Corn & Soybean Sales Below Expectations, Wheat Within
The Weekly Export Sales Report for the week ended Oct. 20 showed:
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 361,300 MT |
| Trade Expectations | 650,000 to 900,000 MT |
| Weekly Sales Details | Net sales of 336,200 MT for the 2011-12 marketing year were down 81 percent from the previous week and 74 percent from the prior 4-week average. Increases were reported for Japan (225,900 MT), Mexico (92,400 MT), China (60,000 MT, switched from unknown destinations), Venezuela (34,000 MT, including 20,000 MT switched from Panama), and the Dominican Republic (24,200 MT, including 3,800 MT switched from Colombia and decreases of 100 MT). Decreases were reported for unknown destinations (78,100 MT), Egypt (31,600 MT), and Panama (20,000 MT). Net sales of 25,100 MT for delivery in 2012-13 were reported for Japan. Optional origin cancellations for 2012/2013 were reported for Mexico (30,000 MT). |
| Weekly Export Details | Exports of 677,100 MT were primarily reported to Mexico (231,800 MT), Japan (134,800 MT), South Korea (114,500 MT), Honduras (44,800 MT), Venezuela (39,000 MT), and Taiwan (37,600 MT). |
| Comments and Performance Indicators | Sales were well below expectations. Export commitments are 4% above year ago, compared to 5% 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: 316,800 MT |
| Trade Expectations | 300,000 to 500,000 MT |
| Weekly Sales Details | Net sales of 316,800 MT for the 2011-12 marketing year were down 21 percent from the previous week and 27 percent from the prior 4-week average. Increases were primarily for Mexico (96,400 MT), Chile (36,800 MT), the Philippines (32,400 MT, switched from unknown destinations), Belgium (32,000 MT, including 21,000 MT switched from unknown destinations), Venezuela (24,100 MT), South Korea (23,900 MT), and Japan (21,400 MT). |
| Weekly Export Details | Exports of 383,500 MT were unchanged from the previous week, but down 18 percent from the prior 4-week average. The primary destinations were to Mexico (131,100 MT), the Philippines (46,400 MT), Japan (40,400 MT), Chile (36,800 MT), the Dominican Republic (31,200 MT), South Korea (29,700 MT), and Jamaica (19,700 MT). |
| Comments and Performance Indicators | Sales were below trade expectations. Export commitments are 18% 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) | Combined: 254,600 MT |
| Trade Expectations | 650,000 to 950,000 MT |
| Weekly Sales Details | Net sales of 227,600 MT for the 2011-12 marketing year resulted as increases for Mexico (96,900 MT), China (91,800 MT), Portugal (66,500 MT, including 65,000 MT switched from unknown destinations), Taiwan (27,000 MT), Japan (23,400 MT), and Canada (6,900 MT), were partially offset by decreases for unknown destinations (87,000 MT). Net sales of 27,000 MT for delivery in 2012-13 were reported for Japan. |
| Weekly Export Details | Exports for own account were reported for Canada (54,100 MT). Exports of 1,141,100 MT were primarily reported to China (831,400 MT), Mexico (176,800 MT), Portugal (66,500 MT), Taiwan (25,300 MT), and Japan (14,700 MT). |
| Comments and Performance Indicators | Sales were well below expectations. Export commitments are running 33% behind year-ago, which compares to 29% 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) | 2010-11: 74,100 MT |
| Trade Expectations | 100,000 to 200,000 MT |
| Weekly Sales Details | Net sales of 74,100 MT for the 2011-12 marketing year were mainly reported for Canada (26,300 MT), Venezuela (21,000 MT, including 10,000 MT switched from Panama), Ireland (10,500 MT), Mexico (9,200 MT), and Morocco (8,600 MT, switched from unknown destinations). Decreases were reported for unknown destinations (11,600 MT) and Panama (9,800 MT). |
| Weekly Export Details | Exports of 101,300 MT were primarily reported to Canada (24,100 MT), Mexico (19,700 MT), Venezuela (16,000 MT), Morocco (8,600 MT), and the Dominican Republic (8,400 MT). |
| Comments and Performance Indicators | Sales were below expectations. Export commitments are running 10% behind year-ago to start the new marketing year, compared to 7% 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: 4,200 MT |
| Trade Expectations | 5,000 to 15,000 MT |
| Weekly Sales Details | Net sales of 4,200 MT for delivery in 2011-12 resulted as increases for Mexico (4,400 MT), Saudi Arabia (500 MT), and the Dominican Republic (300 MT), were partially offset by decreases for Trinidad (700 MT) and Canada (300 MT). |
| Weekly Export Details | Exports of 16,300 MT were primarily reported to Mexico (8,700 MT), Nicaragua (5,600 MT), and El Salvador (1,400 MT). |
| Comments and Performance Indicators | Sales were below expectations. Export commitments are 87% below year-ago to start the new marketing year, compared to 88% 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: 385,100 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 385,100 running bales for the 2011-12 marketing year resulted as increases for China (396,700 RB), Turkey (11,400 RB), and Taiwan (5,500 RB), were partially offset by decreases for Mexico (16,300 RB), Vietnam (9,700 RB), Thailand (5,500 RB), and South Korea (1,300 RB). |
| Weekly Export Details | Exports for own account were reported for China (3,900 RB). Optional origin sales were reported for Vietnam (6,600 RB) and China (4,400 RB). Exports of 75,100 RB were up 5 percent from the previous week, but down 3 percent from the prior 4-week average. The primary destinations were to Mexico (22,100 RB), China (19,000 RB), Vietnam (13,200 RB), and Indonesia (4,000 RB). |
| Comments and Performance Indicators | Export commitments are 33% behind year-ago compared to 35% 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) | 20,900 MT |
| Weekly Sales Details | Net sales of 20,900 MT for delivery in 2011 were primarily for Mexico (4,700 MT), South Korea (3,600 MT), Japan (2,500 MT), Vietnam (2,100 MT), and Canada (2,000 MT). Net sales of 4,800 MT for delivery in 2012 were reported for Vietnam (2,500 MT), Hong Kong (1,500 MT), Canada (300 MT), and South Korea (200 MT). |
| Weekly Export Details | Exports of 16,400 MT were mainly reported to Mexico (3,300 MT), Japan (2,500 MT), South Korea (2,300 MT), Vietnam (2,100 MT), and Canada (2,000 MT). |
| Comments and Performance Indicators | Exports compare to 13,000 MT last week. USDA projects exports in 2012 to be 19.0% above last year's total. |
Juli says: The corn and soybean tallies are disappointing, but focus this morning is on the EU striking a deal to work through its debt troubles. The U.S. dollar index is sharply lower this morning, adding to bullish enthusiasm. Weekly cotton and beef sales, however, are strong.
