The Weekly Export Sales Report for the week ended March 8, 2012, reflected strong Chinese appetite for soybeans as sales for combined marketing years came in just below 1.4 million metric tons with China as the lead buyer. Corn sales were near the top of the average pre-report trade guess range, while wheat export sales disappointed. Cotton should also benefit from a strong increase in buying interest this week. Beef sales were lackluster.
USDA Weekly Export Sales Report | |
Corn | |
Actual Sales (in metric tons -- MT)
| 2011-12: 836,400 MT |
Trade Expectations
| 600,000 to 850,000 MT |
Weekly Sales Details
| Net sales of 836,400 MT for the 2011-12 marketing year resulted as increases for Japan (348,100 MT, including 121,400 MT switched from unknown destinations and decreases of 23,200 MT), Mexico (222,800 MT), South Korea (126,300 MT), Saudi Arabia (105,600 MT, including 60,000 MT switched from China and 45,600 MT switched from unknown destinations), Venezuela (57,000 MT), and Taiwan (19,100 MT). Decreases were reported for unknown destinations (110,200 MT) and the French West Indies (7,000 MT). |
Weekly Export Details
| Exports of 1,035,600 MT were up 35 percent from the previous week and 36 percent from the prior 4-week average. The primary destinations were to Japan (431,200 MT), Mexico (329,200 MT), China (64,200 MT), Saudi Arabia (45,600 MT), Egypt (45,500 MT), and Venezuela (35,000 MT). |
Comments and Performance Indicators
| Sales were within 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: 360,300 MT 2011-12: 302,400 MT 2012-13: 57,900 MT |
| Trade Expectations | 400,000 to 600,000 MT |
| Weekly Sales Details | Net sales of 302,400 MT were down 32 percent from the previous week and 39 percent from the prior 4-week average. Increases were primarily for Spain (68,100 MT, including 66,100 MT switched from unknown destinations), Iran (60,000 MT), the Philippines (58,300 MT, including 49,300 MT switched from unknown destinations), Thailand (50,000 MT), Nigeria (46,200 MT, including 25,000 MT switched from unknown destinations and decreases of 14,800 MT), Japan (43,600 MT), and Indonesia (35,200 MT). Decreases were reported for unknown destinations (174,200 MT). Net sales of 57,900 MT for delivery in the 2012-13 marketing year were reported mainly for Nigeria (24,000 MT) and the Philippines (19,000 MT). |
| Weekly Export Details | Exports of 913,000 MT — a marketing-year high — were up noticeably from the previous week and from the prior 4-week average. The primary destinations were to Mexico (156,100 MT), the Philippines (154,400 MT), Nigeria (122,700 MT), Spain (88,100 MT), South Korea (80,400 MT), Indonesia (53,300 MT), and Taiwan (49,300 MT). |
| Comments and Performance Indicators | Sales were below trade expectations. Export commitments are 23% behind year-ago, compared to 23% behind last week. USDA projects exports in 2011-12 to be 22.4% below the previous marketing year. |
Soybeans | |
| Actual Sales (in metric tons -- MT) | Combined: 1,393,700 MT |
| Trade Expectations | 650,000 to 900,000 MT |
| Weekly Sales Details | Net sales of 609,700 MT were down 40 percent from the previous week and 19 percent from the prior 4-week average. Increases were primarily for China (368,200 MT, including 60,000 MT switched from Indonesia and decreases of 172,800 MT), Mexico (80,200 MT), the Netherlands (75,400 MT, including 70,000 MT switched from unknown destinations), Japan (66,400 MT, including 28,500 MT switched from unknown destinations), Malaysia (30,400 MT, including 24,000 MT switched from unknown destinations), and Taiwan (22,900 MT). Decreases were reported for unknown destinations (64,500 MT) and Vietnam (10,800 MT). Net sales of 784,000 MT for delivery in the 2012-13 marketing year were reported for China (669,000 MT) and unknown destinations (115,000 MT). |
| Weekly Export Details | Exports of 710,000 MT were reported primarily to China (405,300 MT), Egypt (79,500 MT), the Netherlands (75,400 MT), Japan (35,700 MT), Malaysia (31,400 MT), and Indonesia (25,200 MT). |
