Corn Export Sales Tops Expectations, Soybeans Disappoint
The Weekly Export Sales Report for the week ended July 26, 2012, corn sales topped expectations, while soybean sales came in below expectations. However, soymeal exports were a new marketing year high and cotton sales were up strong from the previous week.
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 201,400 MT |
| Trade Expectations | Up to 200,000 MT |
| Weekly Sales Details | Net sales of 178,400 MT for the 2011-12 marketing year were up significantly from the previous week and from the prior 4-week average. Increases for Japan (150,900 MT, including 42,100 MT switched from unknown destinations and decreases of 3,500 MT), China (47,600 MT, including 60,000 MT switched from unknown destinations and decreases of 20,500 MT), Venezuela (30,000 MT), Mexico (15,600 MT), and Honduras (9,900 MT, including 8,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (108,700 MT). Net sales of 23,000 MT for delivery in the 2012-13 marketing year were primarily for Japan (45,000 MT) and Mexico (8,000 MT). Decreases were reported for unknown destinations (34,600 MT). |
| Weekly Export Details | Exports of 582,700 MT were up 14 percent from the previous week, but down 5 percent from the prior 4-week average. The primary destinations were China (186,200 MT), Japan (184,200 MT), Mexico (109,300 MT), Honduras (28,200 MT), Venezuela (27,500 MT), and Taiwan (18,100 MT). |
| Comments and Performance Indicators | Sales came in just above expectations. Export commitments are 17% below year ago, compared to 17% below last week. USDA projects exports in 2011-12 to be 12.8% below the previous marketing year. |
| Wheat | |
| Actual Sales (in metric tons -- MT) | Combined: 520,700 MT 2011-12: 516,200 MT 2012-13: 4,500 MT |
| Trade Expectations | 400,000 to 600,000 MT |
| Weekly Sales Details | Net sales of 516,200 MT for the 2012-13 marketing year were up 41 percent from the previous week and 22 percent from the prior 4-week average. Increases were reported for South Korea (56,800 MT), the Philippines (55,400 MT, including 5,000 MT switched from unknown destinations), Yemen (55,000 MT, switched from unknown destinations), Guatemala (52,000 MT, including 4,500 MT switched from unknown destinations), Japan (51,600 MT), the Dominican Republic (51,000 MT), and Peru (46,000 MT, including 31,000 MT switched from unknown destinations). Decreases were reported for unknown destinations (21,300 MT). Net sales of 4,500 MT for delivery in the 2013-14 marketing year were reported for the Leeward and Windward Island. |
| Weekly Export Details | Exports of 463,300 MT were up 72 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were Nigeria (88,300 MT), Japan (82,500 MT), Mexico (71,100 MT), China (60,300 MT), Taiwan (51,200 MT), and Colombia (41,200 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments for the new marketing year are 15% behind year-ago, compared to 16% behind last week. USDA projects exports in 2012-13 to be 14.5% ahead of the previous marketing year. |
| Soybeans | |
| Actual Sales (in metric tons -- MT) | Combined: 246,400 MT |
| Trade Expectations | 250,000 to 450,000 MT |
| Weekly Sales Details | Net sales of 194,000 MT for the 2011-12 marketing year were unchanged from the previous week, but down 19 percent from the prior 4-week average. Increases reported for China (214,900 MT, including 60,000 MT switched from unknown destinations and decreases of 8,100 MT), Indonesia (26,500 MT, including 24,000 MT switched from unknown destinations and decreases of 900 MT), Egypt (14,400 MT), Vietnam (11,000 MT), and Japan (10,100 MT), were partially offset by decreases for unknown destinations (84,000 MT), Malaysia (10,000 MT), and Panama (6,000 MT). Net sales of 52,400 MT for delivery in the 2012-13 marketing year for unknown destinations (115,000 MT), Mexico (33,400 MT), and Egypt (27,000 MT), were partially offset by decreases for China (163,500 MT). |
| Weekly Export Details | Exports of 445,100 MT were primarily to Egypt (174,400 MT), China (113,800 MT), Mexico (65,900 MT), Indonesia (37,200 MT), Colombia (12,400 MT), and Taiwan (11,900 MT). |
