Sluggish Corn Export Sales

Posted on 06/08/2017 8:01 AM

USDA Weekly Export Sales Report
Week Ended June 1, 2017


Corn
Actual Sales (in MT)

Combined: 476,600
2016-17: 348,600
2017-18: 128,000

Trade Expectations (MT) 600,000-950,000
Weekly Sales Details Net sales of 348,600 MT for 2016-17 were down 15% from the previous week and 25% from the prior 4-week average. Increases were reported for Saudi Arabia (139,300 MT, including 136,900 MT switched from unknown destinations), Japan (69,800 MT, including 50,000 MT switched from unknown destinations and decreases of 900 MT), China (68,400 MT, including 63,000 MT switched from unknown destinations), Mexico (63,100 MT, including decreases of 300 MT), and Colombia (42,800 MT, including 27,400 MT switched from unknown destinations). Reductions were reported for unknown destinations (194,200 MT) and the Dominican Republic (2,000 MT). For 2017-18, net sales of 128,000 MT were reported for unknown destinations (94,000 MT), Panama (16,500 MT), and Mexico (10,000 MT).
Weekly Export Details Exports of 1,213,800 MT were down 9% from the previous week, but up 4% from the prior 4-week average. The primary destinations were Mexico (273,100 MT), South Korea (269,100 MT), Japan (261,500 MT), Saudi Arabia (139,300 MT), and China (121,400 MT).
Comments and Performance Indicators Sales fell short of expectations. Export commitments for 2016-17 are running 21% ahead of year-ago compared to 24% ahead the week prior. USDA projects exports in 2016-17 at 2.225 billion bu., up 17.2% from the previous marketing year.

Wheat
Actual Sales (in MT)

2017-18: 461,000

Trade Expectations (MT) 350,000-550,000
Weekly Sales Details

Net sales for the 2017-18 marketing year, which began June 1, totaled 461,000 metric tons. Increases were reported for unknown destinations (147,200 MT), Peru (78,500 MT), Mexico (64,500 MT, including decreases of 11,300 MT), Italy (47,300 MT), Japan (35,400 MT), and Yemen (28,300 MT, switched from unknown). Reductions were reported for Honduras (200 MT). A total of 1,883,400 MT in sales were carried over from the 2016-17 marketing year, which ended May 31.

Weekly Export Details

Exports for the period ending May 31 of 470,900 MT brought accumulated exports to 26,512,800 MT, up 36% from the prior year’s total of 19,473,100 MT. The primary destinations were Japan (115,000 MT), Mexico (101,700 MT), Saudi Arabia (59,800 MT), the Philippines (49,500 MT), and Nigeria (32,000 MT).

Exports for June 1 totaled 93,900 MT, with Peru (48,500 MT), Thailand (29,000 MT), Colombia (11,600 MT), and Guatemala (2,400 MT) being the primary destinations.

Comments and Performance Indicators Sales were within expectations. Export commitments for 2016-17 are running 14% ahead of year-ago to kick off the 2017-18 marketing year.USDA projects exports in 2017-18 at 1.0 billion bu., down 3.4% from the previous marketing year.

Soybeans
Actual Sales (in MT)

Combined: 380,900
2016-17: 159,100
2017-18: 221,800

Trade Expectations (MT) 350,000-750,000
Weekly Sales Details Net sales of 159,100 MT for 2016-17 were down 74% from the previous week and 64% from the prior 4-week average. Increases were reported for Spain (200,000 MT, including 130,000 MT switched from unknown destinations), Egypt (112,500 MT, including 50,000 MT switched from unknown destinations), Indonesia (35,800 MT, including decreases of 300 MT), Canada (28,500 MT), and Colombia (10,000 MT, including 8,000 MT switched from unknown destinations). Reductions were reported for China (172,600 MT), unknown destinations (85,000 MT), and Japan (2,000 MT). For 2017-18, net sales of 221,800 MT were reported for Spain (130,000 MT), Pakistan (66,000 MT), and Mexico (18,000 MT).
Weekly Export Details Exports of 319,500 MT were down 8% from the previous week and 3% from the prior 4-week average. The destinations were primarily Mexico (114,900 MT), China (78,600 MT), Egypt (52,500 MT), Indonesia (19,800 MT), and Vietnam (10,000 MT).
Comments and Performance Indicators Sales met expectations. Export commitments for 2016-17 are running 21% ahead of year-ago, compared to 23% 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: 99,700
2016-17: 84,900
2017-18: 14,800
Trade Expectations (MT)

