U.S. Soymeal Export Sales, Shipments Continue to Impress
- General News
In 2012-13, the U.S. exported about 10 million metric tons (MMT) of soymeal and many believed those high numbers were due to poor soybean crops in southern Brazil, Paraguay and Argentina in 2012. Even with 2013’s record soybean crops in those countries, however, the U.S. has not seen a decline in soybean meal exports.
The USDA’s most recent export sales report indicates that U.S. exporters last week reported net export sales of soymeal for 2013-14 of 307,800 metric tons (MT) as well as soymeal export shipments for the current marketing year of 388,500 MT. The new sales were 55 percent above the 4-week average and last week’s soymeal exports were the third-largest for any week since 1990. With the Brazilian harvest well over halfway completed, that’s a very impressive week for U.S. soymeal exports.
The main net buyers of U.S. soymeal last week were Denmark (60,500 MT), Mexico (52,800 MT), Guatemala (42,400 MT), Egypt (25,500 MT), Portugal (24,500 MT), and Cuba (20,900 MT). Sales were partially offset by reductions in sales to unknown. Soymeal exports last week mainly were to Denmark (60,500 MT), the Philippines (48,300 MT), Thailand (48,100 MT), Mexico (42,300 MT), France (33,000 MT), and Ecuador (30,000 MT).
With more than six months to go in the marketing year, accumulated U.S. soymeal export sales to date for 2013-14 total 6.778 MMT, over 3.2 percent above last year’s pace. Unshipped soymeal export sales for shipment in the remainder of the marketing year now total 1.733 MMT or 30.4 percent above a year ago. Combined exports and unshipped sales now total 8.511 MMT which is 86.1 percent of USDA’s forecast for exports in all of 2013-14.
Nor has the U.S. seen a drop off in soymeal exports to the EU in 2013-14. U.S. soymeal exports to the EU increased from 0.543 MMT in 2011-12 to 1.259 MMT in 2012-13 with most chalking that up to Argentina’s poor crop in 2012. This year, however, U.S. soymeal exports to the EU are ahead of last year’s pace and at 1.246 MMT nearly total 2012-13’s sales. With 54,000 MT of unshipped soymeal sales to the EU on the books, it now is a certainty that U.S. soymeal exports to the EU will surpass last year’s numbers. With improved capability to supply soymeal to Europe via East Coast ports and the need to offset declines in domestic soymeal demand, U.S. exporters have found a way to expand their shipments to Europe, which appears to be a long term trend.
Net U.S. soymeal export sales for shipment in 2014-15 last week totaled an impressive 25,000 MT, bringing total U.S. soymeal export sales for shipment in 2014-15 to 1.163 MMT. That number far surpasses the largest new-crop sales ever for this point in the marketing year and stands a whopping 816 percent above the average for the last 5 marketing years. The U.S. soymeal market has become more competitive and more and more importers and users in Europe, in particular, now want to source more of it. The superior quality of U.S. soymeal also is a contributor to the growth in new-crop sales.
U.S. Soymeal Export Sales of Soymeal for Shipment in Next Marketing Year
End of March 2009 – 2014
|Date||New-Crop Export Sales|