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Corn, Wheat Export Sales Top Expectations

March 22, 2012
By: Meghan Pedersen, Pro Farmer Associate Editor
 
 

The Weekly Export Sales Report for the week ended March 15, 2012, reflected strong global appetite for corn and wheat. Soybeans, on the other hand, saw a marked pullback in sales compared to recent weeks. However, soyoil sales set a marketing year high for the week helping the market to gain on year-ago pace. Beef sales were also impressive at a whopping 52,000 metric tons.

 

USDA Weekly Export Sales Report
Week Ended March 15, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 917,100 MT
2011-12: 862,100 MT
2012-13: 55,000 MT

Trade Expectations

650,000 to 850,000 MT

Weekly Sales Details

Net sales of 862,100 MT for the 2011-12 marketing year included increases for Japan (475,800 MT, including 85,400 MT switched from unknown destinations), unknown destinations (149,300 MT), Mexico (127,500 MT, including 67,400 MT switched from unknown destinations and decreases of 17,200 MT), Cuba (27,500 MT, including 25,000 MT switched from unknown destinations), Venezuela (22,500 MT), and Taiwan (18,200 MT). Decreases were reported for the Dominican Republic (2,700 MT). Net sales of 55,000 MT for delivery in the 2012-13 marketing year were reported for unknown destinations.

Weekly Export Details

Exports of 508,100 MT were down 51 percent from the previous week and 40 percent from the prior 4-week average. The primary destinations were to Mexico (199,200 MT), Japan (154,100 MT), Cuba (27,500 MT), Honduras (19,500 MT), Colombia (18,500 MT), and Egypt (18,200 MT).

Comments and Performance Indicators

Sales were above expectations. Export commitments are 9% below year ago, compared to 9% 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: 541,300 MT
2011-12: 539,300 MT
2012-13: 2,000 MT
Trade Expectations
400,000 to 500,000 MT
Weekly Sales Details
Net sales of 539,300 MT were up 85 percent from the previous week and 16 percent from the prior 4-week average. Increases were primarily for Nigeria (111,400 MT), Japan (99,700 MT), South Korea (72,500 MT), the Philippines (65,600 MT), Egypt (58,600 MT, switched from unknown destinations), and Panama (22,800 MT). Decreases were reported for unknown destinations (7,500 MT). Net sales of 2,000 MT for delivery in the 2012-13 marketing year were reported for China.
Weekly Export Details
Exports of 548,600 MT were down 39 percent from the previous week, but up 6 percent from the prior 4-week average. The primary destinations were to Mexico (152,700 MT), Japan (98,800 MT), Nigeria (66,400 MT), Egypt (58,600 MT), South Korea (58,300 MT), the Philippines (54,600 MT), and Spain (19,900 MT).
Comments and Performance Indicators
Sales were above trade expectations. Export commitments are 23% behind year-ago, compared to 23% behind last week. USDA projects exports in 2011-12 to be 22.4% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 532,800 MT
2011-12: 356,700 MT
2012-13: 176,100 MT

Trade Expectations
900,000 to 1,000,000 MT
Weekly Sales Details
Net sales of 356,700 MT were down 42 percent from the previous week and 56 percent from the prior 4-week average. Increases were primarily for unknown destinations (103,500 MT), Mexico (83,500 MT), Egypt (70,500 MT), China (62,400 MT), Indonesia (21,100 MT), and Venezuela (12,000 MT). Decreases were reported for Japan (5,900 MT) and Vietnam (1,000 MT). Net sales of 176,100 MT for delivery in the 2012-13 marketing year were mainly for China (176,000 MT) and Japan (4,400 MT). Decreases were reported for unknown destinations (4,500 MT).
Weekly Export Details
Exports of 610,100 MT were reported primarily to China (317,500 MT), Egypt (84,600 MT), Indonesia (80,900 MT), Turkey (30,600 MT), Mexico (27,600 MT), and Taiwan (19,100 MT).
Comments and Performance Indicators

Sales were well below expectations. Export commitments are running 23% behind year-ago, which compares to 24% 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)

Combined: 92,300 MT
2011-12: 87,400 MT
2012-13: 4,900 MT

Trade Expectations
75,000 to 150,000 MT
Weekly Sales Details
Net sales of 87,400 MT were down 44 percent from the previous week and 35 percent from the prior 4-week average. Increases were primarily for Ireland (17,500 MT), Guatemala (15,100 MT, including 10,600 MT switched from unknown destinations), Canada (12,000 MT), Mexico (11,000 MT), Venezuela (9,900 MT), and Honduras (9,400 MT). Decreases were reported for unknown destinations (11,600 MT) and Panama (2,000 MT). Net sales of 4,900 MT for delivery in the 2012-13 marketing year were reported for Canada (3,300 MT) and Mexico (1,700 MT).
Weekly Export Details
Exports of 149,000 MT were down 26 percent from the previous week and 12 percent from the prior 4-week average. Increases were reported mainly to Mexico (40,000 MT), Canada (22,100 MT), Turkey (21,200 MT), Israel (13,200 MT), Guatemala (10,600 MT), and El Salvador (9,200 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 12% behind year-ago, compared to 10% behind last week. USDA projects exports in 2011-12 to be 2.2% below the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 38,100 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 38,100 MT--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for Mexico (18,000 MT), Canada (13,000 MT), the Dominican Republic (4,700 MT), and Panama (2,000 MT).
Weekly Export Details
Exports of 5,400 MT were up 64 percent from the previous week, but down 50 percent from the prior 4-week average. Increases were reported mainly to Mexico (2,800 MT) and the Dominican Republic (2,000 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments are 70% below year-ago, compared to 74% 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: 284,100 RB
2011-12: 197,000 RB
2012-13
: 87,100 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 197,000 running bales for the 2011-12 marketing year were down 18 percent from the previous week, but up 30 percent from the prior 4-week average. Increases were primarily for China (87,800 RB), Vietnam (51,100 RB), Mexico (20,900 RB, including 5,800 RB switched from Colombia and decreases of 6,500 RB), and Turkey (12,400 RB). Decreases were reported for Colombia (19,000 RB). Net sales of 87,100 RB for delivery in the 2012-13 marketing year were mainly for Mexico (62,100 RB) and China (22,000 RB). Options exercised to export the commodity from other than the United States were reported for China (27,800 RB). Optional origin cancellations were reported for Pakistan (6,600 RB).
Weekly Export Details
Exports of 297,100 RB were down 19 percent from the previous week and 13 percent from the prior 4-week average. The primary destinations were to China (197,800 RB), Turkey (32,800 RB), Vietnam (16,100 RB), and Mexico (13,400 RB). Exports for own account were reported for China (2,800 RB).
Comments and Performance Indicators
Export commitments are 27% 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: 52,000 MT

Weekly Sales Details
Net sales of 52,000 MT were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Mexico (11,700 MT), South Korea (10,600 MT), Japan (8,900 MT), Vietnam (7,200 MT), and Canada (5,100 MT). Decreases were reported for Taiwan (1,200 MT).
Weekly Export Details
Exports of 21,100 MT were primarily to Mexico (4,000 MT), South Korea (3,300 MT), Japan (3,200 MT), Vietnam (2,900 MT), Canada (2,400 MT), and Egypt (1,600 MT).
Comments and Performance Indicators
Exports compare to 8,800 MT last week. USDA projects exports in 2012 to be 0.5% below last year's total.

Link to USDA report.

 

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

 
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