Weekly Export Sales Update: Week Ended Aug. 7

August 13, 2008 07:00 PM
 

Pro Farmer Editors

USDA Weekly Export Sales Report
Week Ended Aug. 7, 2008

Corn

Actual Sales (in metric tons -- MT)

1,334,900 MT:
385,900 MT 2007-08

949,000 MT 2008-09

Trade Expectations 800,000 to 1,100,000 MT
Weekly Sales Details Net sales of 385,900 MT were up 14 percent from the previous week and 41 percent from the prior 4-week average. Increases reported for Egypt (180,000 MT), unknown destinations (161,900 MT), South Korea (56,200 MT, including 48,500 MT switched from unknown destinations), Colombia (47,900 MT, including 27,000 MT switched from unknown destinations and decreases of 19,500 MT), and Mexico (40,300 MT), were partially offset by decreases for Japan (145,100 MT), Guatemala (14,200 MT), and Venezuela (7,100 MT). Net sales of 949,000 MT for delivery in 2008/09 were primarily for Japan (589,300 MT, including 229,100 MT switched from the 2007/08 marketing year), Mexico (149,700 MT), Cuba (75,000 MT), Colombia (53,400 MT), and Guatemala (49,900 MT).
Weekly Export Details: Exports of 939,100 MT were up 7 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were Mexico (262,800 MT), Japan (242,100 MT), South Korea (156,200 MT), Colombia (100,000 MT), Taiwan (40,400 MT), and Syria (26,300 MT).
Comments and Performance Indicators New-crop sales are starting to rise as we near the end of the 2007-08 marketing year, with the strong sales pace pushing total sales over trade expectations. Total corn export commitments are 10% ahead of year-ago compared to 9% last week.

Wheat

Actual Sales (in metric tons -- MT) 650,300 MT
By class:
HRW: 269,000 MT
SRW: 139,800 MT
HRS: 210,300 MT
White: 26,700 MT
Durum: 4,500 MT
Trade Expectations 450,000 to 750,000 MT
Weekly Sales Details

Net sales of 650,300 metric tons were down 5 percent from the previous week and 6 percent from the prior 4-week average. Increases reported for Egypt (153,500 MT, including 30,000 MT switched from unknown destinations), Nigeria (88,300 MT), Spain (69,700 MT, including 32,600 MT switched from unknown destinations), Japan (67,200 MT), Iran (60,000 MT), and Indonesia (59,700 MT, including 58,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (132,800 MT).

Weekly Export Details: Exports of 813,000 MT were up 2 percent from the previous week and 14 percent from the prior 4-week average. The primary destinations were Indonesia (118,000 MT), Iraq (104,200 MT), Egypt (90,000 MT), Nigeria (87,900 MT), Mexico (78,000 MT), Yemen (43,700 MT), and Japan (42,200 MT).
Comments and Performance Indicators Hard wheat sales continue solid, with decent SRW business also reported. Total sales were within expectations. Total export commitments are 7% behind year-ago compared to 3% behind the prior week.

Soybeans

Actual Sales (in metric tons -- MT)

69,500 MT:
-49,700 MT 2007-08
119,200 MT 2008-09

Trade Expectations 250,000 to 550,000 MT
Weekly Sales Details Net sales reductions of 49,700 MT resulted as increases for Israel (26,000 MT, including 24,000 MT switched from unknown destinations), Taiwan (24,100 MT), Mexico (20,700 MT), Colombia (14,200 MT), and Egypt (9,000 MT), were more than offset by decreases for unknown destinations (92,100 MT), China (56,300 MT), Guatemala (8,000 MT), and Venezuela (6,000 MT, switched to 2008/09). Net sales of 119,200 MT for 2008/09 delivery were primarily for China (50,000 MT), Israel (31,000 MT), Mexico (31,000 MT), Japan (28,000 MT), and Venezuela (6,000 MT). Decreases of 31,000 MT were for unknown destinations.
Weekly Export Details: Exports of 284,400 MT were down 26 percent from the previous week and 7 percent from the prior 4-week average. The destinations were primarily Mexico (49,700 MT), South Korea (48,900 MT), Saudi Arabia (43,000 MT), Japan (38,800 MT), and Taiwan (31,000 MT).
Comments and Performance Indicators Net reductions for the current year are starting to show as we approach the end of the 2007-08 marketing year and that pushed sales well below trade expectations. Total soybean export commitments are 1% ahead of year-ago compared to 2% ahead the prior week.

