Corn Export Sales Surge, Soybeans Disappoint

February 13, 2014 01:54 AM
 

The Weekly Export Sales Report for the week ended Feb. 6, 2014, reflected ongoing strong demand for U.S. corn and decent demand for U.S. wheat. Soybean export sales, on the other hand, were quite light due in part to a 326,900 MT old-crop soybean decrease by unknown destinations. China was the lead buyer of both old- and new-crop U.S. beans in today's report. Cotton export sales were decent. Beef and pork export sales surged from last week's tallies.

USDA Weekly Export Sales Report
Week Ended Feb. 6, 2014

Corn

Actual Sales (in metric tons -- MT)

Combined: 1,340,900

<​strong>2013-14: 1,269,800<​/b>

2014-15: 71,100

Trade Expectations

800,000 MT to 1,200,000 MT

Weekly Sales Details

Net sales of 1,269,800 MT for 2013-14 were down 25% from the previous week, but up 1% from the prior 4-week average. Increases were reported for unknown destinations (421,900 MT), Colombia (233,800 MT, including 65,000 MT switched from unknown destinations and decreases of 4,400 MT), South Korea (233,500 MT), Mexico (144,200 MT), and Japan (109,700 MT, including 42,500 MT switched from unknown destinations). Decreases were reported for China (228,000 MT) and the United Kingdom (1,600 MT). Net sales of 71,100 MT for 2014-15 were reported for unknown destinations (50,800 MT) and Japan (20,300 MT).

Weekly Export Details

Exports of 952,500 MT were up 28% from the previous week and 18% from the prior 4-week average. The primary destinations were Mexico (221,000 MT), Japan (209,100 MT), South Korea (178,300 MT), Colombia (115,700 MT), and Saudi Arabia (69,800 MT).

Comments and Performance Indicators

Sales were well above expectations. Export commitments for the 2013-14 marketing year are running 149% ahead of year-ago, which compares to 145% 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: 626,600

 

2013-14: 597,000

2014-15: 29,600

Trade Expectations
450,000 MT to 750,000 MT
Weekly Sales Details
Net sales of 597,000 MT for delivery during the 2013-14 marketing year were down 7% from the previous week, but up 12% from the prior 4-week average. Increases were reported for Japan (194,500 MT), Nigeria (120,700 MT), Indonesia (60,000 MT), Colombia (52,500 MT), and Yemen (45,000 MT). Decreases were reported for Guatemala (15,200 MT), Venezuela (14,700 MT), South Korea (10,700 MT), and the French West Indies (6,800 MT). Net sales of 29,600 MT for 2014-15 were reported for Brazil (25,000 MT) and Italy (4,600 MT).
Weekly Export Details
Exports of 403,700 MT were up 10% from the previous week, but down 8% from the prior 4-week average. The primary destinations were Mexico (75,700 MT), Japan (45,200 MT), Venezuela (37,300 MT), Taiwan (34,900 MT), and Guatemala (31,900 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments for the 2013-14 marketing year are running 26% ahead of year-ago, compared to 27% 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: 296,200

 

2013-14: 173,600

2014-15: 122,600

Trade Expectations
600,000 MT to 950,000 MT
Weekly Sales Details
Net sales of 173,600 MT for 2013-14 resulted as increases for China (320,700 MT, including 301,000 MT switched from unknown destinations and decreases of 116,900 MT), Mexico (64,700 MT), South Korea (49,500 MT, including 55,000 MT switched from unknown destinations and decreases of 5,500 MT), Indonesia (14,900 MT), and Colombia (13,200 MT), were partially offset by decreases for unknown destinations (326,900 MT). Net sales of 122,600 MT for 2014-15 were reported for China (115,000 MT) and Japan (7,600 MT).
Weekly Export Details
Exports of 1,494,000 MT were down 1% from the previous week and 9% from the prior 4-week average. The primary destinations were China (1,076,600 MT), Mexico (125,600 MT), Russia (60,700 MT), Bangladesh (51,900 MT), and South Korea (51,300 MT).
Comments and Performance Indicators

Sales were well below expectations. Export commitments for the new marketing year are running 27% ahead of year-ago compared to 26% 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: 232,700

