Corn, Soybean & Wheat Export Sales Impress

November 21, 2013 01:54 AM
 

The Weekly Export Sales Report for the weeks ended Nov. 14, show that softer corn prices are indeed rebuilding demand as sales neared 1 MMT and topped expectations. And more strong demand news may be ahead as corn prices have softened since the reporting week. The same can be said for wheat futures. Soybean export sales again topped expectations by a wide margins, which has almost become a trend. However, the market has responded tepidly to other reports of strong export demand.

USDA Weekly Export Sales Report
Week Ended Nov. 14, 2013

Corn

Actual Sales (in metric tons -- MT)

Combined: 982,700

<​b><​strong>2013-14: 945,100 MT

2014-15: 37,600 MT

Trade Expectations

750,000 MT to 950,000 MT

Weekly Sales Details

Net sales of 945,100 MT for 2013-14 reported for Japan (403,000 MT, including 34,700 MT switched from unknown destinations), China (321,600 MT, including 313,700 MT switched from unknown destinations and decreases of 2,700 MT), Mexico (275,800 MT), Egypt (60,000 MT), Colombia (37,700 MT, including 32,000 MT switched from unknown destinations), and Guatemala (23,500 MT), were partially offset by decreases for unknown destinations (201,400 MT). Net sales of 37,600 MT for 2014-15 were reported for Japan.

Weekly Export Details

Exports of 756,300 MT were primarily to China (339,700 MT), Mexico (210,900 MT), Japan (86,500 MT), Colombia (35,200 MT), and El Salvador (27,200 MT).

Comments and Performance Indicators

Sales were above expectations. Export commitments for the 2013-14 marketing year are running 104% ahead of year-ago, which compares to 110% ahead of year ago the week before. USDA projects exports in 2013-14 to be 91.5% above the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2013-14: 618,100 MT
Trade Expectations
375,000 MT to 475,000 MT
Weekly Sales Details
Net sales of 618,100 MT reported for Japan (172,900 MT), South Korea (80,500 MT), Brazil (73,800 MT), Nigeria (60,300 MT), and the Philippines (42,000 MT, including 10,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (1,300 MT).
Weekly Export Details
Exports of 551,500 MT were primarily to Brazil (127,700 MT), Nigeria (84,300 MT), China (59,100 MT), Indonesia (57,800 MT), and Japan (46,600 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the 2013-14 marketing year are running 37% ahead of year-ago, compared to 39% ahead the week ended Oct. 3. USDA projects exports in 2013-14 to be up 9.2% compared with the previous marketing year.

Soybeans

 
Actual Sales (in metric tons -- MT)
2013-14: 1,376,400 MT
Trade Expectations
650,000 MT to 850,000 MT
Weekly Sales Details
Net sales of 1,376,400 MT for 2013-14 were reported for China (1,152,000 MT, including 324,700 MT switched from unknown destinations and decreases of 70,100 MT), Mexico (174,700 MT), the Netherlands (95,300 MT, including 90,500 MT switched from unknown destinations), Spain (72,100 MT, including 65,000 MT switched from unknown destinations), and Saudi Arabia (65,000 MT). Decreases were reported for unknown destinations (465,200 MT) and Costa Rica (1,100 MT).
Weekly Export Details
Exports of 2,488,600 MT were primarily to China (1,926,100 MT), Taiwan (96,000 MT), the Netherlands (95,300 MT), Spain (72,100 MT), Egypt (63,100 MT), and France (59,500 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the new marketing year are running 32% ahead of year-ago compared to 29% ahead the week prior. USDA projects exports in 2013-14 to be 9.8% above the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)
<​b><​strong>2013-14: 116,000 MT<​/b>
Trade Expectations
200,000 MT to 350,000 MT
Weekly Sales Details
Net sales of 116,000 MT for 2013-14 were reported for Ecuador (27,500 MT), Mexico (22,800 MT), Canada (16,200 MT), unknown destinations (11,000 MT), and Guatemala (8,500 MT, including 7,700 MT switched from unknown destinations). Decreases were reported for Sri Lanka (400 MT).
Weekly Export Details
Exports of 148,400 MT were primarily to Venezuela (32,900 MT), Ecuador (27,500 MT), Canada (20,500 MT), Mexico (15,100 MT), and the Dominican Republic (14,500 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments for 2013-14 are running 27% ahead of last year's pace, compared to 30% ahead the week ended Oct. 3. USDA in September projected exports in 2013-14 will be down 7.2% from the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)
2013-14: 95,800 MT
Trade Expectations
30,000 MT to 80,000 MT
Weekly Sales Details
Net sales of 95,800 MT for 2013-14 were reported for India (40,000 MT), unknown destinations (34,800 MT), Peru (14,500 MT), and Mexico (6,300 MT).
Weekly Export Details
Exports of 3,900 MT were primarily to Mexico (2,500 MT), Canada (1,200 MT), and Trinidad (100 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments for the new marketing year are 45% behind compared to 53% behind year-ago last week. USDA in September projected exports in 2013-14 to be 47.7% behind the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 318,300 RB
2013-14: 305,100 RB
2014-15: 13,200 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 305,100 RB for 2013-14 were reported for Turkey (117,600 RB), China (46,000 RB), Thailand (36,600 RB, including 500 RB switched from Japan and decreases of 500 RB), South Korea (21,800 RB), and Indonesia (21,400 RB). Net sales of 13,200 RB for 2014-15 were reported for Turkey.
Weekly Export Details
Exports of 71,100 RB were primarily to China (32,200 RB), Mexico (8,200 RB), Thailand (5,000 RB), Turkey (4,300 RB), and Indonesia (3,900 RB).
Comments and Performance Indicators
Export commitments are 17% behind year-ago compared to 17% behind the week prior. USDA projects exports in 2013-14 to be 20.2% behind of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

Combined: 21,800 MT

2013: 16,600 MT<​/strong>

2014: 5,200 MT

Weekly Sales Details
Net sales of 16,600 MT for 2013 were reported for Mexico (5,700 MT), Japan (4,300 MT), Hong Kong (2,200 MT), South Korea (2,200 MT), and Canada (1,600 MT). Decreases were reported for the Netherlands (300 MT) and Germany (100 MT). Net sales of 5,200 MT for 2014 were for Japan (2,700 MT), Hong Kong (1,700 MT), and Canada (600 MT).
Weekly Export Details
Exports of 12,500 MT were primarily to Hong Kong (3,000 MT), Japan (2,600 MT), Mexico (2,400 MT), South Korea (1,700 MT), and Canada (1,300 MT).
Comments and Performance Indicators
Exports compare to 13,500 MT the week before. USDA projects exports in 2013 to be 0.2% above last year's total.

Pork

Actual Sales (in metric tons -- MT)
2013: 9,000 MT
Weekly Sales Details
Net sales of 9,000 MT for 2013 were primarily for Mexico (3,200 MT), South Korea (2,100 MT), Canada (1,500 MT), Japan (700 MT), and Chile (400 MT).
Weekly Export Details
Exports of 10,500 MT were reported to Mexico (3,900 MT), Japan (1,500 MT), Hong Kong (1,300 MT), Canada (1,000 MT), and South Korea (900 MT).
Comments and Performance Indicators
Exports compare to 7,600 MT the week prior. USDA projects exports in 2013 to be 6.1% below last year's total.

Link to USDA report.

 


 

 

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