Corn, Soybean and Wheat Sales Exceed Expectations

April 5, 2012 02:55 AM
 

The Weekly Export Sales Report for the week ended March 29, 2012, definitely gave bulls something to rally around this morning, with most categories coming in above expectations. Corn and soybean export saless topped expectations and 1 million metric tons. Wheat export sales were also above the top of expecations, as were soymeal export sales. Net sales reductions for soyoil and cotton were disappointing, but beef sales improved notably from last week.

 

USDA Weekly Export Sales Report
Week Ended March 29, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 1,122,700 MT
2011-12: 937,600 MT
2012-13: 185,100 MT

Trade Expectations

400,000 to 700,000 MT

Weekly Sales Details

Net sales of 937,600 MT were up noticeably from the previous week and 65 percent from the prior 4-week average. Increases reported for China (394,000 MT, including 60,000 MT switched from unknown destinations), Mexico (267,200 MT, including 38,100 MT switched from unknown destinations and decreases of 7,500 MT), Japan (166,400 MT, including 112,000 MT switched from unknown destinations and decreases of 34,800 MT), Colombia (55,000 MT), South Korea (33,500 MT), and Venezuela (29,500 MT, including 5,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (82,300 MT). Net sales of 185,100 MT for delivery in the 2012-13 marketing year were primarily reported for unknown destinations (120,000 MT), Japan (30,400 MT), and Honduras (20,000 MT).

Weekly Export Details

Exports of 793,100 MT were up 23 percent from the previous week and 7 percent from the prior 4-week average. The primary destinations were Japan (246,700 MT), Mexico (215,600 MT), South Korea (129,900 MT), Taiwan (92,500 MT), Venezuela (52,500 MT), and Honduras (24,900 MT).

Comments and Performance Indicators

Sales were well above expectations. Export commitments are 12% below year ago, compared to 13% 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: 511,700 MT
2011-12: 408,300 MT
2012-13: 103,400 MT
Trade Expectations
300,000 to 500,000 MT
Weekly Sales Details
Net sales of 408,300 MT were up 81 percent from the previous week and 9 percent from the prior 4-week average. Increases were reported for Egypt (116,800 MT), Nigeria (59,100 MT), Mexico (43,300 MT), Venezuela (41,800 MT), Taiwan (41,800 MT), and China (38,000 MT). Decreases were reported for Peru (30,000 MT), unknown destinations (14,500 MT) and Jamaica (7,900 MT). Net sales of 103,400 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (80,000 MT) and South Korea (22,300 MT). Decreases were reported for Nigeria (12,000 MT).
Weekly Export Details
Exports of 404,700 MT were down 8 percent from the previous week and 30 percent from the prior 4-week average. The primary destinations were Nigeria (115,800 MT), Japan (82,600 MT), Mexico (60,700 MT), Venezuela (26,600 MT), South Korea (25,400 MT), the Dominican Republic (18,800 MT), and Haiti (18,400 MT).
Comments and Performance Indicators
Sales were just above trade expectations. Export commitments are 23% 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: 1,112,900 MT
2011-12: 406,900 MT
2012-13: 706,000 MT

Trade Expectations
600,000 to 850,000 MT
Weekly Sales Details
Net sales of 406,900 MT were down 14 percent from the previous week and 34 percent from the prior 4-week average. Increases were primarily for China (257,200 MT, including 60,000 MT switched from unknown destinations and decreases of 36,300 MT), Indonesia (105,100 MT), Mexico (41,700 MT), Egypt (31,700 MT, including 30,000 MT switched from unknown destinations and decreases of 1,900 MT), and Japan (13,900 MT, including 16,000 MT switched from unknown destinations and decreases of 3,600 MT). Decreases were reported for unknown destinations (40,000 MT) and Colombia (10,000 MT). Net sales of 706,000 MT for delivery in the 2012-13 marketing year were mainly for China (525,500 MT) and unknown destinations (180,000 MT). Optional origin sales were reported for China (55,000 MT).
Weekly Export Details
Exports of 855,600 MT were reported primarily to China (547,500 MT), Mexico (87,700 MT), Egypt (86,700 MT), Japan (75,700 MT), Indonesia (13,500 MT), and Israel (7,900 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments are running 22% behind year-ago, which compares to 22% 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: 174,000 MT

Trade Expectations
50,000 to 150,000 MT
Weekly Sales Details
Net sales of 174,000 MT were up 31 percent from the previous week and 39 percent from the prior 4-week average. Increases were primarily for Mexico (85,100 MT), Venezuela (39,500 MT, including 18,000 MT switched from Panama and decreases of 3,000 MT), Canada (35,900 MT), Ecuador (30,300 MT, including 30,000 MT switched from unknown destinations), Morocco (18,000 MT), and Honduras (13,300 MT). Decreases were reported for unknown destinations (34,800 MT), Panama (17,300 MT), and Japan (4,400 MT).
Weekly Export Details
Exports of 285,200 MT — a marketing-year high — were up noticeably from the previous week and 87 percent from the prior 4-week average. Exports were reported to the Philippines (44,100 MT), Venezuela (42,000 MT), Mexico (39,700 MT), Ecuador (30,300 MT), and Japan (26,300 MT).
Comments and Performance Indicators
Sales topped expectations. Export commitments are running 9% 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: -3,500 MT

Trade Expectations
5,000 to 20,000 MT
Weekly Sales Details
Net sales reductions of 3,500 MT — a marketing-year low — resulted as increases for Jamaica (2,500 MT) and the Dominican Republic (300 MT), were more than offset by decreases for unknown destinations (6,000 MT).
Weekly Export Details
Exports of 11,300 MT were up noticeably from the previous week and from the prior 4-week average. Exports were reported to the Dominican Republic (4,000 MT), Nicaragua (4,000 MT), and Mexico (2,400 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments are 71% 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)
2011-12: -143,700 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales reductions of 143,700 running bales resulted as increases for Japan (6,200 RB), Mexico (5,700 RB), Indonesia (5,100 RB), and Bangladesh (3,700 RB), were more than offset by decreases for China (106,400 RB) and Brazil (44,000 RB). Net sales of 96,200 RB for delivery in the 2012-13 marketing year were reported for Turkey (66,000 RB) and China (21,500 RB). Optional origin sales for the 2011-12 marketing year were reported for China (84,000 RB), Mexico (15,000 RB), and South Korea (2,300 RB). Options exercised to export the commodity from other than the United States were reported for China (32,900 RB). Optional origin cancellations were reported for China (73,100 RB) and Thailand (400 RB).
Weekly Export Details
Exports of 392,200 RB — marketing-year high — were up 19 percent from the previous week and 15 percent from the prior 4-week average. The primary destinations were China (272,300 RB), Turkey (34,500 RB), Mexico (23,200 RB), and Taiwan (9,800 RB).
Comments and Performance Indicators
Export commitments are 27% behind year-ago compared to 26% 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: 13,200 MT

Weekly Sales Details
Net sales of 13,200 MT were down from the previous week and 15 percent from the prior 4-week average. Increases were reported for Japan (2,800 MT), Mexico (2,500 MT), Russia (2,400 MT), South Korea (2,200 MT), and Canada (1,100 MT).
Weekly Export Details
Exports of 16,000 MT were primarily to Mexico (3,100 MT), South Korea (2,600 MT), Vietnam (2,400 MT), Japan (2,200 MT), and Canada (1,500 MT).
Comments and Performance Indicators
Exports compare to -9,700 MT last week. USDA projects exports in 2012 to be 0.5% below last year's total.

Link to USDA report.

 


 

 

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