Weekly Export Sales Update: Big Cotton Carryover to Start Mktg. Year

August 6, 2008 07:00 PM
 

Pro Farmer Editors

USDA Weekly Export Sales Report
Week Ended July 31, 2008

Corn

Actual Sales (in metric tons -- MT)

1,048,800 MT:
337,900MT 2007-08

710,900 MT 2008-09

Trade Expectations 600,000 to 900,000 MT
Weekly Sales Details Net sales of 337,900 MT were much improved from the previous week and 24 percent above the prior 4-week average. Increases reported for Japan (227,500 MT, including 55,000 MT switched from South Korea and decreases of 5,100 MT), Colombia (65,500 MT, including 24,000 MT switched from Venezuela and decreases of 1,000 MT), Egypt (60,000 MT), Mexico (17,500 MT, including decreases of 63,000 MT), and the Dominican Republic (14,400 MT), were partially offset by decreases for unknown destinations (28,000 MT), Jamaica (20,000 MT), and Venezuela (16,000 MT). Net sales of 710,900 MT for delivery in 2008/09 were primarily for Japan (278,800 MT), Mexico (259,600 MT), South Korea (112,000 MT), and unknown destinations (29,800 MT).
Weekly Export Details: Exports of 876,500 MT were down 29 percent from the previous week and 3 percent from the prior 4-week average. The primary destinations were Japan (384,600 MT), Mexico (109,400 MT), South Korea (98,000 MT), Colombia (53,200 MT), Cuba (51,800 MT), and the Dominican Republic (44,000 MT).
Comments and Performance Indicators Old-crop sales alone nearly bested the top end of trade thinking, with combined sales well above trade expectations. Total corn export commitments are 9% ahead of year-ago compared to 9% last week.

Wheat

Actual Sales (in metric tons -- MT) 682,600 MT
By class:
HRW: 501,900 MT
SRW: 91,900 MT
HRS: 57,800 MT
White: 24,600 MT
Durum: 6,400 MT
Trade Expectations 450,000 to 650,000 MT
Weekly Sales Details

Net sales of 682,600 metric tons were down 6 percent from the previous week, but up 1 percent from the prior 4-week average. Increases reported for Iran (140,700 MT, including 80,700 MT switched from unknown destinations), Nigeria (132,500 MT), Mexico (102,500 MT), Cuba (76,400 MT, including 25,000 MT switched from unknown destinations), South Africa (67,800 MT, including 24,600 MT switched from unknown destinations), and Japan (43,300 MT), were partially offset by decreases for Brazil (19,700 MT) and unknown destinations (14,300 MT).

Weekly Export Details: Exports of 800,700 MT were up 39 percent from the previous week and 22 percent from the prior 4-week average. The primary destinations were Iraq (153,500 MT), Japan (127,000 MT), Iran (80,700 MT), South Africa (57,800 MT), Mexico (49,300 MT), South Korea (45,800 MT), and Nigeria (43,600 MT).
Comments and Performance Indicators Sales were above trade expectations with HRW business continuing strong. Total export commitments are 3% behind year-ago compared to 3% behind the prior week.

Soybeans

Actual Sales (in metric tons -- MT)

619,600 MT:
374,400 MT 2007-08
245,200 MT 2008-09

Trade Expectations 350,000 to 600,000 MT
Weekly Sales Details Net sales of 374,400 MT were up 38 percent from the previous week and two and three-fifths times the prior 4-week average. Increases were primarily for China (156,200 MT), Cuba (63,700 MT), unknown destinations (50,000 MT), Taiwan (39,800 MT), and Mexico (35,400 MT). Net sales of 245,200 MT for 2008/09 delivery were primarily for China (175,000 MT), Mexico (33,700 MT), and Indonesia (21,000 MT).
Weekly Export Details: Exports of 384,400 MT were up 1 percent from the previous week and 35 percent from the prior 4-week average. The destinations were primarily China (243,200 MT), Mexico (67,300 MT), Taiwan (22,800 MT), Japan (15,200 MT), and Indonesia (10,100 MT)
Comments and Performance Indicators China remains the major buyer on both the old- and new-crop fronts, pushing sales above expectations for the week. Total soybean export commitments are 2% ahead of year-ago compared to 1% ahead the prior week.

