Soybean Sales Top Already High Expectations

September 26, 2013 02:52 AM
 

The Weekly Export Sales Report for the week ended Sept. 19, 2013, indicated lower prices in corn and soybeans are indeed rebuilding demand. And wheat export sales, which have been strong, remained so. Soybean export sales were expected to be lofty as they included confirmation of last week's purchase deals with China, but the tally came in even stronger than expected. Sales of soymeal also surged last week, though soyoil sales posted a net sales reduction for the week. Cotton and meat export sales slowed last week.

USDA Weekly Export Sales Report
Week Ended Sept. 19, 2013

Corn

Actual Sales (in metric tons -- MT)

2013-14: 640,100 MT

Trade Expectations

400,000 to 600,000 MT

Weekly Sales Details

Net sales of 640,100 MT for 2013-14 were reported for Mexico (390,600 MT), China (130,500 MT, including 55,000 MT switched from unknown destinations), Guatemala (31,200 MT, including 17,700 MT switched from unknown destinations), Japan (17,600 MT, including 12,800 MT switched from unknown destination and decreases of 7,100 MT), and Honduras (13,300 MT).

Weekly Export Details

Exports of 479,100 MT were primarily to Mexico (189,600 MT), China (118,600 MT), Japan (63,600 MT), Venezuela (36,500 MT), and Guatemala (17,700 MT).

Comments and Performance Indicators

Sales were above expectations. Export commitments for the 2013-14 marketing year are running 37% ahead of year-ago, which compares to 31% ahead of year ago last week. USDA projects exports in 2013-14 to be 66.7% above the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2013-14: 620,200 MT<​/b>​<​/strong>
Trade Expectations
500,000 to 700,000 MT
Weekly Sales Details
Net sales of 620,200 MT for delivery in the 2013-14 marketing year were down 12% from the previous week, but up 1% from the prior 4-week average. Increases were reported for China (171,400 MT, including 115,000 MT switched from unknown destinations and decreases of 6,600 MT), Mexico (106,100 MT), Indonesia (77,500 MT, including 10,400 MT switched from Vietnam and 10,000 MT switched from unknown destinations), Brazil (74,800 MT, including 25,000 MT switched from unknown destinations and decreases of 3,500 MT), Japan (71,900 MT), and South Korea (54,500 MT). Decreases were reported for unknown destinations (85,500 MT).
Weekly Export Details
Exports of 1,028,500 MT were down 15% from the previous week, but up 6% from the prior 4-week average. The primary destinations were China (238,500 MT), Brazil (114,300 MT), Nigeria (98,200 MT), Mexico (97,000 MT), Indonesia (87,500 MT), and the Philippines (76,600 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments for the 2013-14 marketing year are running 38% ahead of year-ago, compared to 38% ahead last week. 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: 2,816,800 MT<​/b>
Trade Expectations
2.3 MMT to 2.8 MMT
Weekly Sales Details
Net sales of 2,816,800 MT for 2013-14 were reported for China (2,293,100 MT, including 60,000 MT switched from unknown destinations and decreases of 15,300 MT) unknown destinations (214,500 MT), Indonesia (104,200 MT, including 72,500 MT switched from unknown destination and decreases of 5,000 MT), and Egypt (60,000 MT).
Weekly Export Details
Exports of 442,500 MT were primarily to China (295,100 MT), Indonesia (83,500 MT), Japan (29,200 MT), and Mexico (24,900 MT).
Comments and Performance Indicators

