Soybean Export Sales Again Top Expectations

March 1, 2012 01:46 AM
 

The Weekly Export Sales Report for the week ended Feb. 23, 2012, reflected another week of strong soybean sales, as they came in near the million mark and above expectations. Corn sales were within expectations while wheat sales edged in just above the low end of expectations. Cotton export sales were unimpressive and beef sales were less than half the sales of the week prior.

 

USDA Weekly Export Sales Report
Week Ended Feb. 23, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 713,000 MT
2011-12: 690,000 MT
2012-13: 23,000

Trade Expectations

650,000 to 850,000 MT

Weekly Sales Details

Net sales of 690,000 MT for the 2011-12 marketing year resulted as increases for Japan (221,600 MT, including 91,900 MT switched from unknown destinations and decreases of 16,000 MT), Mexico (143,700 MT, including 82,900 MT switched from unknown destinations and decreases of 12,500 MT), China (122,000 MT), Taiwan (85,700 MT), South Korea (34,400 MT, including 30,000 MT switched from unknown destinations), and unknown destinations (27,900 MT). Net sales of 23,000 MT for delivery in the 2012-13 marketing year were reported for Mexico.

Weekly Export Details

Exports of 818,100 MT were up 5 percent from the previous week and 2 percent from the prior 4-week average. The primary destinations were to Japan (341,900 MT), Mexico (279,500 MT), South Korea (89,800 MT), Cuba (26,100 MT), Venezuela (22,000 MT), and Colombia (20,700 MT).

Comments and Performance Indicators

Sales were within expectations. Export commitments are 9% below year ago, compared to 8% below last week. USDA projects exports in 2011-12 to be 7.4% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 509,100 MT
2011-12: 414,100 MT
2012-13: 95,000
Trade Expectations
500,000 to 700,000 MT
Weekly Sales Details
Net sales of 414,100 MT were down 41 percent from the previous week and 30 percent from the prior 4-week average. Increases were primarily for South Korea (167,200 MT, including 55,000 MT switched from unknown destinations), Thailand (98,400 MT), Mexico (44,000 MT), Nigeria (33,000 MT), and Taiwan (28,500 MT). Decreases were reported for unknown destinations (53,000 MT). Net sales of 95,000 MT for delivery in the 2012-13 marketing year were reported for Mexico (55,000 MT), Colombia (20,000 MT), and unknown destinations (20,000 MT).
Weekly Export Details
Exports of 205,800 MT were down 61 percent from the previous week and 57 percent from the prior 4-week average. The primary destinations were to the Philippines (61,100 MT), Thailand (48,800 MT), Nigeria (47,200 MT), South Korea (23,700 MT), and Mexico (14,000 MT).
Comments and Performance Indicators
Sales were within trade expectations. Export commitments are 23% behind year-ago, compared to 23% 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: 976,400 MT
2011-12: 549,100 MT
2012-13: 427,300 MT

Trade Expectations
400,000 to 800,000 MT
Weekly Sales Details
Net sales of 549,100 MT were down 53 percent from the previous week and 8 percent from the prior 4-week average. Increases were primarily for China (248,200 MT), Mexico (88,000 MT), unknown destinations (64,500 MT), Egypt (50,200 MT), Indonesia (27,200 MT), and South Korea (25,300 MT, including 25,000 MT switched from unknown destinations). Decreases were reported for Spain (2,000 MT). Net sales of 427,300 MT for delivery in the 2012-13 marketing year were reported mainly for China (425,000 MT).
Weekly Export Details
Exports of 979,800 MT were reported primarily to China (675,500 MT), Egypt (66,800 MT), Mexico (55,100 MT), Japan (54,700 MT), Tunisia (29,400 MT), and Spain (28,000 MT).
Comments and Performance Indicators

Sales were above expectations. Export commitments are running 27% behind year-ago, which compares to 27% behind last week. USDA projects exports in 2011-12 to be 15.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

2011-12: 40,000 MT

Trade Expectations
75,000 to 150,000 MT
Weekly Sales Details
Net sales of 40,000 MT -- a marketing-year low -- were down 82 percent from the previous week and 70 percent from the prior 4-week average. Increases were primarily for Canada (12,000 MT), Japan (11,300 MT, including 8,800 MT switched from unknown destinations), Egypt (8,000 MT), Spain (2,200 MT), and unknown destinations (2,200 MT).
Weekly Export Details
Exports of 157,800 MT were down 13 percent from the previous week and 10 percent from the prior 4-week average. Increases were reported mainly to the Philippines (47,700 MT), Mexico (30,100 MT), Spain (22,200 MT), Canada (17,600 MT), Egypt (16,200 MT), and Japan (10,400 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments are running 12% behind year-ago, compared to 10% 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: 4,800 MT

Trade Expectations
5,000 to 25,000 MT
Weekly Sales Details
Net sales of 4,800 MT were down 81 percent from the previous week and 75 percent from the prior 4-week average. Increases were reported for Mexico (2,800 MT) and Nicaragua (2,000 MT).
Weekly Export Details
Exports of 3,100 MT were down 91 percent from the previous week and 80 percent from the prior 4-week average. Increases were reported mainly to Mexico (2,200 MT) and Canada (700 MT).
Comments and Performance Indicators
Sales were just below expectations. Export commitments are 76% below year-ago, compared to 76% below last week. USDA projects exports in 2011-12 to be 62.9% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 78,500 RB
2011-12: 76,200 RB
2012-13
: 2,300 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 76,200 running bales for the 2011-12 marketing year were down 57 percent from the previous week, but up noticeably from the prior 4-week average. Increases were primarily for China (29,100 RB), India (8,800 RB), Morocco (6,700 RB), and Mexico (6,200 RB). Decreases were reported for Bangladesh (2,200 RB). Optional origin sales for the 2011-12 marketing year were reported for China (22,000 RB). Net sales of 2,300 RB for delivery in the 2012-13 marketing year were reported for Morocco.
Weekly Export Details
Exports of 313,200 RB were unchanged from the previous week, but down 1 percent from the prior 4-week average. The primary destinations were to China (223,500 RB), Turkey (23,200 RB), Mexico (15,400 RB), and Taiwan (8,300 RB). Exports for own account were reported for China (9,200 RB).
Comments and Performance Indicators
Export commitments are 29% behind year-ago compared to 29% behind last week. USDA projects exports in 2011-12 to be 23.5% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 13,200 MT

Weekly Sales Details
Net sales of 13,200 MT were down 54 percent from the previous week and 21 percent from the prior 4-week average. Increases were reported for South Korea (2,400 MT), Japan (2,300 MT), Vietnam (2,200 MT), Mexico (2,000 MT), and Canada (1,300 MT).
Weekly Export Details
Exports of 15,800 MT were primarily to Mexico (3,300 MT), South Korea (2,600 MT), Japan (2,200 MT), Canada (1,500 MT), and Vietnam (1,400 MT).
Comments and Performance Indicators
Exports compare to 28,600 MT last week. USDA projects exports in 2012 to be 0.5% below last year's total.

Link to USDA report.

 


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