Soybean Export Sales Soar Past Expectations & 1.3 MMT

December 13, 2012 01:51 AM
 

The Weekly Export Sales Report for the week ended Dec. 6, 2012, showed that the global appetite for soy shows no signs of fading and calls into question USDA's decision not to raise its soybean export projection on Tuesday. Soybean sales topped expectations by a wide margin at more than 1.3 MMT. Wheat export sales improved notably this week and topped expectations. Corn export sales met expectations but expectations are admittedly low.

 

USDA Weekly Export Sales Report
Week Ended Dec. 6, 2012

Corn

Actual Sales (in metric tons -- MT)

<​b>Combined: 272,600 MT
2012-13: 258,900 MT
2013-14: 13,700 MT

Trade Expectations

100,000 to 300,000 MT

Weekly Sales Details

Net sales of 258,900 MT for the 2012-13 marketing year were up noticeably from the previous week, but down 10% from the prior 4-week average. Increases reported for Mexico (82,700 MT), Japan (72,300 MT, including 26,000 MT switched from unknown destinations), Colombia (40,000 MT), Taiwan (32,200 MT), Venezuela (10,000 MT, switched from unknown destinations), and unknown destinations (6,700 MT), were partially offset by decreases for the French West Indies (4,100 MT). Net sales of 13,700 MT for delivery in the 2013-14 marketing year were for Japan.

Weekly Export Details

Exports of 258,400 MT were down 12% from the previous week and 20% for the prior 4-week average. The primary destinations were Japan (143,500 MT), Mexico (84,400 MT), Venezuela (10,000 MT), Honduras (4,700 MT), Jamaica (4,600 MT), and Guyana (4,500 MT).

Comments and Performance Indicators

Sales were within expectations. Export commitments for the new marketing year are 46% behind year ago compared to 46% 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: 573,500 MT
2012-13: 518,600 MT
2013-14: 54,900 MT
Trade Expectations
350,000 to 550,000 MT
Weekly Sales Details
Net sales of 518,600 MT for the 2012-13 marketing year were up 47% from the previous week and 31% from the prior 4-week average. Increases were reported for Egypt (183,000 MT), Japan (162,500 MT), Thailand (45,100 MT), South Korea (41,100 MT), unknown destinations (31,500 MT), Turkey (20,000 MT), and Mexico (18,100 MT). Decreases were reported for the Dominican Republic (4,600 MT), Peru (3,000 MT), Venezuela (1,200 MT), and Nigeria (1,000 MT). Net sales of 54,900 MT for delivery in the 2013-14 marketing year were for Mexico.
Weekly Export Details
Exports of 309,700 MT were down 20% from the previous week, but unchanged from the prior 4-week average. The primary destinations were Nigeria (87,400 MT), Mexico (65,600 MT), Taiwan (53,100 MT), South Korea (49,900 MT), Japan (18,700 MT), Venezuela (14,800 MT), and Costa Rica (9,900 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments for the 2012-13 marketing year are 9% behind year-ago, compared to 10% behind last week. USDA projects exports in 2012-13 to be steady with the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

