Corn Export Sales Impress at Just Under 2 MMT

December 27, 2013 01:55 AM
 

The Weekly Export Sales Report for the week ended Dec. 19, indicated lower corn prices have rebuilt demand in a serious way. Total corn sales came in just shy of the 2 MMT, which was WELL above expectations. Soybean and wheat export sales also topped the top end of the pre-report guess range, as did soyoil sales. Cotton export sales were decent last week. Pork and beef export sales improved over the week prior.

USDA Weekly Export Sales Report
Week Ended Dec. 19, 2013

Corn

Actual Sales (in metric tons -- MT)

Combined: 1,987,700 MT

<​b>2013-14: 1,478,500 MT

2014-15: 509,200 MT

Trade Expectations

550,000 MT to 750,000 MT

Weekly Sales Details

Net sales of 1,478,500 MT for 2013-14 were up 79% from the previous week and up noticeably from the prior 4-week average. Increases were reported for Japan (311,500 MT, including 41,100 MT switched from unknown destinations and decreases of 15,200 MT), South Korea (310,300 MT), Mexico (247,000 MT), Egypt (118,700 MT), and Peru (90,200 MT, including 25,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (3,900 MT) and Honduras (900 MT). Net sales of 509,200 MT for 2014-15 were reported for Japan (463,000 MT) and unknown destinations (46,300 MT).

Weekly Export Details

Exports of 1,348,200 MT were up 94% from the previous week and 70% from the prior 4-week average. The primary destinations were Mexico (289,800 MT), Japan (235,400 MT), China (204,600 MT), South Korea (122,200 MT), and Egypt (118,700 MT).

Comments and Performance Indicators

Sales shattered expectations. Export commitments for the 2013-14 marketing year are running 125% ahead of year-ago, which compares to 118% ahead of year ago the week before. USDA projects exports in 2013-14 to be 98.4% above the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)

Combined: 656,900 MT

2013-14: 596,900 MT

2014-15: 60,000

Trade Expectations
350,000 MT to 550,000 MT
Weekly Sales Details
Net sales of 596,900 MT for delivery during the 2013-14 marketing year were down 9% from the previous week, but up 31% from the prior 4-week average. Increases reported for Brazil (140,000 MT), Indonesia (94,400 MT, including 65,000 MT switched from unknown destinations and 30,000 MT from South Korea and decreases of 600 MT), Nigeria (81,900 MT, including 7,000 MT switched from unknown destinations and decreases of 5,000 MT), Egypt (55,000 MT), and China (55,000 MT), were partially offset by decreases for South Korea (25,500 MT), unknown destinations (21,500 MT), Italy (2,100 MT), and Belize (2,000 MT). Net sales of 60,000 MT for 2014-15 were reported for Nigeria (40,000 MT) and unknown destinations (20,000 MT).
Weekly Export Details
Exports of 465,300 MT were up 24% from the previous week and 14% from the prior 4-week average. The primary destinations were Nigeria (106,500 MT), the Philippines (96,600 MT), Indonesia (94,900 MT), Thailand (53,900 MT), and South Korea (26,500 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the 2013-14 marketing year are running 30% ahead of year-ago, compared to 34% ahead the week prior. USDA projects exports in 2013-14 to be up 9.2% compared with the previous marketing year.

Soybeans

 
Actual Sales (in metric tons -- MT)

Combined: 788,300 MT

 

2013-14: 720,200 MT

2014-15: 68,100 MT

Trade Expectations
500,000 MT to 700,000 MT
Weekly Sales Details
Net sales of 720,200 MT for 2013-14 were up 74% from the previous week, but down 23% from the prior 4-week average. Increases were reported for China (517,700 MT, including 254,300 MT switched from unknown destinations and decreases of 18,300 MT), Mexico (105,500 MT), Turkey (51,200 MT), Japan (43,900 MT, including 22,700 MT switched from unknown destinations and decreases of 3,300 MT), and the Netherlands (23,100 MT, including 21,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (38,500 MT), Italy (24,900 MT), and Israel (22,000 MT). Net sales of 68,100 MT for 2014-15 were reported for unknown destinations (60,000 MT) and Japan (8,100 MT).
Weekly Export Details
Exports of 1,445,600 MT were down 8% from the previous week and 17% from the prior 4-week average. The primary destinations were China (1,167,500 MT), Mexico (47,800 MT), Tunisia (33,000 MT), Japan (32,400 MT), and Taiwan (31,700 MT).
Comments and Performance Indicators

Sales were above expectations. Export commitments for the new marketing year are running 31% ahead of year-ago compared to 29% ahead the week prior. USDA projects exports in 2013-14 to be 11.7% above the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 84,400 MT

