Corn Export Sales Slightly Exceed Expectations

February 2, 2012 01:56 AM
 

The Weekly Export Sales Report for the week ended Jan. 26, 2012, reflected what firm basis levels have indicated — demand for corn is on the rise. Corn export sales came in a touch above expectations. Wheat and soybeans export sales were within expectations.

 

USDA Weekly Export Sales Report
Week Ended Jan. 26, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 975,000 MT
2011-12: 912,000 MT
2012-13: 63,000 MT

Trade Expectations

700,000 to 950,000 MT

Weekly Sales Details

Net sales of 912,000 MT for the 2011-12 marketing year resulted as increases for Mexico (442,200 MT, including 30,500 MT switched from unknown destinations and decreases of 10,000 MT), Japan (306,500 MT, including 39,000 MT switched from unknown destinations and decreases of 3,300 MT), Venezuela (84,000 MT), Cuba (52,500 MT), South Korea (30,300 MT, including 31,500 MT switched from unknown destinations and decreases of 5,600 MT), and Jamaica (14,900 MT), were partially offset by decreases for Nicaragua (23,000 MT), Guatemala (14,400 MT), El Salvador (11,000 MT), and Costa Rica (7,500 MT). Net sales of 63,000 MT for delivery in 2012-13 marketing year were reported for China (50,000 MT) and Mexico (16,000 MT). Decreases were reported for Japan (3,100 MT).

Weekly Export Details

Exports of 669,600 MT were down 29 percent from the previous week and 11 percent from the prior 4-week average. The primary destinations were to Japan (184,800 MT), Mexico (143,400 MT), South Korea (89,700 MT, including late reporting of 57,700 MT), Venezuela (56,500 MT), Costa Rica (39,900 MT), and Canada (29,700 MT).

Comments and Performance Indicators

Sales were just above expectations. Export commitments are 6% below year ago, compared to 5% below last week. USDA projects exports in 2011-12 to be 10.1% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 554,100 MT
2011-12: 518,900 MT
2012-13: 35,200 MT
Trade Expectations
400,000 to 600,000 MT
Weekly Sales Details
Net sales of 518,900 MT for the 2011-12 marketing year were down 14 percent from the previous week, but up 22 percent from the prior 4-week average. Increases were primarily for unknown destinations (254,700 MT), Nigeria (105,700 MT), the Dominican Republic (62,800 MT, including 16,000 MT switched from unknown destinations and decreases of 1,100 MT), Japan (31,800 MT), and Mexico (23,300 MT). Net sales of 35,200 MT for delivery in 2012-13 marketing year were reported for Mexico (28,400 MT) and unknown destinations (6,800 MT).
Weekly Export Details
Exports of 454,500 MT were up 7 percent from the previous week and 29 percent from the prior 4-week average. The primary destinations were to Mexico (145,200 MT), Nigeria (97,200 MT), Indonesia (68,300 MT), the Dominican Republic (38,900 MT), and Japan (26,500 MT).
Comments and Performance Indicators
Sales were within trade expectations. Export commitments are 24% behind year-ago, compared to 24% behind last week. USDA projects exports in 2011-12 to be 26.3% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 368,000 MT
2011-12: 308,400 MT
2012-13: 60,000 MT

Trade Expectations
350,000 to 550,000 MT
Weekly Sales Details
Net sales of 308,400 MT for the 2011-12 marketing year were down 34 percent from the previous week and 43 percent from the prior 4-week average. Increases were primarily for China (246,100 MT, including 116,600 MT switched from unknown destinations and decreases of 72,800 MT), the Netherlands (139,000 MT, including 140,000 MT switched from unknown destinations and decreases of 6,300 MT), South Korea (52,800 MT, including 25,000 MT switched from unknown destinations), Japan (44,200 MT, including 9,000 MT switched from unknown destinations), Venezuela (12,000 MT), and Mexico (8,700 MT). Decreases were reported for unknown destinations (208,100 MT). Net sales of 60,000 MT for delivery in 2012-13 marketing year were reported for unknown destinations.
Weekly Export Details
Exports of 1,169,600 MT were reported primarily to China (726,900 MT, including late reporting of 58,300 MT), the Netherlands (139,000 MT), South Korea (83,800 MT), Egypt (47,500 MT), Indonesia (40,700 MT), and Japan (40,400 MT).
Comments and Performance Indicators

