Highly Disappointing Corn Export Sales

January 10, 2013 01:55 AM
 

The Weekly Export Sales Report for the week ended Jan. 3, 2013, were highly disappointing for corn as already low net sales of 12,600 MT were nearly offset by a net sale reduction of 11,600 MT. Wheat export sales also came in below expectations, while soybean export sales topped the average pre-report trade guess by a narrow margin.

USDA Weekly Export Sales Report
Week Ended Jan. 3, 2013

Corn

Actual Sales (in metric tons -- MT)

<​strong>Combined: 1,000 MT
2012-13: 12,600 MT
2013-14: -11,600 MT
<​/b>

Trade Expectations

100,000 to 200,000 MT

Weekly Sales Details

Net sales of 12,600 MT for the 2012-13 marketing year resulted as increases for Guatemala (19,900 MT, including 17,700 MT switched from unknown destinations), Jamaica (14,900 MT), Taiwan (14,300 MT), and Hong Kong (600 MT), were partially offset by decreases for Colombia (26,600 MT), unknown destinations (7,000 MT), and Haiti (2,000 MT). Net sales reductions of 11,600 MT for the 2013-14 marketing year were reported for Japan.

Weekly Export Details

Exports of 106,800 MT -- a marketing-year low -- were down 48% from the previous week and 64% from the prior 4-week average. The primary destinations were Japan (53,600 MT), Mexico (22,000 MT), Guatemala (19,900 MT), and Taiwan (9,200 MT).

Comments and Performance Indicators

Sales were well below expectations. Export commitments for the new marketing year are 49% behind year ago compared to 48% 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)
<​strong>2012-13: 233,700 MT
Trade Expectations
325,000 to 425,000 MT
Weekly Sales Details
Net sales of 233,700 MT for the 2012-13 marketing year were down 42% from the previous week and 64% from the prior 4-week average. Increases were reported for Thailand (52,000 MT), the Philippines (49,900 MT, including 45,000 MT switched from unknown destinations), Nigeria (30,800 MT, including 17,600 MT switched from unknown destinations), Vietnam (30,700 MT, including 30,300 MT switched from unknown destinations and decreases of 1,300 MT), and Peru (25,000 MT). Decreases were reported for Colombia (14,600 MT) and unknown destinations (2,800 MT).
Weekly Export Details
Exports of 264,400 MT were up 66% from the previous week, but down 19% from the prior 4-week average. The primary destinations were Nigeria (66,900 MT), the Philippines (62,900 MT), Vietnam (45,000 MT), South Korea (43,000 MT), and Japan (34,700 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments for the 2012-13 marketing year are 4% behind year-ago, compared to 3% behind last week. USDA projects exports in 2012-13 to be steady with the previous marketing year.

Soybeans

 
Actual Sales (in metric tons -- MT)
Combined: 406,800 MT
2012-13: 321,800 MT
2013-14: 85,000 MT
Trade Expectations
200,000 to 400,000 MT
Weekly Sales Details
Net sales of 321,800 MT for the 2012-13 marketing year resulted as increases for unknown destinations (254,700 MT), the Netherlands (95,600 MT), Spain (72,100 MT, including 65,000 MT switched from unknown destinations), and Mexico (69,100 MT), were partially offset by decreases for China (241,600 MT). Net sales of 85,000 MT for delivery in the 2013-14 marketing year were for China (60,000 MT) and unknown destinations (25,000 MT).
Weekly Export Details
Exports of 1,177,300 MT were up 14% from the previous week and 2% from the prior 4-week average. The primary destinations were China (753,900 MT), the Netherlands (95,600 MT), Spain (72,100 MT), the United Kingdom (66,000 MT), and Egypt (62,700 MT). NOTE: Accumulated exports were adjusted down for Germany (95,600 MT).
Comments and Performance Indicators

