Corn & Soybean Export Sales Fall Short of Expectations

December 20, 2012 01:53 AM
 

The Weekly Export Sales Report for the week ended Dec. 13, 2012, reflected another week of lackluster export sales for corn. And while soybean export sales were still a strong tally, they, too, fell short of expectations. Wheat export sales, on the other hand, came in above expectations, signaling U.S. wheat prices may finally be competitive. Weekly cotton and beef export sales were also solid.

USDA Weekly Export Sales Report
Week Ended Dec. 13, 2012

Corn

Actual Sales (in metric tons -- MT)

<​b>Combined: 120,200 MT
2012-13: 114,400 MT
2013-14: 5,800 MT
<​/b>

Trade Expectations

250,000 to 550,000 MT

Weekly Sales Details

Net sales of 114,400 MT for the 2012-13 marketing year were down 56 percent from the previous week and 65 percent from the prior 4-week average. Increases reported for China (171,700 MT, including 180,000 MT switched from unknown destinations and decreases of 8,300 MT), Japan (70,700 MT, including 27,200 MT switched from unknown destinations and decreases of 3,200 MT), Saudi Arabia (66,300 MT, including 65,000 MT switched from unknown destinations), Venezuela (30,000 MT), Colombia (13,200 MT), and Mexico (12,400 MT), were partially offset by decreases for unknown destinations (272,200 MT). Net sales of 5,800 MT for delivery in the 2013-14 marketing year were for Japan.

Weekly Export Details

Exports of 433,400 MT were up 68 percent from the previous week and 32 percent for the prior 4-week average. The primary destinations were China (171,700 MT), Japan (113,100 MT), Saudi Arabia (66,300 MT), Mexico (47,300 MT), Jamaica (20,100 MT), and Nicaragua (7,400 MT).

Comments and Performance Indicators

Sales were below expectations. Export commitments for the new marketing year are 48% behind year ago compared to 46% behind last week. USDA projects exports in 2012-13 to be 25.5% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)

<​b><​strong>CoCommbined:<​/b>

<​strong>Combined: 671,100 MT
2012-13: 651,100 MT
2013-14: 20,000 MT
<​/b>

<​b> 671,100 MT 2012-13: 651,100 MT 2013-14: 20,000 MT<​/b>

Trade Expectations
450,000 to 650,000 MT
Weekly Sales Details
Net sales of 651,100 MT for the 2012-13 marketing year were up 26 percent from the previous week and 46 percent from the prior 4-week average. Increases were reported for Nigeria (143,000 MT), Japan (123,400 MT), Egypt (110,000 MT), the Philippines (107,600 MT, including 50,000 MT switched from unknown destinations), South Korea (51,800 MT), Venezuela (27,000 MT), and Thailand (23,900 MT). Decreases were reported for unknown destinations (51,000 MT). Net sales of 20,000 MT for delivery in the 2013-14 marketing year were for Colombia.
Weekly Export Details
Exports of 408,100 MT were up 32 percent from the previous week and 30 percent from the prior 4-week average. The primary destinations were Japan (89,900 MT), Taiwan (54,600 MT), the Philippines (52,600 MT), Thailand (51,900 MT), Nigeria (47,800 MT), South Korea (32,700 MT), and Haiti (22,000 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments for the 2012-13 marketing year are 8% behind year-ago, compared to 9% behind last week. USDA projects exports in 2012-13 to be steady with the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)
Combined: 629,900 MT
2012-13: 619,400 MT
2013-14: 10,500 MT
Trade Expectations
650,000 to 850,000 MT
Weekly Sales Details
Net sales of 619,400 MT for the 2012-13 marketing year down 53 percent from the previous week and 23 percent from the prior 4-week average. Increases reported for China (474,200 MT, including 168,000 MT switched from unknown destinations and decreases of 224,600 MT), South Korea (95,300 MT, including 55,000 MT switched from unknown destinations), Turkey (68,600 MT, including 63,000 MT switched from unknown destinations), Saudi Arabia (66,000 MT), and Indonesia (61,300 MT), were partially offset by decreases for unknown destinations (320,000 MT). Net sales of 10,500 MT for delivery in the 2013-14 marketing year were for Japan.
Weekly Export Details
Exports of 1,348,800 MT were up 16 percent from the previous week, but down 9 percent from the prior 4-week average. The primary destinations were China (945,600 MT), South Korea (85,600 MT), Turkey (68,600 MT), Saudi Arabia (66,000 MT), and Japan (54,800 MT).
Comments and Performance Indicators

