China Still an Active U.S. Soybean Buyer Last Week

February 27, 2014 01:55 AM
 

The Weekly Export Sales Report for the week ended Feb. 20, 2014, reflected ongoing strong corn demand, improved wheat demand and still impressive soybean demand. Of note, China accounted for the bulk of both old- and new-crop soybean export sales as well as more than 1 MMT of this week's impressive export tally. Cotton export sales were quite disappointing, on the other hand, signaling prices have risen too far. Beef and pork export sales were solid.

USDA Weekly Export Sales Report
Week Ended Feb. 20, 2014

Corn

Actual Sales (in metric tons -- MT)

Combined: 842,300 MT

<​b>2013-14: 840,800 MT<​/strong>

2014-15: 1,500 MT

Trade Expectations

475,000 MT to 775,000 MT

Weekly Sales Details

Net sales of 840,800 MT for 2013-14 were up 22% from the previous week, but down 39% from the prior 4-week average. Increases were reported for Japan (178,900 MT, including 83,300 switched from unknown destinations and decreases of 56,700 MT), Colombia (139,800 MT, including 37,100 MT switched from unknown destinations and decreases of 14,600 MT), Peru (105,400 MT, including 68,000 MT switched from unknown destinations), the Dominican Republic (82,000 MT), and Egypt (68,000 MT). Decreases were reported for China (3,000 MT). Net sales of 1,500 MT for 2014-15 were reported for Honduras.

Weekly Export Details

Exports of 853,100 MT were up 15% from the previous week, but down 1% from the prior 4-week average. The primary destinations were Japan (285,000 MT), Mexico (186,400 MT), Peru (130,100 MT), Colombia (94,100 MT), and South Korea (56,500 MT).

Comments and Performance Indicators

Sales were above expectations. Export commitments for the 2013-14 marketing year are running 148% ahead of year-ago, which compares to 148% ahead of year ago the week before. USDA projects exports in 2013-14 to be 118.9% above the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)

Combined: 564,900 MT

2013-14: 365,100 MT

2014-15: 199,800 MT

Trade Expectations
300,000 MT to 500,000 MT
Weekly Sales Details
Net sales of 365,100 MT for delivery during the 2013-14 marketing year were down 14% from the previous week and 39% from the prior 4-week average. Increases were reported for unknown destinations (51,600 MT), the Philippines (51,000 MT, including 47,000 MT switched from unknown destinations), Thailand (50,500 MT), Brazil (50,000 MT), and Mexico (38,700 MT). Decreases were reported for Uruguay (50,000 MT) and Peru (3,500 MT). Net sales of 199,800 MT for 2014-15 resulted as increases for Venezuela (86,100 MT), South Korea (85,500 MT), and Nigeria (24,000 MT), were partially offset by decreases for Nicaragua (24,000 MT).
Weekly Export Details
Exports of 547,400 MT were up 97% from the previous week and 54% from the prior 4-week average. The primary destinations were Nigeria (101,400 MT), Peru (56,200 MT), Brazil (55,000 MT), South Korea (49,800 MT), and the Philippines (49,100 MT).
Comments and Performance Indicators

Sales were above expectations. Export commitments for the 2013-14 marketing year are running 24% ahead of year-ago, compared to 24% ahead the week prior. USDA projects exports in 2013-14 to be up 16.7% compared with the previous marketing year.

Soybeans

 
Actual Sales (in metric tons -- MT)

Combined: 642,900 MT

 

2013-14: 327,700 MT

2014-15: 315,200 MT

Trade Expectations
400,000 MT to 800,000 MT
Weekly Sales Details
Net sales of 327,700 MT for 2013-14 resulted as increases for China (287,800 MT, including 234,000 MT switched from unknown destinations and decreases of 3,500 MT), Mexico (78,100 MT), the Netherlands (77,200 MT, including 70,000 MT switched from unknown destinations), Germany (75,700 MT), and Spain (66,600 MT, including 65,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (451,000 MT), Russia (1,000 MT), and Canada (1,000 MT). Net sales of 315,200 MT for 2014-15 were reported for China (232,500 MT), unknown destinations (60,000 MT), Canada (20,000 MT), and Mexico (8,000 MT). Decreases were reported for Japan (5,300 MT).
Weekly Export Details
Exports of 1,796,900 MT were up 34% from the previous week and 16% from the prior 4-week average. The primary destinations were China (1,059,100 MT), the Netherlands (77,200 MT), Germany (75,700 MT), Saudi Arabia (67,300 MT), and Spain (66,600 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments for the new marketing year are running 26% ahead of year-ago compared to 27% ahead the week prior. USDA projects exports in 2013-14 to be 14.4% above the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 264,500 MT

