Corn and Soybean Export Sales Soar

Posted on 03/09/2017 10:22 AM

USDA Weekly Export Sales Report
Week Ended June 2, 2016

Corn
Actual Sales (in MT)

Combined: 1,679,300
2015-16: 1,558,900

2016-17: 120,400

Trade Expectations (MT) 1,000,000-1,500,000
Weekly Sales Details Net sales of 1,558,900 MT for 2015-16 were up 18% from the previous week and from the prior four-week average. Increases were reported for Japan (409,200 MT, including 108,500 MT switched from unknown destinations and decreases of 1,500 MT), South Korea (210,200 MT, including 68,000 MT switched from unknown destinations), Venezuela (150,000 MT), unknown destinations (144,900 MT), Vietnam (127,600 MT), and Saudi Arabia (78,700 MT). Reductions were reported for the French West Indies (6,800 MT) and Morocco (900 MT). For 2016-17, net sales of 120,400 MT were reported for unknown destinations (68,300 MT), Mexico (22,100 MT), Peru (11,000 MT), Honduras (10,000 MT), and Colombia (9,000 MT).
Weekly Export Details Exports of 1,242,200 MT were up 65% from the previous week and 19% from the prior four-week average. The primary destinations were Mexico (262,000 MT), Japan (257,900 MT), Saudi Arabia (148,700 MT), South Korea (137,700 MT), El Salvador (66,600 MT), Peru (56,700 MT), and Algeria (46,600 MT).
Comments and Performance Indicators Sales were well above the top end of lofty expectations. Export commitments for 2015-16 are running 2% ahead of year-ago, compared to 1% behind year-ago the week prior. USDA projects exports in 2015-16 at 1.725 billion bu., down 7.5% from the previous marketing year.
Wheat
Actual Sales (in MT)

2016-17: 223,800

Trade Expectations (MT) 100,000-550,000
Weekly Sales Details Net sales for the 2016-17 marketing year, which began June 1, totaled 223,800 metric tons. Increases were reported for unknown destinations (127,200 MT), Mexico (77,500 MT), South Africa (48,000 MT, including 45,000 MT switched from unknown destinations), Chile (30,000 MT), and Brazil (26,200 MT). A total of 1,297,300 MT in sales were carried over from the 2015-16 marketing year, which ended May 31.
Weekly Export Details Exports for the period ending May 31 of 338,700 MT brought accumulated exports to 19,440,100 MT, down 14% from the prior year’s total of 22,622,500 MT. The primary destinations were Indonesia (63,000 MT), Nigeria (58,800 MT), China (57,800 MT), Chile (33,000 MT), Colombia (29,700 MT), and Jamaica (21,000 MT). Exports for June 1-2 totaled 120,700 MT, with South Africa (48,000 MT), Brazil (29,700 MT), El Salvador (15,800 MT), Colombia (11,000 MT), and Mexico (6,500 MT) being the primary destinations.
Comments and Performance Indicators Sales met expectations. Export commitments for 2016-17 are running 22% ahead of year-ago to start the season. USDA projects exports in 2016-17 at 875 million bu., up 12.2% from the previous marketing year.
Soybeans
Actual Sales (in MT)

Combined: 1,234,000
2015-16: 758,500
2016-17: 475,500

Trade Expectations (MT) 800,000-1,200,000
Weekly Sales Details Net sales of 758,500 MT for 2015-16 were up noticeably from the previous week and 98% from the prior four-week average. Increases were reported for unknown destinations (573,900 MT), Iran (120,000 MT), Mexico (61,300 MT), Indonesia (47,600 MT, including 44,000 MT switched from unknown destinations), and Japan (12,100 MT, including 9,000 MT switched from unknown destinations and decreases of 300 MT). Reductions were reported for China (54,000 MT), Malaysia (15,000 MT), and Colombia (100 MT). For 2016-17, net sales of 475,500 MT were reported primarily for unknown destinations (280,000 MT), China (152,000 MT), Cuba (16,000 MT), and Malaysia (15,000 MT).
Weekly Export Details Exports of 125,600 MT were down 41% from the previous week and 35% from the prior four-week average. The primary destinations were Indonesia (58,000 MT), Mexico (29,400 MT), Japan (14,500 MT), Vietnam (6,700 MT), and Taiwan (5,800 MT).
Comments and Performance Indicators Sales were just above lofty expectations. Export commitments for 2015-16 are running 4% behind year-ago, compared to 5% behind year-ago the week prior. USDA projects exports in 2015-16 at 1.740 billion bu., down 5.6% from year-ago.
Soymeal
Actual Sales (in MT) Combined: 181,000
2015-16: 44,300
2016-17: 136,700
Trade Expectations (MT)

