Corn Export Sales Fall Short of Expectations

Posted on 03/09/2017 10:18 AM

 

USDA Weekly Export Sales Report
Week Ended Feb. 23, 2017

Corn
Actual Sales (in MT)

Combined: 713,000
2016-17: 692,400
2017-18: 20,600

Trade Expectations (MT) 850,000-1,250,000
Weekly Sales Details Net sales of 692,400 MT for 2016-17 were down 7% from the previous week and 24% from the prior four-week average. Increases were for Mexico (260,200 MT, including decreases of 7,400 MT), Japan (132,900 MT, including 81,400 MT switched from unknown destinations), South Korea (119,600 MT, including 55,000 MT switched from unknown destinations and decreases of 3,200 MT), Saudi Arabia (115,500 MT, including 116,000 MT switched from unknown destinations and decreases of 800 MT), and Colombia (101,800 MT, including 78,000 MT switched from unknown destinations and decreases of 15,900 MT). Reductions were reported for unknown destinations (378,800 MT) and Guatemala (3,600 MT). For 2017-18, net sales of 20,600 MT were reported for Japan (13,000 MT) and Mexico (7,600 MT).
Weekly Export Details Exports of 1,497,800 MT--a marketing-year high--were up 24% from the previous week and 38% from the prior four-week average. The primary destinations were Mexico (376,300 MT), Japan (254,700 MT), Colombia (144,000 MT), South Korea (119,900 MT), and Saudi Arabia (115,500 MT).
Comments and Performance Indicators Sales fell short of expectations. Export commitments for 2016-17 are running 57% ahead of year-ago compared to 61% ahead the week prior. 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: 452,000
2016-17: 353,200
2017-18: 98,800

Trade Expectations (MT) 400,000-800,000
Weekly Sales Details Net sales of 353,200 metric tons for delivery in marketing year 2016-17 were down 22% from the previous week and 28% from the prior four-week average. Increases were reported for Mexico (64,500 MT, including decreases of 32,900 MT), the Philippines (58,100 MT, including 52,000 MT switched from unknown destinations), Japan (56,000 MT, including 42,200 MT switched from unknown destinations and decreases of 500 MT), Algeria (50,000 MT, switched from unknown destinations), and Guatemala (29,000 MT, switched from unknown destinations). Reductions were reported for unknown destinations (40,400 MT) and The French West Indies (17,300 MT). For 2017-18, net sales of 98,800 MT were reported primarily for unknown destinations (28,300 MT), the Dominican Republic (22,000 MT), Guatemala (18,900 MT), and El Salvador (18,600 MT).
Weekly Export Details Exports of 542,000 MT were down 14% from the previous week, but up 14% and from the prior four-week average. The destinations were primarily the Philippines (85,600 MT), Mexico (71,500 MT), Japan (67,500 MT), Nigeria (66,700 MT), Mozambique (45,800 MT), and Morocco (30,600 MT).
Comments and Performance Indicators Sales came in as expected. Export commitments for 2016-17 are running 38% ahead of year-ago versus 38% ahead the week prior. USDA projects exports in 2016-17 at 1.025 billion bu., up 32.3% from the previous marketing year.
Soybeans
Actual Sales (in MT)

2016-17: 427,700

Trade Expectations (MT) 300,000-700,000
Weekly Sales Details Net sales of 427,700 MT for 2016-17 were up 27% from the previous week, but down 23% from the prior four-week average. Increases were reported for China (207,101 MT, including 126,000 MT switched from unknown destinations), Indonesia (49,000 MT, including 25,000 MT switched from unknown destinations and decreases of 200 MT), Peru (33,600 MT, including 31,500 MT switched from unknown destinations), Mexico (31,800 MT, including decreases of 900 MT), and Japan (29,800 MT, including 23,200 MT switched from unknown destinations).
Weekly Export Details Exports of 987,600 MT were up 1% from the previous week, but down 23% from the prior four-week average. The destinations were primarily China (610,300 MT), Germany (77,00 MT), Taiwan (73,000 MT), Indonesia (57,600 MT), and Mexico (45,300 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2016-17 are running 24% ahead of year-ago, compared to 25% 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) Combined: 140,900
2016-17: 139,500
2017-18: 1,400
Trade Expectations (MT)

