Corn & Soybean Export Sales Fail to Impress

June 21, 2012 02:24 AM
 

The Weekly Export Sales Report for the week ended June 14, 2012, was a a mixed bag. Total corn export sales of 382,000 metric tons (MT) met expectations, but they were certaintly nothing to write home about. Soybean export sales of 608,000 MT for combined marketing years also failed to impress as the total fell short of expectations. In contrast, wheat sales of 842,000 MT for 2012-13 came in well above the pre-report guess. While cotton export sales were nowhere near last week's lofty 1-million-plus total, sales of 471,100 MT for 2012-13 with China as the primary buyer represents stronger than expected demand. Beef export sales of 15,000 MT came in just below last week's tally.

USDA Weekly Export Sales Report
Week Ended June 14, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 382,000 MT
2011-12: 171,400 MT
2012-13: 210,600 MT

Trade Expectations

300,000 to 500,000 MT

Weekly Sales Details

Net sales of 171,400 MT were up 86 percent from the previous week, but unchanged from the prior 4-week average. Increases reported for Japan (104,600 MT, including 42,800 MT switched from unknown destinations), China (19,900 MT), Mexico (19,900 MT), Jamaica (17,200 MT), and Guatemala (11,600 MT, including 11,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (14,700 MT) and Costa Rica (6,000 MT). Net sales of 210,600 MT for the 2012-13 marketing year were reported primarily for Saudi Arabia (62,000 MT), South Korea (59,000 MT), and Mexico (44,200 MT).

Weekly Export Details

Exports of 713,300 MT were up 65 percent from the previous week and 7 percent from the prior 4-week average. The primary destinations were China (207,700 MT), Mexico (185,100 MT), Japan (173,100 MT), South Korea (61,400 MT), Venezuela (43,500 MT), and Honduras (15,400 MT).

Comments and Performance Indicators

Sales met expectations. Export commitments are 13% below year ago, compared to 13% below last week. USDA projects exports in 2011-12 to be 10.1% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2012-13: 842,000 MT
Trade Expectations
450,000 to 650,000 MT
Weekly Sales Details
Net sales of 842,000 MT for the 2012-13 marketing year were primarily for unknown destinations (221,500 MT), Japan (143,500 MT), China (114,500 MT), Nigeria (60,500 MT), Taiwan (49,100 MT), and South Korea (41,400 MT).
Weekly Export Details
Exports of 595,000 MT were primarily for Japan (172,100 MT), the Philippines (94,500 MT), Egypt (63,000 MT), Iraq (52,500 MT), Taiwan (43,700 MT), and Mexico (43,400 MT).
Comments and Performance Indicators
Sales were well above trade expectations. Export commitments for the new marketing year are 17% behind year-ago, compared to 22% behind last week. USDA projects exports in 2012-13 to be 9.0% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 608,000 MT
2011-12: 163,800 MT
2012-13: 444,200 MT

Trade Expectations
700,000 to 950,000 MT
Weekly Sales Details
Net sales of 163,800 MT--a marketing-year low--were down 62 percent from the previous week and 61 percent from the prior 4-week average. Increases were primarily for unknown destinations (101,500 MT), Japan (72,000 MT, including 9,000 MT switched from unknown destinations), the Netherlands (23,500 MT, including 21,500 MT switched from unknown destinations), Canada (21,900 MT), and Mexico (20,500 MT). Decreases were reported for China (83,100 MT). Net sales of 444,200 MT for delivery in the 2012-13 marketing year were primarily for China (434,000 MT).
Weekly Export Details
Exports of 433,600 MT were reported primarily to China (250,600 MT), Mexico (58,500 MT), Japan (43,700 MT), Indonesia (24,100 MT), the Netherlands (23,500 MT), and Taiwan (12,600 MT).
Comments and Performance Indicators

Sales came in below expectations. Export commitments are running 12% behind year-ago, which compares to 12% behind last week. USDA projects exports in 2011-12 to be 11.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 282,200 MT
2011-12: 258,700 MT
2012-13: 23,300 MT

Trade Expectations
50,000 to 150,000 MT
Weekly Sales Details
Net sales of 258,700 MT were up noticeably from the previous week and from the prior 4-week average. Increases were reported for the Philippines (96,800 MT), Venezuela (62,700 MT), Egypt (32,000 MT), Mexico (23,600 MT), the Dominican Republic (20,600 MT), and Canada (13,800 MT). Decreases were reported for unknown destinations (8,000 MT) and Benin (4,500 MT). Net sales of 23,300 MT for delivery in the 2012-13 marketing year were reported for Canada (16,600 MT) and Mexico (6,700 MT).
Weekly Export Details
Exports of 143,500 MT were up 31 percent from the previous week and 2 percent from the prior 4-week average. Increases were reported to the Philippines (45,600 MT), Mexico (31,200 MT), Morocco (22,000 MT), Canada (17,100 MT), and Honduras (9,400 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments are running 1% ahead of year-ago, compared to 3% behind last week. USDA projects exports in 2011-12 to be 1.1% ahead of the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 20,400 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 20,400 MT were up noticeably from the previous week and 94 percent from the prior 4-week average. Increases were reported for Canada (13,900 MT), Jamaica (4,000 MT), and Nicaragua (1,500 MT).
Weekly Export Details
Exports of 2,000 MT were down 87 percent from the previous week and 86 percent from the prior 4-week average. Increases were primarily to Canada (900 MT) and Mexico (800 MT).
Comments and Performance Indicators
Sales topped expectations. Export commitments are 62% below year-ago, compared to 63% 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: 488,000 RB
2011-12: 16,900 RB
2012-13: 471,100 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 16,900 running bales for the 2011-12 marketing year resulted as increases for Turkey (16,900 RB), China (9,500 RB, including 400 RB switched from South Korea and decreases of 2,700 RB), Peru (1,500 RB), Indonesia (1,100 RB), and Thailand (1,000 RB), were partially offset by decreases for Mexico (11,000 RB) and Japan (3,100 RB). Net sales of 471,100 RB for delivery in the 2012-13 marketing year were primarily for China (447,400 RB).
Weekly Export Details
Exports of 163,900 RB were down 28 percent from the previous week and 41 percent from the prior 4-week average. The primary destinations were China (63,700 RB), Mexico (21,700 RB), Turkey (18,700 RB), and Indonesia (8,300 RB).
Comments and Performance Indicators
Export commitments are 14% behind year-ago compared to 14% behind last week. USDA projects exports in 2011-12 to be 19.3% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 15,000 MT

Weekly Sales Details
Net sales of 15,000 MT were down 5 percent from the previous week and 12 percent from the prior 4-week average. Increases were reported for Japan (4,900 MT), South Korea (3,100 MT), Canada (2,900 MT), Mexico (1,400 MT), and Egypt (1,100 MT).
Weekly Export Details
Exports of 15,700 MT were primarily to Japan (3,700 MT), Canada (2,800 MT), Mexico (2,500 MT), South Korea (1,700 MT), and Vietnam (1,200 MT).
Comments and Performance Indicators
Exports compare to 15,700 MT last week. USDA projects exports in 2012 to be 5.9% below last year's total.

Link to USDA report.

 


 

 

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