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Corn Export Sales Well Above Expectations

February 16, 2012
By: Meghan Pedersen, Pro Farmer Associate Editor
 
 

The Weekly Export Sales Report for the week ended Feb. 9, 2012, showed corn export sales topping expectations and the 1 million mark. Soybean export sales were near the bottom of the pre-report trade expectations range. Wheat export sales came in below expectations.

 

USDA Weekly Export Sales Report
Week Ended Feb. 9, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 1,067,400 MT
2011-12: 1,005,900 MT
2012-13:
61,500 MT

Trade Expectations

550,000 to 750,000 MT

Weekly Sales Details

Net sales of 1,005,900 MT for the 2011-12 marketing year resulted as increases for Mexico (415,300 MT), Egypt (240,000 MT), Japan (109,700 MT, including 30,100 MT switched from unknown destinations and decreases of 9,400 MT), Taiwan (100,000 MT), Cuba (54,800 MT, including 25,000 MT switched from unknown destinations), and South Korea (49,500 MT), were partially offset by decreases for unknown destinations (21,100 MT), Trinidad (4,900 MT), and the French West Indies (3,400 MT). Net sales of 61,500 MT for delivery in the 2012-13 marketing year were reported for Mexico.

Weekly Export Details

Exports of 686,000 MT were down 37 percent from the previous week and 21 percent from the prior 4-week average. The primary destinations were to Mexico (185,200 MT), Japan (127,800 MT), Venezuela (79,000 MT), South Korea (72,600 MT), China (65,000 MT), and Cuba (54,800 MT).

Comments and Performance Indicators

Sales were well above expectations. Export commitments are 7% below year ago, compared to 7% below last week. USDA projects exports in 2011-12 to be 7.4% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 427,900 MT
2011-12: 420,400 MT
2012-13: 7,500
Trade Expectations
450,000 to 650,000 MT
Weekly Sales Details
Net sales of 420,400 MT were down 41 percent from the previous week and 31 percent from the prior 4-week average. Increases were primarily for Japan (88,000 MT), South Korea (80,800 MT), unknown destinations (54,900 MT), Italy (42,200 MT, including 18,000 MT switched from unknown destinations), and Mexico (29,100 MT). Decreases were reported for Belgium (6,000 MT), Trinidad (2,800 MT), and Barbados (1,000 MT). Net sales of 7,500 MT for delivery in the 2012-13 marketing year were reported for Mexico (5,000 MT) and Venezuela (2,500 MT).
Weekly Export Details
Exports of 479,100 MT were up 3 percent from the previous week and 13 percent from the prior 4-week average. The primary destinations were to the Philippines (110,500 MT), Japan (102,600 MT), Mexico (88,800 MT), Nigeria (38,600 MT), and South Korea (30,700 MT).
Comments and Performance Indicators
Sales were just below trade expectations. Export commitments are 22% behind year-ago, compared to 22% behind last week. USDA projects exports in 2011-12 to be 24.4% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 614,700 MT
2011-12: 436,700 MT
2012-13: 178,000 MT

Trade Expectations
600,000 to 750,000 MT
Weekly Sales Details
Net sales of 436,700 MT for the 2011-12 marketing year were down 28 percent from the previous week and 26 percent from the prior 4-week average. Increases were primarily for China (206,900 MT, including 65,000 MT switched from unknown destinations and decreases of 5,400 MT), Indonesia (80,500 MT, including 70,000 MT switched from unknown destinations), Egypt (71,500 MT), the Netherlands (68,400 MT, switched from unknown destinations), Mexico (43,700 MT), and Turkey (30,000 MT). Decreases were reported for unknown destinations (166,500 MT). Net sales of 178,000 MT for delivery in the 2012-13 marketing year were reported for unknown destinations (175,000 MT) and Japan (3,000 MT).
Weekly Export Details
Exports of 1,002,100 MT were reported primarily to China (717,100 MT), Indonesia (87,900 MT), the Netherlands (68,400 MT), Mexico (47,000 MT), Japan (22,000 MT), and Venezuela (12,000 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments are running 30% behind year-ago, which compares to 30% behind last week. USDA projects exports in 2011-12 to be 15.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

