Corn Export Sales Are Highly Disappointing

September 27, 2012 02:49 AM
 

The Weekly Export Sales Report for the week ended Sept. 20, 2012, reflected a marked slowdown in corn exports to a mere 400 metric tons (MT). Wheat and soybean export sales, on the other hand, met expectations with soybeans coming in near the top of the pre-report expectation range. This signals significant rationing has not yet occurred. Soymeal sales met expectations while soyoil sales topped expectations. Beef and cotton export sales failed to impress.

USDA Weekly Export Sales Report
Week Ended Sept. 20, 2012

Corn

Actual Sales (in metric tons -- MT)

2012-13: 400 MT

Trade Expectations

150,000 to 250,000 MT

Weekly Sales Details

Net sales of 400 MT for the 2012-13 marketing year resulted as increases for Japan (138,300 MT, including 97,800 MT switched from unknown destinations and decreases of 3,600 MT), Mexico (17,200 MT), Colombia (4,000 MT), and Taiwan (3,000 MT), were partially offset by decreases for unknown destinations (152,800 MT), China (7,300 MT), Jamaica (3,400 MT), South Korea (2,300 MT), and Honduras (1,000 MT).

Weekly Export Details

Exports of 679,600 MT were primarily to Japan (297,500 MT), China (165,200 MT), Mexico (108,200 MT), South Korea (55,100 MT), and Taiwan (16,800 MT).

Comments and Performance Indicators

Sales fell well short of expectations. Export commitments for the new marketing year are 36% behind year ago compared to 33% behind last week. USDA projects exports in 2012-13 to be 18.8% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2012-13: 426,000 MT
Trade Expectations
400,000 to 550,000 MT
Weekly Sales Details
Net sales of 426,000 MT for the 2012-13 marketing year were down 13 percent from the previous week and 12 percent from the prior 4-week average. Increases were reported for the Philippines (91,300 MT), Japan (82,700 MT), Nigeria (58,000 MT), South Korea (52,600 MT), Thailand (50,600 MT, including 51,000 MT switched from unknown destinations and decreases of 1,900 MT), and Mexico (37,200 MT). Decreases were reported for unknown destinations (22,800 MT) and Trinidad (4,900 MT).
Weekly Export Details
Exports of 542,300 MT were down 30 percent from the previous week and 10 percent from the prior 4-week average. The primary destinations were Mexico (85,400 MT), Nigeria (61,000 MT), the Philippines (60,100 MT), Japan (56,900 MT), Yemen (50,600 MT), Thailand (50,600 MT), and Guatemala (50,500 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments for the new marketing year are 10% behind year-ago, compared to 10% behind last week. USDA projects exports in 2012-13 to be 14.3% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

2012-13: 799,500 MT

Trade Expectations
650,000 to 800,000 MT
Weekly Sales Details
Net sales of 799,500 MT for the 2012-13 marketing year were reported for unknown destinations (217,100 MT), China (189,700 MT), Saudi Arabia (141,500 MT, including 60,000 MT switched from unknown destinations), Japan (62,700 MT, including 35,400 MT switched from unknown destinations), and South Korea (59,700 MT, including 56,500 MT switched from unknown destinations).
Weekly Export Details
Exports of 328,900 MT were reported to Saudi Arabia (81,500 MT)South Korea (59,700 MT), China (58,700 MT), Mexico (45,300 MT), and Japan (36,900 MT).
Comments and Performance Indicators

Sales came in near the top of expectations. Export commitments for the new marketing year are running 38% ahead of year-ago compared to 42% ahead last week. USDA projects exports in 2012-13 to be 22.4% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 436,400 MT
2011-12: 11,700 MT
2012-13: 424,700 MT

Trade Expectations
175,000 to 275,000 MT
Weekly Sales Details
Net sales of 11,700 MT resulted as increases for Honduras (9,600 MT switched from unknown destinations), Canada (5,500 MT), Costa Rica (2,100 MT), Japan (1,400 MT, including 1,200 MT switched from unknown destinations), and the Dominican Republic (1,300 MT), were partially offset by decreases for unknown destinations (11,200 MT). Net sales of 424,700 MT for delivery in the 2012-13 marketing year were primarily for South Korea (140,000 MT), unknown destinations (78,300 MT), the Philippines (49,100 MT), and Colombia (48,200 MT).
Weekly Export Details
Exports of 114,900 MT were down 49 percent from the previous week and 22 percent from the prior 4-week average. The primary destinations were Ecuador (35,100 MT), Morocco (15,900 MT), Honduras (14,900 MT), and Canada (14,000 MT).
Comments and Performance Indicators
Sales topped expectations. Export commitments are running 14% ahead of year-ago, compared to 14% ahead last week. USDA projects exports in 2011-12 to be 4.6% ahead of the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 16,100 MT
2011-12: 1,200 MT
2012-13: 14,900 MT

Trade Expectations
20,000 to 40,000 MT
Weekly Sales Details
Net sales of 1,200 MT for the 2011-12 marketing year were down 78 percent from the previous week and 92 percent from the prior 4-week average. Increases were reported for Canada (700 MT) and Mexico (400 MT). Net sales of 14,900 MT for delivery in the 2012-13 marketing year were reported for Canada (14,500 MT) and Mexico (300 MT).
Weekly Export Details
Exports of 4,000 MT were down 54 percent from the previous week and 79 percent from the prior 4-week average. The primary destinations were Mexico (2,700 MT) and Canada (1,100 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are 53% below year-ago, compared to 54% below last week. USDA projects exports in 2011-12 to be 55.2% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 141,800 RB
2012-13: 130,500 RB
2013-14: 11,300 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 130,500 running bales for the 2012-13 marketing year were primarily for China (54,900 RB), Turkey (32,300 RB), Mexico (25,100 RB), Indonesia (7,000 RB, including 900 RB switched from Japan), South Korea (6,400 RB), and Peru (6,100 RB). Decreases were reported for India (4,400 RB), Bangladesh (3,500 RB), and Thailand (2,100 RB). Net sales of 11,300 RB for delivery in 2013-14 resulted as increases for Mexico (23,000 RB) and Turkey (19,800 RB), were partially offset by decreases for Thailand (31,500 RB).
Weekly Export Details
Exports of 151,600 RB were primarily to China (72,600 RB), Mexico (15,000 RB), Turkey (10,200 RB), and Taiwan (9,800 RB).
Comments and Performance Indicators
Export commitments are 22% behind year-ago compared to 21% behind last week. USDA projects exports in 2012-13 to be 0.8% above the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 9,800 MT

Weekly Sales Details
Net sales of 9,800 MT were down 10 percent from the previous week and 36 percent from the prior 4-week average. Increases were reported for Canada (2,200 MT), Mexico (1,900 MT), South Korea (1,700 MT), Russia (1,000 MT), and Taiwan (900 MT).
Weekly Export Details
Exports of 17,100 MT were primarily to South Korea (2,600 MT), Mexico (2,500 MT), Japan (2,400 MT), Canada (2,100 MT), and Vietnam (1,800 MT).
Comments and Performance Indicators
Exports compare to 10,900 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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