Weekly Soybean Export Sales Fall Short of Expectations

Posted on 03/09/2017 10:24 AM

USDA Weekly Export Sales Report
Week Ended March 17, 2016

Corn
Actual Sales (in MT)

Combined: 903,100
2015-16: 803,200

2016-17: 99,900

Trade Expectations (MT) 900,000-1,300,000
Weekly Sales Details Net sales of 803,200 MT for 2015-16 were down 35% from the previous week and 27% from the prior 4-week average. Increases were reported for Japan (350,400 MT, including 121,700 MT switched from unknown destinations and decreases of 101,700 MT), Colombia (142,100 MT), Saudi Arabia (73,700 MT, including 70,000 MT switched from unknown destinations), Taiwan (70,400 MT, including 60,000 MT switched from unknown destinations and decreases of 100 MT), South Korea (62,500 MT, including 63,000 MT switched from unknown destinations and decreases of 500 MT), and Peru (60,900 MT, including 33,000 MT switched from unknown destinations and decreases of 1,500 MT). Reductions were reported for unknown destinations (209,500 MT). For 2016-17, net sales of 99,900 MT were reported for unknown destinations (65,000 MT), Costa Rica (56,500 MT), and Nicaragua (12,000 MT). Reductions were for Japan (33,600 MT).
Weekly Export Details Exports of 997,500 MT were up 14% from the previous week and 13% from the prior 4-week average. The primary destinations were Mexico (297,300 MT), Japan (284,300 MT), Peru (93,900 MT), Saudi Arabia (73,700 MT), South Korea (62,500 MT), and Colombia (35,800 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2015-16 are running 17% behind year-ago, compared to 18% behind year-ago the week prior. USDA projects exports in 2015-16 at 1.650 billion bu., down 11.5% from the previous marketing year.
Wheat
Actual Sales (in MT)

Combined: 487,700
2015-16: 368,900
2016-17: 118,800

Trade Expectations (MT) 225,000-600,000
Weekly Sales Details Net sales of 368,900 metric tons for delivery in marketing year 2015-16 were up 73% from the previous week and 16% from the prior 4-week average. Increases were reported for the Philippines (107,300 MT, including 103,000 MT switched from unknown destinations and decreases of 2,200 MT), Thailand (57,900 MT), Yemen (50,000 MT), Japan (38,700 MT), South Korea (31,100 MT), and Indonesia (25,000 MT). Reductions were reported for unknown destinations (42,400 MT), Panama (6,000 MT), and Mexico (2,900 MT). For 2016-17, net sales of 118,800 MT were reported primarily for Mexico (59,100 MT), Peru (41,000 MT), Costa Rica (8,000 MT), and Trinidad (6,700 MT).
Weekly Export Details Exports of 355,900 MT were down 15% from the previous week and 2% from the prior 4-week average. The primary destinations were the Philippines (107,300 MT), Thailand (58,800 MT), Japan (32,500 MT), Honduras (31,000 MT), and Venezuela (30,000 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2015-16 are running 17% behind year-ago compared to 18% behind last week. USDA projects exports in 2015-16 at 775 million bu., down 9.3% from the previous marketing year.
Soybeans
Actual Sales (in MT)

Combined: 440,100
2015-16: 410,800
2016-17: 29,300

Trade Expectations (MT) 475,000-900,000
Weekly Sales Details Net sales of 410,800 MT for 2015-16 were down 34% from the previous week and 5% from the prior 4-week average. Increases were reported for Mexico (154,300 MT), unknown destinations (84,900 MT), Bangladesh (53,100 MT, including 55,000 MT switched from unknown destinations and decreases of 1,900 MT), Costa Rica (33,000 MT), Japan (29,100 MT, including 20,300 MT switched from unknown destinations and decreases of 2,100 MT), and China (19,300 MT). For 2016-17, net sales of 29,300 MT were reported for Costa Rica.
Weekly Export Details Exports of 566,400 MT were down 26% from the previous week and 50% from the prior 4-week average. The primary destinations were China (263,000 MT), Japan (100,400 MT), Bangladesh (53,100 MT), Mexico (48,100 MT), Pakistan (31,400 MT), Indonesia (31,200 MT), and Taiwan (10,100 MT).
Comments and Performance Indicators Sales were below expectations. Export commitments for 2015-16 are running 10% behind year-ago, compared to 9% behind year-ago the week prior. USDA projects exports in 2015-16 at 1.690 billion bu., down 8.3% from year-ago.
Soymeal
Actual Sales (in MT) Combined: 476,400
2015-16: 468,700
2016-17: 7,700
Trade Expectations (MT) 50,000-200,000
Weekly Sales Details Net sales of 468,700 MT for 2015-16--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Increases were reported for the Philippines (201,800 MT), Singapore (65,400 MT), Venezuela (38,000 MT, including 20,000 MT switched from unknown destinations and decreases of 2,000 MT), Mexico (32,400 MT), Egypt (28,500 MT), Peru (17,200 MT), Morocco (15,000 MT), and Guatemala (13,000 MT, including 10,900 MT switched from unknown destinations). For 2016-17, net sales of 7,700 MT were reported for Nicaragua (6,000 MT), El Salvador (1,200 MT), and Canada (500 MT).
Weekly Export Details Exports of 141,000 MT were down 43% from the previous week and 47% from the prior 4-week average. The primary destinations were Mexico (48,200 MT), the Philippines (22,600 MT), Peru (22,600 MT), Venezuela (18,000 MT), Guatemala (13,000 MT), and Canada (9,500 MT).
Comments and Performance Indicators Sales were well above expectations. Export commitments for 2015-16 are running 15% behind last year's pace, compared to 18% behind the week prior. USDA projects exports in 2015-16 will be down 1.9% from the previous marketing year.
Soyoil
Actual Sales (in MT)

