Corn Export Sales Match Lofty Expectations

August 9, 2012 02:49 AM
 

The Weekly Export Sales Report for the week ended Aug. 2, 2012, included the large daily corn sale announced last week to Mexico. This helped weekly corn export sales to match expectations of more than 1 million metric tons (MT). Soybeans, on the other hand, fell short of expectations at 300,400 MT for combined marketing years, though this represents an improvement from recent weekly tallies. Wheat export sales topped expectations. Cotton enjoyed decent buying interest and beef demand remains strong as weekly sales improved over week ago.

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

Corn

Actual Sales (in metric tons -- MT)

Combined: 1,103,000 MT
2011-12: 174,700 MT
2012-13: 928,300 MT

Trade Expectations

950,000 to 1,200,000 MT

Weekly Sales Details

Net sales of 174,700 MT for the 2011-12 marketing year resulted as increases for Japan (196,100 MT, including 102,700 MT switched from unknown destinations), Venezuela (25,500 MT), Mexico (12,300 MT), Guatemala (8,800 MT, including 6,400 MT switched from unknown destinations), and China (5,300 MT), were partially offset by decreases for unknown destinations (89,500 MT). Net sales of 928,300 MT for delivery in the 2012-13 marketing year were primarily for Mexico (983,000 MT) and unknown destinations (54,900 MT). Decreases were reported for China (61,000 MT), Panama (22,900 MT), Costa Rica (20,300 MT), and Nicaragua (13,300 MT).

Weekly Export Details

Exports of 476,600 MT were down 18 percent from the previous week and 20 percent from the prior 4-week average. The primary destinations were China (184,200 MT), Japan (147,000 MT), Mexico (68,600 MT), Venezuela (20,000 MT), Costa Rica (13,300 MT), and Taiwan (12,900 MT).

Comments and Performance Indicators

Sales met expectations. Export commitments are 17% below year ago, compared to 17% below last week. USDA projects exports in 2011-12 to be 12.8% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2012-13: 665,300 MT
Trade Expectations
450,000 to 550,000 MT
Weekly Sales Details
Net sales of 665,300 MT for the 2012-13 marketing year were up 29 percent from the previous week and 49 percent from the prior 4-week average. Increases were reported for Nigeria (116,400 MT), South Korea (94,000 MT), Japan (89,500 MT), the Dominican Republic (60,200 MT), Mexico (49,400 MT), Peru (46,800 MT, including 19,000 MT switched from South Africa and decreases of 2,500 MT), and the Philippines (46,600 MT). Decreases were reported for South Africa (13,500 MT) and Namibia (6,000 MT).
Weekly Export Details
Exports of 596,200 MT were up 29 percent from the previous week and 58 percent from the prior 4-week average. The primary destinations were Nigeria (157,500 MT), the Philippines (93,100 MT), Mexico (85,500 MT), Indonesia (58,300 MT), Japan (52,000 MT), and Peru (48,800 MT).
Comments and Performance Indicators
Sales topped expectations. Export commitments for the new marketing year are 12% behind year-ago, compared to 15% behind last week. USDA projects exports in 2012-13 to be 14.5% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 300,400 MT
2011-12: 105,200 MT
2012-13: 195,200 MT

Trade Expectations
350,000 to 450,000 MT
Weekly Sales Details
Net sales of 105,200 MT for the 2011-12 marketing year--a marketing-year low--were down 46 percent from the previous week and 51 percent from the prior 4-week average. Increases reported for China (59,600 MT, including 55,000 MT switched from unknown destinations and decreases of 2,900 MT), Canada (49,400 MT), Costa Rica (15,800 MT, including 13,000 MT switched from unknown destinations), Vietnam (14,600 MT), and Taiwan (13,700 MT), were partially offset by decreases for unknown destinations (68,000 MT). Net sales of 195,200 MT for delivery in the 2012-13 marketing year were primarily for China (106,000 MT), Turkey (55,000 MT), and Mexico (14,000 MT).
Weekly Export Details
Exports of 360,400 MT were primarily to China (179,600 MT), Mexico (87,400 MT), Indonesia (26,200 MT), Costa Rica (21,800 MT), Japan (10,100 MT), and Colombia (9,800 MT).
Comments and Performance Indicators

