Soybean Sales Again Top Expectations and 1 Million MT

March 8, 2012 01:29 AM
 

The Weekly Export Sales Report for the week ended March 1, 2012, reflected another week of strong soy demand. Soybean export sales more than doubled the top end of expectations with China as the lead buyer. Soymeal sales also came in well above expectations and soyoil sales were near the top of expectations. Wheat sales also slid past the upper end of trade expectations while corn sales came in near the bottom of expectations.

 

USDA Weekly Export Sales Report
Week Ended March 1, 2012

Corn

Actual Sales (in metric tons -- MT)

Combined: 505,700 MT
2011-12: 445,700 MT
2012-13: 60,000 MT

Trade Expectations

500,000 to 700,000 MT

Weekly Sales Details

Net sales of 445,700 MT for the 2011-12 marketing year resulted as increases for Japan (235,400 MT, including 75,400 MT switched from unknown destinations and decreases of 9,500 MT), Mexico (74,200 MT), Venezuela (42,000 MT, including 12,000 MT switched from Panama and 5,000 MT switched from unknown destinations), Guatemala (39,400 MT, including 6,200 MT switch from Panama and 6,000 MT from El Salvador), the Dominican Republic (28,000 MT), and Honduras (24,500 MT). Decreases were reported for unknown destinations (39,400 MT), South Korea (3,800 MT), and Jamaica (2,200 MT). Net sales of 60,000 MT for delivery in the 2012-13 marketing year were reported for Japan. Optional origin sales for delivery in the 2012-13 marketing year were for Mexico (120,000 MT).

Weekly Export Details

Exports of 769,200 MT were down 6 percent from the previous week and 9 percent from the prior 4-week average. The primary destinations were to Mexico (284,500 MT), Japan (206,600 MT), South Korea (65,400 MT), China (64,400 MT), Cuba (27,500 MT), and Egypt (23,000 MT)

Comments and Performance Indicators

Sales were just above expectations. Export commitments are 9% below year ago, compared to 9% 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: 578,100 MT
2011-12: 446,700 MT
2012-13: 131,400 MT
Trade Expectations
300,000 to 500,000 MT
Weekly Sales Details
Net sales of 446,700 MT were up 8 percent from the previous week, but down 20 percent from the prior 4-week average. Increases were primarily for Iran (120,000 MT), Mexico (95,700 MT, including 55,000 MT switched from unknown destinations and decreases of 4,900 MT), China (57,900 MT), Nigeria (52,000 MT), Taiwan (31,200 MT), and Venezuela (25,000 MT). Decreases were reported for unknown destinations (13,200 MT). Net sales of 131,400 MT for delivery in the 2012-13 marketing year were reported mainly for the Philippines (96,000 MT), Venezuela (20,000 MT), and unknown destinations (12,400 MT).
Weekly Export Details
Exports of 432,800 MT were up noticeably from the previous week and 3 percent from the prior 4-week average. The primary destinations were to South Korea (110,400 MT), Mexico (101,900 MT), China (60,700 MT), Thailand (53,100 MT), and Venezuela (27,500 MT).
Comments and Performance Indicators
Sales were just above trade expectations. Export commitments are 23% behind year-ago, compared to 23% 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: 1,646,000 MT
2011-12: 1,015,200 MT
2012-13: 630,800 MT

Trade Expectations
400,000 to 700,000 MT
Weekly Sales Details
Net sales of 1,015,200 MT were up 85 percent from the previous week and 56 percent from the prior 4-week average. Increases were primarily for China (489,600 MT, including 110,000 MT switched from unknown destinations and decreases of 61,100 MT), Mexico (113,100 MT), unknown destinations (79,500 MT), Germany (75,800 MT), Saudi Arabia (72,600 MT, including 63,000 MT switched from unknown destinations), and Japan (63,400 MT, including 63,000 MT switched from unknown destinations and decreases of 5,400 MT). Decreases were reported for Canada (3,100 MT). Net sales of 630,800 MT for delivery in the 2012-13 marketing year were reported mainly for China (465,000 MT) and unknown destinations (165,000 MT). Optional origin sales for delivery in the 2011-12 marketing year were for China (55,000 MT).
Weekly Export Details
Exports of 1,076,000 MT were reported primarily to China (605,100 MT), Mexico (78,100 MT), Germany (75,800 MT), Saudi Arabia (72,600 MT), Japan (70,700 MT), and Turkey (53,700 MT). Note: Accumulated exports were adjusted down for the Netherlands (75,800 MT).
Comments and Performance Indicators

