Wheat Export Sales Surge as Soybean Sales Slow

Posted on 03/09/2017 10:20 AM

USDA Weekly Export Sales Report
Week Ended Nov. 3, 2016

Corn
Actual Sales (in MT)

2016-17: 1,233,800

Trade Expectations (MT) 1,100,000-1,450,000
Weekly Sales Details Net sales of 1,233,800 MT for 2016/2017 were down 16 percent from the previous week, but up 19 percent from the prior 4-week average. Increases were for Mexico (709,300 MT), Japan (152,200 MT, including 102,300 MT switched from unknown destinations and decreases of 200 MT), Taiwan (138,000 MT), Colombia (72,200 MT, including 58,700 MT switched from unknown destinations and decreases of 100 MT), and South Korea (55,300 MT). Reductions were for unknown destinations (52,000 MT), Costa Rica (2,100 MT), and Chile (400 MT).
Weekly Export Details Exports of 892,600 MT were up 3 percent from the previous week and from the prior 4-week average. The primary destinations were Mexico (308,800 MT), Colombia (143,900 MT), Japan (142,300 MT), Peru (80,600 MT), Chile (44,600 MT), Morocco (33,000 MT), and Costa Rica (29,600 MT).
Comments and Performance Indicators Sales matched expectations. Export commitments for 2016-17 are running 89% ahead of of year-ago, compared to 88% 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: 769,600

Trade Expectations (MT) 300,000-550,000
Weekly Sales Details Net sales of 769,600 metric tons for delivery in marketing year 2016/2017 were up noticeably from the previous week and 63 percent from the prior 4-week average. Increases were reported for unknown destinations (420,200 MT), China (60,000 MT), Thailand (55,000 MT), the Philippines (38,000 MT, including 30,000 MT switched from unknown destinations), South Korea (35,200 MT), Italy (32,500 MT, including 26,500 MT switched from unknown destinations), and Japan (29,100 MT). Reductions were reported for the French West Indies (15,400 MT).
Weekly Export Details Exports of 380,200 MT were up 16 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were Japan (98,300 MT), Mexico (68,000 MT), South Korea (50,800 MT), Nigeria (35,500 MT), and the Philippines (33,000 MT).
Comments and Performance Indicators Sales were much stronger than expected. Export commitments for 2016-17 are running 31% ahead of year-ago versus 27% 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: 1,103,800
2016-17: 1,001,800
2017-18: 102,000

Trade Expectations (MT) 1,700,000-2,100,000
Weekly Sales Details Net sales of 1,001,800 MT for 2016/2017 were down 60 percent from the previous week and 49 percent from the prior 4-week average. Increases were reported for China (1,369,700 MT, including 996,900 MT switched from unknown destinations and decreases of 28,200 MT), the Netherlands (167,300 MT, including 183,000 MT switched from unknown destinations and decreases of 17,000 MT), Thailand (98,100 MT, including 86,000 MT switched from unknown destinations), Mexico (81,900 MT, including decreases of 2,400 MT), and Indonesia (58,800 MT, including decreases of 1,700 MT). Reductions were reported for unknown destinations (903,800 MT) and Malaysia (1,500 MT). For 2017/2018, net sales of 102,000 MT were reported for unknown destinations (60,000 MT) and Mexico (42,000 MT).
Weekly Export Details Exports of 2,791,300 MT were down 5 percent from the previous week, but up 14 percent from the prior 4-week average. The primary destinations were China (2,063,400 MT), Mexico (177,900 MT), the Netherlands (167,300 MT), Thailand (103,500 MT), and Japan (79,200 MT).
Comments and Performance Indicators Sales fell short of lofty expectations. Export commitments for 2016-17 are running 28% ahead of year-ago, compared to 30% 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: 155,700
2016-17: 149,900
2017-18: 5,800
Trade Expectations (MT)

150,000-350,000

Weekly Sales Details Net sales of 149,900 metric tons were reported for 2016/2017. Increases were reported for the Philippines (60,500 MT), Denmark (39,900 MT, including 40,000 MT switched from unknown destinations and decreases of 100 MT), Thailand (21,000 MT), Mexico (21,000 MT), Canada (14,100 MT), Japan (8,500 MT, including 6,000 MT switched from unknown destinations and decreases of 200 MT), and Saudi Arabia (5,200 MT). Reductions were for unknown destinations (32,400 MT) and the Dominican Republic (2,500 MT). For 2017/2018, net sales of 5,800 MT were reported for Mexico.
Weekly Export Details Exports of 243,000 MT were reported to the Philippines (74,400 MT), the Dominican Republic (41,600 MT), Denmark (39,900 MT), Mexico (24,400 MT), Thailand (21,000 MT), Canada (18,500 MT), and Japan (6,600 MT).
Comments and Performance Indicators Sales were just above expectations. Export commitments for 2016-17 are running 19% behind year-ago compared with 18% 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: 16,300

