Corn Export Sales Again Lackluster

October 25, 2012 02:49 AM
 

The Weekly Export Sales Report for the week ended Oct. 18, 2012, showed corn and soybean export sales coming in below expectations, though soybeans still advanced compared with last year's pace. Wheat export sales came in above expectations, possibly signaling an uptick in demand thanks to tightening global stocks. Beef export sales remained impressive despite lofty prices, while cotton demand lagged amid last week's short-lived rally.

USDA Weekly Export Sales Report
Week Ended Oct. 18, 2012

Corn

Actual Sales (in metric tons -- MT)

2012-13: 142,300 MT

Trade Expectations

150,000 to 250,000 MT

Weekly Sales Details

Net sales of 142,300 MT for the 2012-13 marketing year were down 15% from the previous week, but up 14% from the prior 4-week average. Increases reported for Japan (131,200 MT, including 15,700 MT switched from unknown destinations and decreases of 4,000 MT), South Korea (62,000 MT), Mexico (26,300 MT, including 30,500 MT switched from unknown destinations and decreases of 7,100 MT), and Cuba (25,000 MT), were partially offset by decreases for China (120,300 MT).

Weekly Export Details

Exports of 290,000 MT were down 31% from the previous week and 43% for the prior 4-week average. The primary destinations were to Japan (108,600 MT), South Korea (57,200 MT), Mexico (47,800 MT), Venezuela (25,000 MT), and El Salvador (20,500 MT).

Comments and Performance Indicators

Sales fell short of expectations. Export commitments for the new marketing year are 48% behind year ago compared to 47% 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)
2012-13: 572,000 MT
Trade Expectations
350,000 to 450,000 MT
Weekly Sales Details
Net sales of 572,000 MT for the 2012-13 marketing year were up 40% from the previous week and 61% from the prior 4-week average. Increases were reported for unknown destinations (151,300 MT), Japan (100,100 MT), the Dominican Republic (59,500 MT), Mexico (53,900 MT), South Korea (38,000 MT), and Guatemala (31,800 MT, including 30,700 MT switched from unknown destinations and decreases of 900 MT). Decreases were reported for Panama (2,000 MT).
Weekly Export Details
Exports of 379,600 MT were up noticeably from the previous week, but down 8% from the prior 4-week average. The primary destinations were Nigeria (75,000 MT), Mexico (74,800 MT), South Korea (50,600 MT), Taiwan (49,600 MT), Guatemala (31,800 MT), El Salvador (20,800 MT), Italy (18,900 MT), and Honduras (16,600 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments for the new marketing year are 11% behind year-ago, compared to 10% behind last week. USDA projects exports in 2012-13 to be 9.5% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

2012-13: 522,200 MT

Trade Expectations
650,000 to 850,000 MT
Weekly Sales Details
Net sales of 522,200 MT for the 2012-13 marketing year were unchanged from the previous week and down 33% from the prior 4-week average. Increases were reported for China (274,300 MT), Taiwan (129,800 MT, including 113,000 MT switched from China), Germany (97,100 MT, including 91,500 MT switched from unknown destinations), Thailand (72,500 MT, including 60,000 MT switched from China), Mexico (70,500 MT), and Turkey (54,000 MT). Decreases were reported for unknown destinations (303,400 MT).
Weekly Export Details
Exports of 1,641,600 MT were up 12% from the previous week and 58% from the prior 4-week average. The primary destinations were to China (1,135,900 MT), Germany (97,100 MT), Taiwan (89,200 MT), Mexico (82,700 MT), and Thailand (75,600 MT).
Comments and Performance Indicators

Sales below expectations. Export commitments for the new marketing year are running 37% ahead of year-ago compared to 35% ahead last week. USDA projects exports in 2012-13 to be 7.0% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 176,600 MT
2012-13: 173,100 MT
2013-14: 3,500 MT

Trade Expectations
150,000 to 250,000 MT
Weekly Sales Details
Net sales of 173,100 MT for the 2012-13 marketing year were reported for Morocco (48,300 MT, including 10,000 MT switched from unknown destinations), Mexico (48,100 MT), Turkey (44,000 MT), Germany (27,000 MT, switched from Poland), and Canada (20,800 MT). Decreases were reported for unknown destinations (47,000 MT). Net sales of 3,500 MT for delivery in 2013-14 were reported for Mexico.
Weekly Export Details
Exports of 139,200 MT were reported to Mexico (36,600 MT), Canada (29,000 MT), the Philippines (15,000 MT), Ecuador (12,100 MT), and Honduras (10,700 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 34% ahead of last year's pace compared to 31% ahead of year-ago last week. USDA projects exports in 2012-13 to be 21.9% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2012-13: 12,000 MT

Trade Expectations
15,000 to 35,000 MT
Weekly Sales Details
Net sales of 12,000 MT for the 2012-13 marketing year were reported for Jamaica (4,000 MT), Mexico (3,900 MT), unknown destinations (2,200 MT, switched from China), and Canada (1,000 MT). Decreases of 500 MT were reported for China.
Weekly Export Details
Exports of 44,900 MT were reported to China (35,400 MT), Nicaragua (4,000 MT), and Mexico (3,800 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments for the new marketing year are 179% ahead of year-ago, compared to 178% ahead last week. USDA projects exports in 2012-13 to be 17.2% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Com​bined: 47,700 RB
2012-13: 34,500 RB
2013-14: 13,200 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 34,500 running bales for the 2012-13 marketing year resulted as increases for China (46,800 RB), Vietnam (15,700 RB), Pakistan (9,100 RB), Turkey (8,100 RB), and Taiwan (7,700 RB), were partially offset by decreases for Bangladesh (74,700 RB). Net sales of 13,200 RB for delivery in the 2013-14 marketing year were reported for Turkey.
Weekly Export Details
Exports of 16,500 RB were primarily to China (8,800 RB), Turkey (2,600 RB), India (2,000 RB), and Pakistan (1,200 RB).
Comments and Performance Indicators
Export commitments are 20% behind year-ago compared to 16% behind last week. USDA projects exports in 2012-13 to be 0.9% behind the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

Combined: 16,800 MT
2
012: 16,600 MT
2013: 200 MT
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Weekly Sales Details
Net sales of 16,600 MT were up 15% from the previous week and 20% from the prior 4-week average. Increases were reported for Mexico (3,500 MT), Canada (2,500 MT), Vietnam (2,200 MT), South Korea (1,800 MT), and Egypt (1,400 MT). Decreases were reported for Moldova (200 MT). Net sales of 200 MT for delivery in the 2013 marketing year were primarily for Mexico.
Weekly Export Details
Exports of 16,200 MT were primarily to Mexico (2,900 MT), Canada (2,500 MT), Japan (2,100 MT), Vietnam (1,900 MT), and Russia (1,800 MT).
Comments and Performance Indicators
Exports compare to 14,900 MT last week. USDA projects exports in 2012 to be 11.0% below last year's total.

Link to USDA report.

 


 

 

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