| Comments and Performance Indicators | Sales were well above expectations. Export commitments are running 24% behind year-ago, which compares to 25% 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: 160,000 MT
|
| Trade Expectations | 75,000 to 150,000 MT |
| Weekly Sales Details | Net sales of 156,100 MT were up 26 percent from the previous week and 36 percent from the prior 4-week average. Increases were primarily for the Philippines (42,500 MT), Poland (31,500 MT, including 30,000 MT switched from unknown destinations), Canada (27,800 MT), Latvia (27,500 MT, including 25,000 MT switched from unknown destinations), and Venezuela (25,000 MT). Decreases were reported for unknown destinations (38,300 MT). Net sales of 3,900 RB for delivery in the 2012-13 marketing year were reported for Canada. |
| Weekly Export Details | Exports of 201,500 MT were up 47 percent from the previous week and 29 percent from the prior 4-week average. Increases were reported mainly to Poland (31,500 MT), Mexico (28,000 MT), Latvia (27,500 MT), Venezuela (25,000 MT), Egypt (24,800 MT), and Canada (19,100 MT). |
| Comments and Performance Indicators | Sales were above expectations. Export commitments are running 10% behind year-ago, compared to 12% behind last week. USDA projects exports in 2011-12 to be 2.2% below the previous marketing year. |
Soyoil | |
| Actual Sales (in metric tons -- MT) | 2011-12: 5,100 MT |
| Trade Expectations | 5,000 to 15,000 MT |
| Weekly Sales Details | Net sales of 5,100 MT resulted as increases for Mexico (3,900 MT), El Salvador (800 MT), and Guatemala (600 MT). |
| Weekly Export Details | Exports of 3,300 MT were up 68 percent from the previous week, but down 79 percent from the prior 4-week average. Increases were reported mainly to Mexico (2,600 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments are 74% below year-ago, compared to 74% 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: 358,700 RB 2011-12: 239,900 RB 2012-13: 118,800 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 239,900 running bales for the 2011-12 marketing year were up noticeably from the previous week and from the prior 4-week average. Increases were primarily for China (77,600 RB, including 1,300 RB switched from South Korea), Mexico (71,900 RB, including 1,800 RB switched from Colombia and decreases of 13,400 RB), Vietnam (38,700 RB), and Indonesia (20,900 RB). Decreases were reported for South Korea (5,600 RB) and Colombia (1,800 RB). Net sales of 118,800 RB for delivery in the 2012-13 marketing year resulted as increases for Mexico (101,900 RB) and China (8,800 RB), were partially offset by decreases for Vietnam (900 RB). Optional origin sales for the 2011-12 marketing year were reported for South Korea (7,800 RB), Vietnam (2,900 RB), and Thailand (2,600 RB). Options exercised to export the commodity from other than the United States were reported for China (26,100 RB). |
| Weekly Export Details | Exports of 365,600 RB were down 2 percent from the previous week, but up 13 percent from the prior 4-week average. The primary destinations were to China (268,900 RB), Turkey (22,100 RB), Mexico (16,200 RB), and Vietnam (15,100 RB). Exports for own account were reported for China (11,700 RB). |
| Comments and Performance Indicators | Export commitments are 26% behind year-ago compared to 28% 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: 8,800 MT |
| Weekly Sales Details | Net sales of 8,800 MT were down 18 percent from the previous week and 47 percent from the prior 4-week average. Increases were reported for Japan (3,700 MT), South Korea (1,900 MT), Mexico (1,000 MT), Canada (900 MT), and Vietnam (600 MT). |
| Weekly Export Details | Exports of 8,100 MT were primarily to South Korea (1,600 MT), Japan (1,500 MT), Vietnam (1,300 MT), Canada (1,100 MT), and Mexico (900 MT). |
| Comments and Performance Indicators | Exports compare to 10,700 MT last week. USDA projects exports in 2012 to be 0.5% below last year’s total. |
Meghan says: The combination of strong soybean export sales with China as the lead buyer and private crop estimates in Brazil continuing to come down could set the soybean market up for another strong day of gains.
