Corn, Soybean Export Sales Disappoint; Wheat Tops Expectations

July 19, 2012 10:56 AM
 

The Weekly Export Sales Report for the week ended July 12, 2012, showed that prices have resulted in some supply rationing, as both corn and soybean export sales fell short of expectations. However, wheat demand showed no signs of wavering as sales of 589,200 metric tons (MT) topped expectations. Demand for soy products -- especially soymeal -- remains solid. Soymeal export sales topped expectations and moved to 7% ahead of last year's pace, whereas USDA expects only a 2.2% increase over the last marketing year. Cotton sales were generally disappointing. Beef export sales also slowed compared to last week, though sales of 15,600 MT still represents decent demand.

 

USDA Weekly Export Sales Report
Week Ended July 12, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 180,700 MT
2011-12: 31,900 MT
2012-13: 148,800 MT

Trade Expectations

300,000 to 450,000 MT

Weekly Sales Details

Net sales of 31,900 MT for the 2011-12 marketing year were down 82 percent from the previous week and 77 percent from the prior 4-week average. Increases for Japan (140,800 MT, including 70,800 MT switched from unknown destinations and decreases of 50,200 MT), Venezuela (36,600 MT), China (24,900 MT), and Canada (8,900 MT), were more than offset by decreases for Taiwan (84,100 MT), unknown destinations (72,400 MT), and Panama (14,100 MT). Net sales of 148,800 MT for delivery in the 2012-13 marketing year were primarily for Japan (148,800 MT), Canada (13,100 MT), and Mexico (11,000 MT). Decreases were reported for Guatemala (12,000 MT), El Salvador (9,000 MT), and Costa Rica (6,000 MT).

Weekly Export Details

Exports of 682,200 MT were up 13 percent from the previous week and 4 percent from the prior 4-week average. The primary destinations were Japan (358,900 MT), China (124,900 MT), Mexico (101,000 MT), South Korea (74,100 MT), and Taiwan (11,900 MT).

Comments and Performance Indicators

Sales fell well short of expectations. Export commitments are 16% below year ago, compared to 16% below last week. USDA projects exports in 2011-12 to be 12.8% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2012-13: 589,200 MT
Trade Expectations
350,000 to 500,000 MT
Weekly Sales Details
Net sales of 589,200 MT for the 2012-13 marketing year were up 89 percent from the previous week and 24 percent from the prior 4-week average. Increases were reported for Japan (132,600 MT), Nigeria (109,500 MT), Mexico (100,500 MT), Guatemala (78,300 MT, including 29,900 MT switched from unknown destinations), South Korea (56,600 MT, including 55,000 MT switched from unknown destinations and decreases of 600 MT), Yemen (55,000 MT, switched from unknown destinations), and the Philippines (44,600 MT). Decreases were reported for unknown destinations (108,300 MT).
Weekly Export Details
Exports of 370,500 MT were down 10 percent from the previous week and 29 percent from the prior 4-week average. The primary destinations were Saudi Arabia (56,400 MT), Nigeria (52,000 MT), Taiwan (51,100 MT), South Korea (41,300 MT), Guatemala (32,000 MT), and Panama (27,300 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments for the new marketing year are 16% behind year-ago, compared to 19% behind last week. USDA projects exports in 2012-13 to be 14.5% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 407,600 MT
2011-12: 135,300 MT
2012-13: 272,300 MT

Trade Expectations
450,000 to 700,000 MT
Weekly Sales Details
Net sales of 135,300 MT for the 2011-12 marketing year resulted as increases for China (174,400 MT, including 55,000 MT switched from unknown destinations and decreases of 7,100 MT), the Netherlands (18,700 MT, including 20,000 MT switched from unknown destinations and decreases of 1,300 MT), Taiwan (11,400 MT), Malaysia (10,000 MT), and Colombia (7,000 MT), were partially offset by decreases for unknown destinations (95,000 MT) and Japan (12,400 MT). Net sales of 272,300 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (169,700 MT), Costa Rica (56,000 MT), and Mexico (28,600 MT).
Weekly Export Details
Exports of 418,000 MT were primarily to China (182,800 MT), Japan (70,100 MT), Mexico (52,400 MT), Taiwan (22,500 MT), Egypt (19,700 MT), and the Netherlands (18,700 MT).
Comments and Performance Indicators

