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Tony_Dreibus
Veteran Contributor

Floor Talk January 26

USDA released its delayed Weekly Export Sales Report Friday. Here it is:

 

This summary is based on reports from exporters for the period January 12-18, 2018. 

 

Wheat:  Net sales of 427,200 metric tons for delivery in marketing year 2017/2018 were up noticeably from the previous week and from the prior 4-week average. Increases were for unknown destinations (201,800 MT), Mexico (51,100 MT, including decreases of 2,800 MT), Japan (45,000 MT), the Philippines (34,500 MT, including decreases of 3,600 MT), and Morocco (30,000 MT). For 2018/2019, net sales of 26,500 MT were for unknown destinations (25,000 MT) and Honduras (1,500 MT). Exports of 376,800 MT were down 11 percent from the previous week, but up 4 percent from the prior 4-week average. The primary destinations were to the Philippines (109,500 MT), South Korea (69,900 MT), Mexico (68,200 MT), Iraq (51,500 MT), and Taiwan (44,400 MT).

Exports for Own Account:  The current outstanding balance of 4,300 MT is for Italy. 

 

Corn:  Net sales of 1,445,900 MT for 2017/2018 were down 22 percent from the previous week, but up 59 percent from the prior 4-week average. Increases were reported for unknown destinations (355,900 MT), South Korea (263,000 MT, including 60,000 MT switched from unknown destinations), Japan (170,700 MT, including decreases of 53,300 MT), Guatemala (107,700 MT, including 18,900 MT switched from unknown destinations and decreases of 500 MT), Mexico (90,500 MT, including decreases of 17,300 MT), and Venezuela (90,000 MT). Reductions were reported for Honduras (5,800 MT). For 2018/2019, net sales of 85,100 MT were for Vietnam (60,000 MT), Guatemala (21,200 MT), and Japan (3,900 MT). Exports of 599,000 MT were down 3 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Mexico (204,100 MT), Japan (112,100 MT), Colombia (91,600 MT), Peru (83,300 MT), and Costa Rica (44,900 MT).

Optional Origin Sales:  For 2017/2018, the current optional origin outstanding balance of 669,500 MT is for South Korea (342,000 MT), unknown destinations (261,500 MT), and Vietnam (66,000 MT).

 

 

Soybeans:  Net sales of 616,300 MT for 2017/2018 were down 50 percent from the previous week and 24 percent from the prior 4-week average. Increases were reported for China (142,500 MT, including 63,000 MT switched from unknown destinations and decreases of 5,400 MT), Egypt (110,000 MT), Thailand (106,900 MT, including 71,400 MT switched from unknown destinations and decreases of 100 MT), Mexico (86,500 MT, including decreases of 8,700 MT), and Indonesia (82,500 MT, including 50,000 MT switched from unknown destinations and decreases of 800 MT). Reductions were reported for unknown destinations (78,000 MT), Honduras (13,500 MT), and Colombia (500 MT). For 2018/2019, net sales of 143,100 MT were reported for unknown destinations (130,000 MT) and Japan (13,100 MT). Exports of 1,243,700 MT were up 6 percent from the previous week, but down 3 percent from the prior 4-week average. The primary destinations were China (517,600 MT), Thailand (172,800 MT), Pakistan (138,300 MT), Indonesia (72,100 MT), and Spain (71,500 MT).

Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance is 63,000 MT, all China.  

Export for Own Account:  The current outstanding balance of 12,200 MT is for Canada. 

Export Adjustments: Accumulated exports to China were adjusted down 64,900 MT for week ending January 4th.  

 

 

Soybean Cake and Meal:   Net sales of 223,100 MT for 2017/2018 were down 21 percent from the previous week, but unchanged from the prior 4-week average. Increases were reported for Guatemala (60,100 MT, including 8,600 MT switched from unknown destinations and decreases of 1,100 MT), Mexico (46,400 MT, including decreases of 32,400 MT), Vietnam (25,000 MT), Egypt (20,000 MT), and Honduras (17,100 MT). Reductions were reported for unknown destinations (17,500 MT) and Morocco (6,000 MT). For 2018/2019, net sales of 1,000 MT were reported for Mexico. Exports of 196,800 MT were up 4 percent from the previous week and 3 percent from the prior4-week average. The primary destinations were Thailand (45,200 MT), Ecuador (32,100 MT), Mexico (29,300 MT), Colombia (25,400 MT), and Canada (17,600 MT).

 

 

Miike

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Grains were higher overnight as the dollar continued its march to the lowest in more than three years. Wheat was up 2-3 cents, corn gained a penny and soybeans were little changed. The dollar fell another half-percentage point overnight to another cycle low. Treasury Secretary Mnuchin said earlier this week that the value of the dollar wasn't his concern, and that a weaker greenback actually makes us more competitive, which is 100% true. President Trump, after a 2% decline in the dollar's value, tried to stop the bleeding by saying he values a strong dollar, and Mnuchin said his comments were taken out of context, even after yesterday saying he "stands by" what he said earlier this week. It didn't matter, at least not overnight, as the dollar value's slide continues. That's good for ags, though, as it may finally give overseas buyers the impetus they need to purchase US goods. In weather news, it's going to be cold in the Upper Midwest this weekend, while it's still dry and warm in the southern Plains. Check out all the details in today's 3 Big Things at https://www.agriculture.com/news/three-big-things/3-big-things-today-january-26.

 

Brent Crude Oil = up 0.1%.

West Texas Intermediate = down 1%.

Dollar = down 0.5%.

Wall Street = U.S. stock futures higher in pre-market trading.

World Markets = Global stocks higher overnight.

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