Soybean Export Sales Top Expectations & 1 MMT; Corn Disappoints

June 14, 2012 02:15 AM
 

The Weekly Export Sales Report for the week ended June 7, 2012, reflected another dismal week in terms of corn demand, while soybeans saw buyers return in earnest for a combined total of more than 1 million metric tons (MT) in sales -- 425,000 MT for 2011-12 and 580,000 MT for 2012-13. The other commodity to top expectations and the 1 million mark was a very surprising cotton, which has suffered from lackluster demand for much of 2012. The bulk of these sales were for the current marketing year. Wheat export sales also topped expectations. Beef sales of 15,700 MT were decent, but below last week's tally.

USDA Weekly Export Sales Report
Week Ended June 7, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 169,800 MT
2011-12: 92,100 MT
2012-13: 77,700 MT

Trade Expectations

400,000 to 600,000 MT

Weekly Sales Details

Net sales of 92,100 MT -- a marketing-year low -- were down 63 percent from the previous week and 61 percent from the prior 4-week average. Increases reported for China (64,700 MT, including 55,900 MT switched from Japan), Taiwan (32,200 MT), Colombia (18,600 MT), Guatemala (11,200 MT, switched from unknown destinations), and Nicaragua (10,600 MT, switched from unknown destinations), were partially offset by decreases for unknown destinations (43,100 MT) and Japan (20,400 MT). Net sales of 77,700 MT for the 2012-13 marketing year were reported primarily for Mexico (30,000 MT) and Japan (30,000 MT).

Weekly Export Details

Exports of 432,900 MT were down 41 percent from the previous week and 40 percent from the prior 4-week average. The primary destinations were Mexico (198,900 MT), Japan (111,400 MT), China (71,100 MT), Guatemala (11,200 MT), Nicaragua (10,600 MT), and Colombia (9,300 MT).

Comments and Performance Indicators

Sales fell well short of expectations. Export commitments are 13% below year ago, compared to 12% 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: 432,900 MT
Trade Expectations
250,000 to 350,000 MT
Weekly Sales Details
Net sales of 432,900 MT for the 2012-13 marketing year were primarily for Nigeria (103,400 MT, including 30,000 MT switched from unknown destinations and decreases of 1,000 MT), Indonesia (75,000 MT), Thailand (74,000 MT), Japan (64,700 MT), Taiwan (48,800 MT), and Mexico (37,200 MT, including 25,000 MT switched from unknown destinations and decreases of 13,600 MT). Decreases were reported for unknown destinations (127,200 MT).
Weekly Export Details
Exports of 667,000 MT were primarily for Mexico (132,500 MT), Nigeria (114,900 MT), Iran (59,800 MT), China (57,800 MT), Ecuador (56,600 MT), and the Philippines (55,000 MT).
Comments and Performance Indicators
Sales were above trade expectations. Export commitments for the new marketing year are 22% behind year-ago. USDA projects exports in 2012-13 to be 9.0% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 1,005,000 MT
2011-12: 425,000 MT
2012-13: 580,000 MT

Trade Expectations
500,000 to 750,000 MT
Weekly Sales Details
Net sales of 425,100 MT were up 93 percent from the previous week, but down 9 percent from the prior 4-week average. Increases were primarily for China (261,500 MT, including 120,000 MT switched from unknown destinations and decreases of 60,000 MT), Egypt (120,000 MT), Turkey (77,000 MT, including 69,000 MT switched from unknown destinations), Mexico (48,500 MT), Vietnam (46,700 MT), and Taiwan (23,500 MT). Decreases were reported for unknown destinations (206,000 MT). Net sales of 580,000 MT for delivery in the 2012-13 marketing year were primarily for China (470,000 MT), unknown destinations (55,000 MT), and South Korea (50,000 MT).
Weekly Export Details
Exports of 375,900 MT were reported primarily to China (195,900 MT), Turkey (77,000 MT), Japan (30,500 MT), Mexico (28,200 MT), Taiwan (13,100 MT), and Indonesia (12,100 MT).
Comments and Performance Indicators

Sales came in well above expectations. Export commitments are running 12% behind year-ago, which compares to 13% 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: 141,300 MT
2011-12: 116,800 MT
2012-13: 24,500 MT

Trade Expectations
75,000 to 150,000 MT
Weekly Sales Details
Net sales of 116,800 MT were up 56 percent from the previous week and 27 percent from the prior 4-week average. Increases were reported for unknown destinations (29,400 MT), Turkey (25,000 MT), the Dominican Republic (17,300 MT), Egypt (16,000 MT), Ecuador (14,500 MT), and Canada (5,500 MT). Decreases were reported for Colombia (3,800 MT). Net sales of 24,500 MT for delivery in the 2012-13 marketing year were reported for Canada.
Weekly Export Details
Exports of 109,200 MT were down 38 percent from the previous week and 32 percent from the prior 4-week average. Increases were reported to Ecuador (37,000 MT), Mexico (22,100 MT), Canada (17,100 MT), Colombia (16,400 MT), and Indonesia (8,300 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 3% behind year-ago, compared to 3% 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 were down 48 percent from the previous week and 37 percent from the prior 4-week average. Increases were reported for Guatemala (4,000 MT), Nicaragua (1,500 MT), and Colombia (1,000 MT).
Weekly Export Details
Exports of 15,900 MT were up 28 percent from the previous week, but down 1 percent from the prior 4-week average. Increases were primarily to Morocco (14,500 MT).
Comments and Performance Indicators
Sales met expectations. Export commitments are 63% below year-ago, compared to 63% 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: 1,015,300 RB
2011-12: 795,700 RB
2012-13: 219,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 795,700 running bales for the 2011-12 marketing year were up noticeably from the previous week and from the prior 4-week average. Increases were reported for China (744,200 RB), Taiwan (9,400 RB), Turkey (8,600 RB), Thailand (6,200 RB, including 800 RB switched from Japan), and El Salvador (5,800 RB). Net sales of 219,600 RB for delivery in the 2012-13 marketing year were primarily for China (180,500 RB), Vietnam (17,600 RB), and Turkey (14,100 RB). Decreases were reported for Peru (1,400 RB).
Weekly Export Details
Exports of 227,100 RB were down 6 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were China (145,200 RB), Turkey (13,700 RB), Thailand (10,200 RB), and Indonesia (9,800 RB).
Comments and Performance Indicators
Export commitments are 14% behind year-ago compared to 19% 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: 15,700 MT

Weekly Sales Details
Net sales of 15,700 MT were down 13 percent from the previous week and 6 percent from the prior 4-week average. Increases were reported for Japan (3,900 MT), Canada (2,500 MT), South Korea (2,300 MT), Mexico (1,900 MT), and Vietnam (1,800 MT). Decreases were reported for Taiwan (200 MT).
Weekly Export Details
Exports of 17,000 MT were primarily to Japan (3,800 MT), Mexico (2,900 MT), Canada (2,500 MT), South Korea (2,200), and Vietnam (1,500 MT).
Comments and Performance Indicators
Exports compare to 18,100 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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