Corn and Soybean Export Sales Top Expectations

February 28, 2013 01:53 AM
 

The Weekly Export Sales Report for the week ended Feb. 21, 2013, reflected ongoing improvement in corn export demand as total sales of 512,600 MT topped expectations and improved over last week. Soybean export demand also shows no signs of slowing as last week's total topped expectations and the 1 MMT mark. While wheat export sales met expectations, they, too, represent improvement over recent weeks, signaling U.S. prices may finally be competitive. Beef export sales, in contrast, were notably low.

USDA Weekly Export Sales Report
Week Ended Feb. 21, 2013

Corn

Actual Sales (in metric tons -- MT)

Combined: 512,600 MT
2012-13: <​strong>302,600
MT
2013-14: 210,000 MT

Trade Expectations

350,000 to 450,000 MT

Weekly Sales Details

Net sales of 302,600 MT for the 2012-13 marketing year were down 16% from the previous week, but up 28% from the prior 4-week average. Increases were reported for Mexico (98,700 MT), Japan (56,800 MT), unknown destinations (44,900 MT), Cuba (25,000 MT), and Venezuela (20,500 MT). Net sales of 210,000 MT for the 2013-14 marketing year were for unknown destinations (110,000 MT), China (67,000 MT), and Mexico (33,000 MT).

Weekly Export Details

Exports of 296,300 MT were up 15% from the previous week, but down 19% from the prior 4-week average. The primary destinations were Japan (173,900 MT), Venezuela (67,000 MT), Mexico (17,000 MT), Jamaica (10,500 MT), and Taiwan (8,600 MT).

Comments and Performance Indicators

Sales were above expectations. Export commitments for the new marketing year are 53% behind year ago compared to 53% behind last week. USDA projects exports in 2012-13 to be 41.7% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 524,900 MT
2012-13: 372,600 MT
2013-14: 152,300 MT
<​/b>
Trade Expectations
400,000 to 600,000 MT
Weekly Sales Details
Net sales of 372,600 MT for the 2012-13 marketing year were down 47% from the previous week and 23% from the prior 4-week average. Increases were reported for unknown destinations (134,800 MT), Brazil (56,500 MT), Japan (46,500 MT), Chile (38,500 MT), Italy (31,600 MT), and South Korea (30,500 MT). Decreases were reported for China (54,000 MT) and Egypt (2,900 MT). Net sales of 152,300 MT for the 2013-14 marketing year were reported primarily for unknown destinations (82,500 MT), China (59,300 MT), and Mexico (10,000 MT).
Weekly Export Details
Exports of 584,700 MT were up 13% from the previous week and 8% from the prior 4-week average. The primary destinations were Japan (186,700 MT), Egypt (74,600 MT), Turkey (65,800 MT), Nigeria (50,500 MT), Chile (38,500 MT), Peru (35,600 MT), and Italy (31,600 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the 2012-13 marketing year are 6% behind year-ago, compared to 6% 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: 1,171,000 MT
2012-13: 689,000​ MT
2013-14: 482,000 MT
Trade Expectations
750,000 to 1,000,000 MT
Weekly Sales Details
Net sales of 689,000 MT for the 2012-13 marketing year resulted as increases for China (474,800 MT, including 25,000 MT switched from unknown destinations and decreases of 4,800 MT), Indonesia (98,300 MT, including 69,000 MT switched from unknown destinations and decreases of 1,700 MT), the Netherlands (75,900 MT, including 70,000 MT switched from unknown destinations), Japan (45,800 MT, including 9,000 MT switched from unknown destinations), Mexico (38,700 MT), and South Korea (27,700 MT, including 30,000 MT switched from unknown destinations and decreases of 2,300 MT), were partially offset by decreases for unknown destinations (126,800 MT). Net sales of 482,000 MT for delivery in the 2013-14 marketing year were primarily for China (350,000 MT) and unknown destinations (115,000 MT).
Weekly Export Details
Exports of 822,200 MT were down 14% from the previous week and 28% from the prior 4-week average. The primary destinations were China (528,500 MT), the Netherlands (75,900 MT), Mexico (51,400 MT), Indonesia (40,800 MT), and Taiwan (30,800 MT).
Comments and Performance Indicators

