Corn Export Sales Match Expectations, Soybean Sales Dissapoint

October 18, 2012 02:53 AM
 

The Weekly Export Sales Report for the week ended Oct. 11, 2012, reflected ongoing demand destruction in the corn market. Corn export sales matched expectations, but expectations were low. Soybean export sales fell short of expectations but they remain well above the pace needed to reach USDA's export forecast. Wheat exports sales topped expectations. Cotton demand improved notably the week ended Oct. 11 and beef demand remains solid.

USDA Weekly Export Sales Report
Week Ended Oct. 11, 2012

Corn

Actual Sales (in metric tons -- MT)

2012-13: 166,700 MT<​/b>

Trade Expectations

100,000 to 300,000 MT

Weekly Sales Details

Net sales of 166,700 MT for the 2012-13 marketing year were reported for Japan (125,700 MT, including 42,800 MT switched from unknown destinations and decreases of 17,000 MT), Mexico (45,600 MT), Saudi Arabia (30,000 MT), and Taiwan (4,000 MT), were partially offset by decreases for unknown destinations (42,800 MT) and Barbados (1,000 MT).

Weekly Export Details

Exports of 417,700 MT were primarily to Japan (250,500 MT), Mexico (85,800 MT), Taiwan (37,300 MT), Cuba (25,000 MT), and Venezuela (9,200 MT).

Comments and Performance Indicators

Sales met expectations. Export commitments for the new marketing year are 47% behind year ago compared to 43% behind last week. USDA projects exports in 2012-13 to be 25.5% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2012-13: 410,000 MT
Trade Expectations
250,000 to 375,000 MT
Weekly Sales Details
Net sales of 410,000 MT for the 2012-13 marketing year were up 47 percent from the previous week and 9 percent from the prior 4-week average. Increases were reported for the Philippines (87,900 MT, including 19,000 MT switched from unknown destinations), unknown destinations (72,700 MT), Nigeria (55,500 MT), Japan (46,400 MT), Mexico (40,000 MT), and South Korea (33,100 MT). Decreases were reported for the French West Indies (5,000 MT).
Weekly Export Details
Exports of 131,000 MT were down 66 percent from the previous week and 77 percent from the prior 4-week average. The primary destinations were Mexico (36,600 MT), Jamaica (21,500 MT), the Philippines (20,900 MT), Algeria (18,600 MT), South Korea (12,400 MT), Costa Rica (6,800 MT), Haiti (4,500 MT), and Trinidad (4,100 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments for the new marketing year are 11% behind year-ago, compared to 12% behind last week. USDA projects exports in 2012-13 to be 9.5% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 525,200 MT
2012-13: 523,400 MT
2013-14: 1,800 MT

Trade Expectations
650,000 to 850,000 MT
Weekly Sales Details
Net sales of 523,400 MT for the 2012-13 marketing year were reported for China (268,400 MT, including 120,000 MT switched from unknown destinations and decreases of 71,900 MT), Germany (151,700 MT, including 140,000 MT switched from unknown destinations), Thailand (76,000 MT), Spain (71,500 MT, including 65,000 MT switched from unknown destinations), and South Korea (58,000 MT, including 55,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (285,500 MT). Net sales of 1,800 MT for the 2013-14 marketing year resulted as increases for Japan (3,600 MT), were partially offset by decreases for Vietnam (1,000 MT) and Thailand (800 MT).
Weekly Export Details
Exports of 1,469,800 MT were reported to China (788,500 MT), Germany (151,700 MT), Mexico (125,900 MT), Spain (71,500 MT), and Egypt (64,700 MT).
Comments and Performance Indicators

Sales fell short of expectations. Export commitments for the new marketing year are running 35% ahead of year-ago compared to 37% ahead last week. USDA projects exports in 2012-13 to be 7.0% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 146,000 MT
2012-13: 143,500 MT
2013-14: 2,500 MT

Trade Expectations
150,000 to 250,000 MT
Weekly Sales Details
Net sales of 143,500 MT for the 2012-13 marketing year were reported for Venezuela (40,000 MT), Denmark (37,300 MT, including 35,000 MT switched from unknown destinations), Mexico (21,900 MT), Cuba (20,000 MT), and the Dominican Republic (13,800 MT). Decreases were reported for unknown destinations (19,600 MT). Net sales of 2,500 MT for delivery in 2013-14 were reported for Canada.
Weekly Export Details
Exports of 196,100 MT were reported to Venezuela (51,300 MT), Denmark (37,300 MT), Ecuador (33,000 MT), Mexico (30,800 MT), and Canada (24,200 MT).
Comments and Performance Indicators
Sales were just below expectations. Export commitments are running 31% ahead of last year's pace compared to 46% ahead of year-ago last week. USDA projects exports in 2012-13 to be 21.9% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2012-13​: 24,500 MT

Trade Expectations
10,000 to 15,000 MT
Weekly Sales Details
Net sales of 24,500 MT for the 2012-13 marketing year were reported for unknown destinations (15,000 MT) and Mexico (9,400 MT).
Weekly Export Details
Exports of 22,800 MT were reported to China (17,800 MT), Mexico (3,400 MT), and Canada (1,400 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments for the new marketing year are 178% ahead of year-ago, compared to 168% ahead last week. USDA projects exports in 2012-13 to be 17.2% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 219,400 RB
2012-13: 206,200 RB
2013-14: 13,200 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 206,200 running bales for the 2012-13 marketing year were up 71 percent from the previous week and 20 percent from the prior 4-week average. Increases were reported for China (97,300 RB), Vietnam (20,700 RB), Turkey (19,900 RB), Peru (14,400 RB), Indonesia (14,100 RB), and Pakistan (13,700 RB). Decreases were reported for El Salvador (1,200 RB). Net sales of 13,200 RB for delivery in the 2013-14 marketing year were reported for Turkey.
Weekly Export Details
Net Upland sales of 206,200 running bales for the 2012-13 marketing year were up 71 percent from the previous week and 20 percent from the prior 4-week average. Increases were reported for China (97,300 RB), Vietnam (20,700 RB), Turkey (19,900 RB), Peru (14,400 RB), Indonesia (14,100 RB), and Pakistan (13,700 RB). Decreases were reported for El Salvador (1,200 RB). Net sales of 13,200 RB for delivery in the 2013-14 marketing year were reported for Turkey.
Comments and Performance Indicators
Export commitments are 16% behind year-ago compared to 19% behind last week. USDA projects exports in 2012-13 to be 0.9% behind the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

Combined: 14,900 MT
2
012: 14,500 MT
2013: 400 MT

Weekly Sales Details
Net sales of 14,500 MT were down 4 percent from the previous week, but up 12 percent from the prior 4-week average. Increases were reported for South Korea (6,000 MT), Mexico (1,800 MT), Japan (1,800 MT), Canada (1,700 MT), and Russia (1,600 MT). Decreases were reported for Moldova (400 MT). Net sales of 400 MT for delivery in the 2013 marketing year were primarily for Japan.
Weekly Export Details
Exports of 17,400 MT were primarily to Canada (3,100 MT), Mexico (2,900 MT), Japan (2,400 MT), South Korea (2,200 MT), and Russia (1,600 MT).
Comments and Performance Indicators
Exports compare to 15,100 MT last week. USDA projects exports in 2012 to be 11.0% below last year's total.

Link to USDA report.

 


 

 

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