Not so good sales. Strong dollar? Low world wheat prices? China not buying US beans?
However, weather may be turning more bullish if we can get the pattern to amplify more. The pattern overnight actually de-amplified/was less impressive than the one on models yesterday evening.
https://apps.fas.usda.gov/export-sales/highlite.htm
Export Sales Highlights
This summary is based on reports from exporters for the period May 4-10, 2018.
Wheat: Net sales of 63,100 metric tons for delivery in marketing year 2017/2018 were up 79 percent from the previous week, but down 50 percent from the prior 4-week average.Increases were primarily for Yemen (52,700 MT, including 50,000 MT switched from unknown destinations), the Philippines (52,000 MT), Iraq (50,500 MT, including 50,000 MT switched from unknown destinations), Ecuador (35,800 MT, including 35,000 MT switched from unknown destinations and decreases of 500 MT), and Japan (28,800 MT, including decreases of 22,000 MT).Reductions were primarily reported for unknown destinations (143,000 MT) and South Korea (22,500 MT).For 2018/2019, net sales of 131,700 MT were primarily reported for Japan (48,000 MT), South Korea (24,800 MT), and Mexico (19,200 MT). Exports of 409,900 MT were up 27 percent from the previous week, but unchanged from the prior 4-week average.The primary destinations were to Japan (95,600 MT), Yemen (52,700 MT), Iraq (50,500 MT), Mexico (50,300 MT), and Ecuador (35,800 MT).
Corn: Net sales of 985,700 MT for 2017/2018 were up 42 percent from the previous week and 15 percent from the prior 4-week average.Increases were reported for Japan (401,500 MT, including 154,500 MT switched from unknown destinations), Colombia (122,500 MT, including 50,000 MT switched from unknown destinations and decreases of 2,300 MT), Vietnam (120,600 MT, including 130,000 MT switched from unknown destinations and decreases of 9,400 MT), Mexico (92,700 MT, including decreases of 18,600 MT), and Taiwan (79,200 MT, including decreases of 2,100 MT).Reductions were primarily for unknown destinations (279,400 MT).For 2018/2019, net sales of 129,200 MT were reported for Mexico (119,200 MT) and Taiwan (10,000 MT).Exports of 1,563,800 MT were down 12 percent from the previous week and 4 percent from the prior 4-week average.The destinations were primarily to Mexico (364,900 MT), Japan (318,000 MT), Taiwan (162,300 MT), Vietnam (120,600 MT), and Colombia (80,800 MT).
Optional Origin Sales: For 2017/2018, options were exercised to export 174,000 MT to unknown destinations (104,000 MT) and South Korea (70,000 MT) from other than the United States.The current optional origin outstanding balance of 534,000 MT is for South Korea (344,000 MT), Vietnam (65,000 MT), unknown destinations (75,000 MT), and Egypt (50,000 MT).
Barley: Net sales reductions of 7,000 MT for 2017/2018 resulted as increases for South Korea (100 MT), were more than offset by reductions for Japan (7,100 MT). For 2018/2019, net sales of 7,100 were reported for Japan.Exports of 500 MT were to South Korea (300 MT) and Taiwan (200 MT).
Sorghum: Net sales of 59,400 MT for 2017/2018 were reported for Japan (65,200 MT, including 6,100 MT switched from unknown destinations), Taiwan (700 MT), and Mexico (400 MT).Reductions were primarily for unknown destinations (6,100 MT).For 2018/2019, net sales of 38,000 MT were reported for Mexico.Exports of 65,900 MT were down 66 percent from the previous week and 43 percent from the prior 4-week average.The destinations were Japan (65,300 MT), Taiwan (400 MT), and Mexico (300 MT).
Export Adjustments: Accumulated exports to China were adjusted down 58,250 MT for week ending March 15th.The correct destination is Japan and is included in this week’s report.
Rice: Net sales of 35,900 MT for 2017/2018 were down 29 percent from the previous week and 27 percent from the prior 4-week average.Increases were reported for Mexico (22,700 MT), Canada (3,600 MT, including decreases of 300 MT), Austria (2,200 MT), Germany (1,900 MT), and El Salvador (1,200 MT).Exports of 51,300 MT were down 28 percent from the previous week and 5 percent from the prior 4-week average.The destinations were Costa Rica (16,300 MT), Honduras (11,000 MT), El Salvador (5,100 MT), Mexico (4,200 MT), and Canada (3,200 MT, including 500 MT late reporting).
