Corn, Soybean & Wheat Export Sales Impress

March 20, 2014 02:58 AM
 

The Weekly Export Sales Report for the week ended March 13, 2014, reflected just minor soybean order cancellations the week ended March 13, plus China was the lead buyer of new-crop beans. Soybean exports of more than 1.119 MMT also signal still-strong demand. Corn and wheat export sales came in on the friendly side of pre-report expectations as well. Cotton export sales were decent. Beef export sales again impressed, while pork export sales remained light.

USDA Weekly Export Sales Report
Week Ended March 13, 2014

Corn

Actual Sales (in metric tons -- MT)

<​b>2013-14: 745,800 MT<​/b>

Trade Expectations

400,000 MT to 700,000 MT

Weekly Sales Details

Net sales of 745,800 MT for 2013-14 were up 9% from the previous week, but down 20% from the prior 4-week average. Increases were reported for Colombia (181,600 MT, including 132,800 MT switched from unknown destinations and decreases of 14,400 MT), Japan (112,900 MT, including 35,200 MT switched from unknown destinations and decreases of 15,200 MT), South Korea (110,700 MT, including 54,000 MT switched from unknown destinations and decreases of 9,200 MT), China (69,500 MT), Egypt (68,000 MT), and Mexico (44,500 MT). Decreases were reported for unknown destinations (25,500 MT), Guatemala (8,100 MT), Morocco (4,000 MT), and El Salvador (1,100 MT).

Weekly Export Details

Exports of 927,100 MT were up 2% from the previous week and from the prior 4-week average. The primary destinations were Colombia (219,200 MT), Japan (185,600 MT), Mexico (147,400 MT), South Korea (117,900 MT), Saudi Arabia (92,200 MT), and Peru (33,000 MT).

Comments and Performance Indicators

Sales were above expectations. Export commitments for the 2013-14 marketing year are running 162% ahead of year-ago, which compares to 159% 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: 597,000 MT

 

2013-14: 401,800 MT

2014-15: 195,200 MT

Trade Expectations
250,000 MT to 500,000 MT
Weekly Sales Details
Net sales of 401,800 MT for delivery during the 2013-14 marketing year were down 16% from the previous week and 12% from the prior 4-week average. Increases were reported for Nigeria (76,700 MT), Jamaica (60,000 MT), Ecuador (44,900 MT, including 32,800 MT switched from unknown destinations), Japan (44,400 MT), the Philippines (43,300 MT), unknown destinations (29,100 MT), and Brazil (27,500 MT, including 25,000 MT switched from unknown destinations). Decreases were reported for Malaysia (10,000 MT), Trinidad (3,300 MT), and the Leeward Windward Islands (2,600 MT). Net sales of 195,200 MT for 2014-15 were reported primarily for unknown destinations (45,000 MT), South Korea (43,100 MT), the Philippines (40,000 MT), and Japan (29,100 MT).
Weekly Export Details
Exports of 440,000 MT were down 3% from the previous week and 8% from the prior 4-week average. The primary destinations were South Korea (114,700 MT), Japan (67,100 MT), Nigeria (64,200 MT), Ecuador (34,900 MT), the Philippines (31,200 MT), and Brazil (27,500 MT).
Comments and Performance Indicators

Sales were above expectations. Export commitments for the 2013-14 marketing year are running 19% ahead of year-ago, compared to 20% 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: 639,700 MT

2013-14: 202,200 MT

2014-15: 437,500 MT

Trade Expectations
-100,000 MT to 300,000 MT
Weekly Sales Details
Net sales of 202,200 MT for 2013-14 were up noticeably from the previous week, but down 31% from the prior 4-week average. Increases reported for Indonesia (149,000 MT, including 25,000 MT switched from unknown destinations and decreases of 26,200 MT), Portugal (67,100 MT, including 65,000 MT switched from unknown destinations), Egypt (49,600 MT), Mexico (35,200 MT), and Colombia (18,300 MT, including 8,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (79,800 MT) and China (75,900 MT). Net sales of 437,500 MT for 2014-15 were reported primarily for China (243,000 MT), unknown destinations (146,500 MT), and Indonesia (30,000 MT).
Weekly Export Details
Exports of 1,119,100 MT were up 38% from the previous week, but down 11% from the prior 4-week average. The primary destinations were China (662,800 MT), Mexico (102,300 MT), Indonesia (94,000 MT), Taiwan (83,600 MT), and Portugal (67,100 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: 486,900 MT

