Weekly Exports Sales: Wheat Above Expectations

September 9, 2011 02:46 AM
 

 

USDA Weekly Export Sales Report
Week Ended September 1, 2011

Corn

Actual Sales (in metric tons -- MT)

870,600 MT
2011-12: 820,600 MT
2012-13:
50,000 MT

Trade Expectations

800,000 to 1,000,000 MT

Weekly Sales Details

Net sales of 820,600 MT for the 2011-12 marketing year (which began Sept. 1) were primarily for Mexico (313,800 MT), Japan (126,800 MT), the Dominican Republic (107,800 MT), Costa Rica (82,800 MT), South Korea (72,200 MT), and unknown destinations (52,100 MT).  Decreases were reported for Colombia (33,700 MT).  Net sales of 50,000 MT for delivery in 2012-13 were reported for Japan. A total of 2,795,700 MT in sales were outstanding on August 31 (the end of the 2010/2011 marketing year) and carried over to the 2011-12 marketing year. 

Weekly Export Details

Exports of 687,200 MT were reported for August 26-31.  The primary destinations were Japan (145,100 MT), Mexico (83,800 MT), Egypt (80,000 MT), and South Korea (57,000 MT). Accumulated exports for the 2010-11 marketing year were 45,256,400 MT, down 6 percent from the prior year’s total of 48,345,400 MT.  Exports for September 1 of 136,000 MT were mainly for South Korea (71,200 MT), Mexico (25,600 MT), Costa Rica (23,700 MT), and Jamaica (11,800 MT). 

Comments and Performance Indicators

Sales were within expectations. Export commitments are down 14% from to year-ago to start the new marketing year.

Wheat

Actual Sales (in metric tons -- MT)
512,200 MT
Trade Expectations
350,000 to 450,000 MT
Weekly Sales Details
Net sales of 512,200 MT for the 2011-12 marketing year were up 39 percent from the previous week and 25 percent from the prior 4-week average.  Increases were primarily for unknown destinations (251,400 MT), Mexico (68,900 MT), Taiwan (54,700 MT), Nigeria (46,600 MT, including 6,700 MT switched from unknown destinations and decreases of 300 MT), Peru (35,900 MT), and the Philippines (31,500 MT). Decreases were reported for Italy (21,400 MT), and Colombia (10,300 MT). 
Weekly Export Details
Exports of 625,100 MT were up 3 percent from the previous week and 6 percent from the prior 4-week average. The primary destinations were mainly to Iraq (105,000 MT), Japan (94,100 MT), the Philippines (51,500 MT), Thailand (49,800 MT), China (48,400 MT), South Africa (46,300 MT), and Italy (38,600 MT). 
Comments and Performance Indicators
Sales were above trade expectations. Export commitments are 15% behind of year-ago early in the marketing year, compared to 9% behind last week.

Soybeans

Actual Sales (in metric tons -- MT)

444,900 MT

Trade Expectations
350,000 to 650,000 MT
Weekly Sales Details
Net sales of 444,900 MT for the 2011-12 marketing year (which began Sept. 1) were primarily for China (192,200 MT), Egypt (80,000 MT), unknown destination (49,400 MT), Mexico (35,600 MT), and Taiwan (34,100 MT). A total of 2,281,900 MT in sales were outstanding on August 31 (the end of the 2010-11 marketing year) and carried over to the 2011-12 marketing year. 
Weekly Export Details
Exports of 239,700 MT were reported for August 26-31. The primary destinations were China (93,400 MT), Mexico (66,300 MT), Syria (24,100 MT), and Indonesia (19,400 MT). Accumulated exports for the 2010/11 marketing year were 39,993,100 MT, up 1 percent from the prior year’s total of 39,642,200 MT. Exports of 42,400 MT were reported for September 1.  The primary destinations were Mexico (23,000 MT), Costa Rica (12,000 MT), Indonesia (3,700 MT), and China (2,900 MT). 
Comments and Performance Indicators

Sales were within expectations. Export commitments are running 19% behind year-ago to start the new marketing year.

