Corn Export Sales Fall Well Short of Expectations

May 24, 2012 02:52 AM
 

The Weekly Export Sales Report for the week ended May 17, 2012, reflected a marked slowdown in corn export sales with sales for combined marketing years coming in at less than half the bottom of the expectations range. Soybean export sales also fell short of expectations, but by a much narrower margin. Total bean sales of 953,700 are nothing to sneeze at. Wheat export sales for 2011-12 were a new marketing year low, but strong sales for 2012-13 helped total sales for combined marketing years to exceed expectations. Soymeal sales met expectations while soyoil sales topped expectations. Cotton saw some much-needed improvement in this morning's sales, as the market has recently been under heavy pressure. Decent beef sales matched last week's total.

USDA Weekly Export Sales Report
Week Ended May 17, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 482,000 MT
2011-12: 156,100 MT
2012-13: 325,900 MT

Trade Expectations

1,000,000 to 1,300,000 MT

Weekly Sales Details

Net sales of 156,100 MT were down 54 percent from the previous week and 75 percent from the prior 4-week average. Increases reported for China (255,000 MT, including 180,000 MT switched from unknown destinations), Mexico (54,900 MT, including 30,500 MT switched from unknown destinations and decreases of 3,800 MT), Venezuela (30,000 MT), Costa Rica (25,300 MT, switched from unknown destinations and decreases of 1,800 MT), and Guatemala (12,300 MT), were partially offset by decreases for unknown destinations (161,500 MT), Egypt (60,000 MT), and Japan (15,000 MT). Net sales of 325,900 MT for the 2012-13 marketing year were reported primarily for China (703,600 MT) and South Korea (55,300 MT). Decreases were reported for unknown destinations (439,400 MT).

Weekly Export Details

Exports of 689,300 MT were up 3 percent from the previous week and 1 percent from the prior 4-week average. The primary destinations were Japan (261,800 MT), Mexico (201,500 MT), China (68,100 MT), South Korea (50,100 MT), Costa Rica (25,300 MT), and Taiwan (22,800 MT).

Comments and Performance Indicators

Sales were well short expectations. Export commitments are 12% below year ago, compared to 10% 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: 827,000 MT
2011-12: 72,400 MT
2012-13: 754,600 MT
Trade Expectations
350,000 to 550,000 MT
Weekly Sales Details
Net sales of 72,400 MT -- a marketing-year low -- were down 78 percent from the previous week and 76 percent from the prior 4-week average. Increases reported for Japan (58,200 MT), Nigeria (42,400 MT, including 17,400 MT switched from unknown destinations), Ghana (33,400 MT, including 31,600 MT switched from unknown destinations), Guatemala (30,000 MT, including 29,600 MT switched from unknown destinations), El Salvador (21,500 MT, including 18,500 MT switched from unknown destinations), and Costa Rica (17,300 MT, including 16,300 MT switched from unknown destinations), were more than offset by decreases for unknown destinations (89,300 MT), Taiwan (40,200 MT), and China (39,000 MT). Net sales of 754,600 MT for delivery in the 2012-13 marketing year were primarily for Iraq (200,000 MT), China (95,500 MT), Japan (76,300 MT), Mexico (72,500 MT), and unknown destinations (71,700 MT).
Weekly Export Details
Exports of 567,800 MT were down 16 percent from the previous week and 8 percent from the prior 4-week average. The primary destinations were Egypt (59,200 MT), South Korea (58,100 MT), Nigeria (53,800 MT), Taiwan (51,700 MT), Algeria (51,300 MT), and the Philippines (49,500 MT).
Comments and Performance Indicators
Sales were above trade expectations. Export commitments are 20% behind year-ago, compared to 21% behind last week. USDA projects exports in 2011-12 to be 20.5% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 953,700 MT
2011-12: 800,100 MT
2012-13: 153,600 MT

