Soybean, Corn & Cotton Export Sales Impress

January 24, 2014 01:57 AM
 

The Weekly Export Sales Report for the week ended Jan. 16, 2014, reflected solid corn demand and strong soybean demand. While corn export sales mildly topped expectations, soybean export sales came in more than 2.5 times the top end of expectations. Wheat export sales met expectations but failed to impress. Cotton export sales, on the other hand, were highly impressive, signaling prices are still attracting strong export demand. Beef and pork export sales were also strong.

USDA Weekly Export Sales Report
Week Ended Jan. 16, 2014

Corn

Actual Sales (in metric tons -- MT)

<​b>2013-14: 693,000 MT<​/strong>

Trade Expectations

250,000 MT to 650,000 MT

Weekly Sales Details

Net sales of 693,000 MT for 2013-14 were down 16% from the previous week, but up 6% from the prior 4-week average. Increases were reported for Egypt (244,000 MT), Taiwan (129,200 MT), Japan (116,700 MT, including 49,700 MT switched from unknown destinations), Mexico (112,700 MT), and China (75,900 MT). Decreases were reported for unknown destinations (178,400 MT) and Guatemala (8,800 MT).

Weekly Export Details

Exports of 799,100 MT were up 19% from the previous week, but down 8% from the prior 4-week average. The primary destinations were Mexico (212,800 MT), Japan (160,700 MT), Peru (140,500 MT), South Korea (120,100 MT), and Colombia (71,200 MT).

Comments and Performance Indicators

Sales were above expectations. Export commitments for the 2013-14 marketing year are running 126% ahead of year-ago, which compares to 124% 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: 413,400 MT

2013-14: 421,400 MT

2014-15: -8,000 MT

Trade Expectations
300,000 MT to 600,000 MT
Weekly Sales Details
Net sales of 421,400 MT for delivery during the 2013-14 marketing year were up 32% from the previous week and 34% from the prior 4-week average. Increases were reported for Brazil (112,500 MT, including 25,000 MT switched from unknown destinations), Japan (83,600 MT), Nigeria (55,600 MT), Colombia (36,500 MT), and the Philippines (34,500 MT). Decreases were reported for Honduras (3,000 MT). Net sales reductions of 8,000 MT for 2014-15 resulted as increases for South Korea (16,000 MT), were more than offset by decreases for China (24,000 MT).
Weekly Export Details
Exports of 420,700 MT were down 28% from the previous week and 4% from the prior 4-week average. The primary destinations were Nigeria (78,600 MT), China (61,800 MT), Indonesia (57,800 MT), Japan (41,100 MT), and Mexico (37,900 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments for the 2013-14 marketing year are running 24% ahead of year-ago, compared to 25% 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: 1,673,200 MT

2013-14: 703,400 MT

2014-15: 969,800 MT

Trade Expectations
300,000 MT to 625,000 MT
Weekly Sales Details
Net sales of 703,400 MT for 2013-14 were unchanged from the previous week and up 13% from the prior 4-week average. Increases were reported for China (295,700 MT, including 60,000 MT switched from unknown destination and decreases of 12,700 MT), the Netherlands (196,700 MT, including 195,900 MT switched from unknown destinations and decreases of 4,000 MT), South Korea (116,700 MT, including 115,000 MT switched from unknown destinations), Indonesia (102,700 MT, including 62,100 MT switched from unknown destinations), and Mexico (94,600 MT). Decreases were reported for unknown destinations (302,100 MT), Tunisia (2,600 MT), and Guatemala (2,000 MT). Net sales of 969,800 MT for 2014-15 were reported for China (854,500 MT), unknown destinations (120,000 MT), and Japan (6,000 MT). Decreases were reported for Mexico (10,800 MT).
Weekly Export Details
Exports of 1,582,700 MT were up 1% from the previous week and 2% from the prior 4-week average. The primary destinations were China (946,100 MT), the Netherlands (206,600 MT), South Korea (118,000 MT), Mexico (77,200 MT), and Indonesia (76,100 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the new marketing year are running 28% ahead of year-ago compared to 27% 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)

2013-14​: ​241,400 MT<​/strong>

Trade Expectations
100,000 MT to 250,000 MT
Weekly Sales Details
Net sales of 241,400 MT for 2013-14 were up 3% from the previous week and 91% from the prior 4-week average. Increases were reported for South Korea (87,800 MT, including 85,000 MT switched from unknown destinations), Spain (44,000 MT, including 40,000 MT switched from unknown destinations), France (33,000 MT, including 30,000 MT switched from unknown destinations), Venezuela (24,000 MT), and Italy (24,000 MT, switched from unknown destinations). Decreases were reported for unknown destinations (42,300 MT), Japan (6,500 MT), and Guatemala (5,400 MT).
Weekly Export Details
Exports of 398,600 MT were up noticeably from the previous week and 51% from the prior 4-week average. The primary destinations were South Korea (87,800 MT), Thailand (49,500 MT), the Philippines (48,200 MT), Spain (44,000 MT), and France (33,000 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 4% 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: 20,200 MT

Trade Expectations
0 MT to 30,000 MT
Weekly Sales Details
Net sales of 20,200 MT for 2013-14 were up 20% from the previous week, but down 30% from the prior 4-week average. Increases were reported for Egypt (20,000 MT, switched from India), Mexico (9,400 MT), Hong Kong (6,000 MT, including 3,000 MT switched from Malaysia), Jamaica (3,500 MT), and Chile (3,000 MT). Decreases were reported for India (20,000 MT) and Malaysia (3,000 MT).
Weekly Export Details
Exports of 5,900 MT were down 61% from the previous week and 70% from the prior 4-week average. The primary destinations were Mexico (4,200 MT) and Canada (1,600 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: 551,700 RB

2013-14: 496,500 RB

2014-15: 55,200 RB

Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 496,500 RB for 2013-14 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for China (173,900 RB), Vietnam (97,000 RB), Indonesia (83,600 RB), Turkey (29,700 RB), and Mexico (29,100 RB). Decreases were reported for Egypt (400 RB). Net sales of 55,200 RB for 2014-15 were reported for Mexico (22,800 RB), South Korea (8,800 RB), and Guatemala (7,000 RB).
Weekly Export Details
Exports of 235,800 RB were up 9% from the previous week and 29% from the prior 4-week average. The primary destinations were Turkey (61,800 RB), China (44,000 RB), South Korea (20,600 RB), Indonesia (19,500 RB), and Mexico (18,800 RB).
Comments and Performance Indicators
Export commitments are 18/% behind year-ago compared to 22% 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: 14,300 MT
Weekly Sales Details
Net sales of 14,300 MT for 2014 were reported for Japan (4,300 MT), Mexico (3,600 MT), South Korea (2,400 MT), Canada (1,200 MT), and Hong Kong (1,100 MT).
Weekly Export Details
Exports of 12,100 MT were primarily to Japan (2,500 MT), Hong Kong (2,400 MT), Mexico (2,300 MT), South Korea (2,200 MT), and Canada (1,600 MT).
Comments and Performance Indicators
Exports compare to 15,800 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: 14,700 MT
Weekly Sales Details
Net sales of 14,700 MT for 2014 were reported for Mexico (7,500 MT), South Korea (1,500 MT), Japan (1,400 MT), Canada (900 MT), and China (900 MT).
Weekly Export Details
Exports of 12,600 MT were primarily to Mexico (4,700 MT), South Korea (1,800 MT), Japan (1,500 MT), Canada (1,100 MT), and Hong Kong (700 MT).
Comments and Performance Indicators
Exports compare to 9,900 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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