Corn & Soybean Export Sales Disappoint

May 17, 2012 02:52 AM
 

The Weekly Export Sales Report for the week ended May 10, 2012, reflected strong wheat buys split between marketing years, while corn and bean export sales fell short of expectations. While corn export sales of 339,400 metric tons (MT) for 2011-12 and 525,700 MT for 2012-13 are nothing to sneeze at, they did total less than the low end of expectations. Soybean export sales totaling 673,400 MT for combined marketing years fell fell short of 1-million plus for expectations. Soymeal and soyoil export sales met expectations. Cotton export sales saw a much-needed pickup with China as the lead buyer. Beef export sales were decent, but nothing to write home about.

USDA Weekly Export Sales Report
Week Ended May 10, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 865,100 MT
2011-12: 339,400 MT
2012-13: 525,700 MT

Trade Expectations

900,000 to 1,300,000 MT

Weekly Sales Details

Net sales of 339,400 MT were up 51 percent from the previous week, but down 46 percent from the prior 4-week average. Increases were reported for Japan (259,500 MT, including 82,200 MT switched from unknown destinations and decreases of 5,500 MT), China (72,700 MT), South Korea (71,700 MT, including 60,000 MT switched from unknown destinations), Venezuela (37,000 MT), Mexico (35,900 MT), and Costa Rica (25,000 MT). Decreases were reported for Egypt (111,300 MT) and unknown destinations (81,400 MT). Net sales of 525,700 MT for the 2012-13 marketing year were reported primarily for unknown destinations (316,200 MT), China (111,700 MT), and Mexico (72,800 MT).

Weekly Export Details

Exports of 666,700 MT were down 4 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were Mexico (257,500 MT), Japan (190,600 MT), China (65,600 MT), South Korea (58,200 MT), Cuba (26,100 MT), and Colombia (19,500 MT).

Comments and Performance Indicators

Sales just below expectations. Export commitments are 10% 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: 721,400 MT
2011-12: 321,800 MT
2012-13: 389,600 MT
Trade Expectations
400,000 to 600,000 MT
Weekly Sales Details
Net sales of 321,800 MT were up 45 percent from the previous week and 5 percent from the prior 4-week average. Increases were reported for South Korea (87,700 MT), Nigeria (70,000 MT), Japan (48,600 MT), Spain (28,300 MT, including 25,000 MT switched from unknown destinations), Mexico (19,500 MT), and Jamaica (15,900 MT). Decreases were reported for Peru (2,700 MT) and Nicaragua (1,200 MT). Net sales of 389,600 MT for delivery in the 2012-13 marketing year were primarily for South Korea (129,900 MT), Taiwan (48,700 MT), the Philippines (44,500 MT), and Mexico (37,500 MT).
Weekly Export Details
Exports of 678,900 MT were up 23 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were Egypt (126,000 MT), South Korea (110,100 MT), Japan (81,800 MT), Nigeria (74,300 MT), Mexico (70,700 MT), and Indonesia (61,300 MT).
Comments and Performance Indicators
Sales were above trade expectations. Export commitments are 21% behind year-ago, compared to 21% behind last week. USDA projects exports in 2011-12 to be 20.5% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 673,400 MT
2011-12: 616,300 MT
2012-13: 57,100 MT

Trade Expectations
1,000,000 to 1,400,000 MT
Weekly Sales Details
Net sales of 616,300 MT were up 32 percent from the previous week and 7 percent from the prior 4-week average. Increases were primarily for unknown destinations (159,500 MT), China (119,100 MT, including 60,000 MT switched from unknown destinations and decreases of 8,700 MT), Mexico (81,900 MT), Turkey (70,700 MT, including 52,000 MT switched from unknown destinations), and Japan (51,500 MT, including 18,000 MT switched from unknown destinations). Net sales of 57,100 MT for delivery in the 2012-13 marketing year were primarily for Japan (38,100 MT) and Mexico (11,000 MT). Decreases were reported for China (5,000 MT).
Weekly Export Details
Exports of 569,900 MT were reported primarily to China (295,100 MT), Turkey (93,700 MT), Mexico (66,600 MT), Japan (51,600 MT), Canada (21,400 MT), and Indonesia (12,900 MT).
Comments and Performance Indicators