125,000-300,000

Weekly Sales Details Net sales of 139,500 MT for 2016-17 were down 38% from the previous week and 45% from the prior four-week average. Increases were reported for the Dominican Republic (31,300 MT), Ecuador (30,000 MT), Denmark (22,500 MT, including 23,000 MT switched from unknown destinations and decreases of 500 MT), Peru (20,000 MT), and Colombia (11,800 MT). Reductions were reported for unknown destinations (24,200 MT), Guatemala (3,900 MT), and Saudi Arabia (1,800 MT). For 2017-18, net sales of 1,400 MT were reported for Mexico.
Weekly Export Details Exports of 224,100 MT were up 5% from the previous week and 1% from the prior four-week average. The destinations were primarily the Philippines (50,700 MT), Mexico (37,100 MT), Saudi Arabia (28,200 MT), the Dominican Republic (23,600 MT), and Morocco (16,100 MT).
Comments and Performance Indicators Sales met expectations. Export commitments for 2016-17 are running steady with 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: 28,700

Trade Expectations (MT) 5,000-30,000
Weekly Sales Details Net sales of 28,700 MT for 2016-17 were up noticeably from the previous week and 64% from the prior four-week average. Increases were reported for Guatemala (12,500 MT), South Korea (5,600 MT), Mexico (5,600 MT), Jamaica (3,500 MT), and Canada (2,200 MT).
Weekly Export Details Exports of 23,100 MT were up 29% from the previous week, but down 24% from the prior four-week average. The destinations were primarily the Dominican Republic (10,100 MT), Mexico (6,900 MT), South Korea (5,100 MT), and Canada (500 MT).
Comments and Performance Indicators Sales were near the top end of expectations. Export commitments for the 2016-17 marketing year are running 19% ahead of year-ago, compared to 15% ahead last week. USDA projects exports in 2016-17 to be down 4.0% from the previous year.
Cotton
Actual Sales (in RB) Combined: 544,300
2016-17: 481,400
2017-18: 62,900
Weekly Sales Details Net upland sales of 481,400 RB for 2016-17--a marketing year-high-- were up 31% from the previous week and 72% from the prior four-week average. Increases were reported for Vietnam (117,000 RB), Bangladesh (92,900 MT, including decreases of 100 RB), China (74,600 RB including 2,200 RB switched from Vietnam), Turkey (69,900 RB), Indonesia (24,100 RB, including 1,300 RB switched from Japan and decreases of 500 RB), and Malaysia (17,500 RB). Reductions were reported for El Salvador (900 RB). For 2017-18, net sales of 62,900 RB were reported for China (58,500 RB), Japan (2,600 RB), and Vietnam (1,800 RB).
Weekly Export Details Exports of 319,200 RB were down 6% from the previous week and 14% from the prior four-week average. The primary destinations were China (72,500 RB), Vietnam (62,100 RB), Turkey (25,600 RB), Indonesia (22,800 RB), and South Korea (21,100 RB).
Comments and Performance Indicators Export commitments for 2016-17 are 66% ahead of year-ago, compared to 63% ahead the previous week. USDA projects exports to be up 38.8% from the previous year at 12.7 million bales.
Beef
Actual Sales (in MT)

2017: 15,400

Weekly Sales Details Net sales of 15,400 MT reported for 2017 were up 48% from the previous week and 4% from the prior four-week average. Increases were reported for Hong Kong (4,800 MT, including decreases of 100 MT), South Korea (3,500 MT, including decreases of 200 MT), Japan (2,200 MT, including decreases of 2,800 MT), Taiwan (1,800 MT), and Mexico (1,400 MT).
Weekly Export Details Exports of 13,100 MT reported for 2017 were down 2% from the previous week and 8% from the prior four-week average. The primary destinations were Japan (4,600 MT), South Korea (2,500 MT), Mexico (1,600 MT), Hong Kong (1,500 MT), and Canada (1,200 MT).
Comments and Performance Indicators Weekly export sales compare to 10,400 MT the week prior. USDA projects exports in 2017 to be up 6.5% from last year's total.
Pork
Actual Sales (in MT) 2017: 16,900
Weekly Sales Details Net sales of 16,900 MT reported for 2017 were down 19% from the previous week and 13% from the prior four-week average. Increases were reported for Mexico (6,800 MT), Japan (3,500 MT), Hong Kong (1,600 MT), Canada (1,500 MT), and South Korea (700 MT).
Weekly Export Details Exports of 23,900 MT--a marketing-year high--were up 7% from the previous week and from the prior four-week average. The destinations were primarily Mexico (8,700 MT), Japan (4,400 MT), South Korea (3,000 MT), China (1,600 MT), and Canada (1,400 MT).
Comments and Performance Indicators

Export sales compare to 13,300 MT the prior week. USDA projects exports in 2017 to be 4.0% above last year's total.

 

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