Corn Export Sales Surge; Wheat & Bean Sales Also Impress

March 27, 2014 02:54 AM
 

The Weekly Export Sales Report for the week ended March 20, 2014, showed corn, soybean and wheat export sales topping expectations by a wide margin, with soybeans more than doubling top end of expectations. The light old-crop soybean sales tally did include cancellations amounting to around 300,000 MT, but a strong new-crop sales figure featured China as the lead buyer. Export commitments for corn, soybeans and wheat all remain above the pace needed to meet USDA's export projection, with corn commitments running nearly 44 percentage points ahead of the pace needed to reach USDA's projection.

USDA Weekly Export Sales Report
Week Ended March 20, 2014

Corn

Actual Sales (in metric tons -- MT)

Combined: 1,436,700

2013-14: 1,408,300 MT<​/b>

2014-15: 28,400 MT

Trade Expectations

525,000 MT to 725,000 MT

Weekly Sales Details

Net sales of 1,408,300 MT for2013-14 were up 89% from the previous week and 49% from the prior 4-week average. Increases were reported for Egypt (431,100 MT, including 26,100 MT switched from unknown destinations), Mexico (239,600 MT) Colombia (187,400 MT, including 62,700 MT switched from unknown destinations and decreases of 1,800 MT), South Korea (139,000 MT), Japan (110,300 MT, including 108,200 MT switched from unknown destinations and decreases of 29,100 MT), Taiwan (72,000 MT), Morocco (37,300 MT, including 20,000 MT switched from unknown destinations and 12,000 MT switched from China), and Peru (35,200 MT). Decreases were reported for unknown destinations (16,100 MT), China (9,500 MT), and Guatemala (2,900 MT). Net sales of 28,400 MT for2014-15 were reported for unknown destinations (25,400 MT) and China (5,000 MT). Decreases were reported for Mexico (2,000 MT).

Weekly Export Details

Exports of 1,230,000 MT were up 33% from the previous week and 29% from the prior 4-week average. The primary destinations were Mexico (353,200 MT), Japan (249,800 MT), Colombia (127,600 MT), Taiwan (79,400 MT), Venezuela (71,000 MT), and South Korea (63,100 MT).

Comments and Performance Indicators

Sales were well above expectations. Export commitments for the 2013-14 marketing year are running 166% ahead of year-ago, which compares to 162% ahead of year ago the week before. USDA projects exports in 2013-14 to be 122.3% above the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)

Combined: 728,000 MT

 

2013-14: 400,500 MT

2014-15: 327,500 MT

Trade Expectations
325,000 MT to 475,000 MT
Weekly Sales Details
Net sales of 400,500 MT for delivery during the2013-14 marketing year were unchanged from the previous week, but down 11% from the prior 4-week average. Increases were reported for Japan (128,700 MT), the Philippines (111,600 MT), Nigeria (65,000 MT), Egypt (55,000 MT), Yemen (55,000 MT, switched from unknown destinations), Indonesia (44,600 MT, switched from unknown destinations), South Korea (23,800 MT, including 17,000 MT switched from Japan and decreases of 2,000 MT), and the Dominican Republic (8,100 MT). Decreases were reported for unknown destinations (97,000 MT) and Trinidad (4,000 MT). Net sales of 327,500 MT for2014-15 were reported for Mexico (229,500 MT), unknown destinations (90,000 MT), and the Philippines (10,000 MT). Decreases were reported for South Korea (2,000 MT).
Weekly Export Details
Exports of 530,400 MT were up 21% from the previous week and 2% from the prior 4-week average. The primary destinations were Nigeria (81,800 MT), South Korea (80,500 MT), the Philippines (53,500 MT), Thailand (50,000 MT), Mexico (49,400 MT), and Japan (46,300 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the 2013-14 marketing year are running 18% ahead of year-ago, compared to 19% 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: 546,800 MT

 

2013-14: 11,900 MT

2014-15: 534,900 MT

Trade Expectations
100,000 MT to 250,000 MT
Weekly Sales Details
Net sales of 11,900 MT for2013-14 resulted as increases for the Netherlands (81,000 MT, including 74,500 MT switched from unknown destinations), Japan (72,900 MT, including 28,000 MT switched from unknown destinations), Mexico (40,500 MT), China (21,700 MT), and Taiwan (13,500 MT), were partially offset by decreases for unknown destinations (170,000 MT), Indonesia (39,800 MT), Venezuela (25,000 MT), Thailand (6,500 MT), and Vietnam (1,500 MT). Net sales of 534,900 MT for2014-15 were reported primarily for China (336,000 MT), Indonesia (115,000 MT), and unknown destinations (55,000 MT).
Weekly Export Details
Exports of 720,100 MT were down 36% from the previous week and 41% from the prior 4-week average. The primary destinations were China (317,400 MT), Indonesia (111,200 MT), Japan (83,000 MT), the Netherlands (81,000 MT), and Mexico (50,000 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the new marketing year are running 25% ahead of year-ago compared to 25% ahead the week prior. USDA projects exports in 2013-14 to be 15.9% above the previous marketing year.

