Soybean Export Sales Remain Strong

August 30, 2012 03:22 AM
 

The Weekly Export Sales Report for the week ended Aug. 23, 2012, showed a marked slowdown in corn demand due to high prices, with a net sales reduction for 2011-12 and an unimpressive tally for 2012-13. Soybean demand, on the other hand, remains strong. A net sales reduction for 2011-12 only partially cut into strong sales of 731,400 metric tons (MT) for 2012-13. Soyoil sales were impressive as they more than tripled the top end of expectations. Soymeal sales met expectations, as did wheat export sales. Cotton export sales were lackluster. Beef demand remains strong.

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

Corn

Actual Sales (in metric tons -- MT)

Combined: 134,700 MT
2011-12: -33,700 MT
2012-13: 168,400 MT

Trade Expectations

250,000 to 450,000 MT

Weekly Sales Details

Net sales reductions of 33,700 MT for the 2011-12 marketing year resulted as increases for China (56,900 MT, including 60,000 MT switched from unknown destinations and decreases of 5,800 MT), Guatemala (26,300 MT), Japan (23,300 MT, including 26,700 MT switched from unknown destinations and decreases of 3,300 MT), El Salvador (21,700 MT), and Mexico (4,300 MT), were more than offset by decreases for unknown destinations (86,700 MT), South Korea (39,700 MT), Canada (24,900 MT), and Colombia (7,500 MT). Net sales of 168,400 MT for delivery in the 2012-13 marketing year were primarily for Japan (113,000 MT), unknown destinations (19,100 MT), Taiwan (18,600 MT), and Jamaica (15,000 MT). Decreases were reported for Mexico (22,300 MT).

Weekly Export Details

Exports of 372,800 MT were down 38 percent from the previous week and 35 percent from the prior 4-week average. The primary destinations were Japan (101,000 MT), Mexico (76,800 MT), China (61,600 MT), Venezuela (45,000 MT), Guatemala (26,300 MT), and El Salvador (21,200 MT).

Comments and Performance Indicators

Sales fell well short of expectations. Export commitments are 18% below year ago, compared to 18% below last week. USDA projects exports in 2011-12 to be 15.5% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
Combined: 509,300 MT
2012-13: 508,400 MT
2013-14: 900 MT
Trade Expectations
450,000 to 600,000 MT
Weekly Sales Details
Net sales of 508,400 MT for the 2012-13 marketing year were up 8 percent from the previous week and 1 percent from the prior 4-week average. Increases were reported for Nigeria (124,500 MT), Mexico (108,400 MT), Taiwan (94,300 MT), South Korea (46,600 MT), the Philippines (28,000 MT, including 11,000 MT switched from unknown destinations), and Colombia (21,900 MT). Decreases were reported for South Africa (9,000 MT). Net sales of 900 MT for delivery in the 2013-14 marketing year were for Mexico.
Weekly Export Details
Exports of 559,300 MT were down 20 percent from the previous week and 2 percent from the prior 4-week average. The primary destinations were Japan (173,000 MT), South Korea (111,200 MT), the Philippines (78,000 MT), Yemen (55,000 MT), Nigeria (52,700 MT), Peru (38,000 MT), and Mexico (28,400 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments for the new marketing year are 10% behind year-ago, compared to 12% behind last week. USDA projects exports in 2012-13 to be 14.3% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 721,300 MT
2011-12: -10,100 MT
2012-13: 731,400 MT

Trade Expectations
600,000 to 800,000 MT
Weekly Sales Details
Net sales reductions of 10,100 MT for the 2011-12 marketing year resulted as increases for China (71,300 MT, including 55,000 MT switched from unknown destinations and decreases of 56,000 MT), Indonesia (26,700 MT, including 24,000 MT switched from unknown destinations and decreases of 1,100 MT), Malaysia (26,200 MT, including 24,000 MT switched from unknown destinations), Japan (20,800 MT, including 20,000 MT switched from unknown destinations), and Israel (17,600 MT, including 16,000 MT switched from unknown destinations), were more than offset by decreases for unknown destinations (176,000 MT). Net sales of 731,400 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (352,000 MT), China (230,000 MT), and Vietnam (65,000 MT).
Weekly Export Details
Exports of 535,700 MT were down 10 percent from the previous week, but up 14 percent from the prior 4-week average. The primary destinations were China (364,300 MT), Indonesia (39,400 MT), Mexico (34,000 MT), Malaysia (27,900 MT), Japan (25,800 MT), and Israel (17,600 MT).
Comments and Performance Indicators

