Weekly Corn Sales Fall Short of Expectations; Soybeans and Wheat Within

Posted on 03/09/2017 10:20 AM

USDA Weekly Export Sales Report
Week Ended Sept. 8, 2016

Corn
Actual Sales (in MT)

Combined: 724,600
2016-17: 703,500
2017-18: 21,100

Trade Expectations (MT) 800,000-1,100,000
Weekly Sales Details Net sales of 703,500 metric tons were reported for 2016/2017. The primary destinations were South Korea (198,100 MT, including 187,300 MT switched from unknown destinations), Colombia (170,900 MT, including 37,500 MT switched from unknown destinations), Chile (93,600 MT, including 24,000 MT switched from Peru and decreases of 1,400 MT), Peru (90,800 MT, including 40,000 MT switched from unknown destinations), Japan 86,500 MT, including 25,300 MT switched from unknown destinations and decreases of 2,700 MT), and Vietnam (69,000 MT, including 70,000 MT switched from unknown destinations and decreases of 1,000 MT). Reductions were for unknown destinations (325,600 MT), Nicaragua (10,000 MT), and Venezuela (7,100 MT). For 2017/2018, net sales of 21,100 MT were reported for Mexico (11,100 MT and Nicaragua (10,000 MT).
Weekly Export Details Exports of 1,128,500 MT were reported to South Korea (261,100 MT), Mexico (192,900 MT), Japan (134,000 MT), Colombia (96,100 MT), Taiwan (76,000 MT), Peru (75,000 MT), and Vietnam (74,800 MT).
Comments and Performance Indicators Sales were below expectations. Export commitments for 2016-17 are running 83% ahead of of year-ago, compared to 86% ahead the previous week. USDA projects exports in 2016-17 at 2.175 billion bu., up 13.1% from the previous marketing year.
Wheat
Actual Sales (in MT)

Combined: 395.200
2016-17: 402,200
2017-18: -7,800

Trade Expectations (MT) 350,000-550,000
Weekly Sales Details Net sales of 402,200 metric tons for delivery in marketing year 2016/2017 were down 39 percent from the previous week and 11 percent from the prior 4-week average. Increases were reported for Japan (91,200 MT), the Philippines (68,500 MT, including 57,000 MT switched from unknown destinations and decreases of 300 MT), Sri Lanka (64,800 MT, including 65,000 MT switched from unknown destinations and decreases of 200 MT), Algeria (55,000 MT), Taiwan (53,700 MT, including 52,800 MT switched from unknown destinations), and Ecuador (37,400 MT, including 35,500 MT switched from unknown destinations and decreases of 700 MT). Reductions were reported for unknown destinations (139,700 MT), Honduras (2,900 MT), and Jamaica (600 MT). For 2017/2018, net sales reductions of 7,000 MT were reported for the Philippines.
Weekly Export Details Exports of 708,500 MT were up 12 percent from the previous week and 13 percent from the prior 4-week average. The primary destinations were the Philippines (115,500 MT), Mexico (68,500 MT), Sri Lanka (64,800 MT), Indonesia (58,900 MT), and Taiwan (53,700 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2016-17 are running 21% ahead of year-ago versus 18% ahead the week prior. USDA projects exports in 2016-17 at 950 million bu., up 22.6% from the previous marketing year.
Soybeans
Actual Sales (in MT)

Combined: 1,012,100
2016-17: 1,018,600
2017-18: -6,500

Trade Expectations (MT) 900,000-1,200,000
Weekly Sales Details Net sales of 1,018,600 MT for 2016/2017 were reported for China (641,700 MT, including 373,000 MT switched from unknown destinations and decreases of 8,900 MT), unknown destinations (100,500 MT), Mexico (66,900 MT), Pakistan (65,800 MT, switched from China), and Japan (30,300 MT). For 2017/2018, net sales reductions of 6,500 MT resulted as increases for Japan (1,500 MT) were more than offset by reductions for Costa Rica (8,000 MT).
Weekly Export Details Exports of 999,800 MT were reported to China (715,600 MT), Mexico (72,200 MT), Pakistan (65,800 MT), Italy (55,000 MT), and Japan (33,600 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2016-17 are running 39% ahead of year-ago, compared to 40% ahead the previous week. USDA projects exports in 2016-17 at 1.985 billion bu., up 2.3% from year-ago.
Soymeal
Actual Sales (in MT) Combined: 133,900
2015-16: 43,700
2016-17: 90,200
Trade Expectations (MT)

