Soybean Export Sales Disappoint, But Grain Sales Solid

Posted on 03/09/2017 10:23 AM

USDA Weekly Export Sales Report
Week Ended May 5, 2016

Corn
Actual Sales (in MT)

Combined: 1,255,700
2015-16: 1,105,300

2016-17: 150,400

Trade Expectations (MT) 1,075,000-1,525,000
Weekly Sales Details Net sales of 1,105,300 MT for 2015-16 were up 44% from the previous week, but down 16% from the prior four-week average. Increases were reported for unknown destinations (257,900 MT), Japan (238,300 MT, including 58,000 MT switched from unknown destinations and decreases of 5,900 MT), Israel (132,000 MT), Mexico (117,200 MT), Taiwan (74,000 MT, including 65,000 MT switched from unknown destinations and decreases of 1,000 MT), Peru (55,300 MT, including 35,000 MT switched from unknown destinations and decreases of 800 MT), and Egypt (53,000 MT). Reductions were reported for Cuba (7,600 MT) and Nicaragua (1,300 MT). For 2016-17, net sales of 150,400 MT were reported for unknown destinations (91,200 MT), Mexico (43,700 MT), Costa Rica (13,200 MT), Japan (1,300 MT), and Taiwan (1,000 MT).
Weekly Export Details Exports of 1,141,600 MT were down 7% from the previous week and 1% from the prior four-week average. The primary destinations were Mexico (263,700 MT), Japan (227,600 MT), Colombia (166,800 MT), Algeria (94,300 MT), Taiwan (75,600 MT), South Korea (55,100 MT), and Peru (54,300 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2015-16 are running 6% behind year-ago, compared to 8% 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)

Combined: 682,800
2015-16: 294,900
2016-17: 387,900

Trade Expectations (MT) 200,000-700,000
Weekly Sales Details Net sales of 294,900 metric tons for delivery in marketing year 2015-16 were up 65% from the previous week and 24% from the prior four-week average. Increases reported for unknown destinations (135,100 MT), Yemen (53,500 MT, including 50,000 MT switched from unknown destinations), Nigeria (42,200 MT, including 700 MT switched from Cyprus), Venezuela (30,000 MT, switched from unknown destinations), Brazil (28,500 MT), and Spain (13,900 MT), were partially offset by reductions for Japan (35,000 MT), Mexico (12,700 MT), Taiwan (900 MT), Cyprus (700 MT), and Peru (400 MT). For 2016-17, net sales of 387,900 MT were reported primarily for unknown destinations (199,400 MT), Nigeria (48,000 MT), Japan (35,900 MT), and Mexico (34,300 MT).
Weekly Export Details Exports of 447,100 MT were up 16% from the previous week and 12% from the prior four-week average. The primary destinations were the Philippines (112,000 MT), Nigeria (70,300 MT), Yemen (53,500 MT), Japan (31,200 MT), Venezuela (30,000 MT), and South Korea (28,900 MT).
Comments and Performance Indicators Sales were near the top end of expectations. Export commitments for 2015-16 are running 12% behind year-ago compared to 12% behind last week. USDA projects exports in 2015-16 at 780 million bu., down 8.7% from the previous marketing year.
Soybeans
Actual Sales (in MT)

Combined: 219,300
2015-16: 212,400
2016-17: 6,900

Trade Expectations (MT) 675,000-950,000
Weekly Sales Details Net sales of 212,400 MT for 2015-16 were down 74% from the previous week and 54% from the prior four-week average. Increases were reported for Indonesia (94,300 MT, including 68,000 MT switched from unknown destinations and decreases of 7,200 MT), China (62,400 MT), Malaysia (33,800 MT, including 24,000 MT switched from unknown destinations), Japan (6,500 MT), Canada (6,400 MT), and Mexico (6,300 MT). Reductions were reported for unknown destinations (9,000 MT). For 2016-17, net sales of 6,900 MT were reported for Canada (5,400 MT), Taiwan (1,000 MT), and Indonesia (500 MT).
Weekly Export Details Exports of 217,100 MT were down 29% from the previous week and 31% from the prior four-week average. The primary destinations were Indonesia (87,500 MT), Mexico (53,300 MT), Japan (29,600 MT), Malaysia (25,400 MT), Vietnam (7,100 MT), and Taiwan (5,800 MT).
Comments and Performance Indicators Sales fell well short of expectations. Export commitments for 2015-16 are running 6% behind year-ago, compared to 7% 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: 143,100
2015-16: 115,300
2016-17: 27,800
Trade Expectations (MT)

