Chinese New-Crop Bean Buys Remain Strong

March 28, 2013 02:55 AM
 

The Weekly Export Sales Report for the week ended March 21, 2013, reflected a firmer U.S. dollar has had little effect on wheat demand. The market was again the upside leader in export sales with a tally that came in well above expectations. Corn and soybean export sales came within expectations with solid tallies. China accounted for 601,000 MT of the net 607,700 MT in bean sales for 2013-14 this week, reminding of its voracious appetite for new-crop soybeans. Cotton sales were again solid and beef exports continue to improve.

USDA Weekly Export Sales Report
Week Ended March 21, 2013

Corn

Actual Sales (in metric tons -- MT)

Combined: 314,000 MT
2012-13: 295,100 MT
2013-14: 18,900 MT

Trade Expectations

200,000 to 400,000 MT

Weekly Sales Details

Net sales of 295,100 MT for the 2012-13 marketing year were up noticeably from the previous week and up 88% from the prior 4-week average. Increases reported for Japan (133,700 MT, including 28,600 MT switched from unknown destinations), China (114,200 MT, including 120,000 MT switched from unknown destinations and decreases of 6,300 MT), Venezuela (90,000 MT), Cuba (25,000 MT), and Taiwan (16,500 MT), were partially offset by decreases for Colombia (48,200 MT), unknown destinations (37,500 MT), and Brazil (27,500 MT). Net sales of 18,900 MT for the 2013-14 marketing year were for Colombia (12,000 MT) and Trinidad (7,000 MT). Decreases were reported for Japan (100 MT).

Weekly Export Details

Exports of 384,800 MT were down 8% from the previous week, but up 3% from the prior 4-week average. The primary destinations were Japan (135,900 MT), China (118,700 MT), Mexico (64,100 MT), Taiwan (21,100 MT), and Costa Rica (11,900 MT).

Comments and Performance Indicators

Sales were within expectations. Export commitments for the new marketing year are 54% behind year ago compared to 55% behind last week. USDA projects exports in 2012-13 to be 46.5% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 828,600 MT
2012-13: 580,300 MT
2013-14: 248,300 MT
Trade Expectations
300,000 to 600,000 MT
Weekly Sales Details
Net sales of 580,300 MT for the 2012-13 marketing year were up 20% from the previous week, but down 2% from the prior 4-week average. Increases reported for Brazil (181,500 MT), Japan (149,600 MT), Guatemala (74,400 MT, including 31,100 MT switched from unknown destinations), Peru (55,800 MT), Thailand (46,500 MT), and the Dominican Republic (41,300 MT), were partially offset by decreases for unknown destinations (88,500 MT). Net sales of 248,300 MT for the 2013-14 marketing year were reported for China (172,000 MT), Trinidad (34,300 MT), unknown destinations (22,500 MT), the Dominican Republic (14,500 MT), and Mexico (5,000 MT).
Weekly Export Details
Exports of 522,400 MT were down 18% from the previous week and 25% from the prior 4-week average. The primary destinations were Egypt (131,100 MT), Japan (100,100 MT), Mexico (63,200 MT), China (60,600 MT), the Philippines (47,800 MT), and Guatemala (33,400 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments for the 2012-13 marketing year are 1% behind year-ago, compared to 3% behind last week. USDA projects exports in 2012-13 to be down 2.4% compared with the previous marketing year.