2013-14: 83,300 MT<​/strong>

2014-15: 1,100 MT

Trade Expectations
50,000 MT to 150,000 MT
Weekly Sales Details
Net sales of 83,300 MT for 2013-14 resulted as increases for Thailand (45,000 MT switched from unknown destinations), the Philippines (40,100 MT), Italy (38,300 MT, including 40,000 MT switched from unknown destinations and decreases of 1,700 MT), Japan (35,100 MT, including 3,000 MT switched from unknown destinations), and Ecuador (32,300 MT, including 30,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (189,600 MT), France (15,900 MT), and Israel (5,800 MT). Net sales of 1,100 MT for 2014-15 were reported for Nicaragua.
Weekly Export Details
Exports of 292,900 MT were up 11% from the previous week, but down 6% from the prior 4-week average. The primary destinations were Mexico (47,000 MT), Italy (38,300 MT), Ecuador (32,300 MT), Colombia (31,600 MT), and Poland (29,000 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for 2013-14 are running 5% ahead of last year's pace, compared to 5% ahead last week. USDA in September projected exports in 2013-14 will be down 7.2% from the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

 

2013-14: 83,900 MT

Trade Expectations
0 MT to 15,000 MT
Weekly Sales Details
Net sales of 83,900 MT for 2013-14 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Panama (42,000 MT), the Dominican Republic (15,400 MT), Peru (14,500 MT), and Mexico (8,200 MT).
Weekly Export Details
Exports of 25,400 MT were up 81% from the previous week and 26% from the prior 4-week average. The primary destinations were Colombia (10,200 MT), Mexico (4,800 MT), Venezuela (4,000 MT), and Jamaica (3,500 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments for the new marketing year are 40% behind compared to 56% behind year-ago last week. USDA in September projected exports in 2013-14 to be 5.5% behind the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 242,300 RB
2013-14: 221,600 RB
2014-15: 20,700 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 221,600 RB for 2013-14 were down 6% from the previous week 4% from the prior 4-week average. Increases were reported for Turkey (83,400 RB), China (43,400 RB), Vietnam (39,600 RB), Indonesia (14,100 RB), and India (7,800 RB). Net sales of 20,700 RB for 2014-15 were reported for Indonesia (9,300 RB), South Korea (5,800 RB), and Mexico (5,500 RB).
Weekly Export Details
Exports of 157,100 RB were up 5% from the previous week and 21% from the prior 4-week average. The primary destinations were Turkey (39,800 RB), China (30,000 RB), Vietnam (16,400 RB), Mexico (12,600 RB), and Pakistan (9,500 RB).
Comments and Performance Indicators
Export commitments are 19% behind year-ago compared to 19% behind the week prior. USDA projects exports in 2013-14 to be 20.2% behind of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

Combined: 13,200 MT

2013: -7,200 MT<​/b>​<​/b>

2014: 20,400 MT

Weekly Sales Details
Net sales reductions of 7,200 MT for 2013 resulted as increases for Mexico (700 MT), Japan (200 MT), Italy (100 MT), and Egypt (100 MT), were more than offset by decreases for Hong Kong (4,700 MT), South Korea (2,900 MT), Taiwan (500 MT), Canada (200 MT), and Moldova (100 MT). Net sales of 20,400 MT for 2014 were reported for Hong Kong (5,500 MT), South Korea (4,600 MT), and Mexico (4,500 MT).
Weekly Export Details
Exports of 18,000 MT were primarily to Mexico (4,500 MT), South Korea (3,700 MT), Hong Kong (3,100 MT), Japan (2,900 MT), and Canada (2,200 MT).
Comments and Performance Indicators
Exports compare to 6,600 MT the week before. USDA projects exports in 2013 to be 2.1% above last year's total.

Pork

Actual Sales (in metric tons -- MT)

Combined: 11,300 MT

<​b>2013: 5,600 MT

2014: 5,700 MT

Weekly Sales Details
Net sales of 5,600 MT for 2013 were down 42% from the previous week and 33% from the prior 4-week average. Increases were reported for Mexico (3,400 MT), Japan (1,600 MT), Honduras (500 MT), Australia (500 MT), and Colombia (200 MT). Decreases were reported for South Korea (700 MT) and Hong Kong (200 MT). Net sales of 5,700 MT for 2014 were for South Korea (2,300 MT), Mexico (2,000 MT), Canada (700 MT), and Hong Kong (400 MT).
Weekly Export Details
Exports of 14,000 MT were primarily to Mexico (5,300 MT), South Korea (2,500 MT), Canada (1,500 MT), Hong Kong (1,300 MT), and Japan (1,100 MT).
Comments and Performance Indicators
Exports compare to 9,700 MT the week prior. USDA projects exports in 2013 to be 7.6% below last year's total.

Link to USDA report.

 


 

 

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