Corn Export Sales Surge to More Than 1.7 MMT

February 6, 2014 01:57 AM
 

The Weekly Export Sales Report for the week ended Jan. 30, 2014, reflected ongoing demand strength for corn that is keeping the pace of exports well ahead of USDA's projection for the current marketing years. Wheat and soybean export sales came in near the top end of expectations, though soybean decreases for 2013-14 by "unknown" could be China backing out of its previous orders.

USDA Weekly Export Sales Report
Week Ended Jan. 30, 2014

Corn

Actual Sales (in metric tons -- MT)

<​b><​strong>2013-14: 1,700,100 MT<​/strong>

Trade Expectations

900,000 MT to 1,200,000 MT

Weekly Sales Details

Net sales of 1,700,100 MT for 2013-14 were down 8% from the previous week, but up 94% from the prior 4-week average. Increases were reported for Japan (798,900 MT, including 117,000 MT switched from China, 83,700 MT switched from unknown destinations, and decreases of 50,000 MT), unknown destinations (311,900 MT), Spain (280,000 MT), Vietnam (78,100 MT), and Taiwan (66,500 MT, including 57,400 MT switched from China). Decreases were reported for China (72,400 MT) and Peru (1,400 MT).

Weekly Export Details

Exports of 747,300 MT were down 26% from the previous week and 3% from the prior 4-week average. The primary destinations were Japan (255,000 MT), Taiwan (137,000 MT), Mexico (121,700 MT), Vietnam (63,100 MT), and Venezuela (32,000 MT).

Comments and Performance Indicators

Sales were well above expectations. Export commitments for the 2013-14 marketing year are running 145% ahead of year-ago, which compares to 136% 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: 733,600 MT

 

2013-14: 638,800 MT

2014-15: 94,800 MT

Trade Expectations
500,000 MT to 750,000 MT
Weekly Sales Details
Net sales of 638,800 MT for delivery during the 2013-14 marketing year were down 15% from the previous week, but up 62% from the prior 4-week average. Increases were reported for Guatemala (138,000 MT), Japan (96,700 MT, including 1,500 MT switched from unknown destinations), Brazil (82,500 MT, including 25,000 MT switched from unknown destinations), the Philippines (53,400 MT, including 51,000 MT switched from unknown destinations), and Mexico (51,300 MT). Decreases were reported for the Leeward Windward Islands (2,100 MT) and Barbados (1,500 MT). Net sales of 94,800 MT for 2014-15 were reported for the Philippines (50,000 MT), unknown destinations (25,000 MT), Italy (12,800 MT), and Colombia (7,000 MT).
Weekly Export Details
Exports of 367,900 MT were down 2% from the previous week and 18% from the prior 4-week average. The primary destinations were the Philippines (101,400 MT), Mexico (63,900 MT), South Korea (45,000 MT), Taiwan (42,100 MT), and Chile (31,100 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments for the 2013-14 marketing year are running 27% ahead of year-ago, compared to 26% ahead the week prior. USDA projects exports in 2013-14 to be up 11.7% compared with the previous marketing year.

Soybeans

 
Actual Sales (in metric tons -- MT)

Combined: 796,500 MT

 

2013-14: 577,000 MT

2014-15: 219,500 MT

Trade Expectations
550,000 MT to 850,000 MT
Weekly Sales Details
Net sales of 577,000 MT for 2013-14 were up 59% from the previous week and 25% from the prior 4-week average. Increases were reported for China (436,400 MT, including 180,000 MT switched from unknown destinations and decreases of 4,900 MT), Indonesia (200,400 MT, including 25,100 MT switched from unknown destinations), the Netherlands (75,700 MT, including 70,000 MT switched from unknown destinations), Japan (74,500 MT, including 47,200 MT switched from unknown destinations), and Germany (67,200 MT). Decreases were reported for unknown destinations (530,500 MT) and Canada (6,500 MT). Net sales of 219,500 MT for 2014-15 were reported for unknown destinations (118,000 MT), China (60,000 MT), the Netherlands (38,100 MT), and Japan (3,400 MT).
Weekly Export Details
Exports of 1,508,100 MT were down 24% from the previous week and 10% from the prior 4-week average. The primary destinations were China (922,300 MT), Mexico (82,900 MT), Taiwan (77,400 MT), and the Netherlands (75,700 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the new marketing year are running 26% ahead of year-ago compared to 28% ahead the week prior. USDA projects exports in 2013-14 to be 13.3% above the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 408,700 MT