2013-14: 115,900 MT<​/strong>

2014-15: 148,600 MT

Trade Expectations
100,000 MT to 250,000 MT
Weekly Sales Details
Net sales of 115,900 MT were down 49% from the previous week and 23% from the prior 4-week average. Increases were reported for Colombia (24,600 MT, including 14,600 MT switched from unknown destinations and decreases of 400 MT), Cuba (22,000 MT), Panama (14,100 MT, including 12,900 MT switched from unknown destinations), the Dominican Republic (10,800 MT), Guatemala (10,100 MT, including 8,400 MT switched from unknown destinations), and Honduras (7,800 MT). Decreases were reported for unknown destinations (4,200 MT) and Bangladesh (1,000 MT). Net sales of 148,600 MT for 2014-15 were reported for unknown destinations (120,000 MT) and Canada (28,600 MT).
Weekly Export Details
Exports of 276,500 MT were up 10% from the previous week, but down 5% from the prior 4-week average. The primary destinations were Turkey (55,100 MT), Mexico (31,900 MT), Colombia (27,600 MT), Ireland (23,200 MT), Cuba (22,000 MT), and Japan (19,900 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments for 2013-14 are running 1% ahead of last year's pace, compared to 3% ahead last week. USDA in September projected exports in 2013-14 will be down 1.9% from the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2013-14: 1,600 MT

Trade Expectations
10,000 MT to 30,000 MT
Weekly Sales Details
Net sales of 1,600 MT for 2013-14 were down 86% from the previous week and 93% from the prior 4-week average. Increases were reported for Nicaragua (1,000 MT), Mexico (700 MT), the Philippines (100 MT), and South Korea (100 MT). Decreases were reported for Canada (400 MT).
Weekly Export Details
Exports of 3,800 MT were down 84% from the previous week and 88% from the prior 4-week average. The primary destinations were Mexico (2,800 MT), Canada (700 MT), South Korea (100 MT), and the Philippines (100 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments for the new marketing year are 33% behind compared to 33% behind year-ago last week. USDA in September projected exports in 2013-14 to be 33.0% behind the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)

Combined: 55,100

 

2013-14: 27,100

 

2014-15: 28,000

Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 27,100 RB for 2013-14--a marketing-year low--were down 62% from the previous week and 87% from the prior 4-week average. Increases were reported for Japan (13,400 RB), Mexico (9,000 RB), Peru (7,100 RB), Taiwan (4,900 RB), Pakistan (4,500 RB), and Thailand (4,300 RB, including 100 RB switched from Japan). Decreases were reported for China (22,600 RB), Turkey (6,700 RB), and South Korea (800 RB). Net sales of 28,000 RB for 2014-15 were reported for Mexico (6,300 RB), Pakistan (4,800 RB), Turkey (4,400 RB), and Indonesia (4,000 RB).
Weekly Export Details
Exports of 277,600 RB were down 15% from the previous week and 16% from the prior 4-week average. The primary destinations were Turkey (84,700 RB), China (44,900 RB), Vietnam (32,700 RB), Mexico (28,000 RB), and Indonesia (22,700 RB).
Comments and Performance Indicators
Export commitments are 6% behind year-ago compared to 8% behind the week prior. USDA projects exports in 2013-14 to be 19.4% behind of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)
2014: 11,700 MT
Weekly Sales Details
Net sales of 11,700 MT for 2014 were up 19% from the previous week and 5% from the prior 4-week average. Increases were reported for Mexico (2,600 MT), Hong Kong (2,300 MT), Japan (2,200 MT), Taiwan (1,200 MT), and Canada (1,100 MT).
Weekly Export Details
Exports of 11,800 MT were primarily to Japan (2,800 MT), South Korea (2,300 MT), Hong Kong (2,200 MT), Mexico (1,900 MT), and Canada (1,400 MT).
Comments and Performance Indicators
Exports compare to 9,900 MT the week before. USDA projects exports in 2014 to be 9.6% below last year's total.

Pork

Actual Sales (in metric tons -- MT)
2014: 12,900 MT
Weekly Sales Details
Net sales of 12,900 MT for 2014 were down 18% from the previous week, but up 18% from the prior 4-week average. Increases were reported for Mexico (7,600 MT), China (1,300 MT), South Korea (1,000 MT), Japan (700 MT), and Australia (500 MT). Decreases were reported for Hong Kong (200 MT), Chile (200 MT), Panama (100 MT), and Republic of South Africa (100 MT).
Weekly Export Details
Exports of 10,700 MT were primarily to Mexico (4,500 MT), South Korea (1,800 MT), Japan (1,300 MT), Canada (900 MT), and Hong Kong (400 MT).
Comments and Performance Indicators
Exports compare to 16,000 MT the week prior. USDA projects exports in 2014 to be 3.0% above last year's total.

Link to USDA report.

 


 

 

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