Sales were above expectations. Export commitments for the new marketing year are running 20% ahead of year-ago compared to 20% 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: 274,600 MT
2012-13: 250,300<​/b> MT
2013-14: 24,300 MT
Trade Expectations
150,000 to 300,000 MT
Weekly Sales Details
Net sales of 250,300 MT for the 2012-13 marketing year were up 6% from the previous week and 42% from the prior 4-week average. Increases reported for Poland (46,000 MT, including 43,700 MT switched from unknown destinations), Romania (41,800 MT, including 36,300 MT switched from unknown destinations), Colombia (38,100 MT, including 7,900 MT switched from unknown destinations and decreases of 3,700 MT), Venezuela (38,000 MT, including 3,000 MT switched from unknown destinations), and Mexico (23,500 MT), were partially offset by decreases for unknown destinations (15,000 MT). Net sales of 24,300 MT for delivery in the 2013-14 marketing year were reported for Mexico (23,300 MT) and the Dominican Republic (1,000 MT).
Weekly Export Details
Exports of 322,700 MT were up 28% from the previous week, but down 1% from the prior 4-week average. The primary destinations were Poland (46,000 MT), Romania (41,800 MT), Ireland (36,400 MT), Mexico (29,500 MT), Egypt (29,500 MT), and Italy (26,400 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 45% ahead of last year's pace compared to 42% ahead of year-ago last week. USDA projects exports in 2012-13 to be 9.7% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

<​b> 2012-13: 4,800 MT​<​/strong>

Trade Expectations
15,000 to 30,000 MT
Weekly Sales Details
Net sales of 4,800 MT for the 2012-13 marketing year resulted as increases for South Korea (11,000 MT, switched from unknown destinations), China (9,000 MT, switched from unknown destinations), Mexico (4,100 MT), and Nicaragua (1,000 MT), were partially offset by decreases for unknown destinations (20,000 MT) and Guatemala (1,000 MT).
Weekly Export Details
Exports of 37,600 MT were down 11% from the previous week, but up 13% from the prior 4-week average. The primary destinations were South Korea (11,000 MT), the Dominican Republic (9,800 MT), China (9,000 MT), and Mexico (5,200 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments for the new marketing year are 197% ahead of year-ago, compared to 200% ahead last week. USDA projects exports in 2012-13 to be 57.1% ahead of the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 233,700 RB
2012-13: 152,900 RB
2013-14: 80,800 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 152,900 running bales for the 2012-13 marketing year were down 11% from the previous week, but up 5% from the prior 4-week average. Increases were reported for Vietnam (34,300 RB), China (30,300 RB), Turkey (19,400 RB), Taiwan (10,300 RB), and Guatemala (9,000 RB, including 2,600 RB switched from El Salvador). Decreases were reported for El Salvador (2,600 RB). Net sales of 80,800 RB for delivery in the 2013-14 marketing year were primarily for South Korea (46,900 RB), Mexico (18,200 RB), and Bangladesh (13,200 RB). Decreases were reported for Morocco (10,100 RB).
Weekly Export Details
Exports of 422,400 RB were up 8% from the previous week and 16% from the prior 4-week average. The primary destinations were China (218,300 RB), Turkey (57,900 RB), Pakistan (36,100 RB), Mexico (18,000 RB), Vietnam (17,300 RB), and Thailand (17,200 RB).
Comments and Performance Indicators
Export commitments are 3% behind year-ago compared to 4% behind last week. USDA projects exports in 2012-13 to be 6.7% ahead of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)
2013: 3,900 MT
Weekly Sales Details
Net sales of 3,900 MT resulted as increases for Mexico (3,600 MT), Canada (2,200 MT), South Korea (1,200 MT), Egypt (600 MT), and Taiwan (400 MT), were partially offset by decreases for Japan (5,800 MT).
Weekly Export Details
Exports of 14,900 MT were primarily to Mexico (3,200 MT), Japan (2,200 MT), South Korea (1,900 MT), Canada (1,900 MT), and Vietnam (1,600 MT).
Comments and Performance Indicators
Exports compare to 22,200 MT last week. USDA projects exports in 2013 to be 1.0% below last year's total.

Link to USDA report.

 


 

 

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