Corn, Soybean Export Sales Top Expectations

July 12, 2012 02:50 AM
 

The Weekly Export Sales Report for the week ended July 5, 2012, showed a return of buying interest for corn, which has seen lackluster reports of late. Both corn and soybean export sales topped expectations, and the strong figures signal significant supply rationing has yet to occur. Wheat export sales, on the other hand, were disappointing as were cotton sales. Soyoil and soymeal weekly export sales were decent and aligned with expectations. Beef sales pulled back from last week, but 17,300 MT in sales still represents healthy export demand.

USDA Weekly Export Sales Report
Week Ended July 5, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 664,800 MT
2011-12: 172,700 MT
2012-13: 492,100 MT

Trade Expectations

250,000 to 425,000 MT

Weekly Sales Details

Net sales of 172,700 MT for the 2011-12 marketing year were up significantly from the previous week and 45 percent from the prior 4-week average. Increases for Japan (280,100 MT, including 137,100 MT switched from unknown destinations and decreases of 6,300 MT), Venezuela (37,000 MT), Cuba (24,000 MT, including 25,000 MT switched from unknown destinations and decreases of 1,000 MT), Mexico (20,000 MT), and Canada (5,500 MT), were partially offset by decreases for unknown destinations (111,300 MT) and Taiwan (87,000 MT). Net sales of 492,100 MT for delivery in the 2012-13 marketing year were primarily for Mexico (252,400 MT), South Korea (66,000 MT), Costa Rica (51,000 MT), and unknown destinations (50,800 MT). Decreases were reported for Jamaica (8,900 MT).

Weekly Export Details

Exports of 605,300 MT were down 6 percent from the previous week and 1 percent from the prior 4-week average. The primary destinations were Japan (288,600 MT), Mexico (136,500 MT), South Korea (130,100 MT), Cuba (24,000 MT), China (7,500 MT), and Taiwan (7,100 MT).

Comments and Performance Indicators

Sales exceeded expectations. Export commitments are 16% below year ago, compared to 15% 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: 311,800 MT
Trade Expectations
350,000 to 500,000 MT
Weekly Sales Details
Net sales of 311,800 MT for the 2012-13 marketing year were primarily for the Philippines (112,500 MT, including 36,500 MT switched from Taiwan), Algeria (52,500 MT, including 50,000 MT switched from unknown destinations), Jordan (47,600 MT, including 50,000 MT switched from unknown destinations and decreases of 2,400 MT), Japan (39,000 MT), South Korea (27,700 MT), Mexico (25,500 MT), and Nigeria (24,600 MT, including 6,800 MT switched from unknown destinations). Decreases were reported for unknown destinations (76,500 MT).
Weekly Export Details
Exports of 411,000 MT were down 31 percent from the previous week and 30 percent from the prior 4-week average. The primary destinations were Iraq (52,500 MT), Algeria (52,500 MT), Japan (48,600 MT), Jordan (47,600 MT), Indonesia (47,500 MT), and the Philippines (37,000 MT).
Comments and Performance Indicators
Sales were below trade expectations. Export commitments for the new marketing year are 19% behind year-ago, compared to 18% 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: 759,200 MT
2011-12: 332,100 MT
2012-13: 427,100 MT

Trade Expectations
375,000 to 650,000 MT
Weekly Sales Details
Net sales of 332,100 MT for the 2011-12 marketing year were up 11 percent from the previous week and 5 percent from the prior 4-week average. Increases were primarily for China (305,100 MT, including 115,000 MT switched from unknown destinations and decreases of 5,000 MT), Turkey (67,300 MT, including 66,500 MT switched from unknown destinations), Indonesia (30,200 MT), Costa Rica (28,000 MT), Japan (27,900 MT), and Mexico (10,600 MT). Decreases were reported for unknown destinations (161,500 MT). Net sales of 427,100 MT for delivery in the 2012-13 marketing year were primarily for China (231,500 MT), unknown destinations (119,000 MT), and the Netherlands (60,000 MT).
Weekly Export Details
Exports of 433,200 MT were primarily to China (290,100 MT), Turkey (67,300 MT), Mexico (34,400 MT), Indonesia (13,700 MT), Taiwan (8,200 MT), and Vietnam (6,800 MT).
Comments and Performance Indicators

