Corn & Soybean Export Sales Disappoint

September 7, 2012 02:57 AM
 

The Weekly Export Sales Report for the week ended Aug. 30, 2012, were highly disappointing for corn as a net sales reduction for 2011-12 was barely offset by 129,300 metric tons (MT) in sales for 2012-13. Soybean sales also fell short of expectations, as did sales of soy products, signaling the market may finally be seeing some resistance to high prices. Wheat export sales matched expectations. Cotton sales were again lackluster, but beef export sales improved from last week.

USDA Weekly Export Sales Report
Week Ended Aug. 30, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 25,000 MT
2011-12: -104,200 MT
2012-13: 129,200 MT

Trade Expectations

200,000 to 350,000 MT

Weekly Sales Details

Net sales reductions of 104,200 MT for the 2011-12 marketing year resulted as increases for Jamaica (11,900 MT), Honduras (2,000 MT), Taiwan (1,200 MT), and Nicaragua (800 MT), were more than offset by decreases for South Korea (60,400 MT), Japan (43,500 MT), China (6,400 MT), and unknown destinations (5,000 MT). Net sales of 129,200 MT for delivery in the 2012-13 marketing year resulted as increases for Mexico (76,000 MT), unknown destinations (72,800 MT), and Venezuela (49,500 MT), were partially offset by decreases for Japan (51,300 MT), Honduras (19,500 MT), and Jamaica (11,000 MT).

Weekly Export Details

Exports of 235,400 MT were down 37 percent from the previous week and 55 percent from the prior 4-week average. The primary destinations were Mexico (77,100 MT), China (54,800 MT), Japan (33,700 MT), Cuba (25,000 MT), Jamaica (16,200 MT), and Taiwan (15,100 MT).

Comments and Performance Indicators

Sales fell well short of expectations. Export commitments for the new marketing year are 197% ahead of year ago. USDA projects exports in 2012-13 to be 16.1% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 573,400 MT
2012-13: 554,400 MT
2013-14: 19,000 MT
Trade Expectations
450,000 to 650,000 MT
Weekly Sales Details
Net sales of 554,400 MT for the 2012-13 marketing year were up 9 percent from the previous week and 10 percent from the prior 4-week average. Increases were reported for Nigeria (258,600 MT), Mexico (109,700 MT), the Philippines (69,400 MT, including 19,000 MT switched from unknown destinations), Ghana (31,200 MT, including 30,000 MT switched from unknown destinations), Japan (26,900 MT), and Peru (23,600 MT). Decreases were reported for unknown destinations (62,000 MT). Net sales of 19,000 MT for delivery in the 2013-14 marketing year were for Nigeria (12,000 MT) and Mexico (7,000 MT).
Weekly Export Details
Exports of 600,200 MT were up 7 percent from the previous week and 1 percent from the prior 4-week average. The primary destinations were Japan (177,300 MT), Indonesia (76,900 MT), China (58,700 MT), South Korea (52,500 MT), Taiwan (46,500 MT), Ghana (31,200 MT), and Colombia (30,000 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments for the new marketing year are 10% behind year-ago, compared to 10% behind last week. USDA projects exports in 2012-13 to be 14.3% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 525,700 MT
2011-12: 5,100 MT
2012-13: 520,600 MT

Trade Expectations
700,000 to 900,000 MT
Weekly Sales Details
Net sales of 5,100 MT for the 2011-12 marketing year resulted as increases for Indonesia (72,200 MT, including 68,000 MT switched from unknown destinations and decreases of 200 MT), China (16,400 MT), Japan (900 MT), Vietnam (500 MT), and Canada (300 MT), were partially offset by decreases for unknown destinations (68,000 MT) and Mexico (16,900 MT). Net sales of 520,600 MT for delivery in the 2012-13 marketing year were primarily for China (453,000 MT), Mexico (26,500 MT), Thailand (15,500 MT), and Taiwan (11,500 MT).
Weekly Export Details
Exports of 414,300 MT were down 23 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were China (299,400 MT), Indonesia (78,300 MT), Taiwan (10,300 MT), Mexico (7,100 MT), Thailand (6,300 MT).
Comments and Performance Indicators

Sales fell short of expectations. Export commitments for the new marketing year are running 171% ahead of year-ago. USDA projects exports in 2012-13 to be 17.8% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 111,700 MT
2011-12: 62,400 MT
2012-13: 49,300 MT

Trade Expectations
150,000 to 200,000 MT
Weekly Sales Details
Net sales of 62,400 MT were up 41 percent from the previous week, but down 37 percent from the prior 4-week average. Increases reported for Egypt (23,700 MT, including 20,200 MT switched from unknown destinations), Mexico (23,200 MT), Venezuela (14,000 MT), the Philippines (11,900 MT), and Israel (9,900 MT, including 8,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (30,700 MT) and Jamaica (5,000 MT). Net sales of 49,300 MT for delivery in the 2012-13 marketing year were primarily for Morocco (23,000 MT), Mexico (6,500 MT), the Dominican Republic (5,100 MT), and Vietnam (4,600 MT). Decreases were reported for Jamaica (1,100 MT).
Weekly Export Details
Exports of 146,700 MT were down 9 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were Mexico (52,100 MT), the Dominican Republic (24,900 MT), Egypt (23,700 MT), and Canada (20,800 MT).
Comments and Performance Indicators
Sales fell short of expectations. Export commitments are running 11% ahead of year-ago, compared to 10% ahead last week. USDA projects exports in 2011-12 to be 4.6% ahead of the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-1​2: 3,600 MT

Trade Expectations
15,000 to 35,000 MT
Weekly Sales Details
Net sales of 3,600 MT for the 2011-12 marketing year were down 90 percent from the previous week and 74 percent from the prior 4-week average. Increases were reported for Mexico (2,000 MT) and Canada (1,500 MT).
Weekly Export Details
Exports of 9,000 MT were down 24 percent from the previous week and 49 percent from the prior 4-week average. The primary destinations were Jamaica (4,000 MT), Mexico (1,800 MT), Canada (1,500 MT), and Guatemala (1,500 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments are 55% below year-ago, compared to 56% below last week. USDA projects exports in 2011-12 to be 58.2% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
2012-13: 83,900 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 83,900 running bales for the 2012-13 marketing year were primarily for Turkey (20,700 RB), China (20,200 RB), Vietnam (12,500 RB, including 500 RB switched from Japan and decreases of 400 RB), Taiwan (8,100 RB), and Mexico (7,300 RB).
Weekly Export Details
Exports of 208,900 RB were primarily to China (69,000 RB), Turkey (37,200 RB), Vietnam (19,300 RB), and Mexico (19,100 RB).
Comments and Performance Indicators
Export commitments are 31% behind year-ago compared to 32% behind last week. USDA projects exports in 2012-13 to be 3.3% above the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 18,200 MT

Weekly Sales Details
Net sales of 18,200 MT were up 17 percent from the previous week and 5 percent from the prior 4-week average. Increases were reported for Vietnam (4,000 MT), Mexico (3,100 MT), Japan (2,200 MT), Hong Kong (1,900 MT), and Canada (1,900 MT).
Weekly Export Details
Exports of 16,100 MT were primarily to Japan (2,900 MT), Mexico (2,700 MT), South Korea (2,100 MT), Vietnam (2,000 MT), and Canada (1,900 MT).
Comments and Performance Indicators
Exports compare to 15,600 MT last week. USDA projects exports in 2012 to be 11.0% below last year's total.

Link to USDA report.

 


 

 

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