Soybean Export Sales of 1.827 MMT Top Lofty Expectations

May 10, 2012 02:23 AM
 

The Weekly Export Sales Report for the week ended May 3, 2012, will reinforce bearish attitudes in the corn market today on the heels of bigger than expected carryover for both old- and new-crop as weekly export sales came in at less than half the average pre-report trade guess. Soybeans export sales, on the other hand came in well above already-strong expectations. Wheat export sales matched expectations. Beef sales were strong and cotton export sales improved, though they are still nothing to write home about.

USDA Weekly Export Sales Report
Week Ended May 3, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 473,400 MT
2011-12: 224,200 MT
2012-13: 249,200 MT

Trade Expectations

1,100,000 to 1,300,000 MT

Weekly Sales Details

Net sales of 224,200 MT were down 83 percent from the previous week and 72 percent from the prior 4-week average. Increases were reported for Japan (195,100 MT, including 87,300 MT switched from unknown destinations and decreases of 15,900 MT), Mexico (115,100 MT, including 67,400 MT switched from unknown destinations and decreases of 22,500 MT), South Korea (61,400 MT), Venezuela (19,000 MT, switched from Panama), Guatemala (16,700 MT, including 22,600 MT switched from unknown destinations and decreases of 5,900 MT), and Taiwan (16,500 MT). Decreases were reported for unknown destinations (153,000 MT), China (60,000 MT), and Panama (19,000 MT). Net sales of 249,200 MT for the 2012-13 marketing year were reported primarily for unknown destinations (130,000 MT) and South Korea (116,000 MT).

Weekly Export Details

Exports of 696,900 MT were up 5 percent from the previous week, but down 11 percent from the prior 4-week average. The primary destinations were Mexico (215,500 MT), Japan (198,300 MT), Venezuela (76,000 MT), South Korea (67,500 MT), Egypt (50,400 MT), and Costa Rica (32,600 MT).

Comments and Performance Indicators

Sales fell well short of expectations. Export commitments are 9% below year ago, compared to 9% 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: 550,500 MT
2011-12: 221,600 MT
2012-13: 328,900 MT
Trade Expectations
450,000 to 750,000 MT
Weekly Sales Details
Net sales of 221,600 MT were down 14 percent from the previous week and 39 percent from the prior 4-week average. Increases were reported for the Philippines (95,000 MT, including 45,000 MT switched from unknown destinations), Algeria (75,000 MT), Spain (66,900 MT, switched from unknown destinations), Egypt (58,600 MT, including 60,000 MT switched from unknown destinations and decreases of 3,900 MT), Taiwan (56,500 MT), and Nigeria (27,000 MT, including 26,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (214,000 MT). Net sales of 328,900 MT for delivery in the 2012-13 marketing year were primarily for Saudi Arabia (110,000 MT), Mexico (86,300 MT), unknown destinations (71,500 MT), and Venezuela (30,000 MT).
Weekly Export Details
Exports of 551,200 MT were down 11 percent from the previous week and 5 percent from the prior 4-week average. The primary destinations were Japan (129,100 MT), Egypt (113,300 MT), Mexico (85,200 MT), Spain (66,900 MT), Iran (66,000 MT), and Nigeria (27,000 MT).
Comments and Performance Indicators
Sales were within trade expectations. Export commitments are 21% behind year-ago, compared to 21% behind last week. USDA projects exports in 2011-12 to be 20.5% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 1,827,000 MT
2011-12: 466,500 MT
2012-13: 1,360,500 MT