 

2013-14: 18,700

 

2014-15: 214,000

Trade Expectations
150,000 MT to 300,000 MT
Weekly Sales Details
Net sales of 18,700 MT for 2013-14--a marketing-year low--were down 93% from the previous week and 91% from the prior 4-week average. Increases were reported for Russia (46,200 MT, including 52,000 MT switched from unknown destinations and decreases of 5,800 MT), Cuba (22,000 MT, switched from unknown destinations), Guatemala (13,200 MT), Honduras (10,200 MT, including 6,500 MT switched from unknown destinations), the Dominican Republic (9,500 MT), and Mexico (8,700 MT). Decreases were reported for unknown destinations (104,700 MT) and Ireland (34,000 MT). Net sales of 214,000 MT for 2014-15 were reported for unknown destinations (176,200 MT), Ireland (36,000 MT), and Ecuador (1,800 MT).
Weekly Export Details
Exports of 290,100 MT were up 10% from the previous week, but down 3% from the prior 4-week average. The primary destinations were Thailand (48,300 MT), Russia (46,200 MT), the Philippines (44,300 MT), Venezuela (38,000 MT), Cuba (22,000 MT), and Morocco (19,800 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for 2013-14 are running 3% ahead of last year's pace, compared to 5% 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: 53,500

Trade Expectations
10,000 MT to 50,000 MT
Weekly Sales Details
Net sales of 53,300 MT for 2013-14 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for China (35,000 MT, switched from unknown destinations), the Dominican Republic (8,100 MT), unknown destinations (5,000 MT), and Mexico (3,800 MT). Decreases were reported for Canada (600 MT) and Egypt (100 MT).
Weekly Export Details
Exports of 24,500 MT were up noticeably from the previous week, but down 1% from the prior 4-week average. The primary destinations were Egypt (19,900 MT), Mexico (3,500 MT), Canada (800 MT), and Trinidad (100 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments for the new marketing year are 39% behind compared to 32% 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: 202,200

2013-14: 120,300

 

2014-15: 81,900

Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 120,300 RB for 2013-14 were down 33% from the previous week and 65% from the prior 4-week average. Increases were reported for Turkey (42,400 RB), Bangladesh (38,300 RB), Mexico (32,300 RB), Indonesia (18,100 RB, including 300 RB switched from Japan), and Thailand (7,100 RB). Decreases were reported for China (41,600 RB) and El Salvador (1,200 RB). Net sales of 81,900 RB for 2014-15 were reported for South Korea (24,700 RB), Peru (22,500 RB), and Mexico (20,000 RB).
Weekly Export Details
Exports of 336,600 RB were down 6% from the previous week, but up 21% from the prior 4-week average. The primary destinations were China (94,900 RB), Turkey (91,900 RB), Vietnam (37,200 RB), Mexico (24,700 RB), and Indonesia (13,800 RB).
Comments and Performance Indicators
Export commitments are 14% behind year-ago compared to 13% 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: 00 16,600
Weekly Sales Details
Net sales of 16,600 MT for 2014 were up noticeably from the previous week and 38% from the prior 4-week average. Increases were reported for Japan (7,300 MT), South Korea (2,400 MT), Hong Kong (2,300 MT), Mexico (2,000 MT), and Canada (1,900 MT).
Weekly Export Details
Exports of 11,900 MT were primarily to Japan (2,700 MT), Hong Kong (2,400 MT), South Korea (2,300 MT), Mexico (1,800 MT), and Canada (1,500 MT).
Comments and Performance Indicators
Exports compare to 8,100 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: 12,600
Weekly Sales Details
Net sales of 12,600 MT for 2014 were up 92% from the previous week and 27% from the prior 4-week average. Increases were reported for Mexico (6,800 MT), Japan (2,700 MT), South Korea (800 MT), Canada (800 MT), and Colombia (500 MT).
Weekly Export Details
Exports of 11,000 MT were primarily to Mexico (4,400 MT), South Korea (1,500 MT), Japan (1,200 MT), Canada (1,100 MT), and Hong Kong (800 MT).
Comments and Performance Indicators
Exports compare to 6,600 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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