Disappointing Export Sales Report for Grains & Soy Products

October 12, 2012 02:51 AM
 

The Weekly Export Sales Report for the week ended Oct. 4, 2012, showed a marked slowdown in the pace of corn export sales. Wheat and soybean sales also came in below expectations, though these declines were not as severe as that of corn. Export sales of soy products also fell short of expectations. Cotton export sales were decent, and beef sales posted a second consecutive week of solid sales.

USDA Weekly Export Sales Report
Week Ended Oct. 4, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 14,200 MT
2012-13: 4,200 MT
2013-14: 10,000 MT

Trade Expectations

300,000 to 400,000 MT

Weekly Sales Details

Net sales of 4,200 MT for the 2012-13 marketing year resulted as increases for Japan (109,200 MT, including 84,700 MT switched from unknown destinations and decreases of 3,600 MT), China (57,300 MT, including 120,000 MT switched from unknown destinations and decreases of 63,400 MT), Mexico (28,300 MT), and Venezuela (10,000 MT), were Partially offset by decreases for unknown destinations (171,700 MT), Panama (32,400 MT), Nicaragua (10,000 MT), and Canada (4,100 MT). Net Sales of 10,000 MT for the 2013-14 marketing year were reported for Nicaragua.

Weekly Export Details

Exports of 520,800 MT were primarily to Japan (291,500 MT), China (117,300 MT), Mexico (81,500 MT), Venezuela (10,000 MT), and South Korea (8,800 MT).

Comments and Performance Indicators

Sales fell well short of expectations. Export commitments for the new marketing year are 43% behind year ago compared to 39% 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: 279,900 MT
Trade Expectations
350,000 to 550,000 MT
Weekly Sales Details
Net sales of 279,900 MT for the 2012-13 marketing year were down 9 percent from the previous week and 30 percent from the prior 4-week average. Increases were reported for Japan (65,000 MT), Taiwan (51,100 MT), Nigeria (32,300 MT), Mexico (22,600 MT), Trinidad (21,100 MT), and Peru (16,200 MT). Decreases were reported for Algeria (1,200 MT).
Weekly Export Details
Exports of 382,200 MT were down 35 percent from the previous week and 36 percent from the prior 4-week average. The primary destinations were Nigeria (82,300 MT), Mexico (65,700 MT), Venezuela (62,400 MT), Japan (43,200 MT), Peru (32,500 MT), South Korea (31,800 MT), Colombia (31,500 MT), and Algeria (18,800 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments for the new marketing year are 12% behind year-ago, compared to 11% behind last week. USDA projects exports in 2012-13 to be 9.5% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 523,700 MT
2012-13: 500,700 MT
2013-14: 23,000 MT

Trade Expectations
750,000 to 850,000 MT
Weekly Sales Details
Net sales of 500,700 MT for the 2012-13 marketing year were reported for China (227,200 MT, including 120,000 MT switched from unknown destinations), Japan (109,800 MT, including 66,000 MT switched from unknown destinations and decreases of 7,700 MT), Canada (45,300 MT), Mexico (34,000 MT), and Tunisia (30,000 MT). Decreases were reported for unknown destinations (28,000 MT). Net sales of 23,000 MT for the 2013-14 marketing year were reported for Japan.
Weekly Export Details
Exports of 1,179,100 MT were reported to China (900,900 MT), Mexico (102,500 MT), Japan (69,700 MT), Indonesia (36,500 MT), and the Netherlands (20,700 MT).
Comments and Performance Indicators

Sales fell short of expectations. Export commitments for the new marketing year are running 37% ahead of year-ago compared to 40% ahead last week. USDA projects exports in 2012-13 to be 7.0% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 223,900 MT
2011-12: 7,500 MT
2012-13: 216,400 MT

