Corn and Bean Export Sales Fall Short of Expectations

June 7, 2012 02:28 AM
 

The Weekly Export Sales Report for the week ended May 31, 2012, reflected lackluster corn, wheat and soybean export demand; total sales for these commodities fell short of expectations -- well short in the case of beans. However, soy product demand was good as soymeal sales met expectations and soyoil sales exceeded expectations. Cotton export sales of 129,900 running bales (RB) for 2011-12 and 69,300 RB for 2012-13 were also decent. Beef export sales declined from last week, but sales of 18,100 MT still represents strong beef demand.

USDA Weekly Export Sales Report
Week Ended May 31, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 399,000 MT
2011-12: 251,800 MT
2012-13: 147,200 MT

Trade Expectations

450,000 to 750,000 MT

Weekly Sales Details

Net sales of 251,800 MT were up 33 percent from the previous week and 11 percent from the prior 4-week average. Increases reported for Japan (141,600 MT, including 130,800 MT switched from unknown destinations and decreases of 50,300 MT), Mexico (71,100 MT), Venezuela (54,300 MT), China (18,600 MT), and Honduras (13,300 MT), were partially offset by decreases for unknown destinations (54,600 MT) and the Dominican Republic (6,000 MT). Net sales of 147,200 MT for the 2012-13 marketing year were reported primarily for Mexico (109,800 MT), Saudi Arabia (30,000 MT), and Colombia (20,000 MT). Decreases were reported for China (15,000 MT).

Weekly Export Details

Exports of 732,900 MT were down 10 percent from the previous week, but up 2 percent from the prior 4-week average. The primary destinations were China (211,100 MT), Japan (205,100 MT), Mexico (190,200 MT), South Korea (68,300 MT), Venezuela (14,300 MT), and El Salvador (14,000 MT).

Comments and Performance Indicators

Sales fell short of expectations. Export commitments are 12% below year ago, compared to 12% 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)
2012-13: 165,700 MT
Trade Expectations
400,000 to 500,000 MT
Weekly Sales Details
Net sales for the 2012-13 marketing year, which began June 1, totaled 165,700 metric tons (MT). Major increases were reported for Mexico (41,000 MT), Venezuela (31,500 MT), Nigeria (27,000 MT), Panama (25,600 MT), and the Philippines (22,500 MT) Decreases were reported for unknown destinations (8,400 MT). A total of 1,295,600 MT in sales were carried over from the 2011-12 marketing year, which ended May 31.
Weekly Export Details
Exports of 530,700 MT were down 18 percent from the previous week and 13 percent from the prior 4-week average. Accumulated exports of 26,627,300 MT were down 20 percent from the prior year’s total of 33,438,500 MT. The primary destinations were Nigeria (79,300 MT), Mexico (76,200 MT), Iran (66,000 MT), Egypt (63,200 MT), Japan (54,200 MT), Algeria (54,100 MT), and South Korea (48,500 MT).
Comments and Performance Indicators
Sales were below trade expectations. USDA projects exports in 2012-13 to be 12.2% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 495,200 MT
2011-12: 220,200 MT
2012-13: 275,000 MT

Trade Expectations
600,000 to 850,000 MT
Weekly Sales Details
Net sales of 220,200 MT were down 9 percent from the previous week and 59 percent from the prior 4-week average. Increases were primarily for Indonesia (84,000 MT, including 68,000 MT switched from unknown destinations), China (60,100 MT, including 60,000 MT switched from unknown destinations and decreases of 3,000 MT), the Netherlands (52,400 MT, including 55,000 MT switched from unknown destinations and decreases of 2,600 MT), Japan (32,700 MT, including 18,000 MT switched from unknown destinations and decreases of 6,000 MT), Mexico (32,500 MT), and Taiwan (28,700 MT). Decreases were reported for unknown destinations (89,500 MT) and Turkey (10,800 MT). Net sales of 275,000 MT for delivery in the 2012-13 marketing year were primarily for China (178,500 MT) and unknown destinations (82,500 MT).
Weekly Export Details
Exports of 439,800 MT were reported primarily to Indonesia (97,000 MT), Mexico (92,500 MT), China (68,100 MT), the Netherlands (52,400 MT), Egypt (47,800 MT), and Japan (38,300 MT).
Comments and Performance Indicators

