Soybean Export Sales Top Expectations & 1 Million MT

August 16, 2012 02:49 AM
 

The Weekly Export Sales Report for the week ended Aug. 9, 2012, reflected some demand destruction for both corn and soybeans as both tallies fell short of expectations. Soybean demand, however, remains strongs as total export sales topped expectations and the 1 million metric ton mark. Beef export demand remains impressive and gained over week ago. Cotton continues to see consistently tepid buying interest.

USDA Weekly Export Sales Report
Week Ended Aug. 9, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 253,400 MT
2011-12:122,800 MT
2012-13: 130,600 MT

Trade Expectations

350,000 to 550,000 MT

Weekly Sales Details

Net sales of 122,800 MT for the 2011-12 marketing year were down 30 percent from the previous week, but up 31 percent from the prior 4-week average. Increases reported for Japan (74,600 MT, including 73,300 MT switched from unknown destinations and decreases of 800 MT), China (59,200 MT, including 60,000 MT switched from unknown destinations and decreases of 8,700 MT), Venezuela (54,500 MT), Mexico (23,800 MT), and Costa Rica (15,900 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (123,800 MT). Net sales of 130,600 MT for delivery in the 2012-13 marketing year were primarily for Mexico (72,100 MT), Japan (48,400 MT), and Taiwan (23,500 MT). Decreases were reported for Colombia (20,000 MT), Costa Rica (5,700 MT), and Panama (3,800 MT).

Weekly Export Details

Exports of 632,900 MT were up 33 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were China (261,100 MT), Mexico (119,700 MT), Japan (115,100 MT), Venezuela (63,000 MT), Honduras (18,100 MT), and Costa Rica (15,900 MT).

Comments and Performance Indicators

Sales fell short of expectations. Export commitments are 18% below year ago, compared to 17% 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)
2012-13: 396,700 MT
Trade Expectations
450,000 to 550,000 MT
Weekly Sales Details
Net sales of 396,700 MT for the 2012-13 marketing year were down 40 percent from the previous week and 26 percent from the prior 4-week average. Increases were reported for Indonesia (153,000 MT, switched from unknown destinations), Japan (122,400 MT), Nigeria (62,600 MT, including 27,000 MT switched from unknown destinations), Mexico (42,100 MT), Chile (38,500 MT), South Korea (35,700 MT), and Guatemala (31,700 MT, switched from unknown destinations). Decreases were reported for unknown destinations (257,100 MT).
Weekly Export Details
Exports of 559,000 MT were down 6 percent from the previous week, but up 32 percent from the prior 4-week average. The primary destinations were Mexico (91,400 MT), the Philippines (73,100 MT), Nigeria (68,100 MT), Taiwan (49,700 MT), China (43,700 MT), and Chile (38,500 MT).
Comments and Performance Indicators
Sales came in below expectations. Export commitments for the new marketing year are 13% behind year-ago, compared to 12% 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: 1,021,600 MT
2011-12: 97,000 MT
2012-13: 924,600 MT

Trade Expectations
750,000 to 950,000 MT
Weekly Sales Details
Net sales of 97,200 MT for the 2011-12 marketing year--a marketing-year low--resulted as increases for China (121,100 MT, including 115,000 MT switched from unknown destinations and decreases of 4,300 MT), Indonesia (74,200 MT, including 68,000 MT switched from unknown destinations), Vietnam (71,700 MT, including 61,200 MT switched from unknown destinations), Japan (58,900 MT, including 25,500 MT switched from unknown destinations)and Taiwan (9,000 MT), were partially offset by decreases for unknown destinations (245,500 MT). Net sales of 924,600 MT for delivery in the 2012-13 marketing year were primarily for China (585,000 MT), unknown destinations (143,800 MT), and Taiwan (75,500 MT).
Weekly Export Details
Exports of 470,300 MT were up 31 percent from the previous week and 11 percent from the prior 4-week average. The primary destinations were China (241,800 MT), Indonesia (77,300 MT), Vietnam (71,800 MT), Japan (28,300 MT), Mexico (19,700 MT), and Taiwan (8,500 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: 130,000 MT
2011-12: 53,700 MT
2012-13: 77,000 MT

Trade Expectations
150,000 to 250,000 MT
Weekly Sales Details
Net sales of 53,700 MT were down 60 percent from the previous week and 65 percent from the prior 4-week average. Increases reported for Ecuador (20,000 MT), Mexico (13,100 MT), Morocco (10,300 MT), the Dominican Republic (9,800 MT), and Canada (9,000 MT), were partially offset by decreases for unknown destinations (19,600 MT) and Sri Lanka (8,600 MT). Net sales of 77,000 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (28,000 MT), Ecuador (25,000 MT), and the Dominican Republic (21,000 MT).
Weekly Export Details
Exports of 109,800 MT were down 46 percent from the previous week and 52 percent from the prior 4-week average. The primary destinations were Venezuela (25,000 MT), Canada (21,600 MT)Mexico (17,800 MT), and Morocco (10,300 MT).
Comments and Performance Indicators
Sales fell short of expectations. Export commitments are running 8% 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)

Combined: 3,300 MT
2011-12: 900 MT
2012-13: 2,400 MT

Trade Expectations
10,000 to 20,000 MT
Weekly Sales Details
Net sales reductions of 900 MT for the 2011-12 marketing year resulted as increases for Mexico (5,300 MT), were more than offset by decreases for Nicaragua (6,000 MT) and Canada (200 MT). Net sales of 2,400 MT for delivery in 2012-13 marketing year were for Mexico.
Weekly Export Details
Exports of 4,900 MT were down 90 percent previous week and 80 percent from the prior 4-week average. The primary destinations were Mexico (3,700 MT) and Canada (1,100 MT).
Comments and Performance Indicators
Sales were well below expectations. Export commitments are 59% below year-ago, compared to 56% 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)
2012-13: 77,800 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 77,800 running bales for the 2012-13 marketing year were primarily for South Korea (24,800 RB), Taiwan (10,900 RB), China (10,800 RB), and Turkey (8,300 RB). Decreases were reported for Mexico (1,400 RB) and Vietnam (200 RB).
Weekly Export Details
Exports of 122,900 RB were primarily to China (42,900 RB), Turkey (20,700 RB), Mexico (13,300 RB), and Vietnam (10,700 RB).
Comments and Performance Indicators
Export commitments are 34% behind year-ago compared to 39% 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: 20,900 MT

Weekly Sales Details
Net sales of 20,900 MT were up 13 percent from the previous week and 30 percent from the prior 4-week average. Increases were reported for Japan (5,900 MT), Vietnam (3,500 MT), Russia (2,300 MT), Mexico (1,900 MT), and Hong Kong (1,800 MT).
Weekly Export Details
Exports of 18,500 MT were primarily to Japan (4,000 MT), Mexico (3,300 MT), Russia (2,200 MT), Canada (2,200 MT), and Vietnam (1,900 MT).
Comments and Performance Indicators
Exports compare to 18,500 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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