Soybean Export Sales Top 1.76 Million MT

July 6, 2012 02:50 AM
 

The Weekly Export Sales Report for the week ended June 28, 2012, showed a continued strong global appetite soybeans. Export sales in excess of 1.76 million metric tons (MT) more than doubled the top of the pre-report expectation range. Exports of soy products met expectations. Corn export sales, on the other hand, were disappointing. Wheat export sales came in near the top of the expectations. Cotton export sales were nothing to get excited about, but beef export sales showed a nice gain week-over-week, signaling global beef demand remains hearty.

USDA Weekly Export Sales Report
Week Ended June 28, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 153,500 MT
2011-12: 19,300 MT
2012-13: 134,200 MT

Trade Expectations

200,000 to 500,000 MT

Weekly Sales Details

Net sales of 19,300 MT for the 2011-12 marketing year, a marketing-year low, were down 90 percent from the previous week and 89 percent from the prior 4-week average. Increases were reported for Japan (136,500 MT, including 90,700 MT switched from unknown destinations and decreases of 3,700 MT), China (124,100 MT, including 60,000 MT switched from unknown destinations), Venezuela (22,500 MT), Colombia (13,800 MT), and Costa Rica (13,200 MT, switched from unknown destinations). Decreases were reported for unknown destinations (158,400 MT), Taiwan (96,500 MT), and South Korea (55,000 MT). Net sales of 134,200 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (50,800 MT), Mexico (31,900 MT), and Panama (31,500 MT).

Weekly Export Details

Exports of 645,100 MT were down 3 percent from the previous week, but up 1 percent from the prior 4-week average. The primary destinations were China (195,400 MT), Japan (154,600 MT), Mexico (96,600 MT), South Korea (64,100 MT), Venezuela (40,000 MT), and Costa Rica (24,600 MT).

Comments and Performance Indicators

Sales fell short of expectations. Export commitments are 15% below year ago, compared to 14% below last week. USDA projects exports in 2011-12 to be 10.1% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2012-13: 418,900 MT
Trade Expectations
300,000 to 450,000 MT
Weekly Sales Details
Net sales of 418,900 MT for the 2012-13 marketing year were primarily for Mexico (162,200 MT), the Philippines (87,400 MT, including 44,500 MT switched from unknown destinations), Indonesia (65,000 MT, switched from unknown destinations), Nigeria (45,000 MT), Israel (27,300 MT), Brazil (27,000 MT), and South Korea (25,500 MT). Decreases were reported for unknown destinations (119,400 MT) and Peru (2,600 MT).
Weekly Export Details
Exports of 596,900 MT were primarily for Nigeria (78,900 MT), Mexico (77,000 MT), Egypt (68,000 MT), Israel (59,000 MT), Taiwan (58,200 MT), and Saudi Arabia (56,100 MT).
Comments and Performance Indicators
Sales were within trade expectations. Export commitments for the new marketing year are 18% behind year-ago, compared to 19% behind last week. USDA projects exports in 2012-13 to be 9.0% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 1,763,400 MT
2011-12: 298,700 MT
2012-13: 1,464,700 MT

Trade Expectations
400,000 to 650,000 MT
Weekly Sales Details
Net sales of 298,700 MT for the 2011-12 marketing year were down 26 percent from the previous week, but up slightly from the prior 4-week average. Increases were primarily for China (313,700 MT, including 60,000 MT, switched from unknown destinations), Egypt (55,500 MT), Mexico (25,800 MT, including decreases of 6,200 MT), Taiwan (13,500 MT), Vietnam (7,500 MT), and Colombia (2,600 MT). Decreases were reported for unknown destinations (60,000 MT), Japan (55,700 MT), and Indonesia (5,200 MT). Net sales of 1,464,700 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (1,300,000 MT) and China (164,000 MT).
Weekly Export Details
Exports of 397,300 MT were primarily to China (136,800 MT), Mexico (103,700 MT), Egypt (76,500 MT), Indonesia (22,000 MT), Taiwan (16,500 MT), and Vietnam (10,100 MT).
Comments and Performance Indicators

Sales hugely exceeded expectations. Export commitments are running 10% behind year-ago, which compares to 10% behind last week. USDA projects exports in 2011-12 to be 11.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 177,800 MT
2011-12: 156,700 MT
2012-13: 21,100 MT

Trade Expectations
150,000 to 250,000 MT
Weekly Sales Details
Net sales of 156,700 MT were down 32 percent from the previous week and 8 percent from the prior 4-week average. Increases were reported for Egypt (67,500 MT), Mexico (17,100 MT), Israel (17,000 MT, switched from unknown destinations), Canada (10,100 MT), the Philippines (9,600 MT), and El Salvador (6,700 MT). Decreases were reported for unknown destinations (14,300 MT) and the French West Indies (2,000 MT). Net sales of 21,100 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (20,000 MT).
Weekly Export Details
Exports of 196,500 MT were up 17 percent from the previous week and 32 percent from the prior 4-week average. The primary destinations were the Philippines (45,600 MT), Venezuela (36,000 MT), Mexico (35,400 MT), and Canada (19,000 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 5% ahead of year-ago, compared to 2% behind last week. USDA projects exports in 2011-12 to be 1.1% ahead of the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 6,800 MT

Trade Expectations
5,000 to 15,000 MT
Weekly Sales Details
Net sales of 6,800 MT for the 2011-12 marketing year were down 18 percent from the previous week and 44 percent from the prior 4-week average. Increases were primarily for Nicaragua (3,000 MT), Mexico (2,100 MT), and Canada (1,400 MT).
Weekly Export Details
Exports of 18,800 MT were up 53 percent from the previous week and 76 percent from the prior 4-week average. The primary destinations were Jamaica (4,500 MT), Colombia (4,300 MT), Mexico (3,100 MT), and Nicaragua (3,000 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments are 61% below year-ago, compared to 62% 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: 81,900 RB
2011-12: 83,800 RB
2012-13: -1,900 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 83,800 running bales for the 2011-12 marketing year were primarily for Vietnam (23,900 RB), Turkey (15,800 RB), South Korea (15,600 RB), and China (15,400 RB). Decreases were reported for Pakistan (2,600 RB) and Thailand (1,900 RB). Net sales reductions of 1,900 RB for delivery in the 2012-13 marketing year resulted as increases for Turkey (14,800 RB), Peru (9,200 RB), and Indonesia (3,400 RB), were more than offset by decreases for Vietnam (20,300 RB), South Korea (15,600 RB), and Mexico (2,300 RB).
Weekly Export Details
Exports of 209,100 RB were up 11 percent from the previous week and 2 percent from the prior 4-week average. The primary destinations were China (67,200 RB), Vietnam (38,300 RB), Turkey (38,000 RB), and Mexico (11,400 RB).
Comments and Performance Indicators
Export commitments are 16% behind year-ago compared to 17% behind last week. USDA projects exports in 2011-12 to be 19.3% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 19,900 MT

Weekly Sales Details
Net sales of 19,900 MT were up 8 percent from the previous week and 18 percent from the prior 4-week average. Increases were reported for Japan (4,700 MT), Mexico (3,600 MT), South Korea (2,900 MT), Canada (2,100 MT), and Hong Kong (1,900 MT).
Weekly Export Details
Exports of 18,200 MT were primarily to Japan (4,200 MT), Mexico (3,100 MT), South Korea (2,800 MT), Vietnam (2,100 MT), and Canada (2,100 MT).
Comments and Performance Indicators
Exports compare to 18,400 MT last week. USDA projects exports in 2012 to be 5.9% below last year's total.

Link to USDA report.

 


 

 

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