10/14: Weekly Corn and Wheat Sales Above Expectations

October 14, 2011 02:50 AM
 

The Weekly Export Sales Report for the week ended Oct. 6 showed corn and wheat sales above expectations, while wheat sales were within expectations. Beef sales were steady with last week.

 

 

USDA Weekly Export Sales Report
Week Ended October 6, 2011

Corn

Actual Sales (in metric tons -- MT)

Combined: 1,376,700 MT
2011-12: 1,258,900 MT
2012-13:
85,400 MT

Trade Expectations

800,000 to 950,000 MT

Weekly Sales Details

Net sales of 1,258,900 MT for the 2011-12 marketing year were mainly reported for Japan (488,000 MT, including 109,300 MT switched from unknown destinations and decreases of 2,000 MT), Mexico (448,800 MT, including 14,500 MT switched from unknown destinations and decreases of 2,700 MT), China (119,300 MT, switched from unknown destinations), South Korea (118,500 MT, including 57,700 MT switched from unknown destinations), and Canada (51,100 MT).  Decreases were reported for unknown destinations (131,200 MT). Net sales of 85,400 MT for delivery in 2012-13 were reported for Japan.  Decreases were reported for Venezuela (25,000 MT). 

Weekly Export Details

Exports of 911,000 MT were primarily reported to Japan (262,100 MT), South Korea (173,200 MT), Mexico (138,200 MT), China (119,300 MT), Egypt (63,000 MT), and the Dominican Republic (40,600 MT). 

Comments and Performance Indicators

Sales were well above expectations. Export commitments are down 3% from year ago, compared to 5% below last week. USDA projects exports in 2011-12 to be 12.8% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 500,600 MT
2011-12: 483,600 MT
2012-13:
17,000 MT
Trade Expectations
300,000 to 450,000 MT
Weekly Sales Details
Net sales of 483,600 MT for the 2011-12 marketing year were up 12 percent from the previous week, but down 1 percent from the prior 4-week average.  Increases were primarily for Japan (212,700 MT), China (56,400 MT), Nigeria (47,200 MT), Mexico (37,900 MT), the Philippines (36,000 MT), and Guatemala (31,200 MT, switched from unknown destinations). Decreases were reported for unknown destinations (43,600 MT).  Net sales of 17,000 MT for delivery in 2012-13 were reported for Mexico.
Weekly Export Details
Exports of 365,000 MT were down 39 percent from the previous week and 41 percent from the prior 4-week average.  The primary destinations were mainly to Japan (69,200 MT), Indonesia (59,000 MT), Nigeria (53,300 MT), South Korea (51,600 MT), Guatemala (31,200 MT), Mexico (29,200 MT), and Thailand (27,500 MT). 
Comments and Performance Indicators
Sales were within trade expectations. Export commitments are 17% behind year-ago, compared to 18% 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)

672,400 MT

Trade Expectations
650,000 to 750,000 MT
Weekly Sales Details
Net sales of 672,400 MT for the 2011-12 marketing year were mainly reported for China (559,900 MT, including 58,000 MT switched from unknown destinations and decreases of 1,900 MT), Mexico (80,300 MT), Thailand (61,300 MT, including 50,900 MT switched from Japan), Canada (25,900 MT), Indonesia (12,500 MT), and Taiwan (9,600 MT). 
Weekly Export Details
Exports of 602,800 MT were primarily reported to China (421,900 MT), Mexico (114,900 MT), Cost Rica (23,200 MT), Indonesia (13,900 MT), and Japan (6,700 MT). 
Comments and Performance Indicators

Sales were within expectations. Export commitments are running 25% behind year-ago, which compares to 24% behind last week. USDA projects exports in 2011-12 to be 8.3% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