<​b>2​013-14: 283,700 MT<​/strong>

2014-15: 125,000 MT

Trade Expectations
100,000 MT to 200,000 MT
Weekly Sales Details
Net sales of 283,700 MT for 2013-14 were up noticeably from the previous week and 87% from the prior 4-week average. Increases were reported for the Philippines (90,500 MT), Canada (54,800 MT), Italy (38,400 MT, including 40,000 MT switched from unknown destinations and decreases of 1,600 MT), Ecuador (27,900 MT), Mexico (20,900 MT), and Ireland (16,000 MT). Decreases were reported for unknown destinations (54,900 MT). Net sales of 125,000 MT for 2014-15 were reported for unknown destinations.
Weekly Export Details
Exports of 264,100 MT were down 25% from the previous week and 17% from the prior 4-week average. The primary destinations were Venezuela (56,000 MT), the Philippines (54,500 MT), Italy (38,400 MT), Morocco (34,300 MT), Ecuador (30,900 MT), and Mexico (12,900 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments for 2013-14 are running 5% ahead of last year's pace, compared to 3% ahead last week. USDA in September projected exports in 2013-14 will be down 3.7% from the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2013-14: 26,000 MT

Trade Expectations
0 MT to 30,000 MT
Weekly Sales Details
Net sales of 26,000 MT for 2013-14 were up noticeably from the previous week and 34% from the prior 4-week average. Increases were reported for Morocco (15,000 MT), Mexico (3,700 MT), Jamaica (3,500 MT), and Peru (1,900 MT).
Weekly Export Details
Exports of 10,300 MT were down 85% from the previous week and 55% from the prior 4-week average. The primary destinations were Mexico (3,700 MT), Nicaragua (2,500 MT), Panama (2,000 MT), and El Salvador (1,200 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 39% behind compared to 40% 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: 215,400 RB

 

2013-14: 179,800 RB

 

2014-15: 35,600 RB

Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 179,800 RB for 2013-14 were down 63% from the previous week and 43% from the prior 4-week average. Increases were reported for Turkey (62,000 RB), Indonesia (23,600 RB, including 200 RB switched from Japan), China (13,800 RB), Taiwan (13,500 RB), and Bangladesh (13,200 RB). Net sales of 35,600 RB for 2014-15 were reported for South Korea (17,200 RB), Turkey (8,800 RB), and Mexico (4,900 RB).
Weekly Export Details
Exports of 358,600 RB--a marketing-year high--were up 18% from the previous week and 48% from the prior 4-week average. The primary destinations were China (96,400 RB), Turkey (94,100 RB), Indonesia (36,000 RB), Mexico (25,000 RB), and Thailand (20,800 RB).
Comments and Performance Indicators
Export commitments are 13% behind year-ago compared to 14% 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: 8,100 MT
Weekly Sales Details
Net sales of 8,100 MT for 2014 were reported for Hong Kong (1,700 MT), Japan (1,600 MT), Taiwan (1,500 MT), South Korea (1,000 MT), and Mexico (900 MT).
Weekly Export Details
Exports of 12,300 MT were primarily to Japan (2,800 MT), South Korea (2,800 MT), Mexico (2,000 MT), Hong Kong (1,900 MT), and Canada (1,300 MT).
Comments and Performance Indicators
Exports compare to 10,600 MT the week before. USDA projects exports in 2014 to be 7.9% below last year's total.

Pork

Actual Sales (in metric tons -- MT)
2014: 6,600 MT
Weekly Sales Details
Net sales of 6,600 MT for 2014 were reported for Mexico (2,600 MT), South Korea (1,200 MT), Hong Kong (700 MT), Japan (500 MT), and Taiwan (300 MT).
Weekly Export Details
Exports of 11,300 MT were primarily to Mexico (4,000 MT), South Korea (1,500 MT), Japan (1,500 MT), Canada (900 MT), and Hong Kong (700 MT).
Comments and Performance Indicators
Exports compare to 8,700 MT the week prior. USDA projects exports in 2014 to be 4.1% above last year's total.

Link to USDA report.

 


 

 

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