Sales fell just short of expectations. Export commitments are running 9% behind year-ago, which compares to 9% behind last week. USDA projects exports in 2011-12 to be 10.7% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 276,900 MT
2011-12: 168,000 MT
2012-13: 108,900 MT

Trade Expectations
50,000 to 150,000 MT
Weekly Sales Details
Net sales of 168,000 MT were up 76 percent from the previous week, but down 9 percent from the prior 4-week average. Increases were reported for Mexico (58,000 MT), the Philippines (44,700 MT), the Dominican Republic (26,700 MT), Canada (14,000 MT), Lebanon (8,300 MT, including 8,000 MT switched from Egypt), and Colombia (8,000 MT). Decreases were reported for unknown destinations (8,100 MT) and Egypt (5,800 MT). Net sales of 108,900 MT for delivery in the 2012-13 marketing year resulted as increases for unknown destinations (90,000 MT) and the Philippines (40,000 MT), were partially offset by decreases for Canada (21,100 MT).
Weekly Export Details
Exports of 219,700 MT were up 36 percent from the previous week and 31 percent from the prior 4-week average. The primary destinations were Mexico (57,000 MT), the Philippines (45,900 MT), Japan (26,200 MT), and Egypt (26,200 MT).
Comments and Performance Indicators
Sales topped expectations. Export commitments are running 7% ahead of year-ago, compared to 6% behind last week. USDA projects exports in 2011-12 to be 2.2% ahead of the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 20,300 MT
2011-12: 14,300 MT
2012-13: 6,000 MT

Trade Expectations
20,000 to 40,000 MT
Weekly Sales Details
Net sales of 14,300 MT for the 2011-12 marketing year were down 58 percent from the previous week and 18 percent from the prior 4-week average. Increases were primarily for Canada (11,800 MT) and Mexico (2,200 MT). Net sales of 6,000 MT for delivery in the 2012-13 marketing year were reported for Venezuela.
Weekly Export Details
Exports of 34,300 MT were up noticeably from the previous week and from the prior 4-week average. The primary destinations were China (30,000 MT), Mexico (3,200 MT), and Canada (800 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments are 57% below year-ago, compared to 58% below last week. USDA projects exports in 2011-12 to be 59.8% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 75,700 RB
2011-12: 41,600 RB
2012-13: 34,100 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 41,600 running bales for the 2011-12 marketing year were up noticeably from the previous week, but down noticeably from the previous 4-week average. Increases reported for China (8,300 RB), Vietnam (7,100 RB, including 400 RB switched from Japan), Turkey (5,900 RB), and Mexico (4,600 RB, including 1,800 RB switched from Colombia), were partially offset by decreases for Japan (3,300 RB) and Colombia (1,800 RB). Net sales of 34,100 RB for delivery in the 2012-13 marketing year resulted in increases for Turkey (24,300 RB) and Mexico (17,700 RB), were partially offset by decreases for Guatemala (13,700 RB), China (4,300 RB), and Thailand (2,200 RB).
Weekly Export Details
Exports of 209,900 RB were up 5 percent from the previous week and 10 percent from the prior 4-week average. The primary destinations were China (116,100 RB), Turkey (30,900 RB), Mexico (24,500 RB), and South Korea (6,100 RB).
Comments and Performance Indicators
Export commitments are 15% behind year-ago compared to 16% behind last week. USDA projects exports in 2011-12 to be 19.3% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 15,600 MT

Weekly Sales Details
Net sales of 15,600 MT were down 10 percent from the previous week and 12 percent from the prior 4-week average. Increases were reported for Canada (3,300 MT), Mexico (2,600 MT), Vietnam (2,300 MT), Japan (2,300 MT), and Egypt (1,400 MT).
Weekly Export Details
Exports of 17,000 MT were primarily to Japan (3,800 MT), South Korea (2,800 MT), Mexico (2,800 MT), Canada (2,500 MT), and Vietnam (1,400 MT).
Comments and Performance Indicators
Exports compare to 17,300 MT last week. USDA projects exports in 2012 to be 7.2% below last year's total.

Link to USDA report.

 


 

 

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