Soybean Export Sales Tops Expectations; Corn Disappoints

July 26, 2012 02:51 AM
 

The Weekly Export Sales Report for the week ended July 19, 2012, signal more rationing will be needed to slow soybean use as sales of both soybeans and soymeal topped expectations by a wide margin. In contrast, it appears price action in the corn and wheat market have slowed use as both saw export sales fall short of expectations. Cotton export sales were nothing to write home about and beef sales again slowed this week, which adds to concerns about global red meat demand in the face of global economic headwinds.

 

USDA Weekly Export Sales Report
Week Ended July 19, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: -140,400 MT
2011-12: -9,100 MT
2012-13: -131,300 MT

Trade Expectations

250,000 to 350,000 MT

Weekly Sales Details

Net sales reductions of 9,100 MT for the 2011-12 marketing year resulted as increases for Japan (76,600 MT, including 56,200 MT switched from unknown destinations and decreases of 24,000 MT), Canada (11,100 MT), China (10,700 MT, including 16,000 MT switched from unknown destinations and decreases of 6,100 MT), El Salvador (7,800 MT, switched from Guatemala), and Mexico (5,900 MT), were more than offset by decreases for unknown destinations (72,200 MT), Costa Rica (37,000 MT), Taiwan (8,900 MT), and Guatemala (6,500 MT). Net sales reductions of 131,300 MT for delivery in the 2012-13 marketing year resulted as increases for Japan (128,100 MT) and Jamaica (10,000 MT), were more than offset by decreases for China (240,000 MT) and unknown destinations (34,600 MT).

Weekly Export Details

Exports of 513,300 MT were down 25 percent from the previous week and 21 percent from the prior 4-week average. The primary destinations were Japan (260,700 MT), China (77,600 MT), Mexico (74,700 MT), Taiwan (33,400 MT), and Guatemala (20,200 MT).

Comments and Performance Indicators

Sales fell short of expectations. Export commitments are 17% below year ago, compared to 16% below last week. USDA projects exports in 2011-12 to be 12.8% below the previous marketing year.

Wheat

Actual Sales (in metric tons -- MT)
2012-13: 367,000 MT
Trade Expectations
400,000 to 600,000 MT
Weekly Sales Details
Net sales of 367,000 MT for the 2012-13 marketing year were down 38 percent from the previous week and 11 percent from the prior 4-week average. Increases were reported for Japan (78,500 MT), Nigeria (57,000 MT), Saudi Arabia (55,000 MT, switched from unknown destinations), Taiwan (43,600 MT), Colombia (35,800 MT), Mexico (33,400 MT), and Indonesia (30,800 MT). Decreases were reported for unknown destinations (43,000 MT).
Weekly Export Details
Exports of 269,900 MT were down 27 percent from the previous week and 42 percent from the prior 4-week average. The primary destinations were Japan (84,200 MT), Nigeria (42,500 MT), Mexico (40,700 MT), Peru (26,400 MT), Venezuela (21,900 MT), and Indonesia (20,300 MT).
Comments and Performance Indicators
Sales were just below expectations. Export commitments for the new marketing year are 16% behind year-ago, compared to 16% behind last week. USDA projects exports in 2012-13 to be 14.5% ahead of the previous marketing year.

Soybeans

Actual Sales (in metric tons -- MT)

Combined: 710,500 MT
2011-12: 193,200 MT
2012-13: 517,300 MT

Trade Expectations
350,000 to 550,000 MT
Weekly Sales Details
Net sales of 193,200 MT for the 2011-12 marketing year were up 14 percent from the previous week and 27 percent from the prior 4-week average. Increases reported for China (199,800 MT, including 94,000 MT switched from unknown destinations and decreases of 56,100 MT), Egypt (60,000 MT), Taiwan (42,800 MT), Germany (22,300 MT, including 21,500 MT switched from unknown destinations), and Thailand (8,500 MT), were partially offset by decreases for unknown destinations (115,500 MT) and Vietnam (42,900 MT). Net sales of 517,300 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (182,000 MT), the United Kingdom (112,000 MT), and China (111,300 MT).
Weekly Export Details
Exports of 475,600 MT were primarily to China (205,000 MT), Indonesia (76,400 MT), Thailand (68,400 MT), Mexico (62,600 MT), Germany (22,300 MT), and Turkey (17,600 MT).
Comments and Performance Indicators

