Corn, Beans and Wheat Export Sales Disappoint

June 1, 2012 02:47 AM
 

The Weekly Export Sales Report for the week ended May 24, 2012, was largely disappointing, as corn, soybean and wheat export sells fell short of expectations, with corn sales especially disappointing. Soymeal sales also fell short of expectations while soyoil sales met pre-report expectations. Cotton and beef sales were the exception of the report, as both of these reflected strong buying.

USDA Weekly Export Sales Report
Week Ended May 24, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 282,700 MT
2011-12: 188,700 MT
2012-13: 94,000 MT

Trade Expectations

450,000 to 650,000 MT

Weekly Sales Details

Net sales of 188,700 MT were up 21 percent from the previous week, but down 63 percent from the prior 4-week average. Increases reported for China (141,900 MT, including 60,000 MT switched from unknown destinations and decreases of 3,200 MT), Japan (46,600 MT), Venezuela (43,500 MT, including 20,000 MT switched from unknown destinations), Mexico (11,600 MT), and Canada (5,900 MT), were partially offset by decreases for unknown destinations (68,500 MT), Costa Rica (8,700 MT), and El Salvador (1,800 MT). Net sales of 94,000 MT for the 2012-13 marketing year were reported for China (55,000 MT), Mexico (31,000 MT), and El Salvador (8,000 MT).

Weekly Export Details

Exports of 815,100 MT were up 18 percent from the previous week and 20 percent from the prior 4-week average. The primary destinations were China (317,000 MT), Mexico (199,600 MT), Japan (82,000 MT), Venezuela (50,000 MT), South Korea (39,000 MT), and Taiwan (37,800 MT).

Comments and Performance Indicators

Sales fell short 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)
Combined: 319,200 MT
2011-12: -6,400 MT
2012-13: 325,600 MT
Trade Expectations
350,000 to 500,000 MT
Weekly Sales Details
Net sales reductions of 6,400 MT resulted as increases for Spain (75,400 MT, switched from unknown destinations), Ecuador (29,300 MT, including 27,000 MT switched from unknown destinations), Mexico (22,300 MT), Japan (21,500 MT), Haiti (19,100 MT, including 20,000 MT switched from unknown destinations and decreases of 900 MT), and South Korea (5,500 MT), were more than offset by decreases for unknown destinations (150,000 MT), Jamaica (22,000 MT), Liberia (4,500 MT), and Italy (4,300 MT). Net sales of 325,600 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (95,900 MT), Japan (79,900 MT), Venezuela (45,000 MT), the Philippines (29,500 MT), and Jamaica (22,000 MT). Decreases were reported for Mexico (16,000 MT).
Weekly Export Details
Exports of 643,800 MT were up 13 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were Japan (81,100 MT), Spain (75,400 MT), Egypt (63,000 MT), South Korea (58,100 MT), China (57,800 MT), and Thailand (53,900 MT).
Comments and Performance Indicators
Sales were below trade expectations. Export commitments are 20% behind year-ago, compared to 20% 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: 418,700 MT
2011-12: 240,700 MT
2012-13: 178,000 MT

Trade Expectations
450,000 to 700,000 MT
Weekly Sales Details
Net sales of 240,700 MT were down 70 percent from the previous week and 61 percent from the prior 4-week average. Increases were primarily for unknown destinations (60,000 MT), China (57,600 MT), Thailand (30,300 MT), Taiwan (29,100 MT), Mexico (23,800 MT), and Indonesia (14,700 MT). Decreases were reported for Malaysia (3,100 MT). Net sales of 178,000 MT for delivery in the 2012-13 marketing year were primarily for China (115,000 MT), Mexico (37,500 MT), and South Korea (20,000 MT).
Weekly Export Details
Exports of 308,400 MT were reported primarily to China (128,900 MT), Mexico (54,000 MT), Taiwan (27,600 MT), Tunisia (27,000 MT), Indonesia (26,000 MT), and Costa Rica (13,200 MT).
Comments and Performance Indicators

Sales came in 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: 37,300 MT
2011-12: 33,200 MT
2012-13: 4,100 MT

Trade Expectations
100,000 to 150,000 MT
Weekly Sales Details
Net sales of 33,200 MT--a marketing-year low--were down 77 percent from the previous week and 71 percent from the prior 4-week average. Increases were reported for Ecuador (32,500 MT), Venezuela (14,000 MT, switched from unknown destinations), Guatemala (10,200 MT, including 2,400 MT switched from unknown destinations and decreases of 400 MT), the Dominican Republic (10,100 MT), Egypt (8,000 MT), and Canada (7,300 MT). Decreases were reported for Mexico (41,200 MT) and unknown destinations (23,100 MT). Net sales reductions of 4,100 MT for delivery in the 2012-13 marketing year were reported for Jamaica.
Weekly Export Details
Exports of 145,800 MT were up 10 percent from the previous week, but down 2 percent from the prior 4-week average. Increases were reported to Canada (21,100 MT), Mexico (20,200 MT), Peru (19,000 MT), Guatemala (14,700 MT), and Venezuela (14,000 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments are running 4% 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: 17,700 MT
2011-12: 12,700MT
2012-13: 5,000 MT

Trade Expectations
10,000 to 20,000 MT
Weekly Sales Details
Net sales of 12,700 MT were up 34 percent from the previous week, but down 19 percent from the prior 4-week average. Increases were reported for Nicaragua (7,500 MT) and Jamaica (4,500 MT). Net sales of 5,000 MT for delivery in the 2012-13 marketing year were reported for the Netherlands.
Weekly Export Details
Exports of 1,100 MT--a marketing-year low--were down 96 percent from the previous week and 94 percent from the prior 4-week average. Increases were primarily to Mexico (500 MT), Canada (300 MT), and Trinidad (100 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments are 64% 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: 310,000 RB
2011-12: 113,100 RB
2012-13: 196,900 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 113,100 running bales for the 2011-12 marketing year were down 4 percent from the previous week, but up 22 percent from the prior 4-week average. Increases were reported for China (89,500 RB), Turkey (14,800 RB), Taiwan (6,100 RB), Bangladesh (3,100 RB), and India (2,500 RB). Decreases were reported for Vietnam (8,500 RB). Net sales of 196,900 RB for delivery in the 2012-13 marketing year were primarily for China (157,900 RB). Decreases were reported for Bangladesh (3,900 RB).
Weekly Export Details
Exports of 368,900 RB were up 36 percent from the previous week and 33 percent from the prior 4-week average. The primary destinations were China (226,700 RB), Vietnam (27,200 RB), Turkey (20,100 RB), and Bangladesh (13,700 RB).
Comments and Performance Indicators
Export commitments are 21% behind year-ago compared to 22% 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: 20,300 MT

Weekly Sales Details
Net sales of 20,300 MT were up 41 percent from the previous week and 22 percent from the prior 4-week average. Increases were reported for Japan (7,500 MT), Mexico (3,400 MT), Egypt (2,800 MT), Vietnam (2,400 MT), and Canada (1,800 MT).
Weekly Export Details
Exports of 16,600 MT were primarily to Mexico (3,300 MT), Japan (3,000 MT), South Korea (3,000 MT), Canada (1,900 MT), and Egypt (1,200 MT).
Comments and Performance Indicators
Exports compare to 14,400 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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