Soybean Export Sales Fall Well Short of Expectations

November 8, 2012 01:50 AM
 

The Weekly Export Sales Report for the week ended Nov. 1, 2012, showed improved corn demand over last week, though sales were nothing to write home about. Wheat export sales fell short of expectations as did soybeans. The decline in soybean export sales was sharp from recent weeks. Cotton export sales were decent and beef export sales were impressive. Sales of soy meal and oil remain well above the pace needed to meet USDA's export projection.

USDA Weekly Export Sales Report
Week Ended Nov. 1, 2012

Corn

Actual Sales (in metric tons -- MT)

<​strong>Combine​d: 209,400 MT
2012-13: 157,600 MT
2013-14: 51,800 MT

Trade Expectations

150,000 to 250,000 MT

Weekly Sales Details

Net sales of 157,600 MT for the 2012-13 marketing year were down 6 percent from the previous week, but up 31 percent from the prior 4-week average. Increases reported for Mexico (67,900 MT), China (54,500 MT, including 60,000 MT switched from unknown destinations and decreases of 5,500 MT), Japan (30,800 MT), Cuba (25,000 MT), and Colombia (9,500 MT), were partially offset by decreases for unknown destinations (34,600 MT) and Jamaica (4,800 MT). Net sales of 51,800 MT for delivery in the 2013-14 marketing year were for Japan.

Weekly Export Details

Exports of 395,500 MT were up 2 percent from the previous week, but down 2 percent for the prior 4-week average. The primary destinations were Mexico (160,100 MT), Japan (72,900 MT), South Korea (60,100 MT), China (54,500 MT), Cuba (25,000 MT), and Taiwan (10,700 MT).

Comments and Performance Indicators

Sales matched expectations. Export commitments for the new marketing year are 48% 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)
Combined: 220,900 MT
2012-13: 209,400 MT
2013-14: 11,500 MT
<​/strong>
Trade Expectations
300,000 to 500,000 MT
Weekly Sales Details
Net sales of 209,400 MT for the 2012-13 marketing year were down 42 percent from the previous week and 48 percent from the prior 4-week average. Increases were reported for South Korea (101,700 MT), Mexico (54,000 MT), Thailand (46,500 MT), unknown destinations (14,300 MT), the Dominican Republic (11,000 MT), and Jamaica (10,000 MT). Decreases were reported for the Philippines (55,100 MT) and the Republic of South Africa (6,500 MT). Net sales of 11,500 MT for delivery in the 2013-14 marketing year were for Mexico.
Weekly Export Details
Exports of 392,300 MT were up 33 percent from the previous week and 32 percent from the prior 4-week average. The primary destinations were South Korea (62,100 MT), Indonesia (60,800 MT), Taiwan (58,000 MT), Nigeria (53,000 MT), Mexico (42,100 MT), Venezuela (21,900 MT), Italy (20,800 MT), and Egypt (19,500 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments for the new marketing year are 10% behind year-ago, compared to 9% behind last week. USDA projects exports in 2012-13 to be 9.5% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 191,900 MT
2012-13: 186,400 MT
2013-14: 5,500 MT

Trade Expectations
600,000 to 800,000 MT
Weekly Sales Details
Net sales of 186,400 MT for the 2012-13 marketing year resulted as increases for China (274,800 MT, including 168,000 MT switched from unknown destinations and decreases of 20,200 MT), Egypt (86,700 MT), Spain (85,800 MT, including 75,500 switched from unknown destinations), Indonesia (65,700 MT, including 60,000 MT switched from unknown destinations and decreases of 500 MT), South Korea (49,400 MT, including 55,000 MT switched from unknown destinations and decreases of 5,600 MT), and Malaysia (44,700 MT, including 24,000 MT and decreases of 1,900 MT), were partially offset by decreases for unknown destinations (545,600 MT) and Japan (4,100 MT). Net Sales of 5,500 MT for delivery in the 2013-14 marketing year were for Japan.
Weekly Export Details
Exports of 1,748,700 MT were up 2 percent from the previous week and 17 percent from the prior 4-week average. The primary destinations were China (1,297,900 MT), Taiwan (95,200 MT), Spain (85,800 MT), Indonesia (72,400 MT), and South Korea (49,600 MT).
Comments and Performance Indicators