Sales were below expectations. Export commitments for the new marketing year are running 31% ahead of year-ago compared to 32% 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)
Combined: 395,900 MT
2012-13: 390,800 MT
2013-14: 5,100 MT
Trade Expectations
200,000 to 300,000 MT
Weekly Sales Details
Net sales of 390,800 MT for the 2012-13 marketing year were up 64 percent from the previous week and 27 percent from the prior 4-week average. Increases were reported for Cuba (45,500 MT), the Philippines (42,500 MT), Turkey (40,300 MT including 10,800 MT switched from unknown destinations), Venezuela (36,000 MT), Ecuador (33,700 MT), Mexico (31,900 MT), and the United Kingdom (26,000 MT). Decreases were reported for unknown destinations (10,300 MT), the Dominican Republic (5,100 MT), and Guatemala (2,000 MT). Net sales of 5,100 MT for delivery in the 2013-14 marketing year were for Mexico.
Weekly Export Details
Exports of 235,700 MT were down 29 percent from the previous week and 15 percent from the prior 4-week average. The primary destinations were Ecuador (33,700 MT), South Korea (32,600 MT), the United Kingdom (26,000 MT), Venezuela (20,000 MT), Egypt (18,700 MT), Canada (18,400 MT), and Cuba (16,500 MT). NOTE: Accumulated exports were adjusted down for Colombia (33,700 MT) and El Salvador (33,700 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are running 43% ahead of last year's pace compared to 40% ahead of year-ago last week. USDA projects exports in 2012-13 to be 15.8% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

<​b> 2012-13: -5,800 MT<​/b>

Trade Expectations
20,000 to 40,000 MT
Weekly Sales Details
Net sales reductions of 5,800 MT for the 2012-13 marketing year resulted as increases for Canada (13,800 MT), Jamaica (3,500 MT), Venezuela (2,000 MT), and Mexico (1,700 MT), were more than offset by decreases for unknown destinations (27,000 MT).
Weekly Export Details
Exports of 3,900 MT were down 90 percent the previous week and 89 percent from the prior 4-week average. The primary destinations were Mexico (3,000 MT) and Canada (700 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments for the new marketing year are 282% ahead of year-ago, compared to 325% ahead last week. USDA projects exports in 2012-13 to be 23.0% ahead of the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 336,500 RB
2012-13: 333,900 RB
2013-14: 2,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 333,900 running bales for the 2012-13 marketing year were up 18 percent from the previous week, but down 4 percent from the prior 4-week average. Increases were reported for China (171,700 RB), Turkey (55,400 RB), Pakistan (17,300 RB), Bangladesh (16,000 RB) Indonesia (15,200 RB), Peru (12,900 RB), and Vietnam (9,600 RB). Net sales of 2,600 RB for delivery in the 2013-14 marketing year were for South Korea.
Weekly Export Details
Exports of 170,300 RB were down 6 percent from the previous week, but up 5 percent from the prior 4-week average. The primary destinations were China (60,600 RB), Turkey (27,100 RB), Mexico (15,600 RB), Vietnam (15,100 RB), and Taiwan (12,100 RB).
Comments and Performance Indicators
Export commitments are 17% behind year-ago compared to 20% behind last week. USDA projects exports in 2012-13 to be 0.7% ahead of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

Combined: 19,500 MT
2012: 13,100 MT
2013: 6,400 MT
<​/strong>

Weekly Sales Details
Net sales of 13,100 MT were up 3 percent from the previous week, but down 3 percent from the prior 4-week average. Increases were reported for Mexico (3,200 MT), Canada (2,400 MT), Vietnam (1,500 MT), South Korea (1,300 MT), and Japan (1,300 MT). Net sales of 6,400 MT for delivery in the 2013 marketing year were primarily for Japan (2,500 MT), South Korea (1,200 MT), Taiwan (800 MT), and Vietnam (800 MT).
Weekly Export Details
Exports of 17,700 MT were primarily to Mexico (3,300 MT), South Korea (3,300 MT), Canada (2,600 MT), Japan (2,000 MT), and Vietnam (1,700 MT).
Comments and Performance Indicators
Exports compare to 14,800 MT last week. USDA projects exports in 2012 to be 11.3% below last year's total.

Link to USDA report.

 


 

 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close