Soybean Export Sales Top Expectations and 1.4 MMT

April 26, 2012

By: Meghan Pedersen, Pro Farmer Associate Editor

The Weekly Export Sales Report for the week ended April 19, 2012, reflected global appetite for soybeans remain strong. Total bean export sales topped lofty expectations and 1.4 million metric tons. Wheat sales also exceeded expectations. Corn sales matched expectations, with strong buying seen of old-crop supplies. This signals prices have not been high enough to encourage rationing. Cotton sales improved this week, though they are still nothing to write home about. Beef export sales were also decent.

USDA Weekly Export Sales Report
Week Ended April 19, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 826,200 MT
2011-12: 645,600 MT
2012-13: 180,600 MT

Trade Expectations

800,000 to 1,000,000 MT

Weekly Sales Details

Net sales of 645,600 MT were up noticeably from the previous week and 11 percent from the prior 4-week average. Increases were reported for Japan (356,700 MT, including 82,700 MT switched from unknown destinations and decreases of 3,100 MT), unknown destinations (79,000 MT), South Korea (63,200 MT), Mexico (47,800 MT), China (37,300 MT), and Canada (15,400 MT). Net sales of 180,600 MT for the 2012-13 marketing year were reported primarily for unknown destinations (180,000 MT).

Weekly Export Details

Exports of 700,200 MT were down 37 percent from the previous week and 13 percent from the prior 4-week average. The primary destinations were Mexico (236,700 MT), Japan (192,500 MT), China (66,800 MT), Saudi Arabia (63,200 MT), Egypt (39,100 MT), and Venezuela (34,000 MT).