Corn Export Sales Fall Well Short of Expectations

March 29, 2012 02:31 AM
 

The Weekly Export Sales Report for the week ended March 22, 2012, showed a marked slowdown in U.S. corn buying with net sales of 130,700 metric tons (MT) for 2011-12 representing a marketing year low. Wheat export sales slid in just below expectations and soybean sales were within expectations but near the bottom of the average pre-report trade guess range. Soymeal sales were strong, but soyoil sales were disappointing. Net sales reductions of beef following 52,000 MT in sales the week prior was also a letdown. Cotton sales were decent, but nothing to write home about.

 

USDA Weekly Export Sales Report
Week Ended March 22, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 157,700 MT
2011-12: 130,700 MT
2012-13: 27,000 MT

Trade Expectations

650,000 to 800,000 MT

Weekly Sales Details

Net sales of 130,700 MT — a marketing-year low — resulted as increases for Japan (126,200 MT, including 86,500 MT switched from unknown destinations and decreases of 1,200 MT), Mexico (48,100 MT), El Salvador (40,500 MT, including 18,500 MT switched from unknown destinations and decreases of 1,300 MT), Guatemala (33,600 MT, including 52,100 MT switched from unknown destinations and decreases of 20,800 MT), Taiwan (27,800 MT), and Venezuela (20,000 MT), were partially offset by decreases for unknown destinations (158,900 MT), the Dominican Republic (38,500 MT), and Costa Rica (12,800 MT). Net sales of 27,000 MT for delivery in the 2012-13 marketing year were reported for Guatemala (12,000 MT), El Salvador (9,000 MT), and Costa Rica (6,000 MT).

Weekly Export Details

Exports of 643,700 MT were up 27 percent from the previous week, but down 18 percent from the prior 4-week average. The primary destinations were Mexico (245,100 MT), South Korea (115,700 MT), Japan (108,300 MT), Venezuela (57,500 MT), Guatemala (54,400 MT), and El Salvador (19,800 MT).

Comments and Performance Indicators

Sales were well below expectations. Export commitments are 13% below year ago, compared to 9% 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: 443,100 MT
2011-12: 266,100 MT
2012-13: 177,000 MT
Trade Expectations
500,000 to 700,000 MT
Weekly Sales Details
Net sales of 226,100 MT were down 58 percent from the previous week and 47 percent from the prior 4-week average. Increases were Nigeria (64,800 MT, including 30,000 MT switched from unknown destinations and decreases of 6,100 MT), Egypt (60,000 MT, switched from unknown destinations), South Korea (54,500 MT, including 39,300 MT switched from unknown destinations and decreases of 2,800 MT), Mexico (51,900 MT), Spain (46,600 MT, switched from unknown destinations), and Israel (18,200 MT). Decreases were reported for unknown destinations (84,300 MT) and the Philippines (18,000 MT). Net sales of 177,000 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (125,000 MT) and the Philippines (41,000 MT).
Weekly Export Details
Exports of 440,900 MT were down 20 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were South Korea (76,500 MT), Nigeria (61,300 MT), Indonesia (50,200 MT), Spain (46,600 MT), Taiwan (36,900 MT), Japan (33,000 MT), and Mexico (27,300 MT).
Comments and Performance Indicators
Sales were below trade expectations. Export commitments are 23% behind year-ago, compared to 23% behind last week. USDA projects exports in 2011-12 to be 22.4% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 592,300 MT
2011-12: 471,900 MT
2012-13: 120,400 MT

