Corn, Wheat & Cotton Export Sales Surge

January 30, 2014 01:59 AM
 

The Weekly Export Sales Report for the week ended Jan. 23, 2014, showed a surge in weekly corn export sales to nearly 2 MMT, signaling prices are at value. Wheat futures also appear to have found some value levels, and this was preceding the recent price break. Soybean export sales were solid and within expectations. Of note, weekly soybean exports of nearly 2.115 MMT with China accounting for the bulk of the purchases signals concerns about soybean order cancellations have not yet come to being. Cotton export sales were impressive for the second week in a row.

USDA Weekly Export Sales Report
Week Ended Jan. 23, 2014

Corn

Actual Sales (in metric tons -- MT)

Combined: 1,943,600

<​strong>2013-14: 1,837,900 MT<​/strong>

2014-15: 105,700 MT

Trade Expectations

550,000 MT to 750,000 MT

Weekly Sales Details

Net sales of 1,837,900 MT for 2013-14 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Japan (797,800 MT, including 48,500 MT switched from unknown destinations), unknown destinations (305,900 MT), Spain (270,000 MT), Egypt (120,000 MT), and South Korea (120,000 MT). Decreases were reported for the French West Indies (5,600 MT). Net sales of 105,700 MT for 2014-15 were reported for Japan.

Weekly Export Details

Exports of 1,004,100 MT were up 26% from the previous week and 38% from the prior 4-week average. The primary destinations were Japan (381,700 MT), Mexico (230,300 MT), Colombia (94,400 MT), Peru (92,200 MT), and South Korea (60,600 MT).

Comments and Performance Indicators

Sales were well expectations. Export commitments for the 2013-14 marketing year are running 136% ahead of year-ago, which compares to 126% 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: 796,900 MT

 

2013-14: 794,900 MT

2014-15: 2,000 MT

Trade Expectations
300,000 MT to 500,000 MT
Weekly Sales Details
Net sales of 794,900 MT for delivery during the 2013-14 marketing year were up 89% from the previous week and up noticeably from the prior 4-week average. Increases were reported for Japan (174,800 MT), South Korea (162,400 MT), Nigeria (125,700 MT), the Philippines (98,000 MT, including 23,000 MT switched from unknown destinations), and Taiwan (74,000 MT). Decreases were reported for unknown destinations (18,400 MT), Indonesia (12,600 MT), and Guatemala (9,800 MT). Net sales of 2,000 MT for 2014-15 were reported for South Korea.
Weekly Export Details
Exports of 422,000 MT were unchanged from the previous week, but down 1% from the prior 4-week average. The primary destinations were Nigeria (80,500 MT), Sri Lanka (60,500 MT), Mexico (57,300 MT), Japan (48,800 MT), and Guatemala (36,200 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the 2013-14 marketing year are running 26% ahead of year-ago, compared to 24% 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: 865,800 MT

 

2013-14: 494,800 MT

2014-15: 371,000 MT

Trade Expectations
750,000 MT to 1,050,000 MT
Weekly Sales Details
Net sales of 494,800 MT for 2013-14 were down 22% from the previous week and 18% from the prior 4-week average. Increases were reported for China (251,300 MT, including 233,000 MT switched from unknown destinations), the Netherlands (209,200 MT, including 200,000 MT switched from unknown destinations), Mexico (165,100 MT), Japan (76,800 MT, including 61,300 MT switched from unknown destinations), and Spain (67,100 MT, including 60,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (610,300 MT) and Cuba (5,000 MT). Net sales of 371,000 MT for 2014-15 were reported for unknown destinations (243,000 MT), China (126,000 MT), and Japan (2,000 MT).
Weekly Export Details
Exports of 2,114,600 MT were up 39% from the previous week and 36% from the prior 4-week average. The primary destinations were China (1,312,600 MT), the Netherlands (209,200 MT), Japan (128,800 MT), Spain (67,100 MT), and Germany (66,000 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments for the new marketing year are running 28% 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: 188,300 MT

