Corn Export Sales Decline, Wheat Sales Impress

September 6, 2013 02:57 AM
 

The Weekly Export Sales Report for the week ended Aug. 29, 2013, reflected a marked slowdown in corn export sales, indicating some resistance to higher prices. Weekly soybean export sales were solid and within expectations, and wheat export sales topped expectations. Beef export sales held strong again this week, but pork export sales declined. Cotton exports staged a strong rebound with China as the lead buyer.

USDA Weekly Export Sales Report
Week Ended Aug. 29, 2013

Corn

Actual Sales (in metric tons -- MT)

Combined: 215,100 MT
2012-13: -113,200 MT
2013-14: 328,300 MT

Trade Expectations

350,000 to 675,000 MT

Weekly Sales Details

Net sales reductions of 113,200 MT for 2012-13 resulted as increases for Costa Rica (19,100 MT, including 17,900 MT switched from unknown destination), Mexico (16,100 MT), El Salvador (6,000 MT, including 5,500 MT switched from unknown destinations), Taiwan (3,900 MT), and Canada (1,000 MT), were more than offset by decreases for Colombia (85,000 MT) and unknown destinations (72,800 MT). Net sales of 328,300 MT for 2013-14 were primarily for unknown destinations (137,200 MT), Japan (55,400 MT), El Salvador (33,400 MT), Jamaica (28,200 MT), and Venezuela (27,000 MT). Decreases were reported for Trinidad (6,000 MT).

Weekly Export Details

Exports of 371,400 MT were up 13% from the previous week and from the prior 4-week average. The primary destinations were Mexico (174,800 MT), Japan (102,400 MT), Taiwan (33,300 MT), and Cuba (25,000 MT).

Comments and Performance Indicators

Sales were well below expectations. Export commitments for the new marketing year are 52% behind year ago compared to 52% behind last week. USDA projects exports in 2012-13 to be 53.7% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
<​strong><​b>Combined: 747,400 MT
2013-14: 668,400 MT
2014-15: 79,000 MT
Trade Expectations
450,000 to 600,000 MT
Weekly Sales Details
Net sales of 668,400 MT for delivery in the 2013-14 marketing year were up 21% from the previous week and 18% from the prior 4-week average. Increases were reported for Brazil (187,000 MT, including 50,000 MT switched from unknown destinations), Mexico (93,100 MT), Indonesia (65,400 MT), Italy (54,600 MT, including 20,000 MT switched from unknown destinations), Colombia (52,800 MT), and Chile (32,900 MT). Decreases were reported for Guatemala (18,300 MT) and Taiwan (2,000 MT). Net sales of 79,000 MT for 2014/2015 were for unknown destinations.
Weekly Export Details
Exports of 954,800 MT--a marketing-year high--were up 16% from the previous week and 20% from the prior 4-week average. The primary destinations were China (185,900 MT), Brazil (172,100 MT), Japan (102,400 MT), the Philippines (75,600 MT), Mexico (73,700 MT), Peru (61,300 MT), Italy (39,400 MT), and Malaysia (36,500 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the 2013-14 marketing year are running 38% ahead of year-ago, compared to 38% ahead last week. USDA projects exports in 2013-14 to be up 9.2% compared with the previous marketing year.

Soybeans

 
Actual Sales (in metric tons -- MT)
Combined: 849,200 MT
2012-13: 5,100 MT
2013-14: 844,100 MT
Trade Expectations
500,000 to 925,000 MT
Weekly Sales Details
Net sales of 5,100 MT for 2012-13 resulted as increases for Mexico (7,300 MT), Japan (800 MT), Vietnam (300 MT), Canada (300 MT), and Malaysia (100 MT), were partially offset by decreases for Taiwan (3,700 MT). Net sales of 844,100 MT for 2013-14 were primarily for China (599,500 MT), Russia (90,000 MT), unknown destinations (80,300 MT), and Indonesia (31,000 MT). Decreases were reported for Mexico (11,600 MT).
Weekly Export Details
Exports of 59,800 MT were down 21% from the previous week and 35% from the prior 4-week average. The primary destinations were Mexico (33,600 MT), Taiwan (13,600 MT), Vietnam (3,400 MT), Indonesia (3,400 MT), and Japan (3,100 MT).
Comments and Performance Indicators

