Huge Slowdown in Weekly Soybean Export Sales

February 14, 2013 03:12 AM
 

The Weekly Export Sales Report for the week ended Feb. 7, 2013, showed improvement in both corn and wheat export demand, with wheat export sales coming in well above expectations. This could signal U.S. wheat prices have dipped far enough to render them competitive globally. On the other hand, soybean export sales were highly disappointing as they included a net sales reduction for 2012-13 and a relatively low tally for 2013-14. Cotton export sales were solid, while beef export demand continues to slip.

USDA Weekly Export Sales Report
Week Ended Feb. 7, 2013

Corn

Actual Sales (in metric tons -- MT)

Combined: 284,700 MT
2012-13: 225,400 MT
2013-14: 59,300 MT

Trade Expectations

150,000 to 350,000 MT

Weekly Sales Details

Net sales of 225,400 MT for the 2012-13 marketing year were up 34% from the previous week and 2% from the prior 4-week average. Increases reported for Japan (177,000 MT, including 70,900 MT switched from unknown destinations), China (102,600 MT, including 120,000 MT switched from unknown destinations and decreases of 17,400 MT), Mexico (53,500 MT), Costa Rica (12,400 MT, including 11,800 MT switched from unknown destinations), and Colombia (9,100 MT), were partially offset by decreases for unknown destinations (145,300 MT). Net sales of 59,300 MT for the 2013-14 marketing year were for unknown destinations (50,800 MT) and China (10,200 MT). Decreases were reported for Japan (1,700 MT).

Weekly Export Details

Exports of 392,300 MT were up 88% from the previous week and 9% from the prior 4-week average. The primary destinations were China (162,600 MT), Japan (133,900 MT), Mexico (42,000 MT), Cuba (25,100 MT), and Costa Rica (12,400 MT).

Comments and Performance Indicators

Sales were within expectations. Export commitments for the new marketing year are 53% behind year ago compared to 52% behind last week. USDA projects exports in 2012-13 to be 41.7% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 706,300 MT
2012-13: 651,700 MT
2013-14: 54,600 MT
<​/strong>
Trade Expectations
275,000 to 400,000 MT
Weekly Sales Details
Net sales of 651,700 MT for the 2012-13 marketing year were up noticeably from the previous week and up 54% from the prior 4-week average. Increases were reported for unknown destinations (163,900 MT), Nigeria (93,900 MT), Peru (74,400 MT), Indonesia (65,000 MT), Japan (60,400 MT), and China (56,000 MT). Decreases were reported for Italy (20,000 MT). Net sales of 54,600 MT for the 2013-14 marketing year were reported for Mexico (31,600 MT), Italy (20,000 MT), and unknown destinations (3,000 MT).
Weekly Export Details
Exports of 576,500 MT were up 26% from the previous week and 20% from the prior 4-week average. The primary destinations were the Philippines (97,800 MT), Japan (90,100 MT), Egypt (84,000 MT), Nigeria (83,300 MT), and Turkey (66,000 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments for the 2012-13 marketing year are 6% behind year-ago, compared to 7% 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: 235,800 MT
2012-13: -109,200<​/strong> MT
2013-14: 345,000 MT
Trade Expectations
700,000 to 1,100,000 MT
Weekly Sales Details
Net sales reductions of 109,200 MT for the 2012-13 marketing year resulted as increases for Germany (83,700 MT), Mexico (62,500 MT), Taiwan (38,900 MT), Japan (36,000 MT, including 28,500 MT switched from unknown destinations and decreases of 800 MT), Indonesia (35,300 MT), and Egypt (9,000 MT), were partially offset by decreases for China (230,600 MT), unknown destinations (146,500 MT), and Israel (9,000 MT). Net sales of 345,000 MT for delivery in the 2013-14 marketing year were for China (335,000 MT), Israel (9,000 MT), and Japan (1,000 MT).
Weekly Export Details
Exports of 990,700 MT were down 33% from the previous week and 21% from the prior 4-week average. The primary destinations were China (680,900 MT), Germany (83,700 MT), Mexico (59,100 MT), Japan (44,300 MT), and Tunisia (33,000 MT). NOTE: Accumulated exports were adjusted down for the Netherlands (83,700 MT).
Comments and Performance Indicators