| Comments and Performance Indicators | Sales were below expectations. Export commitments are running 8% behind year-ago, which compares to 9% behind last week. USDA projects exports in 2011-12 to be 10.7% below the previous marketing year. |
| Soymeal | |
| Actual Sales (in metric tons -- MT) | Combined: 270,800 MT |
| Trade Expectations | 100,000 to 200,000 MT |
| Weekly Sales Details | Net sales of 164,700 MT were up 9 percent from the previous week and 16 percent from the prior 4-week average. Increases were reported for the Philippines (48,500 MT), Venezuela (34,000 MT, including 5,000 MT switched from unknown destinations and decreases of 2,000 MT), Mexico (18,900 MT), unknown destinations (13,500 MT), and Bangladesh (7,000 MT). Net sales of 106,100 MT for delivery in the 2012-13 marketing year were primarily for the Philippines (42,000 MT), unknown destinations (36,500 MT), and Egypt (24,000 MT). Decreases were reported for Nicaragua (300 MT). |
| Weekly Export Details | Exports of 332,100 MT--a marketing-year high--were up noticeably from the previous week and 81 percent from the prior 4-week average. The primary destinations were the Philippines (138,600 MT), Mexico (43,900 MT), Turkey (26,300 MT), and Egypt (16,100 MT). NOTE: Accumulated exports for Canada were adjusted down (2,800 MT). |
| Comments and Performance Indicators | Sales came in above expectations. Export commitments are running 6% ahead of year-ago, compared to 8% behind last week. USDA projects exports in 2011-12 to be 2.2% ahead of the previous marketing year. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | Combined: 10,300 MT |
| Trade Expectations | 10,000 to 25,000 MT |
| Weekly Sales Details | Net sales of 9,700 MT for the 2011-12 marketing year resulted as increases for Mexico (7,700 MT), Venezuela (5,000 MT), and Barbados (500 MT), were partially offset by decreases for Nicaragua (3,600 MT). Net sales of 600 MT for delivery in the 2012-13 marketing year were reported for Mexico. |
| Weekly Export Details | Exports of 7,900 MT were up 11 percent from the previous week, but down 51 percent from the prior 4-week average. The primary destinations were Mexico (4,800 MT), Nicaragua (2,000 MT), and Canada (900 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments are 57% below year-ago, compared to 57% below last week. USDA projects exports in 2011-12 to be 59.8% below the previous marketing year. |
| Cotton | |
| Actual Sales (in running bales -- RB) | Combined: 208,800 RB 2011-12: 39,700 RB 2012-13: 169,100 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 39,700 running bales for the 2011-12 marketing year were up noticeably from the previous week and 10 percent from the prior 4-week average. Increases for China (11,200 RB), Mexico (8,200 RB), Thailand (7,500 RB, including 400 RB switched from Japan and decreases of 3,900 RB), and South Korea (6,900 RB), were partially offset by decreases for Turkey (10,200 RB) and Ecuador (1,500 RB). Net sales of 169,100 RB for delivery in the 2012-13 marketing year for Turkey (37,200 RB), Mexico (22,900 RB), Morocco (19,100 RB), and China (16,700 RB), were partially offset by decreases for Colombia (3,100 RB) and Italy (1,100 RB). |
| Weekly Export Details | Exports of 301,400 RB were up 97 percent from the previous week and 56 percent from the prior 4-week average. The primary destinations were China (188,100 RB), Turkey (28,500 RB), Mexico (24,700 RB), and Thailand (10,300 RB). |
| Comments and Performance Indicators | Export commitments are 15% behind year-ago compared to 15% behind last week. USDA projects exports in 2011-12 to be 19.3% below the previous marketing year. |
| Beef | |
| Actual Sales (in metric tons -- MT) | 2012: 15,800 MT |
| Weekly Sales Details | Net sales of 15,800 MT were up 8 percent from the previous week, but down 6 percent from the prior 4-week average. Increases were reported for Mexico (3,000 MT), Canada (2,300 MT), Hong Kong (1,900 MT), Egypt (1,800 MT), and South Korea (1,800 MT). |
| Weekly Export Details | Exports of 18,400 MT were primarily to Japan (3,600 MT), Mexico (3,100 MT), Canada (2,300 MT), South Korea (2,100 MT), and Egypt (1,600 MT). |
| Comments and Performance Indicators | Exports compare to 14,600 MT last week. USDA projects exports in 2012 to be 7.2% below last year's total. |