238,800 MT
2010-11: 15,200 MT
2011-12:
221,600 MT

Trade Expectations
100,000 to 200,000 MT
Weekly Sales Details
Net sales of 15,200 MT for (Sept. 30) resulted as increases for El Salvador (6,500 MT), Nicaragua (5,300 MT), the Philippines (3,100 MT), and Japan (800 MT), were partially offset by decreases for Mexico (700 MT).  A total of 337,000 MT in sales were outstanding on September 30 (the end of the 2010/11 marketing year) and carried over to the 2011/2012 marketing year.  Net sales of 221,600 MT were for the 2011-12 marketing year (which began Oct. 1) were mainly for Canada (84,100 MT), Colombia (69,500 MT), Egypt (18,000 MT), and Ireland (13,000 MT).  Decreases were reported for unknown destinations (18,900 MT). 
Weekly Export Details
Exports of 28,300 MT were reported for September 30.  The primary destinations were Canada (7,000 MT), El Salvador (6,500 MT), Nicaragua (5,300 MT), and the Philippines (5,000 MT). Accumulated exports for the 2010-11 marketing year were 7,478,600 MT, down 99 percent from the 75,100 MT reported in 2009/2010.   
Comments and Performance Indicators
Sales were above expectations. Export commitments are running 12% behind year-ago to start the new marketing year. USDA projects exports in 2011-12 to be 6.0% below the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 11,200 MT
2010-11: 300 MT
2011-12: 10,900 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 300 MT for (Sept. 30) resulted as increases for Guatemala (600 MT) and Canada (500 MT), were partially offset by decreases for Mexico (900 MT).  A total of 25,700 MT in sales were outstanding on September 30 (the end of the 2010/11 marketing year) and carried over to the 2011/12 marketing year.  Net sales of 10,900 MT for the 2011-12 marketing year (which began Oct 1) were mainly for Mexico (8,100 MT), Jamaica (3,500 MT), and Nicaragua (1,000 MT).  Decreases were reported for Canada (1,700 MT). 
Weekly Export Details
Exports of 3,500 MT were reported for September 30. The primary destinations were Guatemala (2,000 MT), Mexico (900 MT), and Canada (700 MT). Accumulated exports for the 2010-11 marketing year were 1,300 MT, down 98 percent from the 22,800 MT reported in 2009/2010.  
Comments and Performance Indicators
Sales were within expectations. Export commitments are 89% below year-ago to start the new marketing year. USDA projects exports in 2011-12 to be 43.8% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 107,600 RB
2011-12: 63,000 RB
2012-13:
44,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 63,000 running bales for the 2011-12 marketing year resulted as increases for China (42,300 RB, including 700 RB switched from Japan and decreases of 3,100 RB), Mexico (32,300 RB), Taiwan (3,000 RB), and Morocco (2,700 RB), were partially offset by decreases for Bangladesh (11,000 RB), Thailand (3,300 RB), Turkey (2,300 RB), and Vietnam (2,200 RB).  Net sales of 44,600 RB for delivery in 2012-13 were for El Salvador (25,100 RB) and China (20,200 RB).  Decreases were reported for China (700 RB).  Optional origin sales were reported for China (44,000 RB) and Vietnam (2,600 RB).  Optional origin sales of 1,300 RB to Pakistan exercised to export the commodity from other than the United States. 
Weekly Export Details
Exports of 89,400 RB were up 28 percent from the previous week and 31 percent from the prior 4-week average. The primary destinations were Vietnam (28,400 RB), China (22,700 RB), Mexico (14,100 RB), Peru (6,500 RB), and Turkey (2,900 RB).  There were no Net American Pima sales reported for the week.  Exports of 200 RB were reported to Italy. 
Comments and Performance Indicators
Export commitments are 32% behind year-ago compared to 29% behind last week. USDA projects exports in 2011-12 to be 20.0% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

13,900 MT

Weekly Sales Details
Net sales of 13,900 MT for delivery in 2011 were primarily for Mexico (4,500 MT), Japan (2,500 MT), South Korea (1,800 MT), Canada (1,600 MT), and Vietnam (700 MT). 
Weekly Export Details
Exports of 15,600 MT were mainly to Mexico (3,600 MT), Japan (2,800 MT), South Korea (2,300 MT), Vietnam (1,600 MT), Canada (1,400 MT), and Hong Kong (1,100 MT).  
Comments and Performance Indicators
Exports are equal to last week. USDA projects exports in 2012 to be 19.0% above last year's total.

Link to USDA report.

 


Juli says: Another strong corn sales tally included sales to China, but not the large sale USDA announced yesterday. That means traders will be expecting yet another strong report next week. This strong demand has got to be realized by the market as value buying! A pickup in wheat sales is also encouraging at these prices. Soybean sales within expectations is a solid performance but recent improvement in Gulf basis signals demand is picking up.

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