Soymeal

Actual Sales (in metric tons -- MT) 135,100 MT:
59,000 MT 2007-08
76,100 MT 2008-09
Trade Expectations 100,000 to 150,000 MT
Weekly Sales Details Net sales of 59,000 MT were up two and nine-tenths times the previous week and 5 percent above the prior 4-week average. Increases reported for Canada (21,800 MT), Mexico (13,900 MT), Japan (9,800 MT), the Dominican Republic (5,400 MT), and Guatemala (5,100 MT), were partially offset by decreases for Trinidad (4,000 MT), Panama (1,800 MT), and Honduras (1,200 MT). Net sales of 76,100 MT for delivery in 2008/09 were primarily for Canada (40,400 MT), Mexico (31,000 MT), and Guatemala (3,300 MT).
Weekly Export Details: Exports of 68,600 MT--a marketing-year low--were down 36 percent from the previous week and 47 percent from the prior 4-week average. The primary destinations were Canada (21,100 MT), Japan (18,000 MT), Mexico (10,600 MT)the Dominican Republic (7,900 MT), and Panama (6,100 MT).
Comments and Performance Indicators Sales fell solidly within the range of trade expectations. Export commitments are 9% ahead of year-ago compared to 10% ahead the prior week.

Soyoil

Actual Sales (in metric tons -- MT)

3,600 MT

Trade Expectations 5,000 to 15,000 MT
Weekly Sales Details Net sales of 3,600 MT were reported for Tunisia (2,000 MT), Jamaica (1,200 MT), Haiti (900 MT), and Canada (900 MT), were partially offset by decreases for unknown destinations (2,500 MT).
Weekly Export Details: Exports of 3,500 MT were primarily to Jamaica (1,200 MT), Canada (1,000 MT), Haiti (800 MT), and Mexico (300 MT).
Comments and Performance Indicators Sales fell below trade thinking on reductions for unknown destinations. Soyoil export commitments are 86% ahead of year ago compared to 95% the prior week.

Cotton

Actual Sales (in running bales -- RB) 10,900 RB
Trade Expectations 150,000 to 250,000 RB
Weekly Sales Details Net sales of 10,900 running bales (RB) resulted as increases for Turkey (3,300 RB), Vietnam (3,100 RB), Bangladesh (3,100 RB), Thailand (2,600 RB), and Pakistan (2,400 RB), were partially offset by decreases for China (4,100 RB), Japan (3,200 RB), and South Korea (1,000 RB). A total of 1,980,300 RB in sales were carried over from the 2007/08 marketing year, which ended July 31, the highest since 2,081,287 RB for the 2004-05 marieting year and compare to 1,597,600 RB in sales that were carried over from the 2006-07 marketing year.
Weekly Export Details: Exports of 353,200 RB were up 39 percent from the previous week and 34 percent over the prior 4-week average. Accumulated exports in 2007/08 of 12,341,400 RB were up 3 percent from the prior year's total of 11,978,700 RB. The primary destinations were China (4,099,400 RB), Turkey (1,799,400 RB), Mexico (1,482,700 RB), and Indonesia (1,122,100 RB). Total shipments of 808,400 RB of American Pima were up 23 percent from the 652,400 RB exported the year earlier.
Comments and Performance Indicators Small sales for the end of the marketing year fell below expectations. The top four export destinations for U.S. cotton have not changed for the past four marketing years: 1. China; 2. Turkey; 3. Mexico and 4. Indonesia.  Export commitments start the new marketing year 380% above the prior year due to the hefty carryover of unshipped quantities.

Beef

Actual Sales (in metric tons -- MT) 9,700 MT
Weekly Sales Details Net sales of 9,700 MT were primarily for South Korea (3,000 MT), Canada (2,100 MT), Japan (1,600 MT), Mexico (1,600 MT), Russia (400 MT), Taiwan (300 MT), and Vietnam (200 MT).
Weekly Export Details: Exports of 13,700 MT were mainly to Mexico (5,500 MT), South Korea (2,300 MT), Canada (1,900 MT), Japan (1,500 MT), Vietnam (900 MT), Russia (600 MT), and Taiwan (500 MT).
Comments and Performance Indicators Sales were down by nearly 50% from the prior week, but South Korea again was the lead buyer for the week.

Link to USDA report.

 


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