Soybeans

 
Actual Sales (in metric tons -- MT)
Combined: 674,100 MT
2012-13: 66,400​ MT
2013-14: 607,700 MT
Trade Expectations
500,000 to 800,000 MT
Weekly Sales Details
Net sales of 66,400 MT for the 2012-13 marketing year were down 39% from the previous week and 84% from the prior 4-week average. Increases reported for Indonesia (85,100 MT, including 68,000 MT switched from unknown destinations), Mexico (69,900 MT), South Korea (25,300 MT, including 25,000 MT switched from unknown destinations), Turkey (21,700 MT, including 20,000 MT switched from unknown destinations), and Japan (15,500 MT, including 9,000 MT switched from unknown destination and decreases of 8,700 MT), were partially offset by decreases for unknown destinations (177,000 MT). Net sales of 607,700 MT for delivery in the 2013-14 marketing year were primarily for China (601,000 MT).
Weekly Export Details
Exports of 569,900 MT were up noticeably from the previous week, but down 17% from the prior 4-week average. The primary destinations were Indonesia (150,000 MT), China (131,800 MT), Mexico (82,000 MT), Egypt (53,700 MT), Japan (38,500 MT), South Korea (26,400 MT), and Taiwan (26,000 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments for the new marketing year are running 14% ahead of year-ago compared to 15% ahead last week. USDA projects exports in 2012-13 to be 1.2% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)
<​b>Combined: 141,100 MT
2012-13: 137,200<​/strong> MT
2013-14: 3,900 MT
<​/strong>
Trade Expectations
100,000 to 200,000 MT
Weekly Sales Details
Net sales of 137,200 MT for the 2012-13 marketing year were down 4% from the previous week and 3% from the prior 4-week average. Increases were reported for Turkey (20,800 MT, including 20,000 MT switched from unknown destinations), unknown destinations (18,000 MT), Israel (17,600 MT, including 16,000 MT switched from unknown destinations), Venezuela (11,300 MT), and Costa Rica (9,600 MT, including 3,800 MT switched from unknown destinations). Decreases were reported for Indonesia (1,600 MT). Net sales of 3,900 MT for delivery in the 2013-14 marketing year were reported for Mexico.
Weekly Export Details
Exports of 319,300 MT were up 74% from the previous week and 23% from the prior 4-week average. The primary destinations were Mexico (57,900 MT), the Philippines (55,500 MT), Ecuador (33,000 MT), Colombia (28,200 MT), Israel (26,500 MT), and the Dominican Republic (23,600 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 41% ahead of last year's pace compared to 42% ahead of year-ago last week. USDA projects exports in 2012-13 to be 8.6% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

<​b> 2012-13: 12,600 MT<​/b>

Trade Expectations
0 to 15,000 MT
Weekly Sales Details
Net sales of 12,600 MT for the 2012-13 marketing year were down 36% from the previous week, but up noticeably from the prior 4-week average. Increases were reported for Malaysia (10,000 MT), Mexico (2,100 MT), and Nicaragua (500 MT).
Weekly Export Details
Exports of 37,700 MT were up noticeably from the previous week and 59% from the prior 4-week average. The primary destinations were Malaysia (10,000 MT), the Dominican Republic (8,600 MT), Venezuela (7,000 MT), and Guatemala (6,200 MT). Note: Accumulated exports were adjusted down for China (10,000 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 144% ahead of year-ago, compared to 146% ahead last week. USDA projects exports in 2012-13 to be 57.1% ahead of the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 246,000 RB
2012-13: 143,000 RB
2013-14: 103,000 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 143,000 running bales for the 2012-13 marketing year were up 25% from the previous week, but down 5% from the prior 4-week average. Increases were reported for Turkey (48,700 RB), China (32,300 RB), Vietnam (22,000 RB), Peru (6,200 RB), and Thailand (6,100 RB). Net sales of 103,000 RB for delivery in the 2013-14 marketing year were primarily for Turkey (91,000 RB) and South Korea (12,300 RB). Decreases were reported for Mexico (4,100 RB) and Peru (1,400 RB).
Weekly Export Details
Exports of 339,700 RB were up 22% from the previous week, but down 13% from the prior 4-week average. The primary destinations were China (117,400 RB), Turkey (77,700 RB), Indonesia (34,500 RB), Vietnam (27,800 RB), Mexico (20,900 RB), and Thailand (13,200 RB).
Comments and Performance Indicators
Export commitments are 4% behind year-ago compared to 4% behind last week. USDA projects exports in 2012-13 to be 8.9% ahead of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)
2013: 17,300 MT
Weekly Sales Details
Net sales of 17,300 MT were up 13% from the previous week and 5% from the prior 4-week average. Increases were reported for Mexico (4,300 MT), Japan (3,600 MT), Canada (2,900 MT), Vietnam (1,900 MT), and Hong Kong (1,000 MT).
Weekly Export Details
Exports of 17,300 MT were primarily to Japan (4,600 MT), Canada (3,500 MT), Mexico (3,500 MT), South Korea (1,600 MT), and Vietnam (1,000 MT).
Comments and Performance Indicators
Exports compare to 15,300 MT last week. USDA projects exports in 2013 to be 0.6% below last year's total.

Link to USDA report.

 


 

 

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