Trade Expectations (MT) 10,000-40,000
Weekly Sales Details Net sales of 16,300 metric tons were reported for 2016/2017. Increases were reported for the Dominican Republic (7,000 MT), Colombia (6,200 MT), Mexico (2,000 MT), Canada (800 MT), and Kuwait (100 MT).
Weekly Export Details Exports of 5,200 MT were reported to Mexico (3,600 MT) and Canada (1,500 MT).
Comments and Performance Indicators Sales were were withinexpectations. Export commitments for the 2016-17 marketing year are running 22% behind year-ago, compared to 20% behind last week. USDA projects exports in 2016-17 to be down 4.0% from the previous year.
Cotton
Actual Sales (in RB) Combined: 184.400
2016-17: 168,800
2017-18: 15,600
Weekly Sales Details Net upland sales of 168,800 RB for 2016/2017 were up 5 percent from the previous week, but down 21 percent from the prior 4-week average. Increases were reported for Indonesia (24,000 RB), Thailand (23,800 RB), South Korea (23,600 RB), China (19,000 RB), and Japan (17,900 RB, including decreases of 500 RB). Reductions were reported for El Salvador (2,600 RB) and Nicaragua (200 RB). For 2017/2018, net sales of 15,600 RB were reported for South Korea (5,700 RB), Mexico (5,500 RB), Taiwan (2,600 RB), and Japan (1,800 RB).
Weekly Export Details Exports of 134,700 RB were up 6 percent from the previous week and 1 percent from the prior 4-week average. The primary destinations were Vietnam (25,100 RB), China (20,600 RB), Mexico (18,400 RB), Indonesia (15,900 RB), and Taiwan (9,500 RB).
Comments and Performance Indicators Export commitments for 2016-17 are 62% above year-ago, compared to 63% 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: 24,400
2016: 19,500
2017: 4,900

Weekly Sales Details Net sales of 19,500 MT for 2016 were up noticeably from the previous week and 77 percent from the prior 4-week average. Increases were reported for Japan (8,400 MT, including 1,000 MT late reporting), South Korea (3,200 MT, including 1,400 MT late reporting), Mexico (2,200 MT, including 700 MT late reporting), Canada (1,800 MT, including 500 MT late reporting), and Hong Kong (1,300 MT, including 500 MT late reporting). For 2017, net sales of 4,900 MT were primarily for Japan (2,300 MT), the Philippines (2,100 MT), Taiwan (200 MT), and Hong Kong (100 MT).
Weekly Export Details Exports of 18,900 MT--a marketing-year high--were up 89 percent from the previous week and 49 percent from the prior 4-week average. The primary destinations were South Korea (5,000 MT, including 1,400 MT late reporting), Japan (4,300 MT, including 600 MT late reporting), Hong Kong (3,000 MT, including 700 MT late reporting), Mexico (2,500 MT, including 800 MT late reporting), and Taiwan (1,600 MT, including 400 MT late reporting).
Comments and Performance Indicators Weekly export sales compare to 8,900 MT the week prior. USDA projects exports in 2016 to be up 8.6% from last year's total.
Pork
Actual Sales (in MT) Combined: 31,100
2016: 23,000
2017: 8,100
Weekly Sales Details Net sales of 23,000 MT for 2016 were up 32 percent from the previous week and 10 percent from the prior 4-week average. Increases were reported for Japan (10,700 MT), Mexico (5,000 MT), Hong Kong (2,100 MT), Canada (1,500 MT), and Colombia (900 MT). For 2017, net sales of 8,100 MT were primarily for South Korea (5,000 MT), Hong Kong (2,000 MT), China (400 MT), and Mexico (400 MT).
Weekly Export Details Exports of 20,800 MT were down 7 percent from the previous week, but up 6 percent from the prior 4-week average. The primary destinations were Mexico (8,700 MT), Japan (3,400 MT), South Korea (1,800 MT), Canada (1,500 MT), and Hong Kong (1,100 MT).
Comments and Performance Indicators

Export sales compare to 18,800 MT the prior week. USDA projects exports in 2016 to be 3.4% above last year's total.

 

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