Sales were well below expectations. Export commitments for the new marketing year are running 25% ahead of year-ago compared to 27% 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: 132,400 MT
Trade Expectations
150,000 to 250,000 MT
Weekly Sales Details
Net sales of 132,400 MT for the 2012-13 marketing year were down 33% from the previous week and from the prior 4-week average. Increases reported for Vietnam (40,000 MT), Denmark (35,500 MT, including 35,000 MT switched from unknown destinations), Spain (27,400 MT, including 26,000 MT switched from unknown destinations), Poland (27,400 MT, including 26,000 MT switched from unknown destinations), Venezuela (25,000 MT), and France (19,800 MT, switched from Ireland), were partially offset by decreases for unknown destinations (87,700 MT), and Ireland (18,000 MT).
Weekly Export Details
Exports of 389,200 MT--a marketing-year high--were up 23% from the previous week and 17% from the prior 4-week average. The primary destinations were Ecuador (53,800 MT), Venezuela (47,000 MT), Denmark (35,500 MT), Spain (27,400 MT), Australia (27,400 MT), and Poland (27,400 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are running 43% ahead of last year's pace compared to 43% ahead of year-ago last week. USDA projects exports in 2012-13 to be 9.7% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

<​b><​strong> 2012-13: 16,600 MT<​/strong>

Trade Expectations
20,000 to 30,000 MT
Weekly Sales Details
Net sales of 16,600 MT for the 2012-13 marketing year were down 35% from the previous week and 22% from the prior 4-week average. Increases reported for South Korea (10,000 MT, switched from unknown destinations), China (10,000 MT, switched from unknown destinations), the Dominican Republic (7,600 MT), Venezuela (5,000 MT), and Nicaragua (4,400 MT, including 1,000 MT switched from Panama), were partially offset by decreases for unknown destinations (20,000 MT) and Panama (1,000 MT).
Weekly Export Details
Exports of 33,100 MT were down 3% from the previous week, but up 18% from the prior 4-week average. The primary destinations were South Korea (10,000 MT), China (10,000 MT), Nicaragua (4,400 MT), and Morocco (3,500 MT).
Comments and Performance Indicators
Sales fell short of expectations. Export commitments for the new marketing year are 220% ahead of year-ago, compared to 242% ahead last week. USDA projects exports in 2012-13 to be 57.1% ahead of the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 357,200 RB
2012-13: 185,700 RB
2013-14: 171,500 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 185,700 running bales for the 2012-13 marketing year were up 98% from the previous week, but down 5% from the prior 4-week average. Increases were reported for China (57,100 RB, including late reporting of 40,100 RB), Mexico (40,900 RB), Turkey (36,700 RB), Thailand (19,500 RB), Taiwan (9,800 RB), and Vietnam (8,900 RB). Decreases were reported for Pakistan (6,600 RB). Net sales of 171,500 RB for delivery in the 2013-14 marketing year were primarily for Mexico (152,400 RB).
Weekly Export Details
Exports of 357,900 RB were down 19% from the previous week, but up 6% from the prior 4-week average. The primary destinations were China (147,600 RB, including late reporting of 27,600 RB), Turkey (55,700 RB), Pakistan (38,400 RB), Vietnam (36,800 RB), Mexico (25,300 RB), and Indonesia (8,200 RB).
Comments and Performance Indicators
Export commitments are 4% behind year-ago compared to 4% behind last week. USDA projects exports in 2012-13 to be 6.7% ahead of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)
<​strong>2013: 7,300 MT
Weekly Sales Details
Net sales of 7,300 MT for delivery in 2013 were primarily for Canada (2,600 MT), Mexico (2,300 MT), South Korea (1,600 MT), Egypt (1,300 MT), and Vietnam (1,200 MT). Decreases were reported for Japan (5,000 MT).
Weekly Export Details
Exports of 16,100 MT were primarily to Mexico (3,400 MT), South Korea (2,500 MT), Canada (2,400 MT), Japan (1,700 MT), Hong Kong (1,500 MT), Vietnam (1,500 MT), and Egypt (1,200 MT).
Comments and Performance Indicators
Exports compare to 9,700 MT last week. USDA projects exports in 2013 to be 1.0% below last year's total.

Link to USDA report.

 


 

 

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