Trade Expectations
500,000 to 750,000 MT
Weekly Sales Details
Net sales of 471,900 MT were up 32 percent from the previous week, but down 25 percent from the prior 4-week average. Increases were primarily for China (209,900 MT, including 65,000 MT switched from unknown destinations), Mexico (128,100 MT), Japan (63,100 MT, including 9,000 MT switched from unknown destinations and decreases of 1,700 MT), Canada (40,800 MT), Indonesia (32,600 MT), and Tunisia (29,000 MT). Decreases were reported for unknown destinations (54,000 MT) and Thailand (5,000 MT). Net sales of 120,400 MT for delivery in the 2012-13 marketing year were mainly for unknown destinations (60,000 MT) and China (55,000 MT).
Weekly Export Details
Exports of 561,400 MT were reported primarily to China (372,100 MT), Japan (63,900 MT), Mexico (50,800 MT), South Korea (26,300 MT), Cuba (11,400 MT), and Taiwan (10,900 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments are running 22% behind year-ago, which compares to 23% 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)

Combined: 145,400 MT
2011-12: 132,900 MT
2012-13: 12,500 MT

Trade Expectations
50,000 to 150,000 MT
Weekly Sales Details
Net sales of 132,900 MT were up 52 percent from the previous week and 31 percent from the prior 4-week average. Increases were primarily for the Philippines (41,100 MT), the Dominican Republic (39,100 MT), Venezuela (17,000 MT), Guatemala (13,200 MT, including 5,000 MT switched from unknown destinations), El Salvador (12,000 MT), and Canada (10,500 MT). Decreases were reported for unknown destinations (8,100 MT) and Mexico (2,400 MT). Net sales for delivery in the 2012-13 marketing year were reported for Canada (12,500 MT).
Weekly Export Details
Exports of 122,500 MT were down 18 percent from the previous week and 24 percent from the prior 4-week average. Increases were reported mainly to the Philippines (45,400 MT), Venezuela (25,000 MT), Canada (20,600 MT), Guatemala (13,200 MT), and Mexico (7,600 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 11% behind year-ago, compared to 12% behind last week. USDA projects exports in 2011-12 to be 2.2% below the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 3,500 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 3,500 MT were for the Dominican Republic (1,500 MT), Mexico (1,100 MT), and Jamaica (1,000 MT). Decreases were reported for Canada (300 MT).
Weekly Export Details
Exports of 2,000 MT were down 64 percent from the previous week and 43 percent from the prior 4-week average. Increases were reported to Canada (1,000 MT) and Mexico (1,000 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are 71% below year-ago, compared to 70% 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: 156,500 RB
2011-12: 152,800 RB
2012-13
: 3,700 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 152,800 running bales for the 2011-12 marketing year were down 22 percent from the previous week and 2 percent from the prior 4-week average. Increases were primarily for China (105,900 RB, including 2,200 MT switched from Japan), Turkey (16,200 RB), Mexico (9,000 RB)and Bangladesh (6,300 RB). Decreases were reported for Japan (1,600 RB) and El Salvador (1,500 RB). Net sales of 3,700 RB for delivery in the 2012-13 marketing year were reported for Bangladesh. Options exercised to export the commodity from other than the United States were reported for China (34,400 RB).
Weekly Export Details
Exports of 329,500 RB were up 11 percent from the previous week, but down 2 percent from the prior 4-week average. The primary destinations were China (219,300 RB), Mexico (25,800 RB), Turkey (25,300 RB), and South Korea (9,100 RB).Exports for own account were reported for China (3,900 RB).
Comments and Performance Indicators
Export commitments are 26% 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: -9,700 MT

Weekly Sales Details
Net sales reductions of 9,700 MT resulted as increases for the Philippines (1,300 MT), Russia (1,300 MT), Hong Kong (800 MT), Egypt (500 MT), and Cote D’Ivoire (200 MT). Decreases were reported for Mexico (4,700 MT), Japan (3,800 MT), Vietnam (2,600 MT), and Taiwan (1,200 MT).
Weekly Export Details
Exports of 15,200 MT were primarily to South Korea (2,800 MT), Mexico (2,800 MT), Canada (2,100 MT), Vietnam (2,100 MT), and Japan (1,900 MT).
Comments and Performance Indicators
Exports compare to 52,000 MT last week. USDA projects exports in 2012 to be 0.5% below last year's total.

Link to USDA report.

 



 

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