Soymeal

Actual Sales (in metric tons -- MT)

148,000 MT
2010-11: -24,500 MT
2011-12:
172,500 MT

Trade Expectations
75,000 to 150,000 MT
Weekly Sales Details
Net sales reductions of 24,500 MT were reported for Canada (9,500 MT), unknown destinations (7,300 MT), the Dominican Republic (4,700 MT), Guatemala (4,700 MT), and Nicaragua (1,700 MT, switched from unknown destinations), were more than offset by decreases for Mexico (54,900 MT), Morocco (2,000 MT), and Hong Kong (900 MT). Net sales of 172,500 MT for delivery in 2011-12 were reported mainly for Mexico (112,400 MT), and the Dominican Republic (31,000 MT). 
Weekly Export Details
Exports of 58,900 MT were down 41 percent from the previous week and 50 percent from the prior 4-week average. The primary destinations were Mexico (22,900 MT), Canada (17,400 MT), Jamaica (5,200 MT), Guatemala (4,700 MT), and the Philippines (3,600 MT). 
Comments and Performance Indicators
Sales were within expectations. Export commitments are running 20% behind year-ago compared to 18% behind last week.

Soyoil

Actual Sales (in metric tons -- MT)
2011-12: 5,900 MT
Trade Expectations
5,000 to 10,000 MT
Weekly Sales Details
There were no new sales for the week.  Net sales of 5,900 MT for delivery in 2011-12 were reported for Mexico. 
Weekly Export Details
Exports of 3,600 MT were down 72 percent from the previous week and 67 percent from the prior 4-week average.  The primary destinations were Mexico (2,000 MT), Trinidad (700 MT), and Canada (700 MT). 
Comments and Performance Indicators
Sales were within expectations. Export commitments are 8% below year-ago compared to 6% below of year-ago last week.

Cotton

Actual Sales (in running bales -- RB)
43,900 RB
2011-12:
43,700 RB
2012-13: 2,000 RB
Trade Expectations
NA
Weekly Sales Details
Net Upland sales of 43,700 running bales for the 2011-12  marketing year resulted as increases for China (61,800 RB, including 8,800 RB switched from Vietnam and decreases of 6,400 RB), Peru (6,500 RB), Mexico (3,900 RB), and Taiwan (2,200 RB, switched from Japan), were partially offset by decreases for Pakistan (16,700 RB) and Vietnam (12,600 RB). Net sales of 2,000 RB for delivery in 2012-13 were reported for Mexico (1,300 RB) and China (700 RB).  Optional origin sales for the 2011/2012 marketing year were reported for China (44,000 RB). Optional origin sales of 9,000 RB to Pakistan were exercised to export the commodity from other than the United States. 
Weekly Export Details
Exports of 78,100 RB were mainly to China (40,000 RB), Mexico (12,900 RB), Vietnam (4,800 RB), and Bangladesh (4,000 RB).  Net American Pima sales of 1,000 RB were reported mainly for Bangladesh (500 RB) and China (400 RB). Exports of 200 RB were to Mexico (100 RB) and Pakistan (100 RB). 
Comments and Performance Indicators
Export commitments are 1% ahead of year-ago compared to 6% ahead last week.

Beef

Actual Sales (in metric tons -- MT)

16,500 MT

Weekly Sales Details
Net sales of 16,500 MT for delivery in 2011 were primarily for Mexico (3,000 MT), Japan (2,900 MT), Hong Kong (2,300 MT), South Korea (1,800 MT), and Vietnam (1,600 MT).
Weekly Export Details
Exports of 16,800 MT were mainly to Mexico (3,900 MT), Japan (2,600 MT), South Korea (1,900 MT), Canada (1,700 MT), and Russia (1,700 MT). 
Comments and Performance Indicators
Exports compare to 15,600 MT last week.

Link to USDA report.

 

 


Juli says: This is a pretty impressive performance for wheat sales given the amount of wheat Russia has been shipping out since it resumed exporting grain July 1. Also, the corn sales pace -- considering where prices are at -- is impressive. The report doesn't suggest there is significant demand destruction at current prices.

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