2011-12: 80,100 MT

Trade Expectations
100,000 to 175,000 MT
Weekly Sales Details
Net sales of 80,100 MT for the 2011-12 marketing year were down 51 percent from the previous week and 41 percent from the prior 4-week average. Increases were primarily for Ecuador (31,700 MT, including 30,000 MT switched from unknown destinations), Turkey (20,000 MT), Canada (15,400 MT), Israel (12,000 MT), and unknown destinations (4,800 MT). Decreases were reported for the Dominican Republic (11,400 MT), Indonesia (2,700 MT), and the French West Indies (2,200 MT).
Weekly Export Details
Exports of 150,500 MT were down 21 percent from the previous week and 28 percent from the prior 4-week average. Increases were reported mainly to Ecuador (31,700 MT), Morocco (27,100 MT), Venezuela (22,000 MT), Canada (21,600 MT), Mexico (20,600 MT), and Cuba (11,000 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are running 12% behind year-ago, compared to 12% behind last week. USDA projects exports in 2011-12 to be 3.3% below the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 21,100 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 21,100 MT resulted as increases for Morocco (20,000 MT), Panama (1,500 MT), and Mexico (600 MT), were partially offset by decreases for Canada (1,100 MT).
Weekly Export Details
Exports of 22,700 MT were up noticeably from the previous week and from the prior 4-week average. Increases were reported mainly to Morocco (20,000 MT) and Mexico (2,400 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are 78% below year-ago, compared to 80% below last week. USDA projects exports in 2011-12 to be 62.9% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 166,600 RB
2011-12: 101,400 RB
2012-13
: 65,200 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 101,400 running bales for the 2011-12 marketing year were up noticeably from the previous week and from the prior 4-week average. Increases for China (51,200 RB, including 1,000 RB switched from Japan), Turkey (33,400 RB), Mexico (26,100 RB), and Taiwan (3,900 RB), were partially offset by decreases for Vietnam (13,700 RB), Bangladesh (7,100 RB) and Peru (4,000 RB). Optional origin sales for the 2011-12 marketing year were reported for China (52,900 RB), and Vietnam (12,900 RB). Options exercised to export the commodity from other than the United States were reported for China (9,300 RB) and Pakistan (2,500 RB). Net sales of 65,200 RB for delivery in the 2012-13 marketing year were reported mainly for Mexico (48,000 RB) and China (13,200 RB).
Weekly Export Details
Exports of 293,000 RB were down 2 percent from the previous week, but up 7 percent from the prior 4-week average. The primary destinations were China (210,100 RB), Turkey (26,400 RB), Mexico (16,100 RB), and Taiwan (6,800 RB). Exports for own account were reported for China (13,800 RB).
Comments and Performance Indicators
Export commitments are 29% behind year-ago compared to 26% behind last week. USDA projects exports in 2011-12 to be 23.5% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 13,200 MT

Weekly Sales Details
Net sales of 13,200 MT for delivery in 2012 were primarily for Japan (3,600 MT), South Korea (2,900 MT), Mexico (1,500 MT), Canada (1,400 MT), and Vietnam (900 MT).
Weekly Export Details
Exports of 8,000 MT were mainly to South Korea (2,000 MT), Japan (1,200 MT), Mexico (1,200 MT), Canada (1,100 MT), and Vietnam (700 MT).
Comments and Performance Indicators
Exports compare to 20,300 MT last week. USDA projects exports in 2012 to be 0.5% below last year's total.

Link to USDA report.

 

Meghan says: Today's strong corn sales confirm what firm Gulf basis levels have indicated -- demand is strong and supplies tight. This confirmation of demand could give the corn market the boost needed to join the recent soybean rally. Soybean sales were near the bottom of pre-report trade expectations, but bean exports of more than 1 million metric tons with China as the lead buyer indicates soybean demand is also strong. Cotton finally saw a long-awaited increase in buying interest, but much more improvement will be needed as global supplies are ample.

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RELATED TOPICS: Corn, Soybeans, Wheat, Cotton, Exports

 
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