Sales within expectations. Export commitments for the new marketing year are running 4% behind year-ago compared to 4% behind year-ago last week. USDA projects exports in 2012-13 to be 3.7% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)
<​b>Combined: 142,100 MT
2012-13:<​strong>
57,800 MT
2013-14: 84,300 MT
​<​/strong>
Trade Expectations
100,000 to 250,000 MT
Weekly Sales Details
Net sales of 57,800 MT for 2012-13 resulted as increases for Venezuela (25,000 MT), Canada (23,100 MT), Guatemala (15,000 MT, switched from unknown destinations and decreases of 500 MT), Nicaragua (11,300 MT, including 15,000 MT switched from unknown destinations and decreases of 3,700 MT), and Mexico (9,900 MT), were partially offset by decreases for unknown destinations (27,300 MT), Turkey (8,200 MT), and Trinidad (3,800 MT). Net sales of 84,300 MT for 2013-14 were primarily for Ecuador (32,800 MT), Guatemala (16,000 MT), unknown destinations (15,000 MT), and El Salvador (12,000 MT). Decreases were reported for Venezuela (25,000 MT).
Weekly Export Details
Exports of 158,500 MT were up noticeably from the previous week and 66% from the prior 4-week average. The primary destinations were the Philippines (52,500 MT), Mexico (42,900 MT), Guatemala (22,200 MT), Canada (15,600 MT), and Nicaragua (11,300 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 17% ahead of last year's pace compared to 17% ahead of year-ago last week. USDA projects exports in 2012-13 to be up 11.9% from the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)
2012-13: 9,200 MT
Trade Expectations
0 MT to 25,000 MT
Weekly Sales Details
Net sales of 9,200 MT for 2012-13 were primarily for Norway (8,000 MT) and Haiti (1,000 MT). Net sales reductions of 2,400 MT resulted as increases for Mexico (3,000 MT) and Venezuela (3,000 MT), were more than offset by decreases for Norway (8,000 MT) and Canada (400 MT).
Weekly Export Details
Exports of 3,000 MT were down 6% from the previous week and 17% from the prior 4-week average. The primary destinations were Canada (1,600 MT), Mexico (1,100 MT), and Trinidad (100 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 53% ahead of year-ago, compared to 53% ahead last week. USDA projects exports in 2012-13 to be 46.9% ahead of the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)

Combined: 207,400 RB

2013-14: 163,300 RB2014-15: 44,100 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 163,300 RB for 2013-14 were primarily for China (83,000 RB), Turkey (23,700 RB), Thailand (14,700 RB, including 2,300 RB switched from Japan and decreases of 500 RB), Guatemala (11,200 RB), and Indonesia (9,800 RB). Decreases were reported for Morocco (10,300 RB). Net sales of 44,100 MT for 2014/2015 were reported for South Korea (22,400 RB), Morocco (20,200 RB), and Guatemala (1,400 RB).
Weekly Export Details
Exports of 114,300 RB were primarily to Vietnam (24,500 RB), Turkey (19,400 RB), Mexico (18,100 RB), Bangladesh (8,700 RB), and China (8,400 RB).
Comments and Performance Indicators
Export commitments are 20% behind year-ago compared to 22% behind year-ago last week. USDA projects exports in 2013-14 to be 19.1% behind of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2013: 17,900 MT

Weekly Sales Details
Net sales of 17,900 MT for 2013 were primarily for Japan (7,800 MT), Canada (2,600 MT), Hong Kong (2,000 MT), Mexico (1,300 MT), and Taiwan (1,000 MT).
Weekly Export Details
Exports of 14,500 MT were up 2% from the previous week, but down 2% from the prior 4-week average. The primary destinations were Japan (3,900 MT), Mexico (2,800 MT), Hong Kong (2,500 MT), South Korea (2,300 MT), and Canada (1,500 MT).
Comments and Performance Indicators
Exports compare to 23,500 MT last week. USDA projects exports in 2013 to be 3.7% below last year's total.

Pork

Actual Sales (in metric tons -- MT)
2013: 4,600 MT
Weekly Sales Details
Net sales of 4,600 MT for 2013 were primarily for South Korea (900 MT), Mexico (800 MT), Japan (800 MT), Canada (400 MT), and Colombia (300 MT). Decreases were reported for Guatemala (200 MT).
Weekly Export Details
Exports of 7,200 MT were down 39% from the previous week and 28% from the prior 4-week average. The primary destinations were Mexico (2,800 MT), Japan (1,100 MT), Hong Kong (1,100 MT), Canada (700 MT), and Ukraine (200 MT).
Comments and Performance Indicators
Exports compare to 12,600 MT last week. USDA projects exports in 2013 to be 6.6% below last year's total.

Link to USDA report.

 


 

 

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