Sales topped expectations. Export commitments are running 9% behind year-ago, which compares to 9% behind last week. USDA projects exports in 2011-12 to be 10.7% below the previous marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

Combined: 257,000 MT
2011-12: 150,500 MT
2012-13: 106,500 MT

Trade Expectations
75,000 to 125,000 MT
Weekly Sales Details
Net sales of 150,500 MT were down 10 percent from the previous week and 7 percent from the prior 4-week average. Increases were reported for Mexico (47,600 MT), Latvia (27,800 MT, including 25,000 MT switched from unknown destinations), Ecuador (25,000 MT), Morocco (15,000 MT), Lebanon (12,800 MT), and Canada (10,800 MT). Decreases were reported for unknown destinations (11,000 MT), Guatemala (7,800 MT), and Nicaragua (2,100 MT). Net sales of 106,500 MT for delivery in the 2012-13 marketing year were primarily for unknown destinations (45,000 MT) and the Philippines (40,000 MT).
Weekly Export Details
Exports of 159,900 MT were down 27 percent from the previous week and 14 percent from the prior 4-week average. The primary destinations were Mexico (43,300 MT), Latvia (27,800 MT), Canada (23,600 MT), and Morocco (16,500 MT). NOTE: Accumulated exports were adjusted down for Egypt (12,800 MT).
Comments and Performance Indicators
Sales came in well above expectations. Export commitments are running 8% ahead of year-ago, compared to 7% behind last week. USDA projects exports in 2011-12 to be 2.2% ahead of the previous marketing year.

Soyoil

Actual Sales (in metric tons -- MT)

Combined: 1,200 MT
2011-12: 7,200 MT
2012-13: -6,000 MT

Trade Expectations
10,000 to 20,000 MT
Weekly Sales Details
Net sales of 7,200 MT for the 2011-12 marketing year resulted as increases for Venezuela (6,000 MT) and Malaysia (2,000 MT), were partially offset by decreases for Canada (900 MT). Net sales reductions of 6,000 MT for delivery in the 2012-13 marketing year were reported for Venezuela.
Weekly Export Details
Exports of 7,100 MT were down 79 percent from the previous week and 59 percent from the prior 4-week average. The primary destinations were Colombia (6,100 MT), Canada (500 MT), and Mexico (300 MT).
Comments and Performance Indicators
Sales fell well short of expectations. Export commitments are 57% below year-ago, compared to 57% below last week. USDA projects exports in 2011-12 to be 59.8% below the previous marketing year.

Cotton

Actual Sales (in running bales -- RB)
Combined: 142,300 RB
2011-12: 9,700 RB
2012-13: 132,600 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 9,700 running bales for the 2011-12 marketing year resulted as increases for China (5,000 RB), India (4,000 RB), Mexico (3,300 RB), Taiwan (2,600 RB), and Venezuela (2,200 RB), were partially offset by decreases for Thailand (6,000 RB), Pakistan (1,200 RB), and Japan (1,100 RB). Net sales of 132,600 RB for delivery in the 2012-13 marketing year resulted as increases for El Salvador (35,100 RB), Turkey (26,000 RB), China (14,800 RB), and Mexico (12,200 RB), were partially offset by decreases for Portugal (400 RB).
Weekly Export Details
Exports of 152,700 RB were down 27 percent from the previous week and 24 percent from the prior 4-week average. The primary destinations were China (68,300 RB), Turkey (34,000 RB), Mexico (14,800 RB), and Vietnam (7,800 RB).
Comments and Performance Indicators
Export commitments are 15% behind year-ago compared to 15% 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: 14,600 MT

Weekly Sales Details
Net sales of 14,600 MT were down 6 percent from the previous week and 18 percent from the prior 4-week average. Increases were reported for Mexico (3,800 MT), Canada (2,400 MT), South Korea (1,500 MT), Russia (1,400 MT), and Vietnam (1,400 MT).
Weekly Export Details
Exports of 18,000 MT were primarily to Mexico (3,400 MT), Japan (3,200 MT), Canada (2,400 MT), Vietnam (1,900 MT), and South Korea (1,900 MT).
Comments and Performance Indicators
Exports compare to 15,600 MT last week. USDA projects exports in 2012 to be 7.2% below last year's total.

Link to USDA report.

 


 

 

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