Soybeans: Net sales of 281,900 MT for 2017/2018 were down 20 percent from the previous week and 48 percent from the prior 4-week average.Increases were reported for the Netherlands (127,900 MT, including 121,000 MT switched from unknown destinations and decreases of 2,300 MT), Egypt (97,400 MT, including 49,000 MT switched from unknown destinations and decreases of 2,600 MT), Mexico (85,600 MT), Indonesia (69,000 MT, including 25,000 MT switched from unknown destinations and decreases of 400 MT), and Japan (45,000 MT, including 30,200 MT switched from unknown destinations and decreases of 200 MT).Reductions were primarily for unknown destinations (224,500 MT). For 2018/2019, net sales of 224,700 MT were primarily reported for Pakistan (66,000 MT), Mexico (62,000 MT), and unknown destinations (60,000 MT).Exports of 654,500 MT were up 39 percent from the previous week and 30 percent from the prior 4-week average.The destinations were primarily to China (129,500 MT), the Netherlands (127,900 MT), Egypt (112,400 MT), Mexico (78,500 MT), and Indonesia (44,900 MT).
Export for Own Account: The current outstanding balance of 12,200 MT is for Canada.
Soybean Cake and Meal: Net sales of 376,000 MT for 2017/2018 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for the Philippines (165,100 MT), Spain (46,900 MT), Morocco (29,300 MT, including decreases of 700 MT), Venezuela (22,000 MT), and Vietnam (20,000 MT).Reductions were primarily for El Salvador (4,300 MT) and unknown destinations (1,000 MT).For 2018/2019, net sales of 45,700 were reported for the Philippines (45,000 MT) and Canada (700 MT). Exports of 260,400 MT were down 14 percent from the previous week and 10 percent from the prior 4-week average.The primary destinations were Mexico (90,800 MT), Thailand (52,500 MT), Vietnam (26,600 MT), Spain (19,400 MT), and Canada (12,100 MT).
Soybean Oil: Net sales of 10,200 MT were down 78 percent from the previous week and 69 percent from the prior 4-week average.Increases were reported for South Korea (20,000 MT, switched from unknown destinations), Mexico (6,400 MT), the Dominican Republic (3,900 MT), and Canada (300 MT).Reductions were primarily for unknown destinations (20,000 MT).Exports of 40,200 MT were down 44 percent from the previous week, but up 24 percent from the prior 4-week average.The primary destinations were South Korea (20,000 MT), the Dominican Republic (9,700 MT), Peru (5,600 MT), Colombia (2,800 MT), and Mexico (1,200 MT).
Cotton: Net sales of 153,300 running bales for 2017/2018 were down 21 percent from the previous week and 38 percent from the prior 4-week average.Increases were reported for Vietnam (73,000 RB, including 10,500 RB switched from China and 900 RB switched from South Korea), Indonesia (21,700 RB, including 1,500 RB switched from China, 400 RB switched from Japan, and 400 RB switched from Sri Lanka), Turkey (13,600 RB, including decreases of 500 RB), Pakistan (13,200 RB, including decreases of 1,600 RB), and South Korea (12,100 RB, including 2,700 RB switched from China and decreases 300 RB).Reductions were primarily reported for Japan (2,200 RB) and Egypt (2,200 RB).For 2018/2019, net sales of 229,300 RB were primarily for Indonesia (69,700 RB), Vietnam (64,300 RB), China (24,300 RB), and South Korea (18,100 RB), were partially offset by reductions for the Philippines (1,100 RB). Exports of 422,700 RB were down 17 percent from the previous week and 2 percent from the prior 4-week average.The primary destinations were Vietnam (73,500 RB), Turkey (67,500 RB), China (51,800 RB), Pakistan (49,100 RB), and Bangladesh (30,100 RB).Net sales of Pima totaling 2,100 RB for 2017/2018 were down 38 percent from the previous week and 67 percent from the prior 4-week average.Increases were primarily reported for Italy (900 RB, switched from unknown destinations), China (900 RB), Bangladesh (400 RB), and Bahrain (300 RB).Reductions were reported for unknown destinations (900 RB) and Japan (100 RB).Exports of 11,700 RB were up 13 percent from the previous week and 22 percent from the prior 4-week average.The primary destinations were India (6,100 RB), China (4,800 RB), and Pakistan (300 RB).