Corn Export Sales Just Below Expectations

February 9, 2012 02:34 AM
 

The Weekly Export Sales Report for the week ended Feb. 2, 2012, showed corn export sales just below expectations, wheat sales above and soybean sales within expectations. Soymeal and soyoil sales topped expectations.

 

USDA Weekly Export Sales Report
Week Ended Feb. 2, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 757,800 MT
2011-12: 694,100 MT
2012-13: 63,700 MT

Trade Expectations

800,000 to 1,150,000 MT

Weekly Sales Details

Net sales of 694,100 MT for the 2011-12 marketing year resulted as increases for Japan (351,800 MT, including 147,600 MT switched from unknown destinations and decreases of 12,200 MT), Mexico (232,100 MT, including 37,500 MT switched from unknown destinations and decreases of 8,600 MT), China (118,900 MT, including 105,700 MT switched from unknown destinations), Venezuela (89,300 MT, including 5,000 MT switched from unknown destinations and decreases of 1,300 MT), South Korea (55,000 MT), and Guatemala (20,100 MT, including 15,200 MT switched from unknown destinations and 2,500 MT switched from Nicaragua), were partially offset by decreases for unknown destinations (220,600 MT). Net sales of 63,700 MT for delivery in the 2012-13 marketing year were reported for Cuba (50,000 MT), Japan (38,300 MT), and unknown destinations (25,400 MT). Decreases were reported for China (50,000 MT).

Weekly Export Details

Exports of 1,088,900 MT were up 63 percent from the previous week and 40 percent from the prior 4-week average. The primary destinations were to Japan (437,100 MT), Mexico (253,600 MT), China (118,900 MT), South Korea (76,600 MT), Venezuela (63,200 MT), and the Dominican Republic (35,500 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 7.4% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2011-12: 707,900 MT
Trade Expectations
450,000 to 650,000 MT
Weekly Sales Details
Net sales of 707,900 MT -- a marketing-year high -- were up 36 percent from the previous week and from the prior 4-week average. Increases were primarily for unknown destinations (183,000 MT), Japan (174,200 MT), Mexico (129,600 MT), Yemen (100,000 MT), and Venezuela (32,800 MT). Optional origin sales were reported for Algeria (22,000 MT).
Weekly Export Details
Exports of 464,000 MT were up 2 percent from the previous week and 30 percent from the prior 4-week average. The primary destinations were to Japan (88,900 MT), Indonesia (64,000 MT), Israel (59,200 MT), Mexico (58,100 MT), and Taiwan (48,800 MT).
Comments and Performance Indicators
Sales were above trade expectations. Export commitments are 22% behind year-ago, compared to 24% behind last week. USDA projects exports in 2011-12 to be 24.4% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 658,200 MT
2011-12: 603,200 MT
2012-13: 55,000 MT

Trade Expectations
550,000 to 700,000 MT
Weekly Sales Details
Net sales of 603,200 MT for the 2011-12 marketing year were up 96 percent from the previous week and 10 percent from the prior 4-week average. Increases were primarily for China (338,000 MT), unknown destinations (146,000 MT), Japan (55,200 MT, including 28,000 MT switched from unknown destinations and decreases of 9,500 MT), Taiwan (19,400 MT), Thailand (13,400 MT), and Vietnam (11,300 MT). Decreases were reported for Ireland (3,900 MT). Net sales of 55,000 MT for delivery in the 2012-13 marketing year were reported for China (55,500 MT). Decreases were reported for Japan (500 MT).
Weekly Export Details
Exports of 1,023,300 MT were reported primarily to China (785,500 MT), Taiwan (77,200 MT), Japan (45,500 MT), Mexico (30,500 MT), Tunisia (21,800 MT), and Egypt (20,300 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments are running 30% behind year-ago, which compares to 31% 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: 162,600 MT
2011-12: 161,900 MT
2012-13: 700 MT

Trade Expectations
100,000 to 150,000 MT
Weekly Sales Details
Net sales of 161,900 MT for the 2011-12 marketing year were up noticeably from the previous week and 51 percent from the prior 4-week average. Increases were primarily for the Philippines (41,800 MT), Venezuela (41,000 MT, including, 19,000 MT switched from unknown destinations), Japan (37,800 MT including, 8,900 MT switched from unknown destinations), Egypt (16,000 MT), and Mexico (14,700 MT). Decreases were reported for unknown destinations (34,300 MT). Net sales of 700 MT for delivery in the 2012-13 marketing year were reported for Mexico.
Weekly Export Details
Exports of 191,500 MT were up 7 percent from the previous week, but down 3 percent from the prior 4-week average. Increases were reported mainly to Mexico (32,700 MT), Ecuador (29,800 MT), Venezuela (29,000 MT), Canada (19,100 MT), Panama (17,100 MT), and the Dominican Republic (13,900 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are running 12% behind year-ago, compared to 12% 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: 22,200 MT

Trade Expectations
5,000 to 10,000 MT
Weekly Sales Details
Net sales of 22,200 MT -- a marketing-year high -- were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for Morocco (20,000 MT) and Mexico (2,000 MT).
Weekly Export Details
Exports of 2,200 MT were down 42 percent from the previous week and 75 percent from the prior 4-week average. Increases were reported mainly to Mexico (1,300 MT) and Canada (700 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments are 80% below year-ago, compared to 81% 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)
2011-12: 35,700 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 35,700 running bales resulted as increases for Turkey (56,600 RB), Mexico (12,700 RB, including 10,700 RB switched from Colombia and decreases of 1,100 RB), Indonesia (8,200 RB), Taiwan (6,400 RB), and Guatemala (4,500 RB), were partially offset by decreases for Vietnam (18,600 RB), Colombia (10,800 RB), China (8,200 RB), and Thailand (7,800 RB). Optional origin sales for the 2011-12 marketing year were reported for China (68,000 RB), Vietnam (10,200 RB), South Korea (5,100 RB), and Indonesia (1,400 RB). Options exercised to export the commodity from other than the United States were reported for China (6,500 RB) and Pakistan (600 RB). Net sales of 14,000 RB for delivery in the 2012/2013 marketing year were reported mainly for Thailand (11,000 RB).
Weekly Export Details
Exports of 297,300 RB were down 19 percent from the previous week, but up 24 percent from the prior 4-week average. The primary destinations were China (151,000 RB), Turkey (44,000 RB), Vietnam (23,700 RB), and Mexico (20,200 RB). Exports for own account were reported for China (11,200 RB).
Comments and Performance Indicators
Export commitments are 26% behind year-ago compared to 29% 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: 20,300 MT

Weekly Sales Details
Net sales of 20,300 MT for delivery in 2012 were primarily for Mexico (4,600 MT), Russia (3,300 MT), South Korea (3,300 MT), Canada (2,600 MT), and Egypt (1,800 MT).
Weekly Export Details
Exports of 22,300 MT were mainly to Mexico (5,000 MT), South Korea (3,100 MT), Japan (3,000 MT), Canada (2,500 MT), and Egypt (1,800 MT).
Comments and Performance Indicators
Exports compare to 4,100 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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