 31^st and carried over to 2020.  Exports of 6,000 wet blues were to China (3,800 unsplit), Italy (1,200 unsplit), and Mexico (1,000 unsplit). Accumulated exports in 2019 totaled 7,266,700 wet blues, up 4 percent from the prior year’s total of 6,976,900 wet blues. Net sales of splits, 1,000 pounds for 2020 were for China (700 pounds) and Vietnam (300 pounds).  Outstanding sales of splits totaled 1,369,200 pounds on December 31^st were carried over to 2020.  No exports of splits for 2020 were reported.  Accumulated exports of splits in 2019 totaled 15,552,200 pounds, down 38 percent from the prior year’s total of 25,103,100 pounds.

 

Beef: Net sales of 8,100 MT for 2020 were primarily for Japan (1,700 MT, including decreases of 200 MT), the Philippines (1,600 MT), South Korea (1,000 MT, including decreases of 100 MT),  Taiwan (1,000 MT, including decreases of 100 MT), and Mexico (900 MT).  Outstanding sales on December 31^st totaled 74,600 MT and were carried over to 2020.  Exports of 4,500 MT were primarily to Japan (1,700 MT), South Korea (1,300 MT), Taiwan (500 MT), Mexico (300 MT), and Hong Kong (200 MT).  Accumulated exports for 2019 totaled 823,500 MT, down 4 percent from the 861,700 MT exported in 2018.

Pork: Net sales of 26,800 MT for 2020 were primarily for China (7,200 MT), Mexico (7,100 MT), South Korea (5,500 MT), Japan (4,100 MT), and Vietnam (1,000 MT).  Outstanding sales on December 31^st totaled 137,400 MT and were carried over to 2020.  Exports of 1,900 MT were primarily to Mexico (500 MT), China (500 MT), Japan (400 MT), Canada (200 MT), and South Korea (100 MT).  Accumulated exports for 2019 totaled 1,624,300 MT, up 39 percent from the 1,168,800 MT exported in 2018.