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Corn Export Sales Exceed Expectations, Soybeans Disappoint

April 12, 2012
By: Meghan Pedersen, Pro Farmer Associate Editor
 
 

The Weekly Export Sales Report for the week ended April 5, 2012, reflected strong demand for U.S. corn, while soybean export sales fell short of lofty expectations. Export sales of soymeal and soyoil were also disappointing. Wheat sales came in near the top end of the pre-report trade guess. Beef sales also improved compared to last week. In contrast, another week of net sales reductions for cotton were disappointing.

 

USDA Weekly Export Sales Report
Week Ended April 5, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 975,800 MT
2011-12: 959,100 MT
2012-13: 16,700 MT

Trade Expectations

650,000 to 850,000 MT

Weekly Sales Details

Net sales of 959,100 MT were up 2 percent from the previous week and 39 percent from the prior 4-week average. Increases reported for Mexico (295,900 MT), unknown destinations (291,100 MT), South Korea (125,000 MT), Japan (78,300 MT), Venezuela (70,500 MT), and China (60,000 MT), were partially offset by decreases for Peru (45,000 MT) and Colombia (22,300 MT). Net sales of 16,700 MT for delivery in the 2012-13 marketing year were primarily reported for Mexico (11,200 MT).

Weekly Export Details

Exports of 657,900 MT were down 17 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were Mexico (236,500 MT), Japan (219,800 MT), South Korea (107,600 MT), Taiwan (29,600 MT), Cuba (26,100 MT), and Costa Rica (16,900 MT).

Comments and Performance Indicators

Sales were above expectations. Export commitments are 12% below year ago, compared to 12% 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: 542,500 MT
2011-12: 452,100 MT
2012-13: 90,400 MT
Trade Expectations
400,000 to 600,000 MT
Weekly Sales Details
Net sales of 452,100 MT were up 11 percent from the previous week and 23 percent from the prior 4-week average. Increases were reported for Egypt (70,000 MT), Spain (66,600 MT, including 60,000 MT switched from unknown destinations), Iran (65,400 MT), Mexico (50,600 MT), Nigeria (47,500 MT), and Taiwan (41,600 MT). Net sales of 90,400 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (73,900 MT).
Weekly Export Details
Exports of 439,800 MT were up 9 percent from the previous week, but down 23 percent from the prior 4-week average. The primary destinations were South Korea (104,000 MT), Mexico (91,700 MT), Spain (66,600 MT), Iran (65,400 MT), Yemen (50,900 MT), and Nigeria (46,100 MT).
Comments and Performance Indicators
Sales were within 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: 582,400 MT
2011-12: 406,100 MT
2012-13: 176,300 MT

Trade Expectations
850,000 to 1,100,000 MT
Weekly Sales Details
Net sales of 460,100 MT were up 13 percent from the previous week and unchanged from the prior 4-week average. Increases were primarily for China (134,500 MT), Indonesia (108,200 MT, including 92,000 MT switched from unknown destinations), the Netherlands (76,000 MT, including 70,000 MT switched from unknown destinations), South Korea (57,700 MT, including 58,000 MT switched from unknown destinations and decreases of 300 MT), and Turkey (32,000 MT). Decreases were reported for unknown destinations (94,000 MT). Net sales of 176,300 MT for delivery in the 2012-13 marketing year were for China (170,000 MT) and Japan (6,300 MT).
Weekly Export Details
Exports of 773,800 MT were reported primarily to China (260,500 MT), Indonesia (173,200 MT), Mexico (142,300 MT), the Netherlands (76,000 MT), South Korea (58,100 MT), and Taiwan (30,200 MT).
Comments and Performance Indicators

Sales fell short of expectations. Export commitments are running 21% behind year-ago, which compares to 22% behind last week. USDA projects exports in 2011-12 to be 14.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 162,700 MT
2011-12: 33,200 MT
2012-13: 129,500 MT

Trade Expectations
200,000 to 300,000 MT
Weekly Sales Details
Net sales of 33,200 MT -- a marketing-year low -- resulted as increases for Canada (32,300 MT), Honduras (14,900 MT), Poland (11,500 MT), Nicaragua (5,300 MT), and Jamaica (5,000 MT), were partially offset by decreases for unknown destinations (16,000 MT), Panama (16,000 MT), and Guatemala (8,900 MT). Net sales of 129,500 MT for delivery in the 2012-13 marketing year were reported for unknown destinations (120,000 MT) and Canada (9,500 MT).
Weekly Export Details
Exports of 96,500 MT were down 66 percent from the previous week and 49 percent from the prior 4-week average. Exports were reported to Canada (22,400 MT), Mexico (20,700 MT), Morocco (15,500 MT), Honduras (11,100 MT), Guatemala (10,000 MT), and El Salvador (4,500 MT).
Comments and Performance Indicators
Sales below expectations. Export commitments are running 11% behind year-ago, compared to 9% 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: 2,100 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 2,100 MT were down noticeably from the previous week and 81 percent from the prior 4-week average. Increases were reported primarily for Nicaragua (2,000 MT).
Weekly Export Details
Exports of 17,000 MT were up 50 percent from the previous week and up noticeably from the prior 4-week average. Exports were reported to Morocco (4,000 MT), Algeria (4,000 MT), and Jamaica (3,500 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments are 71% below year-ago, compared to 71% 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: -39,800 MT
2011-12: -53,600 MT
2012-13: 13,800 MT
Trade Expectations
NA
Weekly Sales Details
Net Upland sales reductions of 53,600 running bales resulted as increases for Thailand (7,700 RB), Taiwan (7,000 RB), Turkey (6,200 RB), and Peru (3,200 RB), were more than offset by decreases for China (61,900 RB), Indonesia (17,100 RB), and Guatemala (5,200 RB). Net sales of 13,800 RB for delivery in the 2012-13 marketing year resulted as increases for Turkey (22,000 RB), China (19,800 RB), and Indonesia (12,600 RB), were partially offset by decreases for Thailand (50,900 RB). Optional origin sales for the 2012-13 marketing year were reported for China (88,000 RB) and Thailand (4,000 RB). Options exercised to export the commodity from other than the United States were reported for China (11,900 RB). Optional origin cancellations were reported for China (178,200 RB) and Thailand (2,600 RB).
Weekly Export Details
Exports of 200,800 RB were down 49 percent from the previous week and 42 percent from the prior 4-week average. The primary destinations were China (108,600 RB), Turkey (24,200 RB), Taiwan (10,400 RB), and Thailand (9,900 RB).
Comments and Performance Indicators
Export commitments are 26% behind year-ago compared to 27% behind last week. USDA projects exports in 2011-12 to be 20.7% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 23,500 MT

Weekly Sales Details
Net sales of 23,500 MT were up 79 percent from the previous week and 46 percent from the prior 4-week average. Increases were reported for Japan (7,000 MT), South Korea (4,200 MT), Mexico (3,100 MT), Russia (3,000 MT), and Canada (2,300 MT).
Weekly Export Details
Exports of 16,800 MT were primarily to South Korea (3,600 MT), Mexico (2,800 MT), Japan (2,300 MT), Canada (1,700 MT), and Hong Kong (1,600 MT).
Comments and Performance Indicators
Exports compare to 13,200 MT last week. USDA projects exports in 2012 to be 2.3% below last year's total.

Link to USDA report.

 


 

 

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