<​strong>2013​-14: 242,900 MT

2014-15: 244,000 MT

Trade Expectations
100,000 MT to 200,000 MT
Weekly Sales Details
Net sales of 242,900 MT for 2013-14 were up 52% from the previous week and 32% from the prior 4-week average. Increases were reported for Thailand (45,000 MT, switched from unknown destinations), Venezuela (44,000 MT, including 25,000 MT switched from Panama and 2,000 MT switched from unknown destinations), Mexico (36,700 MT), Japan (23,000 MT, including 20,100 MT switched from unknown destinations), and Cuba (22,000 MT). Decreases were reported for Panama (17,300 MT), unknown destinations (5,600 MT), and South Korea (800 MT). Net sales of 244,000 MT for 2014-15 were reported for unknown destinations (195,000 MT), Indonesia (29,000 MT), and Ireland (20,000 MT).
Weekly Export Details
Exports of 240,700 MT were down 5% from the previous week and 14% from the prior 4-week average. The primary destinations were the Philippines (50,700 MT), Venezuela (29,000 MT), Mexico (27,300 MT), Cuba (22,000 MT), Japan (22,000 MT), and Canada (17,600 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 4% 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: 2,000 MT

Trade Expectations
0 MT to 50,000 MT
Weekly Sales Details
Net sales of 2,000 MT for 2013-14 were down 71% from the previous week and 78% from the prior 4-week average. Increases were reported for Mexico (1,200 MT), Nicaragua (1,000 MT), Costa Rica (1,000 MT, switched from unknown destinations), and Australia (100 MT). Decreases were reported for Canada (800 MT) and unknown destinations (800 MT).
Weekly Export Details
Exports of 7,700 MT were up noticeably from the previous week, but down 72% from the prior 4-week average. The primary destinations were Mexico (2,700 MT), El Salvador (2,000 MT), Nicaragua (1,000 MT), Costa Rica (1,000 MT), and Canada (700 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 29% behind compared to 31% 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: 186,700 RB

 

2013-14: 50,800 RB

 

2014-15: 135,900 RB

Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 50,800 RB for 2013-14 were down 15% from the previous week and 36% from the prior 4-week average. Increases were reported for Turkey (18,900 RB,), China (9,100 RB), Vietnam (8,200 RB, including 2,200 RB switched from Taiwan, 300 RB switched from Japan and decreases of 300 RB), India (6,300 RB), South Korea (3,500 RB), and Peru (3,100 RB). Decreases were reported for Mexico (2,300 RB), Taiwan (1,000 RB), and Bangladesh (900 RB). Net sales of 135,900 RB for 2014-15 were reported primarily for Turkey (62,500 RB), Thailand (28,600 RB), South Korea (15,000 RB), and Peru (11,200 RB).
Weekly Export Details
Exports of 329,000 RB were up 25% from the previous week and 7% from the prior 4-week average. The primary destinations were China (86,100 RB), Turkey (78,700 RB), Vietnam (41,000 RB), Mexico (19,700 RB), Indonesia (19,400 RB), and South Korea (16,100 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 17.9% behind of the previous marketing year.

Beef

Actual Sales

Combined: 16,400

2014: 16,300 MT

2015: 100 MT

Weekly Sales Details
Net sales of 16,300 MT for 2014 were down 8% from the previous week, but up 30% from the prior 4-week average. Increases were reported for Japan (4,000 MT), Hong Kong (3,600 MT), South Korea (2,900 MT), Mexico (2,100 MT), and Canada (1,000 MT). Net sales of 100 MT for 2015 were reported for Canada.
Weekly Export Details
Exports of 14,600 MT--a marketing-year high--were up 10% from the previous week and 21% from the prior 4-week average. The primary destinations were Japan (4,500 MT), Mexico (3,000 MT), Hong Kong (1,800 MT), South Korea (1,800 MT), and Canada (800 MT).
Comments and Performance Indicators
Exports compare to 17,700 MT the week before. USDA projects exports in 2014 to be 5.7% below last year's total.

Pork

Actual Sales
2014: 5,200 MT
Weekly Sales Details
Net sales of 5,200 MT for 2014--a marketing-year low--were down 27% from the previous week and 54% from the prior 4-week average. Increases were reported for Mexico (1,900 MT), Japan (1,100 MT), Australia (600 MT), Canada (400 MT), and Hong Kong (300 MT).
Weekly Export Details
Exports of 10,500 MT were primarily to Mexico (3,700 MT), South Korea (1,500 MT), Japan (1,200 MT), Canada (800 MT), and Hong Kong (800 MT).
Comments and Performance Indicators
Exports compare to 7,100 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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