Marked Slowdown in Soybean Export Sales

Posted on 03/09/2017 10:19 AM

USDA Weekly Export Sales Report
Week Ended Jan. 5, 2017

Corn
Actual Sales (in MT)

Combined: 755,000
2016-17: 603,300
2017-18: 151,700

Trade Expectations (MT) 500,000-850,000
Weekly Sales Details Net sales of 603,300 MT for 2016-17 were up 41% from the previous week, but down 42% from the prior four-week average. Increases were for unknown destinations (207,000 MT), Japan (126,500 MT, including 35,300 MT switched from unknown destinations), Taiwan (80,600 MT, including decreases of 2,700 MT), the Dominican Republic (48,400 MT), and Peru (43,500 MT, including 33,000 MT switched from unknown destinations). Reductions were for South Korea (17,500 MT), Canada (2,900 MT), and Cuba (1,100 MT). For 2017-18, net sales of 151,700 MT were reported for unknown destinations (150,300 MT) and Japan (1,400 MT).
Weekly Export Details Exports of 693,900 MT were up 14% from the previous week, but down 14% from the prior four-week average. The primary destinations were Mexico (167,300 MT), Japan (149,400 MT), Colombia (93,300 MT), Chile (44,800 MT), and South Korea (43,300 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2016-17 are running 72% ahead of of year-ago, compared to 75% 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: 391,000

Trade Expectations (MT) 250,000-475,000
Weekly Sales Details Net sales of 391,000 metric tons for delivery in marketing year 2016-17 were up noticeably from the previous week, but down 1% from the prior four-week average. Increases were reported for unknown destinations (292,900 MT), Mexico (66,100 MT, including decreases of 800 MT), Nigeria (10,900 MT), Colombia (9,000 MT), and Peru (6,000 MT).
Weekly Export Details Exports of 172,300 MT were down 60% from the previous week and from the prior four-week average. The primary destinations were Indonesia (74,000 MT), Mexico (67,900 MT), South Korea (25,600 MT), Burma (3,200 MT), and Malaysia (500 MT).
Comments and Performance Indicators Sales matched expectations. Export commitments for 2016-17 are running 33% ahead of year-ago versus 33% 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: 291,900
2016-17: 348,900
2017-18: -57,000

Trade Expectations (MT) 500,000-800,000
Weekly Sales Details Net sales of 348,900 MT for 2016-17 were up noticeably from the previous week, but down 71% from the prior four-week average. Increases were reported for the Netherlands (208,200 MT, including 206,000 MT switched from unknown destinations and decreases of 3,100 MT), China (200,300 MT, including 126,000 MT switched from unknown destinations and decreases of 76,400 MT), Mexico (67,800 MT, including decreases of 2,000 MT), Turkey (66,000 MT), and Japan (60,000 MT, including 56,200 MT switched from unknown destinations and decreases of 600 MT). Reductions were reported for unknown destinations (471,500 MT) and Costa Rica (1,800 MT). For 2017-18, net sales reductions of 57,000 MT resulted as increases for Japan (9,000 MT) were more than offset by reductions for unknown destinations (66,000 MT).
Weekly Export Details Exports of 1,432,000 MT were down 10% from the previous week and 20% from the prior four-week average. The primary destinations were China (629,800 MT), the Netherlands (202,700 MT), Egypt (114,600 MT), Japan (89,500 MT), and Saudi Arabia (71,200 MT).
Comments and Performance Indicators Sales fell well short of expectations. Export commitments for 2016-17 are running 24% ahead of year-ago, compared to 26% 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: 120,100
2016-17: 119,100
2017-18: 1,000
Trade Expectations (MT)