Soymeal

Actual Sales (in metric tons -- MT) 96,400 MT:
51,300 MT 2007-08
45,100 MT 2008-09
Trade Expectations 100,000 to 200,000 MT
Weekly Sales Details Net sales of 51,300 MT were 13 percent below the previous week and 7 percent under the prior 4-week average. Increases reported for Colombia (9,400 MT), Canada (8,700 MT), Morocco (8,000 MT), Egypt (7,000 MT), and the Philippines (5,300 MT), were partially offset by decreases for Guatemala (800 MT). Net sales of 45,100 MT for delivery in 2008/09 were primarily for Mexico (12,800 MT), Guatemala (12,300 MT), Canada (11,200 MT), and Israel (7,500 MT). Decreases were for unknown destinations (5,700 MT).
Weekly Export Details: Exports of 110,600 MT were up 61 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were Canada (38,000 MT), Mexico (18,300 MT), Morocco (15,500 MT), Colombia (10,100 MT), and the Dominican Republic (9,300 MT).
Comments and Performance Indicators Sales fell below trade expectations. Export commitments are 8% ahead of year-ago compared to 9% ahead the prior week.

Soyoil

Actual Sales (in metric tons -- MT)

25,500 MT

Trade Expectations 5,000 to 10,000 MT
Weekly Sales Details Net sales of 25,500 MT for Venezuela (15,000 MT), Morocco (6,700 MT), the Dominican Republic (2,500 MT), and Mexico (1,600 MT), were partially offset by decreases for unknown destinations (2,500 MT) and Japan (600 MT).
Weekly Export Details: Exports of 16,700 MT were primarily to Mexico (7,100 MT), Cuba (5,000 MT), Nicaragua (2,200 MT), and El Salvador (1,300 MT).
Comments and Performance Indicators Sales far exceeded trade expectations. Soyoil export commitments are 85% ahead of year ago compared to 86% the prior week.

Cotton

Actual Sales (in running bales -- RB) 389,900 RB
Trade Expectations 200,000 to 400,000 RB
Weekly Sales Details Net Upland sales of 389,900 running bales reported for China (176,900 RB), Turkey (50,200 RB), Indonesia (41,000 RB), Thailand (34,500 RB), and Vietnam (19,400 RB), were partially offset by decreases for Singapore (44,300 RB).
Weekly Export Details: Exports of 222,500 RB were down 37 percent from the previous week and 21 percent over the prior 4-week average. The primary destinations were China (77,000 RB), Turkey (32,800 RB), Mexico (19,200 RB), Colombia (16,300 RB), Indonesia (15,400 RB), and Vietnam (11,600 RB).
Comments and Performance Indicators China led buyers as traders anticipated the uptick in activity so sales were within trade expectations.. Export commitments of cotton stand 20% ahead of year-ago.

Beef

Actual Sales (in metric tons -- MT) 10,000 MT
Weekly Sales Details Net sales of 10,000 MT were primarily for Mexico (3,600 MT), Japan (1,900 MT), Canada (1,300 MT), Vietnam (1,000 MT), Russia (900 MT), and South Korea (800 MT).
Weekly Export Details: Exports of 13,800 MT were mainly to Mexico (5,600 MT), South Korea (2,800 MT), Canada (1,700 MT), Japan (1,300 MT), Russia (800 MT), Vietnam (700 MT), and Taiwan (300 MT).
Comments and Performance Indicators Mexico resumed its position as the lead buyer of U.S. beef, with sales to Korea dropping off but total business rose slightly from week-ago.

Link to USDA report.

 


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