Sales were above lofty expectations. Export commitments for the new marketing year are running 16% ahead of year-ago compared to 7% ahead last week. USDA projects exports in 2013-14 to be 4.2% above the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)
<​b>Combined: 246,700 MT
2012-13: -60,400 MT
2013-14:
307,100 MT
​<​/strong>
Trade Expectations
95,000 to 230,000 MT
Weekly Sales Details
Net sales reductions of 60,400 MT for 2012-13 resulted as increases for Guatemala (7,700 MT, switched from unknown destinations), Canada (6,000 MT), El Salvador (5,500 MT, switched from unknown destinations), Venezuela (5,000 MT, including 4,000 MT switched from Colombia), and Mexico (2,500 MT), were more than offset by decreases for unknown destinations (70,700 MT), Nicaragua (8,000 MT), Jamaica (5,000 MT), and Colombia (4,000 MT). Net sales of 307,100 MT for 2013-14 were primarily to unknown destinations (153,700 MT), Colombia (48,400 MT), Venezuela (26,000 MT), and Egypt (25,000 MT). Decreases were reported for the French West Indies (400 MT).
Weekly Export Details
Exports of 94,400 MT were up 4% from the previous week, but down 9% from the prior 4-week average. The primary destinations were the Dominican Republic (26,100 MT), Canada (19,800 MT), Venezuela (16,500 MT), Mexico (12,700 MT), and Guatemala (7,700 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are running 13% ahead of last year's pace compared to 14% ahead of year-ago last week. USDA projects exports in 2012-13 to be up 13.9% from the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)
Combined: -300 MT
2012-13: 2,800 MT
2013-14: -3,100 MT
Trade Expectations
10,000 MT to 20,000 MT
Weekly Sales Details
Net sales of 2,800 MT for 2012-13 resulted as increases for Venezuela (3,000 MT) and Mexico (100 MT), were partially offset by decreases for Canada (500 MT). Net sales reductions of 3,100 MT for 2013-14 were reported for Venezuela (3,000 MT) and Mexico (100 MT).
Weekly Export Details
Exports of 10,000 MT were down 36% from the previous week and 23% from the prior 4-week average. The primary destinations were Venezuela (6,000 MT), Canada (1,000 MT), Guatemala (1,000 MT), and Haiti (1,000 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments for the new marketing year are 52% ahead of year-ago, compared to 52% ahead last week. USDA projects exports in 2012-13 to be 46.9% ahead of the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 76,400 RB
2013-14: 66,500 RB
2014-15: 9,900 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 66,500 RB for 2013-14 were down 36% from the previous week and 43% from the prior 4-week average. Increases were reported for Vietnam (22,900 RB), Turkey (18,900 RB), South Korea (9,300 RB), Thailand (6,100 RB, including 300 RB switched from Japan), and Japan (2,800 RB). Decreases were reported for China (1,800 MT). Net sales of 9,900 RB for 2014-15 were for Indonesia (5,500 RB) and Turkey (4,400 RB).
Weekly Export Details
Exports of 97,000 RB were down 14% from the previous week and 28% from the prior 4-week average. The primary destinations were Vietnam (21,500 RB), Turkey (13,900 RB), Mexico (13,700 RB), China (12,100 RB), and Indonesia (6,800 RB).
Comments and Performance Indicators
Export commitments are 24% behind year-ago compared to 24% behind year-ago last week. USDA projects exports in 2013-14 to be 20.2% behind of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

<​strong>2013: 9,300 MT<​/b>​<​/strong>

Weekly Sales Details
Net sales of 9,300 MT for 2013 were primarily for Mexico (2,800 MT), Hong Kong (1,900 MT), Japan (1,700 MT), Canada (1,300 MT), and Taiwan (500 MT).
Weekly Export Details
Exports of 12,900 MT were down 4% from the previous week and from the prior 4-week average. The primary destinations were Hong Kong (2,600 MT), Japan (2,500 MT), Mexico (2,500 MT), Canada (1,900 MT), and South Korea (1,900 MT).
Comments and Performance Indicators
Exports compare to 17,100 MT last week. USDA projects exports in 2013 to be 1.8% below last year's total.

Pork

Actual Sales (in metric tons -- MT)
<​strong>2013: 9,500 MT
Weekly Sales Details
Net sales of 9,500 MT for 2013 were primarily for Mexico (4,100 MT), Hong Kong (2,700 MT), Canada (900 MT), the Philippines (600 MT), and Japan (500 MT).
Weekly Export Details
Exports of 8,400 MT were down 2% from the previous week and 5% from the prior 4-week average. The primary destinations were Mexico (3,100 MT), Hong Kong (1,200 MT), Japan (1,200 MT), Canada (900 MT), and South Korea (400 MT).
Comments and Performance Indicators
Exports compare to 11,200 MT last week. USDA projects exports in 2013 to be 5.1% below last year's total.

Link to USDA report.

 


 

 

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