Corn Export Sales Top 1 Million Metric Tons
The Weekly Export Sales Report for the week ended Jan. 19, 2012, confirmed what basis levels in the Gulf have been signaling for the corn market -- export demand is on the rise. On the other hand, soybean export sales were below expectations, though exports topped 1 million metric tons. Wheat sales came in within expectations.
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 1,040,600 MT |
| Trade Expectations | 650,000 to 850,000 MT |
| Weekly Sales Details | Net sales of 958,100 MT for the 2011-12 marketing year resulted as increases for Japan (311,900 MT, including 113,600 MT switched from unknown destinations), Mexico (264,100 MT,), South Korea (186,600 MT), Egypt (120,000 MT), Costa Rica (78,100 MT, including 1,300 MT switched from Guatemala), and China (72,800 MT, including 60,000 MT switched from unknown destinations and decreases of 3,700 MT), were partially offset by decreases for unknown destinations (151,200 MT), the Dominican Republic (10,500 MT), and Guatemala (5,900 MT). Net sales of 82,500 MT for delivery in 2012-13 marketing year were reported for Mexico (45,000 MT), Japan (32,500 MT), and Nicaragua (5,000 MT). |
| Weekly Export Details | Exports of 940,700 MT were up 25 percent from the previous week and 24 percent from the prior 4-week average. The primary destinations were to Japan (214,000 MT), Mexico (193,300 MT), South Korea (126,700 MT), China (120,200 MT), Saudi Arabia (70,200 MT), and Taiwan (48,700 MT). |
| Comments and Performance Indicators | Sales were well above expectations. Export commitments are 5% below year ago, compared to 7% below last week. USDA projects exports in 2011-12 to be 10.1% below the previous marketing year. |
| Wheat | |
| Actual Sales (in metric tons -- MT) | Combined: 618,700 MT 2011-12: 604,700 MT 2012-13: 14,000 MT |
| Trade Expectations | 500,000 to 700,000 MT |
| Weekly Sales Details | Net sales of 604,700 MT for the 2011-12 marketing year were up 3 percent from the previous week and 59 percent from the prior 4-week average. Increases were primarily for South Korea (196,000 MT), Mexico (126,800 MT), Japan (85,700 MT), Indonesia (61,000 MT, switched from unknown destinations), and Yemen (50,000 MT). Decreases were reported for unknown destinations (97,300 MT) and Peru (11,200 MT). Net sales of 14,000 MT for delivery in 2012-13 marketing year were reported for Italy (9,000 MT) and Mexico (5,000 MT). |
| Weekly Export Details | Exports of 424,600 MT were up 19 percent from the previous week and 22 percent from the prior 4-week average. The primary destinations were to South Korea (82,500 MT), Mexico (77,600 MT), Japan (58,600 MT), Nigeria (43,300 MT), and Peru (27,100 MT). |
| Comments and Performance Indicators | Sales were within trade expectations. Export commitments are 24% behind year-ago, compared to 24% behind last week. USDA projects exports in 2011-12 to be 26.3% below the previous marketing year. |
| Soybeans | |
| Actual Sales (in metric tons -- MT) | Combined: 592,300 MT |
| Trade Expectations | 700,000 to 850,000 MT |
| Weekly Sales Details | Net sales of 466,300 MT for the 2011-12 marketing year were down 53 percent from the previous week and 21 percent from the prior 4-week average. Increases were primarily for China (360,900 MT, including 115,000 MT switched from unknown destinations and decreases of 75,700 MT), Mexico (143,500 MT), Egypt (60,000 MT), Turkey (41,300 MT, including 40,000 MT switched from unknown destinations), Costa Rica (30,100 MT), and Spain (30,000 MT). Decreases were reported for unknown destinations (258,000 MT) and Japan (8,500 MT). Net sales of 126,000 MT for delivery in 2012-13 marketing year were reported for China (120,000 MT) and Japan (6,000 MT). |
| Weekly Export Details | Exports of 1,184,500 MT were reported primarily to China (890,600 MT, including late reporting of 127,200 MT), Mexico (121,100 MT), Turkey (41,300 MT), Japan (40,500 MT), Tunisia (32,200 MT), and Taiwan (29,600 MT). |
