Yet Another Week Where Soybean Export Sales Top Expectations

Posted on 03/09/2017 10:19 AM

USDA Weekly Export Sales Report
Week Ended Nov. 24, 2016

Corn
Actual Sales (in MT)

2016-17: 761,600

Trade Expectations (MT) 900,000-1,200,000
Weekly Sales Details Net sales of 761,600 MT for2016-17 were down 55% from the previous week and 50% from the prior 4-week average. Increases were for Japan (228,300 MT, including 41,100 MT switched from unknown destinations and decreases of 1,000 MT), South Korea (140,900 MT, including 131,000 MT switched from unknown destinations), Mexico (77,800 MT, including decreases of 1,800 MT), Taiwan (66,700 MT, including decreases of 2,600 MT), and Honduras (63,400 MT, including 12,400 MT switched from unknown destinations and decreases of 6,100 MT). Reductions were for the Dominican Republic (158,200 MT), Guatemala (17,100 MT), and Morocco (10,000 MT).
Weekly Export Details Exports of 808,800 MT were up 40% from the previous week and 12% from the prior 4-week average. The primary destinations were Mexico (186,700 MT), South Korea (141,900 MT), Japan (119,100 MT), Colombia (61,400 MT), and the Dominican Republic (53,300 MT).
Comments and Performance Indicators Sales fell short of expectations. Export commitments for 2016-17 are running 76% ahead of of year-ago, compared to 77% 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)

Combined: 490,500
2016-17: 483,500
2017-18: 7,000

Trade Expectations (MT) 300,000-500,000
Weekly Sales Details Net sales of 483,500 metric tons for delivery in marketing year2016-17 were down 32% from the previous week and 16% from the prior 4-week average. Increases were reported for Indonesia (140,000 MT, switched from unknown destinations), Mexico (86,500 MT, including 8,000 MT switched from unknown destinations), South Korea (61,700 MT), China (60,000 MT, switched from unknown destinations), and Bangladesh (55,000 MT, switched from unknown destinations). Reductions were reported for unknown destinations (179,700 MT) and Guatemala (100 MT). For2017-18, net sales of 7,000 MT were reported for Mexico.
Weekly Export Details Exports of 238,400 MT were down 37% from the previous week and 36% from the prior 4-week average. The primary destinations were the Philippines (143,700 MT), Morocco (31,800 MT), Colombia (26,200 MT), Mexico (21,500 MT), and South Korea (10,900 MT).
Comments and Performance Indicators Sales were near the top end of expectations. Export commitments for 2016-17 are running 31% ahead of year-ago versus 31% 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: 1,465,000
2016-17: 1,399,00
2017-18: 66,000

Trade Expectations (MT) 1,000,000-1,400,000
Weekly Sales Details Net sales of 1,399,000 MT for2016-17 were down 26% from the previous week and 17% from the prior 4-week average. Increases were reported for China (1,079,900 MT, including 507,000 MT switched from unknown destinations and decreases of 25,700 MT), the Netherlands (85,000 MT, including 80,000 MT switched from unknown destinations and decreases of 2,000 MT), Mexico (79,400 MT, including decreases of 100 MT), Spain (73,100 MT, including 131,300 MT switched from unknown destinations and decreases of 64,500 MT), and Egypt (60,000 MT). Reductions were reported for unknown destinations (253,700 MT) and Malaysia (5,000 MT). For2017-18, net sales of 66,000 MT were reported for unknown destinations.
Weekly Export Details Exports of 2,383,600 MT were down 15% from the previous week and 17% from the prior 4-week average. The primary destinations were China (1,876,800 MT), the Netherlands (85,000 MT), Spain (73,100 MT), Portugal (57,800 MT), and South Korea (57,300 MT).
Comments and Performance Indicators Sales topped expectations. Export commitments for 2016-17 are running 27% 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) 2016-17: 150,400
Trade Expectations (MT)

