Soybean Export Sales Top Already-High Expectations

February 24, 2012 01:47 AM
 

The Weekly Export Sales Report for the week ended Feb. 16, 2012, reflected strong demand for soybeans and its products. Export sales topped 4 million metric tons and expectations. Soymeal and soyoil export sales also exceeded expectations. Meanwhile, corn and wheat sales were strong but within expectations. Beef sales also picked up noticeably.

 

USDA Weekly Export Sales Report
Week Ended Feb. 16, 2012

Corn

Actual Sales (in metric tons -- MT)

2011-12: 840,800 MT

Trade Expectations

800,000 to 1,200,000 MT

Weekly Sales Details

Net sales of 840,800 MT for the 2011-12 marketing year resulted as increases for Japan (314,600 MT, including 24,600 MT switched from unknown destinations and decreases of 20,400 MT), South Korea (305,300 MT), Mexico (135,100 MT), Venezuela (40,000 MT), Guatemala (35,000 MT, switched from unknown destinations), and Taiwan (28,700 MT), were partially offset by decreases for Canada (42,700 MT), unknown destinations (17,100 MT), and Costa Rica (6,000 MT).

Weekly Export Details

Exports of 776,300 MT were up 13 percent from the previous week, but down 8 percent from the prior 4-week average.  The primary destinations were to Japan (287,800 MT), Mexico (245,500 MT), China (64,300 MT), Venezuela (56,100 MT), Guatemala (35,000 MT), and the Dominican Republic (18,500 MT). 

Comments and Performance Indicators

Sales were within expectations. Export commitments are 8% below year ago, compared to 7% 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: 757,400 MT
2011-12: 701,600 MT
2012-13: 55,800
Trade Expectations
500,000 to 900,000 MT
Weekly Sales Details
Net sales of 701,600 MT were up 67 percent from the previous week and 25 percent from the prior 4-week average.  Increases were primarily for Egypt (189,000 MT), China (112,800 MT), South Korea (77,200 MT), Japan (73,300 MT), and the Philippines (69,200 MT).  Decreases were reported for Singapore (30,000 MT), unknown destinations (23,700 MT), and Yemen (4,600 MT).  Net sales of 55,800 MT for delivery in the 2012-13 marketing year were reported for Mexico (27,800 MT), unknown destinations (25,000 MT), and Colombia (3,000 MT). 
Weekly Export Details
Exports of 530,500 MT were up 11 percent from the previous week and 17 percent from the prior 4-week average.  The primary destinations were to Japan (150,400 MT), Nigeria (95,000 MT), Mexico (64,400 MT), South Korea (52,500 MT), and Yemen (45,400 MT). 
Comments and Performance Indicators
Sales were within trade expectations. Export commitments are 23% behind year-ago, compared to 22% behind last week. USDA projects exports in 2011-12 to be 24.4% below the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 4,032,400 MT
2011-12: 1,159,400 MT
2012-13: 2,873,000 MT

Trade Expectations
3,500,000 to 3,900,000 MT
Weekly Sales Details
Net sales of 1,159,400 MT -- a marketing-year high -- were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China (521,100 MT), the Netherlands (147,500 MT, including 140,000 MT switched from unknown destinations), Germany (132,100 MT), Egypt (74,200 MT), Japan (65,700 MT, including 19,500 MT switched from unknown destinations), and Turkey (50,000 MT). Decreases were reported for Vietnam (7,400 MT). Net sales of 2,873,000 MT for delivery in the 2012-13 marketing year were reported for China (2,805,000 MT) and unknown destinations (68,000 MT).
Weekly Export Details
Exports of 1,207,400 MT were reported primarily to China (676,700 MT), the Netherlands (147,500 MT), Germany (132,100 MT), Mexico (75,700 MT), Japan (54,600 MT), and Russia (30,300 MT). NOTE: Accumulated exports were adjusted down for the Netherlands (132,100 MT).
Comments and Performance Indicators

Sales were above expectations. Export commitments are running 27% behind year-ago, which compares to 30% behind last week. USDA projects exports in 2011-12 to be 15.1% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

2011-12: 216,000 MT

Trade Expectations
75,000 to 150,000 MT
Weekly Sales Details
Net sales of 216,000 MT for the 2011-12 marketing year were up noticeably from the previous week and 96 percent from the prior 4-week average. Increases were primarily for Egypt (57,900 MT, including 6,000 MT switched from unknown destinations), Morocco (42,000 MT), Ecuador (32,700 MT), Venezuela (25,000 MT), and unknown destinations (18,500 MT).
Weekly Export Details
Exports of 180,600 MT were up 20 percent from the previous week and 3 percent from the prior 4-week average. Increases were reported mainly to the Philippines (46,900 MT), Venezuela (43,500 MT), Mexico (25,800 MT), Canada (19,700 MT), Egypt (9,900 MT), and the Dominican Republic (8,800 MT).
Comments and Performance Indicators
Sales were above expectations. Export commitments are running 10% behind year-ago, compared to 12% behind last week. USDA projects exports in 2011-12 to be 3.3% below the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

2011-12: 25,200 MT

Trade Expectations
15,000 to 25,000 MT
Weekly Sales Details
Net sales of 25,200 MT -- a marketing-year high -- were up 19 percent from the previous week and 92 percent from the prior 4-week average. Increases were primarily for Morocco (21,000 MT), Mexico (3,600 MT), and Canada (400 MT).
Weekly Export Details
Exports of 34,800 MT -- a marketing-year high -- were up 54 percent from the previous week and up noticeably from the prior 4-week average. Increases were reported mainly to Morocco (24,000 MT), Algeria (4,000 MT), Jamaica (3,500 MT), and Mexico (2,300 MT).
Comments and Performance Indicators
Sales were just above expectations. Export commitments are 76% below year-ago, compared to 78% 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: 183,900 MT
2011-12: 177,800 RB
2012-13
: 6,100 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 177,800 running bales for the 2011-12 marketing year were up 75 percent from the previous week, but down noticeably from the prior 4-week average. Increases were primarily for China (132,100 RB), Turkey (21,300 RB), Thailand (12,300 RB), and Hong Kong (7,500 RB). Decreases were reported for Bangladesh (10,600 RB) and South Korea (4,600 RB). Optional origin sales for the 2011-12 marketing year were reported for China (22,000 RB). Net sales of 6,100 RB for delivery in the 2012-13 marketing year resulted as increases mainly for Mexico (8,200 RB). Decreases were reported for South Korea (2,700 RB).
Weekly Export Details
Exports of 313,300 RB were up 7 percent from the previous week and 8 percent from the prior 4-week average. The primary destinations were China (208,600 RB), Mexico (27,600 RB), Turkey (15,400 RB), and South Korea (10,000 RB). Exports for own account were reported for China (12,500 RB).
Comments and Performance Indicators
Export commitments are 29% behind year-ago compared to 29% behind last week. USDA projects exports in 2011-12 to be 23.5% below the previous marketing year.

Beef

Actual Sales (in metric tons -- MT)

2012: 28,600 MT

Weekly Sales Details
Net sales of 28,600 MT were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Vietnam (6,000 MT), Mexico (4,900 MT), Hong Kong (3,300 MT), South Korea (2,800 MT), and Canada (2,500 MT).
Weekly Export Details
Exports of 23,300 MT were primarily to Mexico (5,400 MT), South Korea (3,600 MT), Japan (3,200 MT), Canada (2,500 MT), and Russia (2,100 MT).
Comments and Performance Indicators
Exports compare to 13,200 MT last week. USDA projects exports in 2012 to be 0.5% below last year's total.

Link to USDA report.

 


 

 

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