Corn Export Sales of More Than 3.47 MMT Match Lofty Expectations

May 3, 2012 02:25 AM
 

The Weekly Export Sales Report for the week ended April 26, 2012, showed strong buys of both corn and soybeans. While corn export sales of 3.472 million metric tons for combined marketing years fell within the range of lofty expectations, it is nevertheless a very big number. And with tight carryover, the 1.3319 million in old-crop sales are notable. Soybean sales exceeded expectations with China as the lead buyer. Export sales in excess (often well in excess) of 1 million metric tons are beginning to be the norm. Wheat export sales met expectations. Cotton sales were again disappointing with a net-sales reduction for the 2011-12 marketing year only slightly being offset by 2012-13 sales of 79,200 running bales. Beef export sales were strong and above last week's total.

USDA Weekly Export Sales Report
Week Ended April 26, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 3,472,200 MT
2011-12: 1,331,900 MT
2012-13:
2,140,300 MT

Trade Expectations

3,000,000 to 4,000,000 MT

Weekly Sales Details

Net sales of 1,331,900 MT were up noticeably from the previous week and 87 percent from the prior 4-week average. Increases were reported for unknown destinations (509,500 MT), Japan (357,500 MT, including 38,500 MT switched from unknown destinations and decreases of 1,200 MT), China (214,000 MT), Mexico (104,500 MT, including 30,500 MT switched from unknown destinations and decreases of 64,200 MT), Venezuela (62,000 MT), and South Korea (55,300 MT). Decreases were reported for Guatemala (7,900 MT) and the French West Indies (3,800 MT). Net sales of 2,140,300 MT for the 2012/2013 marketing year were reported primarily for unknown destinations (1,920,000 MT) and China (172,500 MT).

Weekly Export Details

Exports of 664,600 MT were down 5 percent from the previous week and 19 percent from the prior 4-week average. The primary destinations were Mexico (332,000 MT), Japan (187,800 MT), South Korea (65,100 MT), Honduras (19,800 MT), El Salvador (17,200 MT), and Guatemala (11,500 MT).

Comments and Performance Indicators

Sales matched expectations. Export commitments are 9% below year ago, compared to 12% 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: 711,500 MT
2011-12: 256,700 MT
2012-13: 454,800 MT
Trade Expectations
600,000 to 850,000 MT
Weekly Sales Details
Net sales of 256,700 MT were down 34 percent from the previous week and 36 percent from the prior 4-week average. Increases were reported for Indonesia (65,000 MT, switched from unknown destinations), South Korea (63,000 MT, including 55,000 MT switched from unknown destinations), Nigeria (41,800 MT, including 7,200 MT switched from unknown destinations), Japan (36,900 MT), Mexico (19,000 MT), and unknown destinations (9,100 MT). Decreases were reported for Malaysia (1,500 MT). Net sales of 454,800 MT for delivery in the 2012/2013 marketing year were primarily for Mexico (215,400 MT), Nigeria (90,000 MT), unknown destinations (72,600 MT), and the Philippines (45,500 MT).
Weekly Export Details
Exports of 621,500 MT were up 1 percent from the previous week and 19 percent from the prior 4-week average. The primary destinations were the Philippines (191,100 MT), Nigeria (144,900 MT), Japan (88,200 MT), South Korea (85,700 MT), Mexico (61,800 MT), and Venezuela (20,000 MT).
Comments and Performance Indicators
Sales were within trade expectations. Export commitments are 21% behind year-ago, compared to 21% 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: 1,732,000 MT
2011-12: 598,000 MT
2012-13: 1,134,000 MT