Sales were within expectations. Export commitments are running 31% behind year-ago, which compares to 37% 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)

2011-12: 74,700 MT

Trade Expectations
75,000 to 150,000 MT
Weekly Sales Details
Net sales of 74,700 MT for the 2011-12 marketing year were down 40 percent from the previous week and from the prior 4-week average. Increases were primarily for Venezuela (43,500 MT), Canada (22,000 MT), Mexico (15,800 MT), Cuba (10,000 MT), and Panama (8,500 MT, including 2,700 MT switched from unknown destinations). Decreases were reported for Guatemala (14,800 MT), Ireland (11,000 MT), and unknown destinations (9,700 MT).
Weekly Export Details
Exports of 178,300 MT were down 3 percent from the previous week and unchanged from the prior 4-week average. Increases were reported mainly to Ireland (31,200 MT), the Philippines (30,400 MT), Egypt (22,900 MT), Mexico (17,800 MT), Canada (16,500 MT), and Honduras (10,300 MT).
Comments and Performance Indicators
Sales were just below expectations. Export commitments are running 12% behind year-ago, compared to 11% 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: 6,700 MT

Trade Expectations
0 to 10,000 MT
Weekly Sales Details
Net sales of 6,700 MT for delivery in the 2011-12 marketing year resulted as increases for Algeria (4,000 MT) and Morocco (3,000 MT), were partially offset by decreases for Canada (400 MT).
Weekly Export Details
Exports of 3,700 MT were down 65 percent from the previous week and from the prior 4-week average. Increases were reported mainly to Mexico (3,100 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are 81% below year-ago, compared to 86% 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: -146,200 RB
2011-12: -164,000 RB
2012-13: 17,800 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales reductions of 164,000 running bales resulted as increases for Bangladesh (33,200 RB), Turkey (23,400 RB), India (5,700 RB), Mexico (4,900 RB), and Taiwan (3,200 RB), were more than offset by decreases for China (182,600 RB), Vietnam (16,300 RB), South Korea (12,900 RB), and Thailand (12,800 RB). Decreases were reported for Vietnam (1,300 RB). Options exercised to export the commodity from the United States only were for Bangladesh (33,100 RB). Optional origin sales for the 2011-12 marketing year were reported for China (52,900 RB), Vietnam (16,800 RB), South Korea (13,300 RB), and Thailand (11,000 RB). Net sales of 17,800 RB for delivery in 2012-13 marketing year were reported for China (12,800 RB) and Mexico (5,000 RB).
Weekly Export Details
Exports of 366,000 RB — a marketing-year high — were up 83 percent from the previous week and 97 percent from the prior 4-week average. The primary destinations were China (256,700 RB), Turkey (28,000 RB), Mexico (15,500 RB), and Bangladesh (9,800 RB).
Comments and Performance Indicators
Export commitments are 29% behind year-ago compared to 23% 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: 4,100 MT

Weekly Sales Details
Net sales of 4,100 MT for delivery in 2012 resulted as increases for Mexico (1,300 MT), Canada (1,200 MT), South Korea (700 MT), Russia (400 MT), and Japan (200 MT). Decreases were reported for Vietnam (200 MT).
Weekly Export Details
Exports of 9,300 MT were primarily to Mexico (1,700 MT), Vietnam (1,600 MT), South Korea (1,500 MT), Japan (1,300 MT), and Canada (1,000 MT).
Comments and Performance Indicators
Exports compare to 19,600 MT last week. USDA projects exports in 2012 to be 20.3% above last year's total.

Link to USDA report.

 


 

 

 

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