Sales fell well short of expectations. Export commitments are running 15% behind year-ago, which compares to 16% behind last week. USDA projects exports in 2011-12 to be 12.4% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 195,600 MT
2011-12: 114,300 MT
2012-13: 81,300 MT

Trade Expectations
100,000 to 250,000 MT
Weekly Sales Details
Net sales of 114,300 MT were down 17 percent from the previous week and 36 percent from the prior 4-week average. Increases reported for Turkey (34,500 MT, including 2,800 MT switched from unknown destinations), Venezuela (22,000 MT), Canada (16,000 MT), Colombia (9,100 MT), Indonesia (8,000 MT), and Japan (6,500 MT, including 4,600 MT switched from unknown destinations). Decreases were reported for unknown destinations (8,100 MT). Net sales of 81,300 MT for delivery in the 2012-13 marketing year were reported primarily for Poland (27,000 MT), unknown destinations (25,000 MT), and Mexico (24,000 MT).
Weekly Export Details
Exports of 181,700 MT were up 25 percent from the previous week and 18 percent from the prior 4-week average. Increases were reported for the Philippines (45,700 MT), Mexico (34,100 MT), Latvia (27,500 MT), Canada (23,000 MT), and Morocco (16,800 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 4% behind year-ago, compared to 5% behind last week. USDA projects exports in 2011-12 to be steady with the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 48,100 MT
2011-12: 40,000 MT
2012-13: 48,100 MT

Trade Expectations
20,000 to 60,000 MT
Weekly Sales Details
Net sales of 8,100 MT resulted as increases for Nicaragua (8,700 MT) and Guatemala (800 MT), were partially offset by decreases for Canada (900 MT) and Morocco (600 MT). Net sales of 40,000 MT for delivery in 2012-13 marketing year were reported for unknown destinations.
Weekly Export Details
Exports of 21,500 MT were up 1 percent from the previous week and up noticeably from the prior 4-week average. Increases were primarily to Morocco (20,000 MT), Canada (1,000 MT), and Mexico (500 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are 65% below year-ago, compared to 66% 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: 257,300 RB
2011-12: 178,600 RB
2012-13: 78,700 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 178,600 running bales for the 2011-12 marketing year were up 80 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported for China (76,000 RB), Turkey (27,900 RB), Taiwan (15,900 RB), Vietnam (12,500 RB), and Mexico (10,000 RB). Decreases were reported for Italy (400 RB) and El Salvador (300 RB). Net sales of 78,700 RB for delivery in the 2012-13 marketing year were primarily for China (24,600 RB), Morocco (16,600 RB), and Vietnam (8,800 RB).
Weekly Export Details
Exports of 194,000 RB were down 40 percent from the previous week and 34 percent from the prior 4-week average. The primary destinations were China (102,000 RB), Turkey (22,000 RB), Vietnam (14,500 RB), and Bangladesh (13,000 RB).
Comments and Performance Indicators
Export commitments are 23% behind year-ago compared to 24% 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: 14,400 MT

Weekly Sales Details
Net sales of 14,400 MT were down 31 percent from the previous week and 22 percent from the prior 4-week average. Increases were reported for Mexico (2,600 MT), Japan (2,400 MT), Russia (2,200 MT), South Korea (2,000 MT), and Canada (1,700 MT).
Weekly Export Details
Exports of 17,800 MT were primarily to Canada (3,800 MT), Mexico (3,300 MT), Japan (3,000 MT), South Korea (2,000 MT), and Vietnam (1,400 MT).
Comments and Performance Indicators
Exports compare to 20,800 MT last week. USDA projects exports in 2012 to be 4.1% below last year's total.

Link to USDA report.

 


 

 

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