Trade Expectations
1,000,000 to 1,500,000 MT
Weekly Sales Details
Net sales of 598,000 MT were down 35 percent from the previous week, but up 14 percent from the prior 4-week average. Increases were primarily for unknown destinations (147,500 MT), Mexico (126,100 MT), China (117,300 MT, including 68,000 MT switched from unknown destinations and decreases of 12,300 MT), the Netherlands (60,500 MT, including 70,000 MT switched from unknown destinations and decreases of 9,500 MT), and Japan (38,700 MT). Net sales of 1,134,000 MT for delivery in the 2012/2013 marketing year were primarily for China (675,000 MT) and unknown destinations (394,000 MT).
Weekly Export Details
Exports of 436,200 MT were reported primarily to China (178,700 MT), Mexico (95,500 MT), the Netherlands (60,500 MT), Egypt (37,100 MT), Indonesia (21,900 MT), and Japan (13,200 MT).
Comments and Performance Indicators

Sales are above expectations. Export commitments are running 17% behind year-ago, which compares to 19% behind last week. USDA projects exports in 2011-12 to be 14.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 151,700 MT
2011-12: 59,000 MT
2012-13: 92,700 MT

Trade Expectations
200,000 to 400,000 MT
Weekly Sales Details
Net sales of 59,000 MT resulted as increases for Mexico (51,200 MT), Morocco (20,000 MT), Israel (14,300 MT, including 11,000 MT switched from unknown destinations), Indonesia (14,100 MT), and Japan (7,300 MT, including 7,100 MT switched from unknown destinations), were partially offset by decreases for Ireland (33,000 MT), unknown destinations (28,600 MT), and Vietnam (4,500 MT). Net sales of 92,700 MT for delivery in the 2012/2013 marketing year were reported for Ireland (33,000 MT), Mexico (32,000 MT), unknown destinations (25,000 MT), and Jamaica (2,700 MT).
Weekly Export Details
Exports of 135,600 MT were up 9 percent from the previous week, but down 24 percent from the prior 4-week average. Increases were reported for Mexico (39,700 MT), Canada (24,700 MT), Morocco (24,600 MT), and Israel (14,300 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are running 6% behind year-ago, compared to 6% 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: 14,900 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 14,900 MT resulted as increases for Morocco (15,000 MT) and Mexico (100 MT), were partially offset by decreases for Canada (300 MT).
Weekly Export Details
Exports of 2,000 MT were down 31 percent from the previous week and 79 percent from the prior 4-week average. Increases were primarily to Mexico (1,200 MT) and Canada (700 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are 68% below year-ago, compared to 69% 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: 54,000 RB
2011-12: -25,200 RB
2012-13: 79,200 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales reductions of 25,200 running bales for the 2011/2012 marketing year resulted as increases for Vietnam (10,200 RB, including 3,200 RB switched from China and decreases of 500 RB), Thailand (7,200 RB, including 600 RB switched from Japan and decreases of 1,400 RB), Taiwan (6,600 RB), and Colombia (3,700 RB, switched from Mexico), were more than offset by decreases for China (49,100 RB) and Indonesia (7,800 RB). Net sales of 79,200 RB for delivery in the 2012/2013 marketing year were primarily for Malaysia (44,000 RB), Mexico (17,300 RB), and China (14,400 RB).
Weekly Export Details
Exports of 320,600 RB were up 17 percent from the previous week and 14 percent from the prior 4-week average. The primary destinations were China (184,400 RB), Turkey (34,800 RB), Mexico (16,500 RB), and Vietnam (15,400 RB).
Comments and Performance Indicators
Export commitments are 25% behind year-ago compared to 25% 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: 00 16,800 MT

Weekly Sales Details
Net sales of 16,800 MT were up 9 percent from the previous week, but down 8 percent from the prior 4-week average. Increases were reported for Mexico (4,000 MT), Japan (2,500 MT), Egypt (2,400 MT), South Korea (2,100 MT), and Canada (2,100 MT).
Weekly Export Details
Exports of 18,600 MT were primarily to Mexico (4,300 MT), South Korea (3,500 MT), Japan (2,600 MT), Russia (2,200 MT), and Canada (1,700 MT).
Comments and Performance Indicators
Exports compare to 15,500 MT last week. USDA projects exports in 2012 to be 2.3% below last year's total.

Link to USDA report.

 


 

 

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