Impressive Soybean Export Sales Top 1 MMT

February 16, 2017 07:49 AM

USDA Weekly Export Sales Report
Week Ended Feb. 9, 2017

Corn
Actual Sales (in MT)

Combined: 1,068,700
2016-17: 783,500
2017-18: 285,200

Trade Expectations (MT) 900,000-1,250,000
Weekly Sales Details Net sales of 783,500 MT for 2016-17 were down 19% from the previous week and 35% from the prior four-week average. Increases were for Japan (708,800 MT, including 90,800 MT switched from unknown destinations and decreases of 4,500 MT), Peru (83,600 MT, including 108,000 switched from unknown destinations and decreases of 1,600 MT), Mexico (69,200 MT), Morocco (69,000 MT, including 65,000 MT switched from unknown destinations), and Chile (43,600 MT, including 45,000 MT switched from Peru and decreases of 1,400 MT). Reductions were reported for unknown destinations (381,200 MT), Venezuela (18,000 MT), and Honduras (3,500 MT). For 2017-18, net sales of 285,200 MT were reported for Japan (229,000 MT), Mexico (30,000 MT), and Costa Rica (26,200 MT).
Weekly Export Details Exports of 1,251,700 MT were up 11% from the previous week and 32% from the prior four-week average. The primary destinations were Japan (382,200 MT), Mexico (233,700 MT), Peru (154,600 MT), South Korea (72,500 MT), and Morocco (69,000 MT).
Comments and Performance Indicators Sales met expectations. Export commitments for 2016-17 are running 63% ahead of year-ago, compared to 67% ahead the previous week. USDA projects exports in 2016-17 at 2.225 billion bu., up 17.2% from the previous marketing year.
Wheat
Actual Sales (in MT)

Combined: 588,600
2016-17: 569,100
2017-18: 19,500

Trade Expectations (MT) 300,000-550,000
Weekly Sales Details Net sales of 569,100 metric tons for delivery in marketing year 2016-17 were up 8% from the previous week and 10% from the prior four-week average. Increases were reported for unknown destinations (149,000 MT), Mexico (99,600 MT), Nigeria (62,000 MT), South Korea (61,700 MT, including 60,000 MT switched from unknown destinations), and Yemen (50,000 MT). Reductions were reported for Peru (5,000 MT). For 2017-18, net sales of 19,500 MT were reported for unknown destinations (18,000 MT) and Honduras (1,500 MT).
Weekly Export Details Exports of 389,100 MT were down 36% from the previous week and 4% from the prior four-week average. The primary destinations were Mexico (70,800 MT), South Korea (62,100 MT), the Dominican Republic (43,200 MT), Peru (43,000 MT), Japan (40,300 MT), and China (31,500 MT).
Comments and Performance Indicators Sales came in above expectations. Export commitments for 2016-17 are running 39% ahead of year-ago versus 38% ahead the week prior. USDA projects exports in 2016-17 at 975 million bu., up 25.8% from the previous marketing year.
Soybeans
Actual Sales (in MT)

Combined: 1,097,400
2016-17: 890,000
2017-18: 207,400

Trade Expectations (MT) 550,000-900,000
Weekly Sales Details Net sales of 890,000 MT for 2016-17 were up 93% from the previous week and 41% from the prior four-week average. Increases were reported for China (262,300 MT, including 244,500 MT switched from unknown destinations and decreases of 81,400 MT), unknown destinations (175,600 MT, including decreases of 67,800 MT), Germany (152,400 MT, switched from the Netherlands), Taiwan (79,700 MT, including 59,000 MT switched from unknown destinations), and Spain (71,500 MT, including 65,000 MT switched from unknown destinations). Reductions were reported for Venezuela (600 MT). For 2017-18, net sales of 207,400 MT were reported for Japan (101,900 MT), unknown destinations (66,000 MT), Mexico (24,000 MT), and Costa Rica (15,500 MT).
Weekly Export Details Exports of 1,138,100 MT were down 27% from the previous week and 22% from the prior four-week average. The primary destinations were China (816,200 MT), Taiwan (80,700 MT), Spain (71,500 MT), Japan (47,900 MT), and Mexico (47,000 MT).
Comments and Performance Indicators Sales were stronger than expected. Export commitments for 2016-17 are running 24% ahead of year-ago, compared to 24% ahead the previous week. USDA projects exports in 2016-17 at 2.050 billion bu., up 5.9% from year-ago.
Soymeal
Actual Sales (in MT) 2016-17: 121,300
Trade Expectations (MT)