2015-16: 24,400

Trade Expectations (MT) 7,000-20,000
Weekly Sales Details Net sales of 24,400 MT for 2015-16 were up 39% from the previous week and 72% from the prior 4-week average. Increases were reported for Venezuela (10,000 MT), Mexico (5,800 MT), Colombia (3,200 MT), Guatemala (2,500 MT), and the Dominican Republic (2,000 MT).
Weekly Export Details Exports of 6,800 MT were down 86% from the previous week and 68% from the prior 4-week average. The destinations were primarily to Mexico (5,800 MT), Canada (900 MT), the United Arab Emirates (100 MT).
Comments and Performance Indicators Sales were above expectations. Export commitments for the 2015-16 marketing year are running 19% ahead of year-ago compared to 19% 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: 136,500
2015-16: 84,400
2016-17: 52,100
Weekly Sales Details Net upland sales totaling 84,400 RB for 2015-16 were down 63% from the previous week and 51% from the prior 4-week average. Increases were reported for Turkey (24,100 RB), Mexico (20,300 RB), China (9,300 RB), Taiwan (7,100 RB), South Korea (5,000 RB), Indonesia (4,700 RB, including 500 RB switched from Japan), Venezuela (4,400 RB), and Bangladesh (4,300 RB). Reductions were reported for Vietnam (4,700 RB), Japan (500 RB), and Nicaragua (200 RB). For 2016-17, net sales of 52,100 RB were reported primarily for Mexico (24,700 RB), Vietnam (14,400 RB), and Taiwan (7,000 RB).
Weekly Export Details Exports of 214,900 RB were up 22% from the previous week and 8% from the prior 4-week average. The primary destinations were Turkey (53,300 RB), Vietnam (42,100 RB), Mexico (18,900 RB), China (18,000 RB), Indonesia (12,100 RB), and Pakistan (11,800 RB).
Comments and Performance Indicators Export commitments for 2015-16 are 28% behind year-ago compared to 27% behind last week. USDA projects exports in 2015-16 at 9.50 million bales, down 15.6% from year-ago.
Beef
Actual Sales (in MT)

2016: 3,900

Weekly Sales Details Net sales of 3,900 MT for 2016--a marketing-year low--were down 73% from the previous week and 66% from the prior 4-week average. Increases reported for Canada (1,700 MT), Mexico (1,400 MT), South Korea (1,300 MT), Hong Kong (1,200 MT), and Taiwan (800 MT), were partially offset by reductions for Japan (3,200 MT).
Weekly Export Details Exports of 11,400 MT were down 2% from the previous week, but up 4% from the prior 4-week average. The primary destinations were Japan (3,700 MT), South Korea (2,200 MT), Hong Kong (1,700 MT), Mexico (1,500 MT), and Canada (1,100 MT).
Comments and Performance Indicators Weekly export sales totaled 14,400 MT the week prior. USDA projects exports in 2016 to be up 9.2% from last year's total.
Pork
Actual Sales (in MT) 2016: 19,300
Weekly Sales Details Net sales of 19,300 MT for 2016 were down 29% from the previous week and 1% from the prior 4-week average. Increases reported for Mexico (9,100 MT), China (3,500 MT), Japan (2,700 MT), South Korea (1,700 MT), and Australia (1,300 MT), were partially offset by reductions for the Philippines (300 MT).
Weekly Export Details Exports of 17,700 MT were down 11% from the previous and 6% from the prior 4-week average. The primary destinations were Mexico (4,100 MT), Japan (4,000 MT), China (3,000 MT), South Korea (2,800 MT), and Canada (1,100 MT).
Comments and Performance Indicators Last week, export sales totaled 27,300 MT. USDA projects exports in 2016 to be 3.2% above last year's total.

 

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