Sales were just above expectations. Export commitments for the new marketing year are running 27% ahead of year-ago compared to 28% 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: 118,200 MT
Trade Expectations
75,000 to 175,000 MT
Weekly Sales Details
Net sales of 118,200 MT for the 2012-13 marketing year were up noticeably from the previous week, but down 42% from the prior 4-week average. Increases were reported for unknown destinations (45,300 MT), Ecuador (27,100 MT) Guatemala (16,600 MT, switched from unknown destinations), Morocco (16,500 MT, including 15,000 MT switched from unknown destinations), Vietnam (10,600 MT), and Canada (6,200 MT). Decreases were reported for Colombia (26,200 MT) and the Dominican Republic (2,500 MT).
Weekly Export Details
Exports of 212,200 MT were unchanged from the previous week, but down 9% from the prior 4-week average. The primary destinations were the Philippines (48,700 MT), Peru (36,000 MT), Venezuela (36,000 MT), Mexico (21,400 MT), and Morocco (16,500 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 42% ahead of last year's pace compared to 41% ahead of year-ago last week. USDA projects exports in 2012-13 to be 15.8% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2012-13: 10,900 MT​<​/b>

Trade Expectations
35,000 to 65,000 MT
Weekly Sales Details
Net sales of 10,900 MT for the 2012-13 marketing year resulted as increases for India (20,000 MT, switched from unknown destinations), China (10,000 MT), Mexico (1,500 MT), and Colombia (900 MT), were partially offset by decreases for unknown destinations (20,000 MT) and Canada (2,300 MT).
Weekly Export Details
Exports of 43,400 MT were up 26% from the previous week and 55% from the prior 4-week average. The primary destinations were India (20,000 MT), the Dominican Republic (8,200 MT), Venezuela (5,000 MT), Mexico (4,300 MT), and Jamaica (4,000 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments for the new marketing year are 289% ahead of year-ago, compared to 293% ahead last week. USDA projects exports in 2012-13 to be 23.0% ahead of the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 208,700 RB
2012-13: 196,500 RB
2013-14: 12,200 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 196,500 running bales for the 2012-13 marketing year were up 9% from the previous week, but down 27% from the prior 4-week average. Increases were reported for China (69,400 RB, including 900 RB switched from Japan), Turkey (44,500 RB), Indonesia (23,100 RB), Vietnam (22,800 RB), Thailand (11,500 RB, including 200 RB switched from Indonesia), and Taiwan (8,200 RB). Decreases were reported for Japan (1,900 RB). Net sales of 12,200 RB for delivery in the 2013-14 marketing year were for Mexico.
Weekly Export Details
Exports of 256,700 RB were up 41% from the previous week and 45% from the prior 4-week average. The primary destinations were China (109,800 RB), Turkey (28,400 RB), Vietnam (21,800 RB), Taiwan (13,500 RB), Pakistan (13,400 RB), and Indonesia (12,500 RB).
Comments and Performance Indicators
Export commitments are 12% behind year-ago compared to 13% behind last week. USDA projects exports in 2012-13 to be 0.7% ahead of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)
Combined: 12,600 MT
2012: 800 MT
2013: 11,800 MT
<​/strong>
Weekly Sales Details
Net sales of 11,800 MT for the 2013 marketing year (which began Jan. 1) were primarily for Vietnam (2,900 MT), Japan (1,700 MT), Mexico (1,600 MT), and Canada (1,400 MT). Decreases were reported for the Netherlands (300 MT). Exports of 7,300 MT were mainly for Mexico (1,700 MT), South Korea (1,100 MT), and Canada (1,000 MT). Net sales of 800 MT for Dec. 28-31 resulted as increases for South Korea (400 MT), Canada (200 MT), Mexico (100 MT), and Japan (100 MT), were partially offset by decreases for Vietnam (100 MT). A total of 55,300 MT were outstanding on Dec. 31 and carried over to the 2013 marketing year.
Weekly Export Details
Exports of 4,600 MT were for Dec. 28-31, were for Mexico (900 MT), South Korea (800 MT), and Japan (800 MT). Accumulated exports for 2012 of 841,400 MT were up 4% from the 810,700 MT exported during the previous year.
Comments and Performance Indicators
Exports compare to 9,700 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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