Corn, Soybean & Wheat Export Sales Disappoint

November 29, 2012 01:52 AM
 

The Weekly Export Sales Report for the week ended Nov. 22, 2012, showed weekly export sales of corn, soybeans and wheat coming in below expectations. While the disappointing corn and wheat numbers are not all that surprising, as demand has generally been lackluster with the exception of last week, the lower soybean figure is a notable change as soybean export demand has been consistently strong this marketing year. Weekly sales of soy products remained strong, however. Cotton sales were strong with China as the lead buyer. Beef export sales slowed, however.

USDA Weekly Export Sales Report
Week Ended Nov. 22, 2012

Corn

Actual Sales (in metric tons -- MT)

<​b>Combined: 263,500 MT
2012-13: 236,100 MT
2013-14: 27,400 MT
<​/strong>

Trade Expectations

450,000 to 650,000 MT

Weekly Sales Details

Net sales of 236,100 MT for the 2012-13 marketing year were down 69 percent from the previous week and 21 percent from the prior 4-week average. Increases reported for Japan (118,300 MT, including 31,400 MT switched from unknown destinations and decreases of 7,700 MT), China (58,000 MT, including 60,000 MT switched from unknown destinations and decreases of 2,000 MT), Mexico (40,500 MT), Taiwan (9,300 MT), Trinidad (8,000 MT), and Saudi Arabia (6,200 MT), were partially offset by decreases for unknown destinations (12,300 MT). Net sales of 27,400 MT for delivery in the 2013-14 marketing year were for Japan.

Weekly Export Details

Exports of 368,800 MT were down 7 percent from the previous week, but up 5 percent for the prior 4-week average. The primary destinations were Japan (152,400 MT), Saudi Arabia (68,200 MT), Mexico (59,000 MT), China (58,000 MT), Jamaica (12,100 MT), and Venezuela (10,000 MT).

Comments and Performance Indicators

Sales fell short of expectations. Export commitments for the new marketing year are 45% behind year ago compared to 45% 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: 279,300 MT
Trade Expectations
400,000 to 500,000 MT
Weekly Sales Details
Net sales of 279,300 MT for the 2012-13 marketing year were down 56 percent from the previous week and 27 percent from the prior 4-week average. Increases were reported for Japan (77,000 MT), China (55,000 MT), Yemen (50,000 MT, switched from unknown destinations), Guatemala (25,700 MT, including 23,900 MT switched from unknown destinations), South Korea (24,500 MT), and the Philippines (23,000 MT). Decreases were reported for unknown destinations (36,500 MT).
Weekly Export Details
Exports of 228,600 MT were down 31 percent from the previous week and from the prior 4-week average. The primary destinations were Japan (107,800 MT), Guatemala (25,700 MT), Panama (21,700 MT), the Dominican Republic (21,000 MT), Honduras (13,500 MT), El Salvador (11,600 MT), and Costa Rica (6,800 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments for the new marketing year are 10% behind year-ago, compared to 9% behind last week. USDA projects exports in 2012-13 to be 4.8% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

<​strong>2012-13: 319,100 MT

Trade Expectations
500,000-750,000 MT
Weekly Sales Details
Net sales of 319,100 MT for the 2012-13 marketing year were down 41 percent from the previous week and 37 percent from the prior 4-week average. Increases reported for China (212,500 MT), Spain (82,400 MT, including 65,700 MT switched from unknown destinations), Mexico (22,800 MT), Vietnam (15,600 MT), and Thailand (11,600 MT), were partially offset by decreases for unknown destinations (53,500 MT) and France (16,300 MT).
Weekly Export Details
Exports of 1,354,100 MT were down 31 percent from the previous week and 25 percent from the prior 4-week average. The primary destinations were China (965,200 MT), Japan (81,400 MT), Spain (72,400 MT), Saudi Arabia (66,000 MT), and Egypt (64,200 MT).
Comments and Performance Indicators

Sales were below expectations. Export commitments for the new marketing year are running 29% ahead of year-ago compared to 30% ahead last week. USDA projects exports in 2012-13 to be 1.2% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

2012-13: 365,100 MT

Trade Expectations
150,000 to 250,000 MT
Weekly Sales Details
Net sales of 365,100 MT for the 2012-13 marketing year were up 85 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported for unknown destinations (101,000 MT), the Philippines (94,600 MT), Ecuador (33,000 MT), Cuba (26,000 MT), Australia (25,000 MT), and Colombia (15,600 MT). Decreases were reported for Ireland (10,000 MT).
Weekly Export Details
Exports of 246,100 MT were down 10 percent from the previous week, but up 3 percent from the prior 4-week average. The primary destinations were South Korea (57,600 MT), the Philippines (55,300 MT)Mexico (27,900 MT), Venezuela (24,000 MT), Canada (17,000 MT), and Colombia (15,500 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments are running 30% ahead of last year's pace compared to 25% ahead of year-ago last week. USDA projects exports in 2012-13 to be 18.9% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 122,500 MT
2012-13: 121,500 MT
2013-14: 1,000 MT
<​/strong>

Trade Expectations
100,000 to 200,000 MT
Weekly Sales Details
Net sales of 121,500 MT for the 2012-13 marketing year resulted as increases for unknown destinations (116,000 MT), China (20,000 MT), Nicaragua (3,000 MT), the Dominican Republic (2,500 MT), and Guatemala (1,200 MT), were partially offset by decreases for Singapore (20,000 MT). Net sales of 1,000 MT for delivery in the 2013-14 marketing year were for Mexico.
Weekly Export Details
Exports of 7,300 MT were down 89 percent from the previous week and 75 percent from the prior 4-week average. The primary destinations were Nicaragua (3,000 MT), Mexico (3,000 MT), and Canada (1,200 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 368% ahead of year-ago, compared to 298% ahead last week. USDA projects exports in 2012-13 to be 18.0% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 314,600 RB
2012-13: 300,300 RB
2013-14: 14,300 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 300,300 running bales for the 2012-13 marketing year were down 25 percent from the previous week, but up 6 percent from the prior 4-week average. Increases were reported for China (83,300 RB), Mexico (63,100 RB), Turkey (54,900 RB), Pakistan (35,900 RB), South Korea (10,200 RB), and Peru (8,500 RB). Net sales of 14,300 RB for delivery in the 2013-14 marketing year resulted as increases for Mexico (81,400 RB), Peru (3,500 RB), and South Korea (900 RB), were partially offset by decreases for Vietnam (71,500 RB).
Weekly Export Details
Exports of 126,900 RB were down 4 percent from the previous week, but up 9 percent from the prior 4-week average. The primary destinations were China (67,800 RB), Turkey (10,900 RB), Mexico (9,400 RB), and Vietnam (6,000 RB).
Comments and Performance Indicators
Export commitments are 27% behind year-ago compared to 29% 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)

<​strong>2<​/strong>012: 11,800 MT

Weekly Sales Details
Net sales of 11,800 MT were down 23 percent from the previous week and 22 percent from the prior 4-week average. Increases were reported for South Korea (2,900 MT), Mexico (2,600 MT), Canada (2,400 MT), Hong Kong (1,100 MT), and Vietnam (1,000 MT).
Weekly Export Details
Exports of 13,800 MT were primarily to South Korea (2,600 MT), Mexico (2,600 MT), Canada (2,500 MT), Japan (1,800 MT), and Hong Kong (1,100 MT).
Comments and Performance Indicators
Exports compare to 15,300 MT last week. USDA projects exports in 2012 to be 11.3% below last year's total.

Link to USDA report.

 


 

 

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