Sales met expectations. Export commitments are running 8% behind year-ago, which compares to 8% behind last week. USDA projects exports in 2011-12 to be 10.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 205,400 MT
2011-12: 44,100 MT
2012-13: 161,300 MT

Trade Expectations
150,000 to 250,000 MT
Weekly Sales Details
Net sales of 44,100 MT were down 73 percent from the previous week and 66 percent from the prior 4-week average. Increases reported for the United Kingdom (60,500 MT, including 55,000 MT switched from unknown destinations), Canada (17,900 MT), Egypt (14,800 MT, switched from unknown destinations), Honduras (6,200 MT, including 6,000 MT switched from unknown destinations), and the Philippines (6,000 MT), were partially offset by decreases for unknown destinations (72,800 MT) and Panama (4,900 MT). Net sales of 161,300 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (45,000 MT), Israel (32,000 MT), Egypt (25,500 MT), and Ireland (18,000 MT).
Weekly Export Details
Exports of 161,300 MT were down 28 percent from the previous week and 26 percent from the prior 4-week average. The primary destinations were the United Kingdom (60,500 MT), the Dominican Republic (19,700 MT), Morocco (16,800 MT), and Egypt (14,800 MT).
Comments and Performance Indicators
Sales matched expectations. Export commitments are running 10% ahead of year-ago, compared to 9% ahead last week. USDA projects exports in 2011-12 to be 4.6% ahead of the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 68,800 MT
2011-12: 37,500 MT
2012-13: 31,300 MT

Trade Expectations
10,000 to 20,000 MT
Weekly Sales Details
Net sales of 37,500 MT for the 2011-12 marketing year were up noticeably from the previous week and from the 4-week average. Increases were reported for China (36,000 MT) and Mexico (3,200 MT). Decreases were reported for Canada (1,800 MT). Net sales of 31,300 MT for delivery in the 2012-13 marketing year were for China (19,000 MT) and Mexico (12,300 MT).
Weekly Export Details
Exports of 11,800 MT were up 71 percent from the previous week, but down 28 percent from the prior 4-week average. The primary destinations were Venezuela (6,000 MT), Mexico (2,200 MT), and Malaysia (2,000 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments are 56% below year-ago, compared to 58% below last week. USDA projects exports in 2011-12 to be 58.2% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 90,300 RB
2012-13: 88,600 RB
2013-14: 1,700 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 88,600 running bales for the 2012-13 marketing year were primarily for China (28,200 RB), Mexico (18,000 RB), Vietnam (14,800 RB), Taiwan (9,600 RB), and Guatemala (7,500 RB). Net sales of 1,700 RB for delivery in the 2013-14 marketing year were for Turkey.
Weekly Export Details
Exports of 154,100 RB were primarily to China (57,500 RB), Mexico (30,000 RB), Turkey (17,600 RB), and Taiwan (8,900 RB).
Comments and Performance Indicators
Export commitments are 32% behind year-ago compared to 31% behind last week. USDA projects exports in 2012-13 to be 3.3% above the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 15,600 MT

Weekly Sales Details
Net sales of 15,600 MT were up 6 percent from the previous week, but down 11 percent from the prior 4-week average. Increases were reported for Mexico (3,400 MT), South Korea (3,300 MT), Japan (2,200 MT), Vietnam (1,600 MT), and Canada (1,400 MT).
Weekly Export Details
Exports of 15,500 MT were primarily to Mexico (2,900 MT), Japan (2,800 MT), Canada (1,900 MT), Vietnam (1,600 MT), and South Korea (1,500 MT).
Comments and Performance Indicators
Exports compare to 14,700 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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