Corn Sales Disappoint While Soy Sales Top Expectations

April 19, 2012 02:53 AM
 

The Weekly Export Sales Report for the week ended April 12, 2012, reflected a slowdown in corn buying, with 2012-13 sales being a net reduction and 2011-12 sales also failing to impress. In contrast, export sales of soybeans, soymeal and soyoil all topped expectations and gained on last year's pace. The world has a strong appetite for soy products. Wheat export came in just short of expectations. Beef export sales were strong again last year. Cotton export sales were again disappointing this week. They did amount to a positive figure in contrast to net sales reductions the past two weeks, but 34,900 metric tons in sales was not the strong buys for which market bulls were hoping.

 

USDA Weekly Export Sales Report
Week Ended April 12, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 298,000 MT
2011-12: 300,400 MT
2012-13: -2,400 MT

Trade Expectations

700,000 to 950,000 MT

Weekly Sales Details

Net sales of 300,400 MT were down 69 percent from the previous week and 58 percent from the prior 4-week average. Increases reported for Japan (147,100 MT, including 93,600 MT switched from unknown destinations and decreases of 6,800 MT), Taiwan (77,400 MT), Mexico (62,500 MT), Venezuela (25,000 MT, including 20,000 MT switched from Panama), Colombia (19,900 MT), and China (15,000 MT), were partially offset by decreases for unknown destinations (32,400 MT) and Panama (20,000 MT). Net sales reductions of 2,400 MT for the 2012-13 marketing year were reported for Mexico.

Weekly Export Details

Exports of 1,114,500 MT were up 69 percent from the previous week and 71 percent from the prior 4-week average. The primary destinations were Japan (556,200 MT), Mexico (259,100 MT), South Korea (116,500 MT), Venezuela (66,500 MT), Egypt (41,600 MT), and Costa Rica (21,100 MT).

Comments and Performance Indicators

Sales were well below expectations. Export commitments are 13% 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: 442,200 MT
2011-12: 365,900 MT
2012-13: 76,300 MT
Trade Expectations
450,000 to 650,000 MT
Weekly Sales Details
Net sales of 365,900 MT were down 19 percent from the previous week and 10 percent from the prior 4-week average. Increases were reported for Egypt (115,000 MT), Japan (80,100 MT), Spain (76,000 MT, switched from unknown destinations), Iran (60,000 MT), Nigeria (37,600 MT), and Italy (20,600 MT). Decreases were reported for unknown destinations (74,500 MT). Net sales of 76,300 MT for delivery in the 2012-13 marketing year were primarily for the Dominican Republic (43,500 MT) and unknown destinations (25,000 MT).
Weekly Export Details
Exports of 632,300 MT were up 44 percent from the previous week and 38 percent from the prior 4-week average. The primary destinations were South Korea (114,900 MT), Taiwan (88,800 MT), Spain (76,000 MT), China (57,800 MT), Mexico (53,600 MT), and Yemen (49,500 MT).
Comments and Performance Indicators
Sales were just below trade expectations. Export commitments are 22% behind year-ago, compared to 23% 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: 1,219,300 MT
2011-12: 374,300 MT
2012-13: 845,000 MT

Trade Expectations
850,000 to 1,100,000 MT
Weekly Sales Details
Net sales of 374,300 MT were down 19 percent from the previous week and 12 percent from the prior 4-week average. Increases were primarily for China (127,200 MT), Turkey (72,900 MT, including 60,000 MT switched from unknown destinations), unknown destinations (54,000 MT), the Netherlands (52,800 MT, including 70,000 MT switched from unknown destinations and decreases of 17,200 MT), and Mexico (28,900 MT). Net sales of 845,000 MT for delivery in the 2012-13 marketing year were for China (615,000 MT), unknown destinations (170,000 MT), and France (60,000 MT).
Weekly Export Details
Exports of 493,600 MT were reported primarily to China (183,400 MT), Turkey (63,900 MT), the Netherlands (52,800 MT), Japan (44,800 MT), Mexico (33,200 MT), and Tunisia (29,100 MT).
Comments and Performance Indicators

Sales topped expectations. Export commitments are running 20% behind year-ago, which compares to 21% 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: 302,200 MT
2011-12: 300,700 MT
2012-13: 1,500 MT

Trade Expectations
75,000 to 150,000 MT
Weekly Sales Details
Net sales of 300,700 MT were up noticeably from the previous week and from the prior 4-week average. Increases were reported for the Philippines (49,400 MT), unknown destinations (46,600 MT), Japan (41,500 MT), Venezuela (29,000 MT), and Poland (24,000 MT). Net sales of 1,500 MT for delivery in the 2012-13 marketing year were reported for Nicaragua.
Weekly Export Details
Exports of 210,700 MT were up noticeably from the previous week and 29 percent from the prior 4-week average. Exports were reported to the Philippines (53,500 MT), Egypt (45,500 MT), Venezuela (24,500 MT), Mexico (24,300 MT), Canada (19,100 MT), and Poland (11,300 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments are running 8% behind year-ago, compared to 11% 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: 23,900 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 23,900 MT were up noticeably from the previous week and from the prior 4-week average. Increases were reported for unknown destinations (16,000 MT), Morocco (5,500 MT), and Nicaragua (1,600 MT).
Weekly Export Details
Exports of 5,700 MT were down 67 percent from the previous week and 36 percent from the prior 4-week average. Exports were reported to Nicaragua (3,000 MT), Canada (800 MT), and El Salvador (800 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are 69% below year-ago, compared to 71% 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: 34,900 RB
2011-12: -3,900 RB
2012-13: 38,800 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales reductions of 3,900 running bales resulted as increases for Indonesia (13,000 RB, including 1,500 RB switched from Japan), Taiwan (3,900 RB), Vietnam (3,900 RB), and Thailand (3,900 RB), were more than offset by decreases for China (21,400 RB), Pakistan (7,800 RB), and Turkey (5,000 RB). Net sales of 38,800 RB for delivery in the 2012-13 marketing year resulted as increases for China (24,400 RB), Pakistan (11,000 RB), and Bangladesh (3,900 RB), were partially offset by decreases for Mexico (1,000 RB).
Weekly Export Details
Exports of 261,900 RB were up 30 percent from the previous week, but down 14 percent from the prior 4-week average. The primary destinations were China (163,700 RB), Turkey (21,700 RB), Indonesia (11,400 RB), and Taiwan (11,200 RB).
Comments and Performance Indicators
Export commitments are 26% behind year-ago compared to 26% 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: 20,700 MT

Weekly Sales Details
Net sales of 20,700 MT were down 12 percent from the previous week, but up 5 percent from the prior 4-week average. Increases were reported for South Korea (5,900 MT), Mexico (3,500 MT), Japan (2,900 MT), Canada (2,400 MT), and Russia (1,900 MT).
Weekly Export Details
Exports of 16,800 MT were primarily to South Korea (4,100 MT), Mexico (3,100 MT), Japan (2,300 MT), Canada (2,100 MT), and Russia (1,600 MT).
Comments and Performance Indicators
Exports compare to 23,500 MT last week. USDA projects exports in 2012 to be 2.3% below last year's total.

Link to USDA report.

 


 

 

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close