40,000-160,000

Weekly Sales Details Net sales of 119,100 MT for 2016-17 were up 43% from the previous week, but down 29% from the prior four-week average. Increases were reported for Egypt (55,000 MT, switched from unknown destinations), Vietnam (49,400 MT, including 45,000 MT switched from unknown destinations), Pakistan (27,200 MT), Japan (25,800 MT, including decreases of 100 MT), and Canada (16,400 MT, including decreases of 300 MT). Reductions were for unknown destinations (108,300 MT), Colombia (1,600 MT), and Thailand (1,500 MT). For 2017-18, net sales of 1,000 MT were reported for Mexico.
Weekly Export Details Exports of 209,600 MT were up 70% from the previous week and 5% from the prior four-week average. The primary destinations were Vietnam (49,400 MT), the Philippines (46,400 MT), Mexico (21,700 MT), Egypt (19,300 MT), and Canada (17,800 MT).
Comments and Performance Indicators Sales matched expectations. Export commitments for 2016-17 are running 7% behind year-ago compared with 8% 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: 7,300

Trade Expectations (MT) 5,000-30,000
Weekly Sales Details Net sales of 7,300 MT for 2016-17 were down 77% from the previous week and 72% from the prior four-week average. Increases were reported for the Dominican Republic (3,500 MT), Colombia (1,500 MT), Canada (1,100 MT), and Mexico (1,000 MT).
Weekly Export Details Exports of 16,200 MT were up noticeably from the previous week, but down 34% from the prior four-week average. The primary destinations were the Dominican Republic (4,900 MT), Mexico (4,700 MT), Jamaica (4,000 MT), and Colombia (2,000 MT).
Comments and Performance Indicators Sales were near the lower end of expectations. Export commitments for the 2016-17 marketing year are running 1% behind year-ago, compared to 5% behind last week. USDA projects exports in 2016-17 to be down 4.0% from the previous year.
Cotton
Actual Sales (in RB) Combined: 241,700
2016-17: 236,000
2017-18: 5,700
Weekly Sales Details Net upland sales of 236,000 RB for 2016-17 were up 29% from the previous week, but down 15% from the prior four-week average. Increases were reported for Vietnam (74,100 RB), China (33,200 RB, including 4,400 RB switched from Vietnam and decreases of 1,400 RB), Turkey (27,100 RB, including decreases of 2,400 RB), Bangladesh (21,500 RB), and Indonesia (18,100 RB). For 2017-18, net sales of 5,700 RB were reported for Mexico.
Weekly Export Details Exports of 210,500 RB were down 17% from the previous week and 11% from the prior four-week average. The primary destinations were Vietnam (48,100 RB), China (41,300 RB), Turkey (23,500 RB), Indonesia (15,000 RB), and Thailand (13,500 RB).
Comments and Performance Indicators Export commitments for 2016-17 are 65% ahead of year-ago, compared to 66% ahead the previous week. USDA projects exports to be up 31.1% from the previous year at 12 million bales.
Beef
Actual Sales (in MT)

2017: 900

Weekly Sales Details Net sales of 900 MT for 2017 resulted as increases for South Korea (900 MT), Hong Kong (700 MT), Mexico (400 MT), Canada (100 MT), and Taiwan (100 MT), were partially offset by reductions for Japan (1,600 MT). Outstanding sales on Dec. 31 totaled 38,100 MT and were carried over to 2017.
Weekly Export Details Exports of 2,500 MT were primarily to Japan (900 MT), South Korea (800 MT), Hong Kong (300 MT), and Mexico (200 MT). Accumulated exports for 2016 totaled 682,500 MT, up 12% from the 607,600 MT exported in 2015.
Comments and Performance Indicators Weekly export sales compare to 6,900 MT the week prior. USDA projects exports in 2016 to be up 8.6% from last year's total.
Pork
Actual Sales (in MT) 2017: 12,700
Weekly Sales Details Net sales of 12,700 MT for 2017 resulted as increases for Mexico (5,300 MT), Hong Kong (3,300 MT), Canada (1,200 MT), and Japan (1,000 MT), were partially offset by reductions for South Korea (400 MT). Outstanding sales on Dec. 31 totaled 48,100 MT and were carried over to 2017.
Weekly Export Details Exports of 9,400 MT were primarily to Mexico (3,700 MT), Japan (1,600 MT), South Korea (1,300 MT), and Canada (500 MT). Accumulated exports in 2016 totaled 1,029,800 MT, up 4% from the 986,500 MT exported in 2015.
Comments and Performance Indicators

Export sales compare to 14,500 MT the prior week. USDA projects exports in 2016 to be 3.4% above last year's total.

 

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