| Comments and Performance Indicators | Sales were below expectations. Export commitments are running 37% behind year-ago, which compares to 30% 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: 126,600 MT |
| Trade Expectations | 100,000 to 200,000 MT |
| Weekly Sales Details | Net sales of 124,200 MT for the 2011-12 marketing year were down 32 percent from the previous week, but up 17 percent from the prior 4-week average. Increases were primarily for Latvia (27,400 MT, including 25,000 MT switched from unknown destinations), Spain (27,000 MT), Mexico (22,300 MT), Canada (14,400 MT), and Panama (11,000 MT). Decreases were reported for the Dominican Republic (200 MT). Net sales of 2,400 MT for delivery in 2012-13 marketing year resulted as increases for Nicaragua (2,500 MT), were partially offset by decreases for Canada (100 MT). |
| Weekly Export Details | Exports of 183,200 MT were down 35 percent from the previous week, but up 6 percent from the prior 4-week average. Increases were reported mainly to Mexico (36,000 MT), Ecuador (34,800 MT), the Philippines (34,400 MT), Latvia (27,400 MT), Japan (17,100 MT), and Canada (16,800 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments are running 11% behind year-ago, compared to 13% behind last week. USDA projects exports in 2011-12 to be 3.3% below the previous marketing year. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | 2012-13: 2,500 MT |
| Trade Expectations | 5,000 to 15,000 MT |
| Weekly Sales Details | Net sales of 2,500 MT for delivery in the 2011-12 marketing year resulted as increases for Mexico (1,500 MT) and Nicaragua (1,500 MT), were partially offset by decreases for Canada (500 MT). |
| Weekly Export Details | Exports of 10,600 MT were up 8 percent from the previous week and 22 percent from the prior 4-week average. Increases were reported mainly for Mexico (4,600 MT), Nicaragua (1,900 MT), Guatemala (1,800 MT), and El Salvador (1,400 MT). |
| Comments and Performance Indicators | Sales were below expectations. Export commitments are 86% below year-ago, compared to 81% 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) | 2012-13: 31,100 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales were zero as increases for Turkey (17,200 RB), China (12,700 RB), Mexico (7,300 RB), Indonesia (3,400 RB, including 300 RB switched from Japan), and Taiwan (2,800 RB), were offset by decreases for Thailand (21,300 RB), Bangladesh (15,200 RB), Colombia (6,800 RB), and Peru (1,800 RB). Net sales of 31,100 RB for delivery in 2012-13 marketing year were reported for Thailand (19,800 RB), Colombia (8,800 RB), and Indonesia (2,500 RB). Exports for own account were reported for China (4,000 RB). Options exercised to export the commodity from other than the United States were for Pakistan (800 RB). |
| Weekly Export Details | Exports for own account were reported for China (4,000 RB). Options exercised to export the commodity from other than the United States were for Pakistan (800 RB). Exports of 199,700 RB were down 15 percent from the previous week, but up 9 percent from the prior 4-week average. The primary destinations were China (105,700 RB), Turkey (34,500 RB), Mexico (10,500 RB), and South Korea (5,000 RB). |
| Comments and Performance Indicators | Export commitments are 23% behind year-ago compared to 26% 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: 19,600 MT |
| Weekly Sales Details | Net sales of 19,600 MT for delivery in 2012 were primarily for Mexico (5,100 MT), Japan (3,000 MT), Canada (3,000 MT), Vietnam (2,500 MT), and South Korea (1,800 MT). |
| Weekly Export Details | Exports of 15,100 MT were mainly to Mexico (3,000 MT), South Korea (2,700 MT), Japan (2,200 MT), Canada (2,200 MT), and Vietnam (2,100 MT). |
| Comments and Performance Indicators | Exports compare to 16,200 MT last week. USDA projects exports in 2012 to be 20.3% above last year's total. |