50,000-200,000

Weekly Sales Details Net sales of 84,900 MT for 2016-17 were down 31% from the previous week and 32% from the prior 4-week average. Increases were reported for Colombia (22,700 MT), Mexico (15,400 MT)Venezuela (15,000 MT, switched from unknown destinations), Canada (12,300 MT), and the Philippines (11,400 MT). Reductions were reported for unknown destinations (39,300 MT) and Israel (900 MT). For 2017-18, net sales of 14,800 MT were reported for Canada (7,200 MT), Panama (6,800 MT), and Mexico (800 MT).
Weekly Export Details Exports of 124,300 MT were down 47% from the previous week and 26% from the prior 4-week average. The destinations were primarily Mexico (43,200 MT), Venezuela (15,000 MT), Canada (14,100 MT), Israel (10,100 MT), the Dominican Republic (9,300 MT), and Honduras (7,500 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for 2016-17 are running 2% ahead of year-ago compared with 2% ahead of year-ago the week prior. USDA projects exports in 2016-17 to be up 1.1% from the previous marketing year.

Soyoil
Actual Sales (in MT)

2016-17: 17,600

Trade Expectations (MT) 8,000-37,000
Weekly Sales Details Net sales of 17,600 MT for 2016-17 were down 23% from the previous week and 8% from the prior 4-week average. Increases were reported for Algeria (15,000 MT, switched from unknown destinations), the Dominican Republic (6,100 MT), Mexico (4,600 MT), and Guatemala (4,000 MT). Reductions of 15,000 MT were reported for unknown destinations.
Weekly Export Details Exports of 20,400 MT were up noticeably from the previous week and 30% from the prior 4-week average. The destinations were primarily Algeria (15,000 MT), Mexico (4,500 MT), and Canada (700 MT).
Comments and Performance Indicators Sales were within expectations. Export commitments for the 2016-17 marketing year are running 2% behind year-ago, compared to 3% behind year-ago last week. USDA projects exports in 2016-17 to be up 2.7% from the previous year.

Cotton
Actual Sales (in RB) Combined: 270,200
2016-17: 82,700
2017-18: 187,500
Weekly Sales Details Net upland sales of 82,700 RB for 2016-17 were down 26% from the previous week and 19% from the prior 4-week average. Increases were reported for Turkey (19,800 RB, including decreases of 100 RB), Vietnam (19,400 RB, including 300 RB switched from Japan and decreases of 100 RB), Indonesia (14,400 RB, including decreases of 1,700 RB), India (10,800 RB, including decreases of 100 RB), and China (7,400 RB, including decreases of 100 RB). Reductions were reported for Switzerland (4,400 RB) and Japan (2,600 RB). For 2017-18, net sales of 187,500 RB reported primarily for Vietnam (104,400 RB), Indonesia (30,600 RB), and China (30,500 RB), were partially offset by reductions for El Salvador (2,600 RB).
Weekly Export Details Exports of 316,100 RB were down 15% from the previous week and 16% from the prior 4-week average. The primary destinations were Turkey (63,800 RB), India (54,300 RB), Vietnam (43,000 RB), Indonesia (25,700 RB), and Bangladesh (22,700 RB).
Comments and Performance Indicators Export commitments for 2016-17 are 66% ahead of year-ago, compared to 67% ahead the previous week. USDA projects exports to be up 58.5% from the previous year at 14.500 million bales.

Beef
Actual Sales (in MT)

Combined: 14,000
2017: 13,800
2018: 200

Weekly Sales Details Net sales of 13,800 MT reported for 2017 were up 15% from the previous week and 47% from the prior 4-week average. Increases were reported for Japan (9,100 MT, including decreases of 2,000 MT), Canada (1,100 MT, including decreases of 100 MT), South Korea (800 MT, including decreases of 300 MT), Egypt (700 MT), and Mexico (600 MT, including decreases of 100 MT). For 2017-18, net sales of 200 MT were reported for Canada.
Weekly Export Details Exports of 12,400 MT were down 16% from the previous week and 10% from the prior 4-week average. The primary destinations were Japan (4,200 MT), South Korea (2,900 MT), Mexico (1,500 MT), Hong Kong (1,300 MT), and Canada (800 MT).
Comments and Performance Indicators Weekly export sales compare to 12,100 MT the week prior. USDA projects exports in 2017 to be up 10.0% from last year's total.

Pork
Actual Sales (in MT) 2017: 22,600
Weekly Sales Details Net sales of 22,600 MT reported for 2017 were up 65% from the previous week and 40% from the prior 4-week average. Increases were reported for Mexico (16,000 MT), Hong Kong (2,600 MT), Japan (1,700 MT), Canada (1,000 MT), and South Korea (300 MT).
Weekly Export Details Exports of 19,800 MT were down 18% from the previous week and 13% from the prior 4-week average. The destinations were primarily Mexico (6,800 MT), Japan (3,100 MT), China (2,400 MT), South Korea (1,900 MT), and Canada (1,400 MT).
Comments and Performance Indicators

Export sales compare to a total of 13,800 MT the prior week. USDA projects exports in 2017 to be 9.8% above last year's total.

 

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