Trade Expectations
250,000 to 350,000 MT
Weekly Sales Details
Net sales of 216,400 MT for the 2012-13 marketing year (which began Oct. 1) were primarily for unknown destinations (53,000 MT), Ecuador (30,000 MT), Venezuela (24,500 MT), and Mexico (22,300 MT). Decreases were reported for Nicaragua (3,800 MT). Net sales of 5,000 MT for delivery in the 2013-14 marketing year were reported for Nicaragua. Exports for October 1-4 of 71,400 MT were mainly to Venezuela (20,000 MT), Morocco (19,100 MT), Mexico (15,200 MT), and Canada (11,800 MT). Net sales of 7,500 MT for Sept. 28-30 resulted as increases for Lebanon (9,200 MT, switched from Egypt), Canada (3,600 MT), and Japan (3,300 MT, including 3,000 MT switched from unknown destinations), were partially offset by decreases for Egypt (4,300 MT), unknown destinations (3,000 MT), and Mexico (1,200 MT). A total of 456,900 MT in sales were outstanding on Sept. 30 (the end of the 2011-12 marketing year) and carried over to the 2012-13 marketing year.
Weekly Export Details
Exports of 57,100 MT were reported for Sept. 28-30. The primary destinations were Egypt (35,700 MT), Lebanon (9,200 MT), Canada (4,800 MT), and Japan (3,700 MT). Accumulated exports for the 2011-12 marketing year were 8,501,100 MT, up 14 percent from the 7,478,600 MT reported in 2010/2011.
Comments and Performance Indicators
Sales were below expectations. Export commitments are running 46% ahead of year-ago. USDA projects exports in 2012-13 to be 21.9% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 10,600 MT
2011-12: 200 MT
2012-13: 10,400 MT

Trade Expectations
20,000 to 45,000 MT
Weekly Sales Details
Net sales of 10,400 MT for the 2012-13 marketing year (which began Oct 1) were primarily for China (41,000 MT, including 20,000 MT switched from unknown destinations), Canada (2,000 MT), and Mexico (1,900 MT), were partially offset by decreases for unknown destinations (35,000 MT). Exports for October 1-4 of 3,300 MT were mainly to Mexico (2,800 MT) and Canada (400 MT). Net sales of 200 MT for Sept. 28-30 resulted as increases for Nicaragua (1,000 MT) and Trinidad (100 MT), were partially offset by decreases for Canada (900 MT). A total of 47,400 MT in sales were outstanding on Sept. 30 (the end of the 2011-12 marketing year) and carried over to the 2012-13 marketing year.
Weekly Export Details
Exports of 3,500 MT were reported for Sept. 28-30. The primary destinations were Mexico (1,900 MT), Nicaragua (1,000 MT), and Canada (500 MT). Accumulated exports for the 2011-12 marketing year were 585,900 MT, down 56 percent from the 1,328,600 MT reported in 2010/2011.
Comments and Performance Indicators
Sales were well below expectations. Export commitments for the new marketing year are 168% ahead of year-ago. USDA projects exports in 2012-13 to be 17.2% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 160,600 RB
2012-13: 121,000 RB
2013-14: 39,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 121,000 running bales for the 2012-13 marketing year were down 49 percent from the previous week and 45 percent from the prior 4-week average. Increases were reported for China (39,100 RB), Turkey (20,400 RB), Pakistan (14,800 RB), Taiwan (12,500 RB), Mexico (10,000 RB)and Vietnam (7,900 RB). Decreases were reported for South Korea (1,200 RB). Net sales of 39,600 RB for delivery in 2013-14 were reported for Turkey.
Weekly Export Details
Exports of 165,100 RB were down 11 percent from the previous week, but up 5 percent from the prior 4-week average. The primary destinations were China (83,500 RB), Mexico (20,500 RB), Turkey (16,300 RB), and Taiwan (9,300 RB).
Comments and Performance Indicators
Export commitments are 19% behind year-ago compared to 20% 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)

2012: 15,100 MT

Weekly Sales Details
Net sales of 15,100 MT were down 5 percent from the previous week, but up 13 percent from the prior 4-week average. Increases were reported for Canada (3,200 MT), Mexico (2,800 MT), South Korea (2,400 MT), Japan (1,500 MT), and Taiwan (900 MT). Decreases were reported for Kazakhstan (400 MT).
Weekly Export Details
Exports of 17,800 MT were primarily to Japan (3,400 MT), Canada (2,800 MT), Mexico (2,700 MT), Vietnam (2,000 MT), and South Korea (1,600 MT). Note: Accumulated exports were adjusted down for Latvia (130 MT).
Comments and Performance Indicators
Exports compare to 15,800 MT last week. USDA projects exports in 2012 to be 11.0% below last year's total.

Link to USDA report.

 


 

 

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