2013-14:<​strong> 68,300 MT<​/strong>

2014-15: 120,000 MT

Trade Expectations
100,000 MT to 200,000 MT
Weekly Sales Details
Net sales of 68,300 MT for 2013-14 were down 72% from the previous week and 59% from the prior 4-week average. Increases were reported for the Philippines (59,900 MT, including 43,300 MT switched from unknown destinations), Thailand (45,000 MT, switched from unknown destinations), Turkey (40,200 MT, including 40,500 MT switched from unknown destinations and decreases of 4,500 MT), South Korea (25,000 MT, switched from unknown destinations), and Panama (25,000 MT). Decreases were reported for unknown destinations (275,100 MT) and Japan (6,900 MT). Net sales of 120,000 MT for 2014-15 were reported for unknown destinations.
Weekly Export Details
Exports of 352,700 MT were down 12% from the previous week, but up 22% from the prior 4-week average. The primary destinations were the Philippines (97,900 MT), Turkey (54,200 MT), Mexico (38,500 MT), Egypt (25,800 MT), and South Korea (25,100 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 3.7% from the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2013-14: 6,700 MT

Trade Expectations
0 MT to 30,000 MT
Weekly Sales Details
Net sales of 6,700 MT for 2013-14 were down 67% from the previous week and 48% from the prior 4-week average. Increases were reported for the Dominican Republic (5,000 MT), Peru (3,800 MT), Mexico (1,800 MT), and Trinidad (800 MT). Decreases were reported for Mozambique (3,300 MT) and unknown destinations (2,100 MT).
Weekly Export Details
Exports of 67,600 MT--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. The primary destinations were China (35,000 MT), Peru (19,200 MT), Malaysia (5,000 MT), and Jamaica (3,500 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 40% behind compared to 39% 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: 531,60 RB

 

2013-14: 479,700 RB

 

2014-15: 51,900 RB

Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 479,700 RB for 2013-14 were down 3% from the previous week, but up noticeably from the prior 4-week average. Increases were reported for Vietnam (191,500 RB, including 18,300 RB switched from China), China (161,700 RB), Mexico (31,500 RB), Indonesia (27,600 RB), and South Korea (21,900 RB). Decreases were reported for Ecuador (600 RB). Net sales of 51,900 RB for 2014-15 were reported for Mexico (26,900 RB), South Korea (19,500 RB), Indonesia (4,200 RB), and Thailand (1,300 RB).
Weekly Export Details
Exports of 304,100 RB--a marketing-year high--were up 29% from the previous week and 51% from the prior 4-week average. The primary destinations were Turkey (86,900 RB), China (72,600 RB), Indonesia (32,800 RB), Mexico (18,700 RB), and Vietnam (16,300 RB).
Comments and Performance Indicators
Export commitments are 14% behind year-ago compared to 18% 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: 10,600 MT
Weekly Sales Details
Net sales of 10,600 MT for 2014 were reported for Japan (3,600 MT), Canada (1,900 MT), Mexico (1,300 MT), Hong Kong (1,100 MT), and South Korea (1,000 MT).
Weekly Export Details
Exports of 12,700 MT were primarily to South Korea (2,700 MT), Japan (2,500 MT), Mexico (2,100 MT), Hong Kong (2,000 MT), and Canada (1,400 MT).
Comments and Performance Indicators
Exports compare to 14,300 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: 8,700 MT
Weekly Sales Details
Net sales of 8,700 MT for 2014 were reported for Mexico (4,800 MT), Japan (1,200 MT), Canada (1,000 MT), Ukraine (500 MT), and South Korea (400 MT).
Weekly Export Details
Exports of 11,700 MT were primarily to Mexico (4,400 MT), South Korea (1,600 MT), Japan (1,500 MT), Canada (1,200 MT), and Hong Kong (1,100 MT).
Comments and Performance Indicators
Exports compare to 14,700 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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