80,000-185,000

Weekly Sales Details Net sales of 43,700 MT for 2015/2016 were down 31 percent from the previous week and 33 percent from the prior 4-week average. Increases were reported for El Salvador (18,900 MT), Mexico (12,500 MT), Honduras (12,500 MT, including 23,300 MT switched from unknown destinations and decreases of 10,800 MT), Colombia (7,400 MT), and the Dominican Republic (7,400 MT). Reductions were reported for unknown destinations (28,200 MT), Trinidad (3,200 MT), and Jamaica (2,000 MT). For 2016/2017, net sales of 90,200 MT were reported primarily for Mexico (24,000 MT), the Dominican Republic (21,000 MT), Guatemala (20,000 MT), and unknown destinations (10,300 MT).
Weekly Export Details Exports of 204,500 MT were up 96 percent from the previous week and 50 percent from the prior 4-week average. The primary destinations were Mexico (65,800 MT), the Philippines (49,200 MT), the Dominican Republic (14,900 MT), Venezuela (14,000 MT), and Honduras (12,500 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2015-16 are running 8% behind last year's pace, compared to 8% behind the week prior. USDA projects exports in 2015-16 will be down 10% from the previous marketing year.
Soyoil
Actual Sales (in MT)

2015-16: 21,700

Trade Expectations (MT) 0-40,000
Weekly Sales Details Net sales of 21,700 MT for 2015/2016 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for South Korea (18,000 MT), Mexico (1,600 MT), Canada (1,400 MT), and the Dominican Republic (400 MT).
Weekly Export Details Exports of 26,800 MT were up noticeably from the previous week and from the prior 4-week average. The primary destinations were South Korea (18,000 MT), Senegal (4,000 MT), Mexico (3,600 MT), and Canada (1,100 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for the 2016-17 marketing year are running 33% ahead of year-ago compared to 32% ahead the week prior. USDA projects exports in 2015-16 to be up 19.2% from the previous marketing year.
Cotton
Actual Sales (in RB) Combined: 162,600
2016-17: 136,400
2017-18: 26,200
Weekly Sales Details Net upland sales of 136,400 RB for 2016/2017 reported for Indonesia (41,100 RB, including 500 RB switched from Japan), Vietnam (20,000 RB, including 400 RB switched from Japan), China (15,800 RB), South Korea (10,300 RB), Thailand (9,500 RB, including 500 RB switched from Japan), and Taiwan (8,200 RB), were partially offset by reductions for Japan (1,300 RB). For 2017/2018, net sales of 26,200 RB were reported for South Korea (23,800 RB) and Mexico (2,400 RB).
Weekly Export Details Exports of 124,900 RB were reported to Vietnam (39,800 RB), Mexico (15,700 RB), Turkey (15,500 RB), Pakistan (11,000 RB), and Taiwan (7,600 RB). Net sales of Pima totaling 11,800 RB for 2016/2017 were reported for India (5,900 RB), China (4,800 RB), Pakistan (900 RB), Thailand (100 RB, switched from Japan), and Japan (100 RB). Exports of 6,600 RB were reported to China (3,400 RB), India (2,500 RB), Japan (200 RB), and Honduras (200 RB).
Comments and Performance Indicators Export commitments for 2016-17 are 64% above year-ago, compared to 63% above the previous week. USDA projects exports to be up 25% from the previous year at 11.5 million bales.
Beef
Actual Sales (in MT)

2016: 20,300
2017: 100

Weekly Sales Details Net sales of 20,300 MT for 2016 were up noticeably from the previous week and up 90 percent from the prior 4-week average. Increases were reported for South Korea (5,000 MT), Japan (4,500 MT), Hong Kong (3,100 MT), Mexico (2,600 MT), and Taiwan (2,000 MT). For 2017, net sales of 100 MT were reported for Japan.
Weekly Export Details Exports of 17,400 MT--a marketing-year high--were up noticeably from the previous week and up 38 percent from the prior 4-week average. The primary destinations were Japan (4,700 MT), South Korea (4,000 MT), Hong Kong (2,600 MT), Mexico (2,400 MT), and Canada (1,300 MT).
Comments and Performance Indicators Weekly export sales compare to 9,200 MT the week prior. USDA projects exports in 2016 to be up 8.6% from last year's total.
Pork
Actual Sales (in MT) 2016: 20,800
2017: 200
Weekly Sales Details Net sales of 20,800 MT for 2016 were down 14 percent from the previous week and 8 percent from the prior 4-week average. Increases were reported for Mexico (8,300 MT), Japan (4,400 MT), Canada (2,800 MT), South Korea (1,200 MT), and Chile (1,100 MT). For 2017, net sales of 200 MT were reported for Mexico (100 MT) and Chile (100 MT).
Weekly Export Details Exports of 16,800 MT were down 14 percent from the previous week and 10 percent from the prior 4-week average. The primary destinations were Mexico (7,300 MT), Japan (3,300 MT), South Korea (1,300 MT), Canada (1,300 MT), and China (900 MT).
Comments and Performance Indicators

Export sales compare to 24,300 MT the prior week. USDA projects exports in 2016 to be 3.7% above last year's total.

 

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