150,000-350,000

Weekly Sales Details Net sales of 121,300 MT for 2016-17 were down 65% from the previous week and 62% from the prior four-week average. Increases were reported for unknown destination (36,300 MT), Peru (25,500 MT, including 5,300 MT switched from Egypt), Mexico (22,400 MT), Panama (11,700 MT, including 15,600 MT switched from unknown destinations and decreases of 4,300 MT), and Morocco (11,000 MT). Reductions were reported for Egypt (35,700 MT) and Costa Rica (1,800 MT).
Weekly Export Details Exports of 233,800 MT were down 26% from the previous week and 4% from the prior four-week average. The primary destinations were Mexico (59,000 MT), Vietnam (49,700 MT), Japan (28,600 MT), the Dominican Republic (17,700 MT), and Panama (11,300 MT).
Comments and Performance Indicators Sales fell short of expectations. Export commitments for 2016-17 are running 0.1% behind year-ago compared with steady with year-ago the week prior. USDA projects exports in 2016-17 to be down 3.0% from the previous marketing year.
Soyoil
Actual Sales (in MT)

2016-17: 9,000

Trade Expectations (MT) 8,000-30,000
Weekly Sales Details Net sales of 9,900 MT for 2016-17 were down 72% from the previous week and 71% from the prior four-week average. Increases were reported for the Dominican Republic (5,200 MT), Colombia (3,000 MT), Mexico (1,600 MT), and Canada (200 MT). Reductions were reported for South Korea (200 MT).
Weekly Export Details Exports of 45,700 MT were up 18% from the previous week and 73% from the prior four-week average. The primary destinations were China (29,800 MT), South Korea (10,000 MT), Mexico (5,200 MT), and Canada (600 MT).
Comments and Performance Indicators Sales were near the low end of expectations. Export commitments for the 2016-17 marketing year are running 13% ahead of year-ago, compared to 14% ahead last week. USDA projects exports in 2016-17 to be down 4.0% from the previous year.
Cotton
Actual Sales (in RB) Combined: 345,500
2016-17: 222,200
2017-18: 123,300
Weekly Sales Details Net upland sales of 222,200 RB for 2016-17 were up 7% from the previous week, but down 34% from the prior four-week average. Increases were reported for Turkey (89,500 RB), Mexico (25,500 RB), Vietnam (23,800 RB, including 700 RB switched from Japan and decreases of 24,300 RB), Bangladesh (20,500 RB), and Indonesia (18,200 RB, including 1,600 RB switched from Japan and decreases of 1,000 RB). Reductions were reported for Japan (1,600 RB). For 2017-18, net sales of 123,300 RB were reported for Thailand (47,100 RB), China (30,800 RB), and Vietnam (20,100 RB).
Weekly Export Details Exports of 344,900 RB were down 24% from the previous week, but up 10% from the prior four-week average. The primary destinations were Vietnam (71,500 RB), China (70,800 RB), Pakistan (34,900 RB), Turkey (26,400 RB), and Indonesia (23,400 RB).
Comments and Performance Indicators Export commitments for 2016-17 are 61% ahead of year-ago, compared to 68% ahead the previous week. USDA projects exports to be up 36.6% from the previous year at 12 million bales.
Beef
Actual Sales (in MT)

2017: 13,300

Weekly Sales Details Net sales of 13,300 MT reported for 2017 were down 16% from the previous week and 12% from the prior four-week average. Increases were reported for Japan (3,500 MT, including decreases of 1,300 MT), South Korea (3,300 MT, including decreases of 400 MT), Mexico (2,000 MT, including decreases of 100 MT), Canada (2,000 MT, including decreases of 100 MT), and Hong Kong (1,300 MT).
Weekly Export Details Exports of 14,600 MT reported for 2017 were up 7% from the previous week and 4% from the prior four-week average. The primary destinations were Japan (5,000 MT), South Korea (3,200 MT), Hong Kong (1,700 MT), Canada (1,600 MT), and Mexico (1,500 MT).
Comments and Performance Indicators Weekly export sales compare to 15,900 MT the week prior. USDA projects exports in 2017 to be up 4.8% from last year's total.
Pork
Actual Sales (in MT) 2017: 18,600
Weekly Sales Details Net sales of 18,600 MT reported for 2017 were up 36% from the previous week, but down 26% from the prior four-week average. Increases were reported for Mexico (5,500 MT), Japan (4,300 MT), South Korea (2,600 MT), Canada (2,200 MT), and the Philippines (1,200 MT).
Weekly Export Details Exports of 23,500 MT--a marketing-year high--were up 7% from the previous week and 6% from the prior four-week average. The primary destinations were Mexico (8,300 MT), Japan (4,400 MT), South Korea (3,700 MT), China (1,800 MT), and Canada (1,300 MT).
Comments and Performance Indicators

Export sales compare to 13,600 MT the prior week. USDA projects exports in 2017 to be 4.0% above last year's total.