Soybean & Wheat Export Fall Short of Expectations

April 25, 2013 02:55 AM
 

The Weekly Export Sales Report for the week ended April 18, 2013, reflected a marked slowdown in demand for old-crop soybeans and wheat, which resulted in disappointing net tallies for the week and marketing-year lows for 2012-13. Corn export sales, on the other hands, came within expectations and old-crop corn sales improved from the week prior. Cotton export sales were again strong, signaling higher prices have yet to slow demand. Meanwhile, beef sales fell slightly from the week prior while pork sales improved.

USDA Weekly Export Sales Report
Week Ended April 18, 2013

Corn

Actual Sales (in metric tons -- MT)

Combined: 335,900 MT
2012-13: 314,700 MT
2013-14: 21,200 MT

Trade Expectations

200,000 to 600,000 MT

Weekly Sales Details

Net sales of 314,700 MT for 2012-13 were down 21% from the previous week, but up 2% from the prior 4-week average. Increases reported for Japan (108,400 MT, including 33,500 MT switched from unknown destinations), Saudi Arabia (70,400 MT, including 65,000 MT switched from unknown destinations), Mexico (52,900 MT), Honduras (34,500 MT, including 12,000 MT switched from unknown destinations), Cuba (25,000 MT), and Venezuela (22,500 MT), were partially offset by decreases for unknown destinations (27,400 MT) and Panama (1,000 MT). Net sales of 21,200 MT for 2013-14 were for Mexico (11,100 MT), Japan (5,600 MT), and China (4,500 MT).

Weekly Export Details

Exports of 322,000 MT were up 7% from the previous week, but down 16% from the prior 4-week average. The primary destinations were Japan (110,600 MT), Mexico (87,000 MT), Saudi Arabia (70,400 MT), Honduras (17,600 MT), and Venezuela (12,000 MT).

Comments and Performance Indicators

Sales were within expectations. Export commitments for the new marketing year are 54% behind year ago compared to 54% behind last week. USDA projects exports in 2012-13 to be 48.2% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 306,400 MT
2012-13: 71,700 MT
2013-14: 234,700 MT
<​/strong>
Trade Expectations
500,000 to 800,000 MT
Weekly Sales Details
Net sales of 71,700 MT--a marketing-year low--for delivery in the 2012-13 marketing year were down 87% from the previous week and 81% from the prior 4-week average. Increases reported for Egypt (63,000 MT, including 60,000 MT switched from unknown destinations), Japan (59,100 MT), Chile (31,100 MT), the Congo (27,500 MT, switched from Nigeria), El Salvador (15,900 MT, switched from unknown destinations), and Colombia (12,000 MT), were partially offset by decreases for unknown destinations (93,100 MT), the Philippines (42,000 MT), and Nigeria (27,500 MT). Net sales of 234,700 MT for delivery in the 2013-14 marketing year were primarily for China (58,500 MT), the Philippines (52,000 MT), unknown destinations (49,000 MT), and Guatemala (46,000 MT).
Weekly Export Details

Exports of 542,300 MT were down 23% from the previous and 13% from the prior 4-week average. The primary destinations were Egypt (63,000 MT), China (57,500 MT), Japan (51,800 MT), Mexico (39,000 MT), Brazil (36,600 MT), and Guatemala (32,200 MT).

Comments and Performance Indicators

Sales were well below expectations. Export commitments for the 2012-13 marketing year are 3% behind year-ago, compared to 2% behind last week. USDA projects exports in 2012-13 to be down 2.4% compared with the previous marketing year.

Soybeans

 
Actual Sales (in metric tons -- MT)
Combined: 422,200 MT
2012-13: -206,300<​/strong> MT
2013-14: 628,500 MT
Trade Expectations
600,000 to 1,00,000 MT
Weekly Sales Details
Net sales reductions of 206,300 MT--a marketing-year low--for 2012-13 were down noticeably from the previous week and from the prior 4-week average. Increases for Mexico (42,900 MT), Indonesia (30,300 MT, including 24,800 MT switched from unknown destinations), Japan (12,500 MT), Vietnam (4,200 MT), and Taiwan (3,500 MT), were more than offset by decreases for China (281,500 MT) and unknown destinations (24,800 MT). Net sales of 628,500 MT for 2013-14 were for China (534,000 MT), unknown destinations (86,000 MT), Canada (7,500 MT), and Japan (1,000 MT).
Weekly Export Details
Exports of 191,700 MT were up 6% from the previous week, but down 59% from the prior 4-week average. The primary destinations were Mexico (91,200 MT), Indonesia (53,600 MT), Taiwan (21,900 MT), Japan (14,500 MT), Vietnam (3,700 MT), Malaysia (2,000 MT), and South Korea (1,900 MT).
Comments and Performance Indicators

