Corn Export Sales Disappoint

January 12, 2012 02:14 AM
 

The Weekly Export Sales Report for the week ended Jan. 5, 2012, reflect sales for a holiday-disrupted week. Corn export sales took a bigger hit than expected while wheat sales were above expectations. Soybean export sales came in within the range of the average pre-report trade guess.

 

USDA Weekly Export Sales Report
Week Ended Jan. 5, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 298,500 MT
2011-12: 321,500 MT
2012-13: -23,000 MT

Trade Expectations

350,000 to 600,000 MT

Weekly Sales Details

Net sales of 321,500 MT for the 2011-12 marketing year resulted as increases for Mexico (243,900 MT, including 30,500 MT switched from unknown destinations and decreases of 4,200 MT), China (119,700 MT, including 120,000 MT switched from unknown destinations and decreases of 3,400 MT), Japan (107,700 MT, including 86,600 MT switched from unknown destination and decreases of 80,300 MT), Canada (22,800 MT), and Colombia (22,400 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (219,600 MT). Net sales reductions of 23,000 MT for 2012-13 were reported for Canada.

Weekly Export Details

Exports of 748,200 MT were up 30 percent from the previous week, but down 19 percent from the prior 4-week average. The primary destinations were to Mexico (218,800 MT), Japan (204,700 MT), China (116,600 MT), South Korea (66,000 MT), Taiwan (34,700 MT), and Costa Rica (29,500 MT).

Comments and Performance Indicators

Sales were below expectations. Export commitments are 7% below year ago, compared to 6% below last week. USDA projects exports in 2011-12 to be 10.1% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 438,200 MT
2011-12: 365,200 MT
2012-13: 73,000 MT
Trade Expectations
250,000 to 400,000 MT
Weekly Sales Details
Net sales of 365,200 MT for the 2011-12 marketing year were up noticeably from the previous week and 17 percent from the prior 4-week average. Increases were primarily for Japan (154,200 MT), Taiwan (84,700 MT), unknown destinations (73,000 MT), Mexico (44,200 MT), and the Philippines (30,700 MT, including 18,000 MT switched from unknown destinations). Decreases were reported for Canada (55,000 MT). Net sales of 73,000 MT for delivery in 2012-13 were reported mainly for the Philippines (48,000 MT) and Nigeria (12,000 MT).
Weekly Export Details
Exports of 196,200 MT were down 54 percent from the previous week and 56 percent from the prior 4-week average. The primary destinations were to Japan (57,600 MT), Nigeria (39,500 MT), the Philippines (29,700 MT), Mexico (27,800 MT), and South Korea (25,200 MT). NOTE: Accumulated exports were adjusted down for hard red spring wheat for Jamaica (6,100 MT), the Dominican Republic (1,300 MT), and Belize (1,100 MT).
Comments and Performance Indicators
Sales were above trade expectations. Export commitments are 23% behind year-ago, compared to 24% behind last week. USDA projects exports in 2011-12 to be 26.3% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

2011-12: 433,900 MT

Trade Expectations
350,000 to 600,000 MT
Weekly Sales Details
Net sales of 433,900 MT for the 2011-12 marketing year were up 54 percent from the previous week, but down 16 percent from the prior 4-week average. Increases were primarily for China (257,100 MT, including 56,500 MT switched from unknown destinations and decreases of 11,400 MT), Mexico (64,500 MT), unknown destinations (56,000 MT), Japan (24,300 MT, including 9,000 MT switched from unknown destinations and decreases of 2,900 MT), Taiwan (13,200 MT), and Indonesia (10,300 MT).
Weekly Export Details
Exports of 786,900 MT were reported primarily to China (526,900 MT), Mexico (104,900 MT), Tunisia (32,200 MT), Taiwan (31,800 MT), Turkey (30,900 MT), and Japan (24,400 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments are running 31% behind year-ago, which compares to 32% behind last week. USDA projects exports in 2011-12 to be 15.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

2011-12: 48,000 MT

Trade Expectations
75,000 to 125,000 MT
Weekly Sales Details
Net sales of 48,000 MT for the 2011-12 marketing year resulted as increases for Mexico (11,500 MT), Guatemala (10,300 MT), Canada (9,700 MT), the Philippines (7,400 MT), and El Salvador (6,400 MT, including 5,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (11,000 MT) and the French West Indies (3,100 MT). Net sales reductions of 400 MT were reported for Mexico.
Weekly Export Details
Exports of 148,200 MT were primarily reported to the Mexico (34,100 MT), Turkey (20,800 MT), Canada (17,600 MT), the Philippines (15,700 MT), the Dominican Republic (10,500 MT), and Guatemala (10,300 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are running 13% behind year-ago, compared to 14% behind last week. USDA projects exports in 2011-12 to be 3.3% below the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 1,100 MT

Trade Expectations
5,000 to 10,000 MT
Weekly Sales Details
Net sales of 1,100 MT for delivery in 2011-12 marketing year resulted as increases for Mexico (1,700 MT), Costa Rica (300 MT), and the Dominican Republic (100 MT), were partially offset by decreases for Morocco (500 MT) and Canada (500 MT).
Weekly Export Details
Exports of 10,100 MT were reported to Morocco (6,800 MT), Mexico (2,700 MT), and Canada (500 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments are 82% below year-ago, compared to 82% 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: 95,400 RB
2011-12: 92,800 RB
2012-13:
2,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 92,800 running bales for the 2011-12 marketing year resulted as increases for China (69,500 RB), Taiwan (10,500 RB), Mexico (9,300 RB), and Bangladesh (8,500 RB), were partially offset by decreases for Pakistan (8,800 RB) and El Salvador (1,600 RB). Net sales of 2,600 RB for delivery in 2012-13 were reported for Thailand.
Weekly Export Details
Exports of 158,500 RB were up 6 percent from the previous week, but down 10 percent from the prior 4-week average. The primary destinations were China (70,100 RB), Turkey (23,100 RB), South Korea (14,400 RB), Mexico (9,400 RB), Vietnam (9,000 RB), and Bangladesh (5,000 RB).
Comments and Performance Indicators
Export commitments are 27% behind year-ago compared to 27% behind last week. USDA projects exports in 2011-12 to be 23.5% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 6,700 MT

Weekly Sales Details
Net sales of 6,700 MT for the 2012 marketing year (which began Jan. 1) were primarily for Mexico (2,000 MT), Canada (1,000 MT), South Korea (1,000 MT), and Vietnam (900 MT). A total of 39,200 MT were outstanding on Dec. 31 and carried over to the 2012 marketing year. Exports of 26,200 MT reported for Dec. 31, were mainly for China (23,300 MT), South Korea (800 MT), Japan (800 MT), and Mexico (400 MT). Accumulated exports for 2011 of 834,100 MT were up 31 percent from the 637,900 MT exported during the previous year.
Weekly Export Details
Exports of 26,200 MT reported for Dec. 31, were mainly for China (23,300 MT), South Korea (800 MT), Japan (800 MT), and Mexico (400 MT). Accumulated exports for 2011 of 834,100 MT were up 31 percent from the 637,900 MT exported during the previous year. Exports of 8,600 MT were for Jan. 1-5, were for Mexico (1,900 MT), South Korea (1,700 MT), Japan (1,500 MT), Vietnam (900 MT).
Comments and Performance Indicators
Exports compare to 4,200 MT last week. USDA projects exports in 2012 to be 20.3% above last year's total.

Link to USDA report.

 


 

 

 

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