Sales came in well below expectations. Export commitments are running 13% behind year-ago, which compares to 13% 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: 80,200 MT
2011-12: 75,000 MT
2012-13: 5,200 MT

Trade Expectations
50,000 to 150,000 MT
Weekly Sales Details
Net sales of 75,000 MT were up noticeably from the previous week, but down 30 percent from the prior 4-week average. Increases were reported for Morocco (18,000 MT), Ecuador (15,000 MT), Mexico (8,100 MT), Canada (7,700 MT), Guatemala (7,700 MT) and the Philippines (5,900 MT). Decreases were reported for unknown destinations (8,200 MT). Net sales of 5,200 MT for delivery in the 2012-13 marketing year were reported for Jamaica (3,600 MT) and Canada (1,500 MT).
Weekly Export Details
Exports of 177,400 MT were up 22 percent from the previous week and 17 percent from the prior 4-week average. Increases were reported to the Philippines (45,200 MT), Turkey (33,000 MT), Venezuela (24,500 MT), Canada (20,600 MT), and Mexico (19,500 MT).
Comments and Performance Indicators
Sales within below expectations. Export commitments are running 3% behind year-ago, compared to 4% 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: 18,100 MT
2011-12: 13,100 MT
2012-13: 5,000 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 13,100 MT were up 3 percent from the previous week, but down 13 percent from the prior 4-week average. Increases were reported for Colombia (5,600 MT) and the Netherlands (5,100 MT). Net sales reductions of 5,000 MT for delivery in the 2012-13 marketing year were reported for the Netherlands.
Weekly Export Details
Exports of 12,500 MT were up noticeably from the previous week, but down 32 percent from the prior 4-week average. Increases were primarily to the Netherlands (5,100 MT), Colombia (2,900 MT), the Dominican Republic (2,500 MT), and Mexico (1,400 MT).
Comments and Performance Indicators
Sales topped expectations. Export commitments are 63% below year-ago, compared to 64% 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: 199,200 RB
2011-12: 129,900 RB
2012-13: 69,300 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 129,900 running bales for the 2011-12 marketing year were up 15 percent from the previous week and 2 percent from the prior 4-week average. Increases were reported for China (104,000 RB), Vietnam (19,800 RB), Turkey (7,500 RB), South Korea (2,500 RB), and Thailand (1,700 RB). Decreases were reported for Mexico (6,700 RB), Taiwan (2,000 RB), and South Africa (1,800 RB). Net sales of 69,300 RB for delivery in the 2012-13 marketing year were primarily for China (40,600 RB), Peru (12,300 RB), and Turkey (12,000 RB).
Weekly Export Details
Exports of 241,300 RB were down 35 percent from the previous week and 17 percent from the prior 4-week average. The primary destinations were China (144,100 RB), Turkey (19,700 RB), Mexico (15,000 RB), and Taiwan (14,200 RB). Net American Pima sales of 6,200 RB were primarily for China (3,900 RB), Bangladesh (1,200 RB), and Egypt (900 RB). Decreases were reported for Peru (400 RB). Net sales of 400 MT for delivery in the 2012-13 marketing year were reported for Peru. Exports of 6,000 RB were reported primarily to Pakistan (2,100 RB), China (1,200 RB), Egypt (900 RB), and Mexico (800 RB).
Comments and Performance Indicators
Export commitments are 19% behind year-ago compared to 21% 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: 00 18,100 MT

Weekly Sales Details
Net sales of 18,100 MT were down 11 percent from the previous week, but up 3 percent from the prior 4-week average. Increases were reported for Vietnam (3,900 MT), Japan (3,900 MT), Mexico (3,300 MT), Canada (2,700 MT), and Hong Kong (1,400 MT).
Weekly Export Details
Exports of 13,800 MT were primarily to Mexico (2,900 MT), Japan (2,700 MT), South Korea (2,200 MT), Russia (1,700 MT), and Canada (1,400 MT).
Comments and Performance Indicators
Exports compare to 20,300 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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