10/20: Corn, Soybean and Wheat Sales Below Expectations
The Weekly Export Sales Report for the week ended Oct. 17 showed corn, soybean and wheat sales below expectations. Beef sales were just below last week.
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 1,845,800 MT |
| Trade Expectations | 2,000,000 to 2,500,000 MT |
| Weekly Sales Details | Net sales of 1,762,600 MT for the 2011-12 marketing year were mainly reported for China (900,100 MT), Mexico (235,500 MT, including 7,200 MT switched from unknown destinations and decreases of 6,400 MT), unknown destinations (210,600 MT), South Korea (158,500 MT, including 95,000 MT switched from Japan), and Japan (57,100 MT, including 115,200 MT switched from unknown destinations and decreases of 60,500 MT). Optional origin sales for delivery in 2011-12 were reported for Mexico (30,000 MT) and optional origin sales for delivery in 2012/2013 were reported for Mexico (60,000 MT). Net sales of 83,200 MT for delivery in 2012/2013 were reported for Japan. |
| Weekly Export Details | Exports of 563,400 MT were primarily reported to Japan (277,200 MT), Mexico (80,700 MT), South Korea (57,800 MT), Canada (31,200 MT), Egypt (28,400 MT), and Cuba (26,100 MT). |
| Comments and Performance Indicators | Sales were below expectations. Export commitments are 5% above year ago, compared to 3% above last week. USDA projects exports in 2011-12 to be 12.8% below the previous marketing year. |
| Wheat | |
| Actual Sales (in metric tons -- MT) | 2011-12: 399,400 MT |
| Trade Expectations | 450,000 to 600,000 MT |
| Weekly Sales Details | Net sales of 399,400 MT for the 2011-12 marketing year were down 17 percent from the previous week and 21 percent from the prior 4-week average. Increases were primarily for Mexico (74,300 MT), the Philippines (69,000 MT), unknown destinations (64,000 MT), Taiwan (44,900 MT), Chile (44,000 MT), and the Dominican Republic (30,500 MT). Decreases were reported for Singapore (29,000 MT). |
| Weekly Export Details | Exports of 385,400 MT were up 6 percent from the previous week, but down 35 percent from the prior 4-week average. The primary destinations were reported to Mexico (96,200 MT), Taiwan (57,900 MT), Japan (54,900 MT), Chile (44,000 MT), Indonesia (30,500 MT), Nigeria (28,300 MT), and Peru (27,500 MT). |
| Comments and Performance Indicators | Sales were below trade expectations. Export commitments are 17% behind year-ago, compared to 17% 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) | 594,700 MT |
| Trade Expectations | 850,000 to 1,000,000 MT |
| Weekly Sales Details | Net sales of 594,700 MT for the 2011-12 marketing year were mainly reported for China (331,000 MT, including 60,000 MT switched from unknown destinations), unknown destinations (83,500 MT), Japan (39,500 MT, including 38,000 MT switched from unknown destinations and decreases of 100 MT), Mexico (27,800 MT), Taiwan (26,800 MT), and Tunisia (26,700 MT). |
| Weekly Export Details | Exports of 1,168,900 MT were primarily reported to China (798,000 MT), Mexico (122,600 MT), Egypt (87,700 MT), Japan (40,900 MT), and Canada (30,700 MT). |
| Comments and Performance Indicators | Sales were below expectations. Export commitments are running 29% behind year-ago, which compares to 25% behind last week. USDA projects exports in 2011-12 to be 8.3% below the previous marketing year. |
| Soymeal | |
| Actual Sales (in metric tons -- MT) | 349,400 MT |
| Trade Expectations | 100,000 to 150,000 MT |
| Weekly Sales Details | Net sales of 348,900 MT for the 2011-12 were mainly reported for Mexico (169,000 MT), Canada (33,600 MT), unknown destinations (20,900 MT), Israel (19,800 MT, including 18,000 MT switched from unknown destinations), and Japan (18,600 MT). Net sales of 500 RB for delivery in 2012-13 were reported for Canada. |
| Weekly Export Details | Exports of 124,000 MT were primarily reported to Ecuador (30,000 MT), Mexico (25,100 MT), Canada (21,000 MT), and Israel (19,800 MT). |
| Comments and Performance Indicators | Sales were above expectations. Export commitments are running 7% behind year-ago to start the new marketing year, compared to 12% behind last week. USDA projects exports in 2011-12 to be 6.0% below the previous marketing year. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | 2011-12: 6,100 MT |
| Trade Expectations | 5,000 to 15,000 MT |
| Weekly Sales Details | Net sales of 6,100 MT for delivery in 2011-12 resulted as increases for Mexico (6,000 MT) and Nicaragua (500 MT), were partially offset by decreases for Canada (500 MT). |
| Weekly Export Details | Exports of 5,700 MT were primarily reported to Mexico (4,900 MT) and Canada (700 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments are 88% below year-ago to start the new marketing year, compared to 89% below last week. USDA projects exports in 2011-12 to be 43.8% below the previous marketing year. |
| Cotton | |
| Actual Sales (in running bales -- RB) | 2011-12: 59,300 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 59,300 running bales for the 2011-12 marketing year resulted as increases for China (46,900 RB, including 400 RB switched from Japan and decreases of 3,700 RB), Mexico (13,500 RB), Taiwan (4,900 RB) and Morocco (3,600 RB), were partially offset by decreases for Turkey (5,400 RB), South Korea (4,000 RB), Thailand (2,800 RB), and Japan (1,400 RB). |
| Weekly Export Details | Exports for own account were reported for China (4,600 RB). Exports of 71,600 RB were down 20 percent from the previous week and 4 percent from the prior 4-week average. The primary destinations were Mexico (21,700 RB), Vietnam (14,000 RB), China (14,000 RB), South Korea (5,000 RB), and Turkey (4,700 RB). |
| Comments and Performance Indicators | Export commitments are 35% behind year-ago compared to 32% behind last week. USDA projects exports in 2011-12 to be 20.0% below the previous marketing year. |
| Beef | |
| Actual Sales (in metric tons -- MT) | 13,000 MT |
| Weekly Sales Details | Net sales of 13,000 MT for delivery in 2011 were primarily for Japan (4,300 MT), South Korea (2,700 MT), Mexico (1,700 MT), Canada (1,500 MT), and Egypt (700 MT). Net sales of 300 MT for delivery in 2012 were reported for Japan (100 MT), Taiwan (100 MT), and South Korea (100 MT). |
| Weekly Export Details | Exports of 16,100 MT were mainly reported to Mexico (3,400 MT), Japan (3,000 MT), South Korea (2,400 MT), Russia (1,500 MT), and Canada (1,500 MT). |
| Comments and Performance Indicators | Exports compare to 13,900 MT last week. USDA projects exports in 2012 to be 19.0% above last year's total. |
Juli says: While below expectations, corn sales were still quite lofty thanks to large purchases made by China last week. But this demand was already known by the market. The report is being viewed as disappointing.