175,000-325,000

Weekly Sales Details Net sales of 115,300 MT for 2015-16 were down 25% from the previous week and 33% from the prior four-week average. Increases were reported for the Philippines (102,000 MT), Panama (8,200 MT, switched from unknown destinations), Colombia (6,300 MT), Guatemala (5,200 MT, switched from unknown destinations), El Salvador (3,700 MT, including 2,500 MT switched from Panama and 1,200 MT switched from Guatemala), and Canada (3,600 MT). Reductions were reported for unknown destinations (18,200 MT), and Trinidad (800 MT). For 2016-17, net sales of 27,800 MT were reported for unknown destinations (25,000 MT) and Canada (2,800 MT).
Weekly Export Details Exports of 203,400 MT were unchanged from the previous week, but down 7% from the prior four-week average. The primary destinations were Mexico (40,900 MT), Ecuador (33,000 MT), Venezuela (20,000 MT), Colombia (16,300 MT), Canada (15,300 MT), Peru (12,400 MT), and El Salvador (11,700 MT).
Comments and Performance Indicators Sales were below expectations. Export commitments for 2015-16 are running 12% behind last year's pace, compared to 13% 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)

2015-16: 16,700

Trade Expectations (MT) 5,000-25,000
Weekly Sales Details Net sales of 16,700 MT for 2015-16 were up 67% from the previous week and up noticeably from the prior four-week average. Increases were reported for Colombia (7,000 MT), the Dominican Republic (4,800 MT), Guatemala (2,000 MT), Mexico (1,500 MT), and Panama (1,000 MT).
Weekly Export Details Exports of 3,400 MT were down 19% from the previous week and 70% from the prior four-week average. The destinations were primarily to Mexico (3,200 MT) and Canada (200 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for the 2015-16 marketing year are running 13% ahead of year-ago compared to 12% 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: 105,800
2015-16: 102,500
2016-17: 3,300
Weekly Sales Details Net upland sales totaling 103,500 RB for 2015-16 were up 69% from the previous week and 38% from the prior four-week average. Increases were reported for Turkey (17,100 RB), Brazil (15,800 RB), Vietnam (14,400 RB, including 400 RB switched from Japan), Pakistan (13,400 RB), Taiwan (12,700 RB), Indonesia (11,900 RB, including 1,000 RB switched from Taiwan), and South Korea (11,600 RB, including 1,200 RB switched from Vietnam, and decreases of 2,600 RB). Reductions were reported for Thailand (6,000 RB) and India (2,900 RB). For 2016-17, net sales of 3,300 RB resulted as increases for Turkey (3,500 RB), Peru (2,900 RB), Indonesia (1,800 RB), Thailand (1,300 RB), and Mexico (700 RB), were partially offset by reductions for Vietnam (5,400 RB) and Japan (1,500 RB).
Weekly Export Details Exports of 171,100 RB were down 38% from the previous week and 25% from the prior four-week average. The primary destinations were China (36,600 RB), Turkey (28,500 RB), Vietnam (25,200 RB), Mexico (18,100 RB), Indonesia (10,800 RB), South Korea (9,700 RB), and Thailand (6,500 RB).
Comments and Performance Indicators Export commitments for 2015-16 are 24% behind year-ago compared to 25% 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: 13,400

Weekly Sales Details Net sales of 13,400 MT for 2016 were down 14% from the previous week and 7% from the prior four-week average. Increases were reported for South Korea (5,500 MT), Japan (1,800 MT), Mexico (1,600 MT), Canada (1,500 MT), and Hong Kong (1,400 MT).
Weekly Export Details Exports of 12,600 MT--a marketing-year high--were unchanged from the previous week, but up 6% from the prior four-week average. The primary destinations were Japan (4,400 MT), South Korea (2,800 MT), Mexico (1,900 MT), Canada (1,400 MT), and Hong Kong (900 MT).
Comments and Performance Indicators Weekly export sales totaled 15,500 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: 18,400
Weekly Sales Details Net sales of 18,400 MT for 2016 were down 39% from the previous week and 49% from the prior four-week average. Increases were reported for Mexico (9,600 MT), Hong Kong (2,500 MT), Japan (1,500 MT), Canada (1,400 MT), and China (1,000 MT). Reductions were reported for Costa Rica (200 MT).
Weekly Export Details Exports of 23,500 MT--a marketing-year high--were up 2% from the previous week and 10% from the prior four-week average. The primary destinations were Mexico (7,200 MT), China (5,300 MT), Japan (4,200 MT), South Korea (1,900 MT), and Canada (1,400 MT).
Comments and Performance Indicators Last week, export sales totaled 30,300 MT. USDA projects exports in 2016 to be 5.2% above last year's total.

 

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