November 26, 2012

US soy exports reach more than three-year high

In the week ended November 15, US weekly soy exports hit a more than three-year high, while exports of soyoil reached the highest level in 20 months.

According to the USDA on Friday (Nov 23), corn exports in the same week rose to a 10-week high.

US weekly soy exports reached 1.98 million tonnes during week ended November 15, the highest figure in more than three and a half years. Exports were up 9% from the previous week and 14% above the prior four-week average.

Accumulated exports for the marketing year beginning September 1 hit 13.6 million tonnes, about 4.6 million tonnes above both the prior year and the five-year average, USDA said. The primary destination was China, which took 1.34 million tonnes.

Net sales of 543,600 tonnes were down 3% from the previous week, but the total was still 17% above the prior four-week average. Outstanding sales were 13.45 million tonnes, of which 349,700 tonnes were sold to China, which included 60,000 tonnes switched from other destinations and decreases worth 53,500 tonnes.

Following the recent frantic pace of exports, outstanding sales related to China dipped below the prior year value and were approaching the five-year average at around 7.7 million tonnes.

Soyoil exports hit a 20-month high of 65,816 tonnes, up from just 4,608 tonnes the previous week, according to USDA data. Accumulated exports for the marketing year starting October 1 reached 185,548 tonnes. The primary destinations were China (34,000 tonnes), Egypt (18,200 tonnes) and South Korea (11,000 tonnes). Net sales for the week were 124,053 tonnes, leaving outstanding sales at 263,773 tonnes, increases of 589% and 26.5%, respectively, from the previous week.

Weekly corn net exports soared to a 10-week high of 769,756 tonnes from 103,875 tonnes in the previous reporting week. Meanwhile, weekly exports also rose to a two-week high of 394,576 tonnes from 232,026 tonnes in the week before, USDA said.

Accumulated exports in the season started September 1 grew to 4.737 million tonnes from 4.343 million tonnes, with Japan and China leading the rank of top buyers, respectively.