Sales were well below expectations. Export commitments for the new marketing year are running 36% ahead of year-ago compared to 39% ahead last week. USDA projects exports in 2012-13 to be 7.0% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

2012-13: 194,500 MT

Trade Expectations
100,000 to 150,000 MT
Weekly Sales Details
Net sales of 194,500 MT for the 2012-13 marketing year were reported for Venezuela (73,500 MT), Turkey (64,000 MT), Egypt (35,000 MT), the Dominican Republic (32,300 MT), and Libya (27,500 MT, including 25,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (65,200 MT) and Morocco (40,300 MT).
Weekly Export Details
Exports of 187,400 MT were reported to Egypt (35,000 MT), Libya (27,500 MT)Canada (22,400 MT), Morocco (20,900 MT), and Spain (19,200 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are running 25% ahead of last year's pace compared to 31% ahead of year-ago last week. USDA projects exports in 2012-13 to be 21.9% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2012-13: 36,700 MT

Trade Expectations
20,000 to 40,000 MT
Weekly Sales Details
Net sales of 36,700 MT for the 2012-13 marketing year were reported for China (25,000 MT), Mexico (10,200 MT), Nicaragua (800 MT), and Guatemala (500 MT).
Weekly Export Details
Exports of 8,100 MT were reported to Mexico (3,300 MT), Venezuela (3,100 MT), Nicaragua (800 MT), and Canada (800 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 181% ahead of year-ago, compared to 209% ahead last week. USDA projects exports in 2012-13 to be 17.2% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 271,600 RB
2012-13: 266,000 RB
2013-14: 5,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 266,000 running bales for the 2012-13 marketing year were up noticeably from the previous week and from the prior 4-week average. Increases reported for China (126,300 RB), Turkey (64,900 RB), Pakistan (30,600 RB), Vietnam (12,100 RB), and Taiwan (7,700 RB), were partially offset by decreases for El Salvador (1,200 RB). Net sales of 5,600 RB for delivery in the 2013-14 marketing year were reported for Mexico.
Weekly Export Details
Exports of 115,100 RB were up 4 percent from the previous week and 10 percent from the prior 4-week average. The primary destinations were China (54,000 RB), Turkey (16,900 RB), Mexico (15,700 RB), and Taiwan (7,500 RB). Net American Pima sales of 4,800 RB for the 2012-13 marketing year were reported for China (3,300 RB), Thailand (1,300 RB), Turkey (400 RB, switched from Switzerland), and Japan (100 RB). Exports of 13,400 RB were primarily to China (7,400 RB), Thailand (1,400 RB), India (1,400 RB), and Bangladesh (1,000 RB).
Comments and Performance Indicators
Export commitments are 26% behind year-ago compared to 20% behind last week. USDA projects exports in 2012-13 to be 0.9% behind the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

<​b>Combined: 20,200 MT
2
012: 19,400 MT
2013: 800 MT

Weekly Sales Details
Net sales of 19,400 MT were up 33 percent from the previous week and 28 percent from the prior 4-week average. Increases were reported for South Korea (3,900 MT), Mexico (3,700 MT), Canada (3,100 MT), Japan (2,200 MT), and Vietnam (1,500 MT). Net sales of 800 MT for delivery in the 2013 marketing year were primarily for Japan (400 MT) and Mexico (200 MT).
Weekly Export Details
Exports of 15,700 MT were primarily to Mexico (3,100 MT), Japan (2,400 MT), South Korea (2,200 MT), Canada (1,900 MT), and Vietnam (1,500 MT).
Comments and Performance Indicators
Exports compare to 15,200 MT last week. USDA projects exports in 2012 to be 11.0% below last year's total.

Link to USDA report.

 


 

 

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