Sales topped expectations. Export commitments are running 9% behind year-ago, which compares to 10% 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: 169,700 MT
2011-12: 95,700 MT
2012-13: 74,000 MT

Trade Expectations
125,000 to 200,000 MT
Weekly Sales Details
Net sales of 95,700 MT were down 39 percent from the previous week and 50 percent from the prior 4-week average. Increases were reported for Mexico (26,500 MT), unknown destinations (24,800 MT), Canada (14,400 MT), Vietnam (11,100 MT), Saudi Arabia (10,000 MT), and Guatemala (6,600 MT, switched from unknown destinations). Decreases were reported for Jamaica (4,000 MT) and Ecuador (1,400 MT). Net sales of 74,000 MT for delivery in the 2012-13 marketing year were primarily for the Philippines (46,000 MT) and Honduras (18,000 MT). Decreases were reported for Jamaica (1,400 MT).
Weekly Export Details
Exports of 162,000 MT were down 18 percent from the previous week, but up 5 percent from the prior 4-week average. The primary destinations were Mexico (43,600 MT), Ecuador (31,100 MT), Venezuela (26,700 MT), and Canada (22,200 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments are running 6% ahead of year-ago, compared to 5% 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: 33,900 MT
2011-12: 34,400 MT
2012-13: -500 MT

Trade Expectations
30,000 to 45,000 MT
Weekly Sales Details
Net sales of 34,400 MT for the 2011-12 marketing year were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China (35,000 MT), South Korea (5,000 MT), Colombia (4,200 MT), and Mexico (2,000 MT). Decreases were reported for Canada (12,100 MT). Net sales reductions of 500 MT for delivery in the 2012-13 marketing year were for Mexico.
Weekly Export Details
Exports of 4,100 MT were down 78 percent from the previous week and 67 percent from the prior 4-week average. The primary destinations were Mexico (3,400 MT) and Canada (500 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments are 58% below year-ago, compared to 61% 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: 103,900 RB
2011-12: 8,800 RB
2012-13: 95,100 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 8,800 running bales for the 2011-12 marketing year resulted as increases for Taiwan (8,600 RB), Turkey (8,000 RB), Pakistan (7,800 RB), and Mexico (6,000 RB), were partially offset by decreases for China (22,100 RB) and Peru (5,800 RB). Net sales of 95,100 RB for delivery in the 2012-13 marketing year were primarily for Mexico (32,800 RB), China (25,000 RB), and Guatemala (24,100 RB). Decreases were reported for Indonesia (1,800 RB) and Morocco (700 RB).
Weekly Export Details
Exports of 199,500 RB were down 5 percent from the previous week, but up 1 percent from the prior 4-week average. The primary destinations were China (83,600 RB), Turkey (30,100 RB), Mexico (11,700 RB), and Taiwan (9,700 RB).
Comments and Performance Indicators
Export commitments are 16% 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: 17,300 MT

Weekly Sales Details
Net sales of 17,300 MT were down 13 percent from the previous week, but up 1 percent from the prior 4-week average. Increases were reported for Japan (4,900 MT), Vietnam (2,500 MT), Mexico (2,200 MT), South Korea (1,700 MT), and Canada (1,600 MT).
Weekly Export Details
Exports of 14,300 MT were primarily to Japan (2,800 MT), Mexico (2,600 MT), South Korea (2,300 MT), Canada (1,900 MT), and Vietnam (1,300 MT). NOTE: Accumulated exports were adjusted down for Canada (2,900 MT).
Comments and Performance Indicators
Exports compare to 19,900 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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