Sales were well above expectations. Export commitments are running 25% behind year-ago, which compares to 27% 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)

Combined: 140,000 MT
2011-12: 123,700 MT
2012-13: 16,300 MT

Trade Expectations
50,000 to 100,000 MT
Weekly Sales Details
Net sales of 123,700 MT were up noticeably from the previous week, but down 1 percent from the prior 4-week average. Increases were primarily for the Philippines (40,200 MT), Guatemala (34,200 MT, including 17,000 MT switched from unknown destinations), Mexico (18,900 MT), Honduras (11,300 MT), and Canada (11,200 MT). Decreases were reported for unknown destinations (14,300 MT). Net sales of 16,300 RB for delivery in the 2012-13 marketing year were reported for Canada (13,600 MT) and Mexico (2,700 MT).
Weekly Export Details
Exports of 137,000 MT were down 13 percent from the previous week and 20 percent from the prior 4-week average. Increases were reported mainly to Morocco (26,400 MT), Mexico (22,100 MT), Guatemala (21,300 MT), Egypt (18,200 MT), Canada (16,000 MT), and the Dominican Republic (15,000 MT).
Comments and Performance Indicators
Sales were well above expectations. Export commitments are running 12% 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: 15,500 MT

Trade Expectations
5,000 to 20,000 MT
Weekly Sales Details
Net sales of 15,500 MT resulted as increases for Nicaragua (4,000 MT), Morocco (4,000 MT), Algeria (4,000 MT), and Mexico (2,900 MT).
Weekly Export Details
Exports of 2,000 MT were down 36 percent from the previous week and 87 percent from the prior 4-week average. Increases were reported mainly to Mexico (900 MT) and Canada (800 MT).
Comments and Performance Indicators
Sales were within expectations. Export commitments are 74% below year-ago, compared to 76% 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: 129,800 RB
2011-12: 113,300 RB
2012-13
: 16,500 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 113,300 running bales for the 2011-12 marketing year were up 49 percent from the previous week and 16 percent from the prior 4-week average. Increases were primarily for China (35,600 RB), Vietnam (27,700 RB), Turkey (15,100 RB), and Morocco (9,600 RB). Decreases were reported for Pakistan (10,800 RB). Net sales of 16,500 RB for delivery in the 2012-13 marketing year resulted as increases for China (14,100 RB), Morocco (6,600 RB), and Bangladesh (2,400 RB), were partially offset by decreases for Vietnam (4,400 RB) and Guatemala (2,100 RB). Optional origin sales for the 2011-12 marketing year were reported for China (14,900 RB). Options exercised to export the commodity from other than the United States were reported for Thailand (1,300 RB) and Vietnam (1,300 RB). Optional origin cancellations were reported for Vietnam (37,600 RB).
Weekly Export Details
Exports of 374,600 RB--a marketing-year high--were up 20 percent from the previous week and 23 percent from the prior 4-week average. The primary destinations were to China (236,900 RB), Turkey (43,200 RB), Mexico (15,400 RB), and Peru (11,300 RB). Exports for own account were reported for China (15,300 RB).
Comments and Performance Indicators
Export commitments are 28% 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: 10,700 MT

Weekly Sales Details
Net sales of 10,700 MT were down 19 percent from the previous week and 43 percent from the prior 4-week average. Increases were reported for Mexico (2,400 MT), Canada (1,600 MT), Vietnam (1,500 MT), South Korea (1,400 MT), and Japan (1,100 MT).
Weekly Export Details
Exports of 14,900 MT were primarily to Mexico (2,800 MT), South Korea (2,600 MT), Japan (2,400 MT), Vietnam (1,700 MT), and Canada (1,600 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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