Soybean Export Sales Top Expectations

August 23, 2012 02:49 AM
 

The Weekly Export Sales Report for the week ended Aug. 16, 2012, reflected still-strong export demand for soybeans, signaling more price rationing may be needed. Corn export sales were decent and matched expectations. The same can be said for wheat sales. Cotton export sales were decent, with China as the lead buyer. Beef export sales declined significantly from last week's lofty tally, but still represent strong demand.

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

Corn

Actual Sales (in metric tons -- MT)

Combined: 325,400 MT
2011-12: 108,400 MT
2012-13: 217,000 MT

Trade Expectations

200,000 to 350,000 MT

Weekly Sales Details

Net sales of 108,400 MT for the 2011-12 marketing year were down 12 percent from the previous week and 7 percent from the prior 4-week average. Increases reported for Japan (120,100 MT, including 41,400 MT switched from unknown destinations and decreases of 8,300 MT), China (49,600 MT, including 60,000 MT switched from unknown destinations and decreases of 11,400 MT), Venezuela (35,500 MT), Taiwan (32,500 MT), Mexico (19,800 MT), and Costa Rica (13,500 MT, including 8,500 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (171,400 MT). Net sales of 217,000 MT for delivery in the 2012-13 marketing year were primarily for Mexico (131,200 MT), unknown destinations (85,300 MT), and Japan (50,600 MT). Decreases were reported for South Korea (56,000 MT).

Weekly Export Details

Exports of 601,300 MT were down 5 percent from the previous week, but up 9 percent from the prior 4-week average. The primary destinations were Japan (260,900 MT), China (108,600 MT), Mexico (93,400 MT), South Korea (58,000 MT), Venezuela (25,500 MT), and Colombia (22,800 MT).

Comments and Performance Indicators

Sales met 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: 474,800 MT
2012-13: 468,800 MT
2013-14: 6,000 MT
Trade Expectations
400,000 to 550,000 MT
Weekly Sales Details
Net sales of 468,800 MT for the 2012-13 marketing year were up 19 percent from the previous week, but down 2 percent from the prior 4-week average. Increases were reported for Japan (88,500 MT), Nigeria (72,000 MT), the Philippines (54,000 MT), South Korea (53,000 MT), Mexico (52,200 MT) Colombia (42,900 MT), and Chile (38,500 MT). Decreases were reported for unknown destinations (97,300 MT). Net sales of 6,000 MT for delivery in the 2013-14 marketing year were for the Dominican Republic.
Weekly Export Details
Exports of 698,200 MT were up 26 percent from the previous week and 50 percent from the prior 4-week average. The primary destinations were South Korea (120,600 MT), Thailand (94,700 MT), Mexico (59,500 MT), Japan (59,300 MT), Saudi Arabia (57,700 MT), and Yemen (50,000 MT). Note: Accumulated exports were adjusted down for soft red winter, Peru (20,300 MT), and hard red spring, South Africa (5,500 MT), Barbados (1,500 MT), and the Leeward Windward Islands (1,300 MT).
Comments and Performance Indicators
Sales came in within expectations. Export commitments for the new marketing year are 12% behind year-ago, compared to 13% 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: 718,700 MT
2011-12: 132,900 MT
2012-13: 585,800 MT

Trade Expectations
500,000 to 650,000 MT
Weekly Sales Details
Net sales of 132,900 MT for the 2011-12 marketing year resulted as increases for China (242,400 MT, including 170,000 MT switched from unknown destinations), the Netherlands (73,300 MT, including 70,000 MT switched from unknown destinations), Mexico (17,100 MT), Taiwan (17,000 MT), and Costa Rica (11,200 MT, including 13,000 MT switched from unknown destinations and decreases of 2,000 MT), were partially offset by decreases for unknown destinations (260,000 MT). Net sales of 585,800 MT for delivery in the 2012-13 marketing year were primarily for China (333,000 MT), unknown destinations (103,000 MT), and Taiwan (61,000 MT).
Weekly Export Details
Exports of 597,300 MT were up 27 percent from the previous week and 36 percent from the prior 4-week average. The primary destinations were China (302,400 MT), Mexico (96,200 MT), the Netherlands (73,300 MT), Japan (43,000 MT), Egypt (24,100 MT), and Costa Rica (13,200 MT).
Comments and Performance Indicators

Sales topped 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: 345,400 MT
2011-12: 163,500 MT
2012-13: 181,900 MT

Trade Expectations
125,000 to 250,000 MT
Weekly Sales Details
Net sales of 163,500 MT were up noticeably from the previous week and 30 percent from the prior 4-week average. Increases reported for the Philippines (45,000 MT), Ecuador (30,800 MT), Venezuela (28,000 MT), Guatemala (12,200 MT, including 10,000 MT switched from unknown destinations), and unknown destinations (11,900 MT), were partially offset by decreases for the French West Indies (2,300 MT). Net sales of 181,900 MT for delivery in the 2012-13 marketing year were primarily for the Philippines (123,900 MT), unknown destinations (25,500 MT), and the Dominican Republic (17,000 MT).
Weekly Export Details
Exports of 223,500 MT were up noticeably from the previous week and 11 percent from the prior 4-week average. The primary destinations were the Philippines (51,500 MT), Mexico (36,300 MT), Ecuador (30,800 MT), and Egypt (26,600 MT).
Comments and Performance Indicators
Sales topped expectations. Export commitments are running 9% ahead of year-ago, compared to 8% 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)

2011-12: 5,200 MT

Trade Expectations
10,000 to 35,000 MT
Weekly Sales Details
Net sales of 5,200 MT for the 2011-12 marketing year were up noticeably from the previous week and 28 percent from the 4-week average. Increases were reported for Mexico (2,800 MT), El Salvador (1,200 MT), and Nicaragua (700 MT).
Weekly Export Details
Exports of 6,900 MT were up 43 percent from the previous week, but down 58 percent from the prior 4-week average. The primary destinations were Nicaragua (3,200 MT), Mexico (2,100 MT), and Canada (1,300 MT).
Comments and Performance Indicators
Sales were below expectations. Export commitments are 58% below year-ago, compared to 59% 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: 96,800 RB
2012-13: 85,200 RB
2013-14: 11,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 82,500 running bales for the 2012-13 marketing year were primarily for China (39,100 RB), Taiwan (8,600 RB), South Korea (7,700 RB), Vietnam (6,900 RB), and Bangladesh (6,200 RB). Decreases were reported for Mexico (10,000 RB) and Peru (3,900 RB). Net sales of 11,600 RB for delivery in the 2013-14 marketing year were for Turkey (8,800 RB) and South Korea (2,800 RB).
Weekly Export Details
Exports of 135,200 RB were primarily to China (35,000 RB), Mexico (30,300 RB), Turkey (27,500 RB), and Taiwan (8,000 RB).
Comments and Performance Indicators
Export commitments are 31% behind year-ago compared to 34% 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: 14,700 MT

Weekly Sales Details
Net sales of 14,700 MT were down 30 percent from the previous week and 16 percent from the prior 4-week average. Increases were reported for South Korea (3,500 MT), Mexico (2,700 MT), Canada (1,700 MT), Hong Kong (1,600 MT), and Vietnam (1,000 MT).
Weekly Export Details
Exports of 17,100 MT were primarily to Japan (3,400 MT), Mexico (3,100 MT), South Korea (2,000 MT), Canada (1,900 MT), and Russia (1,800 MT).
Comments and Performance Indicators
Exports compare to 20,900 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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