175,000-420,000

Weekly Sales Details Net sales of 44,300 MT for 2015-16 were down 36% from the previous week and 59% from the prior four-week average. Increases were reported for Egypt (18,000 MT), Guatemala (14,100 MT, including 12,600 MT switched from unknown destinations), Mexico (9,800 MT), El Salvador (6,700 MT, including 7,400 MT switched from unknown destinations and decreases of 1,200 MT), Panama (6,700 MT, including 7,600 MT switched from unknown destinations and decreases of 900 MT), and Canada (3,300 MT). Reductions were reported for unknown destinations (17,900 MT), Colombia (2,500 MT), and the French West Indies (2,500 MT). For 2016-17, net sales of 136,700 MT were reported for unknown destinations (78,700 MT) and Mexico (58,000 MT).
Weekly Export Details Exports of 285,500 MT were up 57% from the previous week and 43% from the prior four-week average. The primary destinations were the Philippines (75,300 MT), Mexico (57,100 MT), Ecuador (31,400 MT), Colombia (27,000 MT), the Dominican Republic (24,000 MT), Canada (14,300 MT), and El Salvador (14,100 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2015-16 are running 12% behind last year's pace, compared to 11% behind the week prior. USDA projects exports in 2015-16 will be down 12.5% from the previous marketing year.
Soyoil
Actual Sales (in MT)

Combined: 22,100
2015-16: 14,500
2016-17: 7,600

Trade Expectations (MT) 10,000-50,000
Weekly Sales Details Net sales of 14,500 MT for 2015-16 were down 68% from the previous week and from the prior four-week average. Increases were reported for Cuba (7,600 MT), Mexico (3,200 MT), Guatemala (1,800 MT), and the Dominican Republic (1,700 MT). For 2016-17, net sales of 7,600 MT were reported for Cuba.
Weekly Export Details Exports of 22,800 MT were up noticeably from the previous week and from the prior four-week average. The destinations were primarily to Colombia (10,000 MT), the Dominican Republic (4,700 MT), Mexico (3,800 MT), Guatemala (2,000 MT), and Panama (2,000 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for the 2015-16 marketing year are running 29% ahead of year-ago compared to 28% ahead the week prior. USDA projects exports in 2015-16 to be up 4.3% from the previous marketing year.
Cotton
Actual Sales (in RB) Combined: 222,800
2015-16: 110,100
2016-17: 112,700
Weekly Sales Details Net upland sales totaling 110,100 RB for 2015-16 were down 12% from the previous week and 19% from the prior four-week average. Increases were reported for Vietnam (49,800 RB, including 200 RB switched from Japan and decreases of 100 RB), China (12,800 RB), Indonesia (11,000 RB, including 200 RB switched from Japan), Taiwan (9,200 RB), and Ecuador (5,500 RB). Reductions of 600 RB were reported for Japan. For 2016-17, net sales of 112,700 RB reported primarily for Mexico (80,800 RB), South Korea (10,200 RB), Pakistan (9,900 RB), and Turkey (7,700 RB), were partially offset by decreases for Vietnam (2,300 RB).
Weekly Export Details Exports of 203,600 RB were down 14% from the previous week and 7% from the prior four-week average. The primary destinations were Vietnam (63,100 RB), Turkey (35,800 RB), South Korea (18,200 RB), China (13,000 RB), and Pakistan (12,100 RB).
Comments and Performance Indicators Export commitments for 2015-16 are 21% behind year-ago compared to 22% behind last week. USDA projects exports in 2015-16 at 9.00 million bales, down 20% from year-ago.
Beef
Actual Sales (in MT)

2016: 12,600

Weekly Sales Details Net sales of 12,600 MT for 2016 were up 25% from the previous week, but down 5% from the prior four-week average. Increases were reported for Japan (5,300 MT), South Korea (2,800 MT), Canada (1,700 MT), Mexico (1,300 MT), and Hong Kong (600 MT).
Weekly Export Details Exports of 12,300 MT were down 6% from the previous week and from the prior four-week average. The primary destinations were Japan (4,400 MT), South Korea (2,600 MT), Mexico (1,500 MT), Canada (1,200 MT), and Hong Kong (900 MT).
Comments and Performance Indicators Weekly export sales totaled 10,000 MT the week prior. USDA projects exports in 2016 to be up 8.7% from last year's total.
Pork
Actual Sales (in MT) 2016: 16,700
Weekly Sales Details Net sales of 16,700 MT for 2016 were down 24% from the previous week, but up 8% from the prior four-week average. Increases were reported for China (7,100 MT), Japan (3,200 MT), Hong Kong (2,400 MT), Mexico (1,500 MT), and Canada (1,300 MT).
Weekly Export Details Exports of 17,000 MT were down 23% from the previous week and from the prior four-week average. The primary destinations were Mexico (5,100 MT), Japan (3,100 MT), China (3,000 MT), South Korea (1,500 MT), and Canada (1,200 MT).
Comments and Performance Indicators Last week, export sales totaled 22,000 MT. USDA projects exports in 2016 to be 5.2% above last year's total.

 

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