Sales were below expectations. Export commitments for the new marketing year are running 9% ahead of year-ago compared to 13% ahead last week. USDA projects exports in 2012-13 to be 0.9% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)
<​strong>Combined: 218,600 MT
2012-13: 193,300 MT
2013-14: 25,300 MT
<​/strong>
Trade Expectations
100,000 to 250,000 MT
Weekly Sales Details
Net sales of 193,300 MT for 2012-13 were down 27% from the previous week and 7% from the prior 4-week average. Increases were reported for the Philippines (46,500 MT), Morocco (30,600 MT, including 15,000 MT switched from unknown destinations and decreases of 800 MT), Ecuador (30,000 MT), the Dominican Republic (17,600 MT), Canada (11,700 MT), and Honduras (10,600 MT, including 5,300 MT switched from unknown destinations). Net sales of 25,300 MT for 2013-14 were reported for unknown destinations (25,000 MT) and Canada (300 MT).
Weekly Export Details
Exports of 177,000 MT were up 11% from the previous week, but down 13% from the prior 4-week average. The primary destinations were Venezuela (51,000 MT), Morocco (45,600 MT), the Dominican Republic (19,500 MT), Canada (17,600 MT), Honduras (13,800 MT), Mexico (10,500 MT), and Trinidad (5,300 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 37% ahead of last year's pace compared to 39% ahead of year-ago last week. USDA projects exports in 2012-13 to be 4.0% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

<​b><​strong> 2012-13: 1,700 MT<​/strong>

Trade Expectations
0 to 15,000 MT
Weekly Sales Details
Net sales of 1,700 MT for 2012-13 were down 79% from the previous week and 72% from the prior 4-week average. Increases were reported primarily for Mexico (1,600 MT).
Weekly Export Details
Exports of 2,600 MT were down 93% from the previous week and 89% from the prior 4-week average. The primary destinations were Mexico (1,400 MT), Canada (800 MT), the Dominican Republic (100 MT), and Trinidad (100 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 132% ahead of year-ago, compared to 132% 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: 266,700 RB
2012-13: 237,700 RB
2013-14: 29,000 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 237,700 running bales for 2012-13 were up 13% from the previous week and 46% from the prior 4-week average. Increases were reported for China (178,400 RB), Peru (13,300 RB), Turkey (9,700 RB), Taiwan (7,600 RB), and Indonesia (7,300 RB). Decreases were reported for Mexico (4,200 RB). Net sales of 29,000 RB for 2013-14 were for China (23,100 RB) and Indonesia (10,600 RB), were partially offset by decreases for South Korea (8,600 RB).
Weekly Export Details
Exports of 336,000 RB were down 15% from the previous week and 2% from the prior 4-week average. The primary destinations were China (170,200 RB), Turkey (59,900 RB), Mexico (22,000 RB), Vietnam (20,600 RB), South Korea (15,800 RB), and Thailand (9,600 RB).
Comments and Performance Indicators
Export commitments are 4% ahead of year-ago compared to 3% ahead last week. USDA projects exports in 2012-13 to be 11.0% ahead of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)
2013: 15,900 MT<​/b>
Weekly Sales Details
Net sales of 15,900 MT for 2013 were down 6% from the previous week, but up 16% from the prior 4-week average. Increases were reported for Mexico (4,800 MT), Japan (3,800 MT), Hong Kong (3,200 MT), South Korea (1,600 MT), and Canada (1,100 MT).
Weekly Export Details
Exports of 11,500 MT were primarily to Japan (3,800 MT), Mexico (2,400 MT), Canada (1,300 MT), South Korea (1,100 MT), and Hong Kong (1,000 MT).
Comments and Performance Indicators
Exports compare to 16,800 MT last week. USDA projects exports in 2013 to be 1.2% below last year's total.

Pork

Actual Sales (in metric tons -- MT)
2013: 12,200 MT<​/strong>
Weekly Sales Details
Net sales of 12,200 MT for 2013 were primarily for Mexico (6,800 MT), Hong Kong (1,300 MT), Canada (1,000 MT), Japan (900 MT), and South Korea (900 MT).
Weekly Export Details
Exports of 8,400 MT were primarily to Mexico (3,500 MT), Japan (1,200 MT), Canada (1,000 MT), Hong Kong (600 MT), and South Korea (500 MT).
Comments and Performance Indicators
Exports compare to 8,300 MT last week. USDA projects exports in 2013 to be 3.3% below last year's total.

Link to USDA report.

 


 

 

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