120,000-300,000

Weekly Sales Details Net sales of 150,400 MT for2016-17 were down 33% from the previous week and 46% from the prior 4-week average. Increases were reported for Mexico (77,600 MT, including decreases of 2,100 MT), Honduras (27,600 MT, including 5,600 MT switched from unknown destinations), Nicaragua (12,800 MT, including 200 MT switched from Guatemala), Canada (11,700 MT), and Panama (8,700 MT, including 9,000 MT switched from unknown destinations and decreases of 300 MT). Reductions were for Taiwan (1,300 MT), the Dominican Republic (1,000 MT), and Guatemala (1,000 MT).
Weekly Export Details Exports of 144,100 MT were down 39% from the previous week and 27% from the prior 4-week average. The primary destinations were Mexico (32,700 MT), the Philippines (25,900 MT), Honduras (17,200 MT), Colombia (14,800 MT), and Algeria (10,800 MT).
Comments and Performance Indicators Sales met expectations. Export commitments for 2016-17 are running 12% behind year-ago compared with 14% 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: 54,500

Trade Expectations (MT) 5,000-60,000
Weekly Sales Details Net sales of 54,500 MT for2016-17--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Increases were reported for China (30,000 MT), South Korea (10,000 MT), the Dominican Republic (5,800 MT), Mexico (4,700 MT), and Colombia (2,000 MT).
Weekly Export Details Exports of 5,500 MT were down 91% from the previous week and 76% from the prior 4-week average. The primary destinations were Mexico (3,200 MT), Canada (2,100 MT), and Belgium (100 MT).
Comments and Performance Indicators Sales were near the top end of expectations. Export commitments for the 2016-17 marketing year are running 11% behind year-ago, compared to 22% behind last week. USDA projects exports in 2016-17 to be down 4.0% from the previous year.
Cotton
Actual Sales (in RB) 2016-17: 202,300
Weekly Sales Details Net upland sales of 202,300 RB for2016-17 were down 21% from the previous week, but up 1% from the prior 4-week average. Increases were reported for Vietnam (84,600 RB, including 100 RB switched from Japan), China (22,500 RB), Bangladesh (19,700 RB), Japan (14,200 RB, including decreases of 400 RB), and South Korea (12,200 RB). Reductions of 300 RB were reported for Costa Rica.
Weekly Export Details Exports of 131,300 RB were down 1% from the previous week, but up 7% from the prior 4-week average. The primary destinations were China (36,800 RB), Vietnam (30,500 RB), Indonesia (12,300 RB), Mexico (12,200 RB), and South Korea (7,100 RB).
Comments and Performance Indicators Export commitments for 2016-17 are 50% ahead of year-ago, compared to 55% 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)

Combined: 18,000
2016: 21,000
2017: -3,000

Weekly Sales Details Net sales of 21,100 MT for 2016 were up 63% from the previous week and 68% from the prior 4-week average. Increases were reported for Japan (13,900 MT, including decreases of 4,000 MT), South Korea (3,000 MT, including decreases of 600 MT), Mexico (2,400 MT), Taiwan (800 MT), and Canada (600 MT, including decreases of 200 MT). Reductions were reported for Hong Kong (100 MT). For 2017, net sales reductions of 3,000 MT resulted as increases for South Korea (800 MT) and Taiwan (300 MT), were more than offset by reductions for Japan (4,100 MT) and Hong Kong (100 MT).
Weekly Export Details Exports of 15,000 MT were down 20% from the previous week, but up 3% from the prior 4-week average. The primary destinations were South Korea (4,800 MT), Japan (3,800 MT), Hong Kong (2,000 MT), Mexico (1,700 MT), and Canada (1,100 MT).
Comments and Performance Indicators Weekly export sales compare to 14,400 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: 9,600
2016: 8,900
2017: 700
Weekly Sales Details Net sales of 8,900 MT for 2016 were down 60% from the previous week and 55% from the prior 4-week average. Increases were reported for Japan (3,500 MT), South Korea (1,600 MT), Mexico (1,500 MT), Canada (1,100 MT), and Hong Kong (300 MT). For 2017, net sales of 700 MT were primarily for Colombia (500 MT) and Hong Kong (200 MT).
Weekly Export Details Exports of 22,600 MT were up 1% from the previous week and 2% from the prior 4-week average. The primary destinations were Mexico (9,300 MT), Japan (3,800 MT), South Korea (2,200 MT), Canada (1,400 MT), and Colombia (1,300 MT).
Comments and Performance Indicators

Export sales compare to 27,900 MT the prior week. USDA projects exports in 2016 to be 3.4% above last year's total.

 

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