U.S. corn, wheat exports stay strong
March 28, 2014
by World Grain Staff
WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture (USDA) released export sales highlights for the week ended March 20, which showed that U.S. wheat and corn exports surpassed trade expectations. Soybean exports, though, were either within the range of analysts’ expectations or modestly below predictions.
The USDA said net export sales of wheat for delivery in 2013-14 were 400,500 tonnes and for 2014-15 were 327,500 tonnes, slightly above trade expectations of 400,000 to 725,000 tonnes.
Net export sales of corn were 1,408,300 tonnes for 2013-14, up 89% from the previous week. Sales for 2014-15 totaled 28,400 tonnes. The combined total well exceeded analysts’ expectations of 500,000 to 950,000 tonnes.
Combined net export sales of soybeans for 2013-14 and 2014-15 reported by the USDA were within trade expectations. The USDA reported net sales of 11,900 tonnes for 2013-14 and 534,900 for 2014-15. Analysts expected net export sales in the latest week to range from 400,000 to 750,000 tonnes.
China remained a prominent buyer in 2014-15, taking 336,000 tonnes out of a total of 534,900 tonnes sold for that year. In 2013-14, a decrease of 170,000 tonnes to unknown destinations, presumably China, was reported.
Market participants have been closely watching U.S. soybean sales to China when it might be expected to cancel or cut back shipments from the United States in favor of buying newly harvested supplies from Brazil and Argentina. So far, though, changes in Chinese buying patterns away from the United States have not been dramatic.
The USDA reported net sales of soybean meal at 158,500 tonnes for 2013-14, down 35% from the previous week, and 31,000 tonnes for 2014-15. The aggregate from both years was modestly below trade expectations of 200,000 tonnes to 400,000 tonnes. For the current crop year, there was a decrease of 36,500 tonnes for unknown destinations, probably China. The bulk of 2014-15 sales in the latest week (25,000 tonnes) were reported for unknown destinations, the USDA said.