2012-13: 1,319,400 MT<​/b>

Trade Expectations
600,000 to 850,000 MT
Weekly Sales Details
Net sales of 1,319,400 MT for the 2012-13 marketing year -- a marketing-year high -- were up 16% from the previous week and up noticeably from the prior 4-week average. Increases reported for China (1,008,800 MT, including 180,000 MT switched from unknown destinations and decreases of 124,100 MT), Mexico (90,400 MT), Egypt (68,500 MT), the United Kingdom (60,500 MT, including 55,000 MT switched from unknown destinations), and Japan (27,500 MT), were partially offset by decreases for Turkey (2,800 MT).
Weekly Export Details
Exports of 1,159,200 MT were down 25% from the previous week and 30% from the prior 4-week average. The primary destinations were China (892,400 MT), Mexico (92,400 MT), the United Kingdom (60,500 MT), Turkey (30,500 MT), and Taiwan (18,000 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments for the new marketing year are running 32% ahead of year-ago compared to 29% ahead last week. USDA projects exports in 2012-13 to be 1.2% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)
2012-13: 271,900 MT​<​/strong>
Trade Expectations
200,000 to 350,000 MT
Weekly Sales Details
Net sales of 271,900 MT for the 2012-13 marketing year were down 41% from the previous week and 14% from the prior 4-week average. Increases were reported for Mexico (46,500 MT), Italy (43,300 MT, including 41,000 MT switched from unknown destinations), El Salvador (33,700 MT), Egypt (32,000 MT), Canada (28,000 MT), and Columbia (27,200 MT). Decreases were reported for unknown destinations (15,500 MT), the French West Indies (4,100 MT), and Ecuador (1,500 MT).
Weekly Export Details
Exports of 363,800 MT were up 24% from the previous week and 34% from the prior 4-week average. The primary destinations were South Korea (57,800 MT), Italy (43,300 MT), El Salvador (33,700 MT), Ecuador (28,500 MT), Germany (28,400 MT), the Dominican Republic (27,500 MT), and Mexico (23,400 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 40% ahead of last year's pace compared to 37% ahead of year-ago last week. USDA projects exports in 2012-13 to be 15.8% behind the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

<​strong> 2012-13: 30,5000 MT

Trade Expectations
15,000 to 40,000 MT
Weekly Sales Details
Net sales of 30,500 MT for the 2012-13 marketing year resulted as increases for Venezuela (30,000 MT, including 15,000 MT switched from unknown destinations), Morocco (5,000 MT), Algeria (4,500 MT), Colombia (4,000 MT), and Mexico (1,400 MT), were partially offset by decreases for unknown destinations (15,000 MT) and Canada (400 MT).
Weekly Export Details
Exports of 38,000 MT were up 40% the previous week and 41% from the prior 4-week average. The primary destinations were Venezuela (30,000 MT), Mexico (3,000 MT), the Dominican Republic (2,600 MT), and Trinidad (800 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments for the new marketing year are 325% ahead of year-ago, compared to 320% ahead last week. USDA projects exports in 2012-13 to be 23.0% ahead of the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 309,900 RB
2012-13: 283,900 RB
2013-14: 26,000 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 283,900 running bales for the 2012-13 marketing year were down 32% from the previous week and 24% from the prior 4-week average. Increases were reported for China (136,400 RB), Turkey (62,700 RB), Bangladesh (20,500 RB), Indonesia (16,400 RB, including 300 RB switched from Japan), Mexico (13,200 RB), and Pakistan (13,000 RB). Decreases were reported for Thailand (14,600 RB). Net sales of 26,000 RB for delivery in the 2013-14 marketing year were for Mexico (17,100 RB) and Thailand (8,900 RB).
Weekly Export Details
Exports of 181,700 RB were down 14% from the previous week, but up 26% from the prior 4-week average. The primary destinations were China (77,500 RB), Vietnam (27,600 RB), Turkey (23,600 RB)and Mexico (13,700 RB).
Comments and Performance Indicators
Export commitments are 20% behind year-ago compared to 22% behind last week. USDA projects exports in 2012-13 to be 0.7% ahead of the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

Combined: 14,800 MT
2012: 12,700 MT
2013: 2,100 MT
<​/strong>

Weekly Sales Details
Net sales of 12,700 MT were down 10% from the previous week and 3% from the prior 4-week average. Increases were reported for Mexico (3,800 MT), Canada (2,100 MT), South Korea (1,300 MT), Japan (1,100 MT), and Egypt (800 MT). Net sales of 2,100 MT for delivery in the 2013 marketing year were primarily for South Korea (800 MT), Hong Kong (500 MT), Taiwan (400 MT), and Vietnam (300 MT). Decreases were reported for Japan (300 MT).
Weekly Export Details
Exports of 17,500 MT were primarily to Mexico (4,200 MT), Canada (2,900 MT), South Korea (2,900 MT), Japan (1,800 MT), and Vietnam (1,300 MT).
Comments and Performance Indicators
Exports compare to 15,700 MT last week. USDA projects exports in 2012 to be 11.3% below last year's total.

Link to USDA report.

 


 

 

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