Corn Export Sales Surge

Posted on 03/09/2017 10:20 AM

USDA Weekly Export Sales Report
Week Ended Nov. 10, 2016

Corn
Actual Sales (in MT)

2016-17: 1,661,000

Trade Expectations (MT) 900,000-1,200,000
Weekly Sales Details Net sales of 1,661,000 MT for 2016/2017 were up 35 percent from the previous week and 47 percent from the prior 4-week average. Increases were for unknown destinations (433,800 MT), Japan (255,500 MT, including 38,200 MT switched from unknown destinations), the Dominican Republic (229,300 MT), Mexico (164,500 MT, including decreases of 47,100 MT), and Saudi Arabia (140,000 MT). Reductions were for Panama (18,000 MT) and Costa Rica (2,500 MT).
Weekly Export Details Exports of 540,800 MT were down 39 percent from the previous week and 31 percent from the prior 4-week average. The primary destinations were Mexico (239,400 MT), Peru (60,100 MT), El Salvador (49,200 MT), Colombia (46,600 MT), Japan (38,200 MT), Guatemala (24,200 MT), and Taiwan (23,600 MT).
Comments and Performance Indicators Sales topped expectations. Export commitments for 2016-17 are running 90% ahead of of year-ago, compared to 89% 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)

2016-17: 598,400

Trade Expectations (MT) 400,000-600,000
Weekly Sales Details Net sales of 598,400 metric tons for delivery in marketing year 2016/2017 were down 22 percent from the previous week, but up 11 percent from the prior 4-week average. Increases were reported for unknown destinations (177,800 MT), the Philippines (82,800 MT), the Dominican Republic (60,500 MT, including decreases of 300 MT), Japan (49,100 MT), Nigeria (41,700 MT, including decreases of 300 MT), Jamaica (38,000 MT), and Algeria (31,500 MT, including 30,000 MT switched from unknown destinations). Reductions were reported for Taiwan (12,600 MT), Costa Rica (400 MT), and the United Kingdom (300 MT).
Weekly Export Details Exports of 402,000 MT were up 6 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were Morocco (114,800 MT), Brazil (62,000 MT), South Korea (48,600 MT), Mexico (45,300 MT), and Algeria (31,500 MT).
Comments and Performance Indicators Sales were near the top end of expectations. Export commitments for 2016-17 are running 29% ahead of year-ago versus 31% 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: 1,419,200
2016-17: 1,418,700
2017-18: 500

Trade Expectations (MT) 1,200,000-1,600,000
Weekly Sales Details Net sales of 1,418,700 MT for 2016/2017 were up 51 percent from the previous week, but down 23 percent from the prior 4-week average. Increases were reported for China (1,687,500 MT, including 1,082,000 MT switched from unknown destinations and decreases of 212,500 MT), Mexico (74,500 MT, including decreases of 500 MT), Vietnam (72,400 MT, including 65,000 MT switched from unknown destinations), Germany (62,800 MT), and Japan (59,800 MT, including 58,000 MT switched from unknown destinations and decreases of 300 MT). Reductions were reported for unknown destinations (772,100 MT) and Canada (2,500 MT). For 2017/2018, net sales of 500 MT were reported for Japan.
Weekly Export Details Exports of 3,034,100 MT--a marketing-year high--were up 11 percent from the previous week and 10 percent from the prior 4-week average. The primary destinations were China (2,363,500 MT), Mexico (100,100 MT), Vietnam (78,400 MT), Turkey (66,000 MT), Japan (64,500 MT).
Comments and Performance Indicators Sales matched expectations. Export commitments for 2016-17 are running 25% ahead of year-ago, compared to 28% 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: 437,400
Trade Expectations (MT)

150,000-350,000

Weekly Sales Details Net sales of 437,400 MT for 2016/2017 were up noticeably from the previous week and 76 percent from the prior 4-week average. Increases were reported for the Dominican Republic (194,700 MT), the Philippines (136,000 MT), Mexico (36,300 MT, including decreases of 100 MT), Honduras (24,000 MT), Morocco (22,300 MT, switched from unknown destinations), Thailand (21,000 MT, including 17,700 MT switched from unknown destinations), Nicaragua (12,900 MT), and Colombia (11,000 MT). Reductions were for unknown destinations (47,300 MT) and Costa Rica (500 MT).
Weekly Export Details Exports of 162,800 MT were down 33 percent from the previous week and 5 percent from the prior 4-week average. The primary destinations were Mexico (46,100 MT), Thailand (24,800 MT), Morocco (22,300 MT), Jamaica (13,000 MT), Venezuela (11,600 MT), El Salvador (10,000 MT), Canada (8,700 MT), and Colombia (6,800 MT).
Comments and Performance Indicators Sales were above expectations. Export commitments for 2016-17 are running 14% behind year-ago compared with 19% behind the week prior. USDA projects exports in 2016-17 to be up 0.3% from the previous marketing year.
Soyoil
Actual Sales (in MT)

