Soybean Export Sales Surge to Nearly 1.303 MMT

October 4, 2012 02:57 AM
 

The Weekly Export Sales Report for the week ended Sept. 27, 2012, showed that more rationing is needed for soybeans as weekly soybean sales of 1.3029 million metric tons -- the bulk of which are for 2012-13 -- signals current prices have only encouraged more buying. China accounted for more than 1 million of the tally. Corn export sales improved over recent weeks and matched expectations while wheat export sales fell short of expectations. Soymeal buys also came in well above expectations while the opposite was true for soyoil sales. Cotton and beef export sales also improved notably over recent weeks.

USDA Weekly Export Sales Report
Week Ended Sept. 27, 2012

Corn

Actual Sales (in metric tons -- MT)

2012-13: 326,900 MT

Trade Expectations

200,000 to 400,000 MT

Weekly Sales Details

Net sales of 326,900 MT for the 2012-13 marketing year reported for Japan (102,600 MT), unknown destinations (59,000 MT), Venezuela (45,000 MT, including 20,000 MT switched from unknown destinations), and Jamaica (30,500 MT), were partially offset by decreases for China (11,900 MT).

Weekly Export Details

Exports of 430,000 MT were primarily to China (108,100 MT), Mexico (88,200 MT), Japan (72,400 MT), Venezuela (58,000 MT), and South Korea (42,000 MT).

Comments and Performance Indicators

Sales met expectations. Export commitments for the new marketing year are 39% behind year ago compared to 36% behind last week. USDA projects exports in 2012-13 to be 18.8% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2012-13: 307,000 MT
Trade Expectations
450,000 to 575,000 MT
Weekly Sales Details
Net sales of 307,000 MT for the 2012-13 marketing year were down 28% from the previous week and 34% from the prior 4-week average. Increases were reported for the Philippines (103,400 MT, including 48,000 MT switched from unknown destinations), Nigeria (55,000 MT), Japan (38,700 MT), South Korea (34,100 MT), the Dominican Republic (29,700 MT, including 7,500 MT switched from unknown destinations), and Mexico (19,500 MT). Decreases were reported for unknown destinations (35,700 MT), Peru (7,000 MT), Barbados (1,700 MT), and the Leeward Windward Islands (1,600 MT).
Weekly Export Details
Exports of 590,900 MT were up 9% from the previous week, but down 2% from the prior 4-week average. The primary destinations were the Philippines (154,400 MT), Japan (132,700 MT), Nigeria (51,700 MT), South Korea (49,600 MT), Taiwan (45,700 MT), Israel (40,000 MT), Colombia (25,700 MT), and the Dominican Republic (23,100 MT).
Comments and Performance Indicators
Sales fell short of expectations. Export commitments for the new marketing year are 11% behind year-ago, compared to 10% 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: 1,302,900 MT
2012-13: 1,296,600 MT
2013-14: 6,300 MT

Trade Expectations
800,000 to 900,000 MT
Weekly Sales Details
Net sales of 1,296,600 MT for the 2012-13 marketing year were reported for China (1,025,000 MT, including 225,000 MT switched from unknown destinations and decreases of 3,000 MT), Indonesia (83,800 MT, including 68,000 MT switched from unknown destinations), the Netherlands (75,200 MT, including 70,000 MT switched from unknown destinations), Germany (65,300 MT), and Mexico (63,100 MT). Decreases were reported for unknown destinations (84,000 MT) and Japan (3,300 MT). Net sales of 6,300 MT for the 2013-14 marketing year were reported for Japan (4,500 MT), Vietnam (1,000 MT), and Thailand (800 MT).
Weekly Export Details
Exports of 1,176,900 MT were reported to China (727,000 MT), Mexico (118,900 MT), Indonesia (77,000 MT), the Netherlands (75,200 MT), and Thailand (66,700 MT). NOTE: Accumulated export were adjusted down for the Netherlands (65,300 MT).
Comments and Performance Indicators

Sales topped expectations by a wide margin. Export commitments for the new marketing year are running 40% ahead of year-ago compared to 38% ahead last week. USDA projects exports in 2012-13 to be 22.4% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 375,100 MT
2011-12: 59,000 MT
2012-13: 316,100 MT

Trade Expectations
200,000 to 300,000 MT
Weekly Sales Details
Net sales of 59,000 MT resulted as increases for the Philippines (46,200 MT), Guatemala (9,000 MT), El Salvador (5,600 MT, including 5,000 MT switched from Guatemala), Costa Rica (4,900 MT, including 3,800 MT switched from unknown destinations), and Jamaica (4,500 MT), were partially offset by decreases for unknown destinations (15,400 MT) and Trinidad (1,500 MT). Net sales of 316,100 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (130,500 MT), Mexico (81,600 MT), and Canada (20,000 MT). Decreases were reported for Jamaica (4,500 MT) and Costa Rica (800 MT).
Weekly Export Details
Exports of 151,400 MT were up 32% from the previous week and 12% from the prior 4-week average. The primary destinations were the Philippines (56,700 MT), Mexico (15,600 MT), Panama (15,400 MT), and Guatemala (14,000 MT).
Comments and Performance Indicators
Sales topped expectations. Export commitments are running 15% ahead of year-ago, compared to 14% 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: 3,300 MT
2011-12: -300 MT
2012-13: 3,600 MT

Trade Expectations
15,000 to 35,000 MT
Weekly Sales Details
Net sales reductions of 300 MT for the 2011-12 marketing year resulted as increases for Mexico (700 MT), were more than offset by decreases for Canada (1,000 MT). Net sales of 3,600 MT for delivery in the 2012-13 marketing year resulted as increases for Mexico (2,900 MT) and Guatemala (1,200 MT), were partially offset by decreases for Canada (500 MT).
Weekly Export Details
Exports of 9,100 MT were up noticeably from the previous week, but down 46% from the prior 4-week average. The primary destinations were Mexico (7,900 MT) and Canada (1,100 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments are 53% below year-ago, compared to 53% below last week. USDA projects exports in 2011-12 to be 55.2% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 241,000 RB
2012-13: 238,400 RB
2013-14: 2,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 238,400 running bales for the 2012-13 marketing year were primarily for China (114,800 RB), Turkey (38,400 RB), Vietnam (36,100 RB), Mexico (20,900 RB), Taiwan (9,600 RB), and Guatemala (7,600 RB). Decreases were reported for India (700 RB). Net sales of 2,600 RB for delivery in 2013-14 were reported for South Korea.
Weekly Export Details
Exports of 184,600 RB were primarily to China (105,300 RB), Mexico (18,800 RB), Taiwan (12,100 RB), and Turkey (11,100 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 0.8% above the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 15,800 MT

Weekly Sales Details
Net sales of 15,800 MT were up 61% from the previous week and 14% from the prior 4-week average. Increases were reported for Mexico (3,400 MT), Japan (2,900 MT), Russia (2,800 MT), Canada (2,600 MT), and South Korea (1,700 MT).
Weekly Export Details
Exports of 17,100 MT were primarily to Mexico (3,100 MT), Japan (2,300 MT), Canada (2,300 MT), South Korea (2,300 MT), and Russia (1,600 MT).
Comments and Performance Indicators
Exports compare to 9,800 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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