Soymeal

Actual Sales

Combined: 189,500 MT

<​strong>2013-14: 158,500 MT

2014-15: 31,000 MT

Trade Expectations
100,000 MT to 200,000 MT
Weekly Sales Details
Net sales of 158,500 MT for2013-14 were down 35% from the previous week and 16% from the prior 4-week average. Increases were reported for Saudi Arabia (28,800 MT, including 24,800 MT switched from unknown destinations), the Philippines (28,500 MT), Mexico (26,700 MT), Colombia (25,500 MT), Italy (25,000 MT), and Ecuador (12,000 MT). Decreases were reported for unknown destinations (36,500 MT). Net sales of 31,000 MT for2014-15 were reported for unknown destinations (25,000 MT) and Indonesia (6,000 MT).
Weekly Export Details
Exports of 180,700 MT were down 25% from the previous week and 35% from the prior 4-week average. The primary destinations were Morocco (32,400 MT), Saudi Arabia (30,200 MT), Mexico (27,000 MT), Canada (17,800 MT), the Dominican Republic (16,100 MT), and Venezuela (12,000 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 1.9% from the previous marketing year.

Soyoil

Actual Sales

2013-14: 4,000 MT

Trade Expectations
0 MT to 50,000 MT
Weekly Sales Details
Net sales of 4,000 MT for2013-14 were up 94% from the previous week, but down 43% from the prior 4-week average. Increases were reported for Mexico (2,000 MT), Venezuela (1,500 MT), the Dominican Republic (800 MT), and Canada (500 MT). Decreases were reported for Nicaragua (1,000 MT).
Weekly Export Details
Exports of 4,900 MT were down 37% from the previous week and 79% from the prior 4-week average. The primary destinations were Mexico (3,700 MT) and Canada (1,100 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 31% behind compared to 29% behind year-ago last week. USDA in September projected exports in 2013-14 to be 30.7% behind the previous marketing year.

Cotton

Actual Sales

Combined: 142,900 RB

 

2013-14: 66,300 RB

 

2014-15: 76,600 RB

Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 66,300 RB for2013-14 were up 31% from the previous week, but down 11% from the prior 4-week average. Increases were reported for China (15,000 RB,), South Korea (11,500 RB), Turkey (7,600 RB), Vietnam (7,100 RB), Colombia (5,700 RB), and Egypt (4,400 RB). Decreases were reported for Guatemala (400 RB). Net sales of 76,600 RB for2014-15 were reported primarily for Indonesia (48,400 RB), Thailand (14,000 RB), Turkey (5,700 RB), and China (4,400 RB).
Weekly Export Details
Exports of 259,100 RB were down 21% from the previous week and 16% from the prior 4-week average. The primary destinations were China (45,500 RB), Turkey (44,000 RB), Vietnam (32,300 RB), Indonesia (27,200 RB), Thailand (22,300 RB), and Mexico (16,700 RB).
Comments and Performance Indicators
Export commitments are 9% behind year-ago compared to 6% behind the week prior. USDA projects exports in 2013-14 to be 17.9% behind of the previous marketing year.

Beef

Actual Sales

Combined: 13,200

2014: 13,300 MT

2015: -100 MT

Weekly Sales Details
Net sales of 13,300 MT for 2014 were down 18% from the previous week and 6% from the prior 4-week average. Increases were reported for Japan (3,300 MT), Mexico (3,200 MT), South Korea (3,000 MT), Hong Kong (2,400 MT), and the Philippines (500 MT). Decreases were reported for Vietnam (300 MT) and Moldova (200 MT). Net sales reductions of 100 MT for 2015 were reported for Canada.
Weekly Export Details
Exports of 11,600 MT were down 20% from the previous week and 9% from the prior 4-week average. The primary destinations were Japan (3,100 MT), Hong Kong (2,400 MT), Mexico (2,000 MT), South Korea (1,800 MT), and Taiwan (800 MT).
Comments and Performance Indicators
Exports compare to 16,400 MT the week before. USDA projects exports in 2014 to be 5.7% below last year's total.

Pork

Actual Sales
2014: 6,600 MT
Weekly Sales Details
Net sales of 6,600 MT were up 26% from the previous week, but down 24% from the prior 4-week average. Increases were reported for Mexico (3,400 MT), Canada (1,100 MT), Japan (700 MT), South Korea (400 MT), and Hong Kong (300 MT). Decreases were reported for Australia (100 MT).
Weekly Export Details
Exports of 10,600 MT were primarily to Mexico (3,700 MT), South Korea (1,700 MT), Japan (1,300 MT), Hong Kong (1,000 MT), and Canada (800 MT).
Comments and Performance Indicators
Exports compare to 5,200 MT the week prior. USDA projects exports in 2014 to be 1.9% above last year's total.

Link to USDA report.

 


 

 

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