Trade Expectations
1,200,000 to 1,400,000 MT
Weekly Sales Details
Net sales of 466,500 MT were down 22 percent from the previous week and 19 percent from the prior 4-week average. Increases were primarily for China (176,800 MT), Mexico (146,600 MT), Egypt (70,000 MT), Malaysia (29,300 MT, including 24,000 MT switched from unknown), and Tunisia (28,000 MT). Decreases were reported for unknown destinations (43,500 MT) and Israel (14,300 MT). Net sales of 1,360,500 MT for delivery in the 2012-13 marketing year were primarily for China (911,000 MT) and unknown destinations (386,500 MT).
Weekly Export Details
Exports of 305,600 MT were reported primarily to China (72,400 MT), Mexico (71,700 MT), Japan (35,700 MT), Malaysia (28,600 MT), Canada (20,200 MT), and Costa Rica (18,700 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments are running 16% behind year-ago, which compares to 17% behind last week. USDA projects exports in 2011-12 to be 12.4% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 235,500 MT
2011-12: 138,400 MT
2012-13: 97,100 MT

Trade Expectations
100,000 to 200,000 MT
Weekly Sales Details
Net sales of 138,400 MT were up noticeably from the previous week, but down 10 percent from the prior 4-week average. Increases reported for Mexico (49,700 MT), the Philippines (43,500 MT), Ireland (15,000 MT), Honduras (14,200 MT), Canada (13,600 MT), and Colombia (10,600 MT), were partially offset by decreases for the Dominican Republic (21,600 MT), unknown destinations (9,300 MT), and Morocco (3,400 MT). Net sales of 97,100 MT for delivery in the 2012-13 marketing year were reported primarily for Canada (82,800 MT). Decreases were reported for unknown destinations (1,000 MT).
Weekly Export Details
Exports of 145,200 MT were up 7 percent from the previous week and 2 percent from the prior 4-week average. Increases were reported for Peru (29,900 MT), Venezuela (26,000 MT), Canada (18,800 MT), the Dominican Republic (17,400 MT), and Egypt (13,500 MT).
Comments and Performance Indicators
Sales are above expectations. Export commitments are running 5% behind year-ago, compared to 6% behind last week. USDA projects exports in 2011-12 to be steady with the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 30,100 MT

Trade Expectations
40,000 to 70,000 MT
Weekly Sales Details
Net sales of 30,100 MT were primarily for China (30,000 MT).
Weekly Export Details
Exports of 21,400 MT were up noticeably from the previous week and from the prior 4-week average. Increases were primarily to Morocco (19,400 MT), Mexico (1,000 MT), and Canada (600 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are 66% below year-ago, compared to 68% 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: 193,600 RB
2011-12: 99,400 RB
2012-13: 94,200 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 99,400 running bales for the 2011-12 marketing year were up noticeably from the previous week and from the prior 4-week average. Increases for China (66,300 RB, including 2,200 RB switched from Vietnam and decreases of 1,400 RB), Turkey (11,700 RB), Taiwan (9,500 RB)Thailand (8,600 RB, including 800 RB switched from Japan and decreases of 3,900 RB), and South Korea (8,000 RB), were partially offset by decreases for Vietnam (8,900 RB), Guatemala (3,400 RB), and Italy (1,300 RB). Net sales of 94,200 RB for delivery in the 2012-13 marketing year were primarily for China (28,500 RB), Turkey (22,800 RB), and Vietnam (15,400 RB).
Weekly Export Details
Exports of 322,700 RB were up 1 percent from the previous week and 22 percent from the prior 4-week average. The primary destinations were China (196,900 RB), Turkey (21,400 RB), South Korea (15,500 RB), and Mexico (14,100 RB).
Comments and Performance Indicators
Export commitments are 24% behind year-ago compared to 25% behind last week. USDA projects exports in 2011-12 to be 20.7% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 20,800 MT

Weekly Sales Details
Net sales of 20,800 MT were up 24 percent from the previous week and 9 percent from the prior 4-week average. Increases were reported for Japan (6,000 MT), Canada (4,000 MT), Mexico (3,200 MT), Vietnam (1,900 MT), and Egypt (1,500 MT).
Weekly Export Details
Exports of 17,600 MT were primarily to Mexico (3,000 MT), Japan (2,900 MT), South Korea (2,800 MT), Russia (2,400 MT), and Canada (2,100 MT).
Comments and Performance Indicators
Exports compare to 16,800 MT last week. USDA projects exports in 2012 to be 4.1% below last year's total.

Link to USDA report.

 


 

 

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