Soybean and Cotton Sales Exceed Expectations

November 10, 2011 01:42 AM
 

The Weekly Export Sales Report for the week ended Nov. 3 showed corn and wheat sales below expectations, but a strong recovery for soybean and cotton sales -- mainly to China.

 

 

USDA Weekly Export Sales Report
Week Ended Nov. 3, 2011

Corn

Actual Sales (in metric tons -- MT)

2011-12: 251,900 MT

Trade Expectations

550,000 to 750,000 MT

Weekly Sales Details

Net sales of 251,900 MT for the 2011-12 marketing year were down 60 percent from the previous week and 75 percent from the prior 4-week average. Increases were reported for Mexico (153,000 MT, including 21,900 MT switched from unknown destinations and decreases of 6,700 MT), Japan (133,300 MT, including 112,500 MT switched from unknown destinations and decreases of 35,900 MT), China (119,500 MT, switched from unknown destinations), Taiwan (37,200 MT), and South Korea (18,600 MT). Decreases were reported for unknown destinations (228,700 MT).

Weekly Export Details

Exports of 624,400 MT were primarily to Japan (193,300 MT), Mexico (134,500 MT), China (124,700 MT), South Korea (57,700 MT), the Dominican Republic (27,900 MT), and Taiwan (23,600 MT).

Comments and Performance Indicators

Sales were below expectations. Export commitments are 3% above year ago, compared to 5% above last week. USDA projects exports in 2011-12 to be 12.8% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2011-12: 298,400 MT
Trade Expectations
350,000 to 450,000 MT
Weekly Sales Details
Net sales of 298,400 MT for the 2011-12 marketing year were down 7 percent from the previous week and 22 percent from the prior 4-week average. Increases were primarily for South Korea (85,000 MT, including 55,000 MT switched from unknown destinations and decreases of 28,000 MT), the Philippines (82,100 MT), Mexico (55,800 MT), Nigeria (51,900 MT), Guatemala (28,200 MT, switched from unknown destinations), El Salvador (19,200 MT, including 14,600 MT switched from unknown destinations), and Japan (10,900 MT). Decreases were reported for unknown destinations (55,600 MT). Option exercise to export the commodity from other than the United States was reported for Nigeria (7,300 MT).
Weekly Export Details
Exports of 353,500 MT were down 43 percent from the previous week and 20 percent from the prior 4-week average. The primary destinations were to Nigeria (74,300 MT), the Philippines (52,100 MT), South Korea (50,100 MT), Mexico (41,000 MT), Guatemala (28,200 MT), Japan (26,300 MT), and El Salvador (19,200 MT).
Comments and Performance Indicators
Sales were below trade expectations. Export commitments are 21% behind year-ago, compared to 19% behind last week. USDA projects exports in 2011-12 to be 24.4% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 606,800 MT
2011-12: 604,000 MT
2012-13:
2,800 MT

Trade Expectations
400,000 to 600,000 MT
Weekly Sales Details
Net sales of 604,000 MT for the 2011-12 marketing year were mainly reported for China (334,700 MT, including 110,000 MT switched from unknown destinations and decreases of 60,400 MT), South Korea (60,000 MT), Mexico (47,500 MT), Japan (47,200 MT, including 45,000 MT switched from unknown destinations and decreases of 500 MT), France (45,500 MT, switched from the United Kingdom), and Egypt (36,000 MT). Decreases were reported for the United Kingdom (60,000 MT) and unknown destinations (13,000 MT). Net sales of 2,800 MT for delivery in 2012-13 were reported for Japan. Exports for own account were reported for Canada (54,400 MT).
Weekly Export Details
Exports of 1,224,100 MT were primarily reported to China (899,800 MT), Indonesia (146,200 MT), Japan (47,200 MT), France (45,500 MT), Mexico (36,600 MT),and Taiwan (21,400 MT).
Comments and Performance Indicators

Sales were above expectations. Export commitments are running 36% behind year-ago, which compares to 36% behind last week. USDA projects exports in 2011-12 to be 11.7% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 295,800 MT
2011-12: 291,400 MT
2012-13:
4,400 MT

Trade Expectations
100,000 to 150,000 MT
Weekly Sales Details
Net sales of 291,400 MT for the 2011-12 marketing year were mainly reported for the Philippines (130,700 MT), Mexico (118,900 MT) Ireland (20,000 MT), Canada (16,400 MT), and unknown destinations (6,500 MT). Decreases were reported for Peru (3,300 MT) and Japan (1,100 MT). Net sales of 4,400 MT for delivery in 2012-13 were mainly reported for Mexico (4,300 MT).
Weekly Export Details
Exports of 112,800 MT were primarily reported to Canada (24,400 MT), Mexico (22,900 MT), Panama (13,000 MT), the Dominican Republic (12,700 MT), and Morocco (12,500 MT). Accumulated exports were adjusted down for Mexico (100,000 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are running 12% behind year-ago, compared to 7% behind last week. USDA projects exports in 2011-12 to be 3.3% below the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 21,700 MT

Trade Expectations
5,000 to 10,000 MT
Weekly Sales Details
Net sales of 21,700 MT for delivery in 2011-12 resulted as increases for Morocco (20,000 MT), the Dominican Republic (2,000 MT), and Mexico (700 MT), were partially offset by decreases for unknown destinations (800 MT) and Canada (300 MT).
Weekly Export Details
Exports of 3,200 MT were primarily reported to Mexico (1,200 MT), Turkey (1,000 MT) and Canada (800 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are 83% below year-ago, compared to 87% below last week. USDA projects exports in 2011-12 to be 53.8% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 1,020,900 RB
2011-12: 998,000 RB
2012-13:
24,900 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 998,000 running bales for the 2011-12 marketing year reported for China (996,100 RB), Turkey (11,800 RB), and Guatemala (8,100 RB), were partially offset by decreases for unknown destinations (8,700 RB), Japan (6,300 RB), and Indonesia (3,600 RB). Net sales of 24,900 MT for delivery in 2012-13 were mainly reported for Turkey (24,200 RB).
Weekly Export Details
Exports for own account were reported for China (15,500 RB). Option exercised to export the commodity from other than the United States were reported to China (13,200 RB), Thailand (2,600 RB), and Vietnam (2,200 RB). Exports of 107,200 RB were up 19 percent from the previous week and 31 percent from the prior 4-week average. The primary destinations were to China (48,900 RB), Mexico (16,600 RB), Vietnam (11,000 RB), and Turkey (10,600 RB).
Comments and Performance Indicators
Export commitments are 29% behind year-ago compared to 33% behind last week. USDA projects exports in 2011-12 to be 21.4% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

12,900 MT

Weekly Sales Details
Net sales of 12,900 MT for delivery in 2011 were primarily for South Korea (4,000 MT), Mexico (3,100 MT), Canada (2,900 MT), Japan (1,300 MT), and Taiwan (700 MT). Decreases were reported for Hong Kong (1,500 MT).
Weekly Export Details
Exports of 16,500 MT were mainly reported to Mexico (3,500 MT), Japan (2,300 MT), South Korea (2,300 MT), Canada (2,000 MT), and Vietnam (1,600 MT).
Comments and Performance Indicators
Exports compare to 15,300 MT last week. USDA projects exports in 2012 to be 20.3% above last year's total.

Link to USDA report.

 


Juli says: Thanks to strong Chinese purchases, weekly cotton and soybean tallies exceeded expectations. This follows this morning's news that Chinese soybean imports were a disappointment last month.

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