2016-17: 14,400

Trade Expectations (MT) 10,000-40,000
Weekly Sales Details Net sales of 14,400 MT for 2016/2017 were down 12 percent from the previous week and 8 percent from the prior 4-week average. Increases were reported for Colombia (6,000 MT), Guatemala (4,200 MT), Mexico (3,300 MT), and Canada (700 MT).
Weekly Export Details Exports of 8,300 MT were up 58 percent from the previous week, but down 62 percent from the prior 4-week average. The primary destinations were Mexico (7,500 MT), Canada (600 MT), and Trinidad (100 MT).
Comments and Performance Indicators Sales matched expectations. Export commitments for the 2016-17 marketing year are running 22% behind year-ago, compared to 25% behind last week. USDA projects exports in 2016-17 to be down 4.0% from the previous year.
Cotton
Actual Sales (in RB) Combined: 215,300
2016-17: 214,400
2017-18: 900
Weekly Sales Details Net upland sales of 214,400 RB for 2016/2017 were up 27 percent from the previous week and 7 percent from the prior 4-week average. Increases were reported for Turkey (45,200 RB), China (34,900 RB, including 1,400 RB switched from South Korea), Thailand (32,100 RB, including 500 RB switched from Japan), Vietnam (26,300 RB), and Pakistan (19,100 RB, including decreases of 900 RB). Reductions were reported for El Salvador (400 RB) and Japan (200 RB). For 2017/2018, net sales of 900 RB were reported for Japan.
Weekly Export Details Exports of 98,000 RB--a marketing-year low--were down 27 percent from the previous week and 24 percent from the prior 4-week average. The primary destinations were Mexico (18,500 RB), China (14,300 RB), Vietnam (13,600 RB), Turkey (10,000 RB), and South Korea (5,600 RB).
Comments and Performance Indicators Export commitments for 2016-17 are 59% above year-ago, compared to 62% above the previous week. USDA projects exports to be up 31.1% from the previous year at 12 million bales.
Beef
Actual Sales (in MT)

Combined: 10,900
2016: 10,300
2017: 600

Weekly Sales Details Net sales of 10,300 MT for 2016 were down 47 percent from the previous week and 19 percent from the prior 4-week average. Increases were reported for Japan (4,300 MT, including decreases of 1,700 MT), Hong Kong (2,000 MT, including decreases of 500 MT), Mexico (1,500 MT), South Korea (1,000 MT, including decreases of 200 MT), and Taiwan (600 MT, including decreases of 100 MT). Reductions were reported for Chile (100 MT) and Guatemala (100 MT). For 2017, net sales of 600 MT were primarily for Hong Kong (200 MT), Canada (200 MT), Mexico (100 MT), and Singapore (100 MT).
Weekly Export Details Exports of 10,500 MT were down 44 percent from the previous week and 25 percent from the prior 4-week average. The primary destinations were Japan (3,300 MT), South Korea (2,100 MT), Hong Kong (1,900 MT), Mexico (1,200 MT), and Taiwan (900 MT).
Comments and Performance Indicators Weekly export sales compare to 24,400 MT the week prior. USDA projects exports in 2016 to be up 8.6% from last year's total.
Pork
Actual Sales (in MT) Combined: 19,500
2016: 16,300
2017: 3,200
Weekly Sales Details Net sales of 16,300 MT for 2016 were down 29 percent from the previous week and 26 percent from the prior 4-week average. Increases were reported for Mexico (8,600 MT), Japan (3,100 MT), Canada (1,800 MT), Colombia (900 MT), and Australia (600 MT). For 2017, net sales of 3,200 MT were primarily for South Korea (1,200 MT), Mexico (1,000 MT), and Hong Kong (800 MT).
Weekly Export Details Exports of 23,100 MT were up 11 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were Mexico (9,200 MT), Japan (4,000 MT), South Korea (2,900 MT), Canada (1,700 MT), and Colombia (1,600 MT).
Comments and Performance Indicators

Export sales compare to 31,100 MT the prior week. USDA projects exports in 2016 to be 3.4% above last year's total.

 

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