Sales fell just short of expectations. Export commitments are running 8% behind year-ago, which compares to 8% behind last week. USDA projects exports in 2011-12 to be 10.7% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 211,700 MT
2011-12: 134,200 MT
2012-13: 77,500 MT

Trade Expectations
100,000 to 200,000 MT
Weekly Sales Details
Net sales of 134,200 MT were down 19 percent from the previous week and 7 percent from the prior 4-week average. Increases reported for Ecuador (35,100 MT), Morocco (25,000 MT), Israel (17,000 MT), Guatemala (14,000 MT, switched from unknown destinations), and the Philippines (11,200 MT), were partially offset by decreases for unknown destinations (20,400 MT). Net sales of 77,500 MT for delivery in the 2012-13 marketing year were primarily for the Philippines (48,000 MT) and unknown destinations (25,000 MT).
Weekly Export Details
Exports of 201,600 MT were down 39 percent from the previous week and 8 percent from the prior 4-week average. The primary destinations were Romania (48,000 MT), the Dominican Republic (42,200 MT), the Philippines (29,500 MT), and Canada (21,200 MT).
Comments and Performance Indicators
Sales came in above expectations. Export commitments are running 8% ahead of year-ago, compared to 6% behind last week. USDA projects exports in 2011-12 to be 2.2% ahead of the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 12,900 MT

Trade Expectations
15,000 to 25,000 MT
Weekly Sales Details
Net sales of 12,900 MT for the 2011-12 marketing year were up 33 percent from the previous week, but down 21 percent from the prior 4-week average. Increases were reported for Mexico (5,200 MT), Jamaica (4,000 MT), Nicaragua (1,000 MT), and Guatemala (1,000 MT).
Weekly Export Details
Exports of 46,300 MT--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. The primary destinations were China (35,000 MT), South Korea (5,000 MT), Mexico (3,200 MT), and Venezuela (1,000 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are 56% below year-ago, compared to 57% below last week. USDA projects exports in 2011-12 to be 59.8% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 141,400 RB
2012-13: 109,900 RB
2013-14: 31,500 RB
Trade Expectations
NA
Weekly Sales Details
Net sales of 109,900 RB for the 2012-13 marketing year, which began August 1, resulted as increases for Vietnam (25,000 RB), South Korea (23,200 RB), China (20,700 RB), Mexico (16,600 RB), and India (9,000 RB), were partially offset by decreases for Thailand (26,700 RB). Net sales of 31,500 RB for delivery in 2013-14 were for Thailand. A total of 1,173,400 RB in sales were carried over from the 2011-12 marketing year, which ended July 31.
Weekly Export Details
Exports for the period July 31 of 163,700 RB brought accumulated exports in 2011-12 to 10,875,500 RB, down 18 percent from the prior year’s total of 13,319,800 RB. The primary destinations were China (79,200 RB), Vietnam (17,400 RB), Turkey (12,400 RB), and Mexico (11,900 RB). Exports for August 1-2 totaled 53,500 RB were primarily to Vietnam (15,200 RB), China (14,200 RB), Turkey (8,200 RB), and Mexico (6,300 RB).
Comments and Performance Indicators
Export commitments are 39% behind year-ago. USDA projects exports in 2012-13 to be 4.3% above the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 18,500 MT

Weekly Sales Details
Net sales of 18,500 MT were up 17 percent from the previous week and from the prior 4-week average. Increases were reported for Vietnam (3,300 MT), Mexico (3,100 MT), Japan (2,300 MT), Canada (2,100 MT), and Hong Kong (1,900 MT).
Weekly Export Details
Exports of 16,400 MT were primarily to Japan (3,500 MT), Mexico (2,600 MT), Canada (2,300 MT), South Korea (2,200 MT), and Vietnam (2,000 MT).
Comments and Performance Indicators
Exports compare to 15,800 MT last week. USDA projects exports in 2012 to be 7.2% below last year's total.

Link to USDA report.

 


 

 

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