Trade Expectations
1,000,000 to 1,250,000 MT
Weekly Sales Details
Net sales of 800,100 MT were up 30 percent from the previous week and 23 percent from the prior 4-week average. Increases were primarily for China (436,800 MT), unknown destinations (159,000 MT), Egypt (69,300 MT), Mexico (38,000 MT), Indonesia (17,700 MT), and Taiwan (16,700 MT). Net sales of 153,600 MT for delivery in the 2012-13 marketing year were for China (118,000 MT) and Mexico (45,000 MT). Decreases were reported for Japan (9,400 MT).
Weekly Export Details
Exports of 401,300 MT were reported primarily to China (252,200 MT), Mexico (59,400 MT), Egypt (33,300 MT), Indonesia (16,400 MT), Taiwan (9,100 MT), and Israel (8,800 MT).
Comments and Performance Indicators

Sales fell just short of expectations. Export commitments are running 13% behind year-ago, which compares to 15% behind last week. USDA projects exports in 2011-12 to be 12.4% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 176,600 MT
2011-12: 144,600 MT
2012-13: 32,000 MT

Trade Expectations
100,000 to 200,000 MT
Weekly Sales Details
Net sales of 144,600 MT were up 26 percent from the previous week and 9 percent from the prior 4-week average. Increases were reported for unknown destinations (77,900 MT), Canada (10,400 MT), Indonesia (9,800 MT), Colombia (8,200 MT), the Dominican Republic (6,600 MT), and Mexico (5,900 MT). Decreases were reported for the French West Indies (1,600 MT) and Morocco (1,200 MT). Net sales of 32,000 MT for delivery in the 2012-13 marketing year were reported for Poland (27,000 MT) and Jamaica (5,000 MT).
Weekly Export Details
Exports of 132,300 MT were down 27 percent from the previous week and 10 percent from the prior 4-week average. Increases were reported for Venezuela (26,500 MT), Poland (24,000 MT), Egypt (17,700 MT), Canada (16,700 MT), and Mexico (14,100 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 4% behind year-ago, compared to 4% behind last week. USDA projects exports in 2011-12 to be steady with the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 24,400 MT
2011-12: 9,400 MT
2012-13: 15,000 MT

Trade Expectations
15,000 to 20,000 MT
Weekly Sales Details
Net sales of 9,400 MT resulted as increases for Morocco (16,000 MT, switched from unknown destinations), Nicaragua (5,300 MT), and Colombia (2,500 MT). Decreases were reported for unknown destinations (16,000 MT). Net sales of 15,000 MT for delivery in 2012-13 marketing year were reported for unknown destinations.
Weekly Export Details
Exports of 29,300 MT were up 36 percent from the previous week and up noticeably from the prior 4-week average. Increases were primarily to Morocco (21,500 MT), Nicaragua (4,900 MT), and Mexico (1,400 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are 64% below year-ago, compared to 65% 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: 233,900 RB
2011-12: 118,200 RB
2012-13: 115,700 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 118,200 running bales for the 2011-12 marketing year were down 34 percent from the previous week, but up 19 percent from the prior 4-week average. Increases were reported for China (65,900 RB), Vietnam (9,700 RB), Colombia (9,200 RB, switched from Mexico), Turkey (7,600 RB), and Bangladesh (6,400 RB). Net sales of 115,700 RB for delivery in the 2012-13 marketing year were primarily for China (52,400 RB), Mexico (39,400 RB), and Turkey (9,200 RB).
Weekly Export Details
Exports of 270,400 RB were up 39 percent from the previous week, but down 3 percent from the prior 4-week average. The primary destinations were China (180,300 RB), Turkey (17,800 RB), Vietnam (15,100 RB), and Mexico (12,200 RB).
Comments and Performance Indicators
Export commitments are 22% behind year-ago compared to 23% behind last week. USDA projects exports in 2011-12 to be 20.7% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 14,400 MT

Weekly Sales Details
Net sales of 14,400 MT were unchanged from the previous week and down 15 percent from the prior 4-week average. Increases were reported for Japan (3,100 MT), Mexico (2,800 MT), Canada (2,600 MT), Egypt (2,000 MT), and South Korea (1,500 MT).
Weekly Export Details
Exports of 16,400 MT were primarily to Mexico (3,000 MT), Japan (3,000 MT), South Korea (2,000 MT), Canada (1,800 MT), and Russia (1,700 MT).
Comments and Performance Indicators
Exports compare to 14,400 MT last week. USDA projects exports in 2012 to be 4.1% below last year's total.

Link to USDA report.

 


 

 

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