Weekly Corn Sales Above Expectations
The Weekly Export Sales Report for the week ended Oct. 27 showed corn sales above expectations, but soybeans and wheat sales were below:
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 652,600 MT |
| Trade Expectations | 400,000 to 600,000 MT |
| Weekly Sales Details | Net sales of 622,600 MT for the 2011-12 marketing year were up 85 percent from the previous week, but down 46 percent from the prior 4-week average. Increases were reported for Japan (252,900 MT, including 112,100 MT switched from unknown destinations and decreases of 11,800 MT), Cuba (150,000 MT), South Korea (118,900 MT, including 55,000 MT switched from unknown destinations and decreases of 100 MT), China (60,000 MT, switched from unknown destinations), and El Salvador (27,600 MT, including 13,900 MT switched from unknown destinations). Decreases were reported for unknown destinations (110,000 MT). Optional origin cancellations were reported for Mexico (30,000 MT). Optional origin sales for delivery in 2012-13 were reported for Mexico (30,000 MT). |
| Weekly Export Details | Exports of 746,900 MT were primarily to Japan (428,100 MT), Mexico (152,500 MT), Panama (34,200 MT), Canada (26,800 MT), Guatemala (23,500 MT), and El Salvador (20,600 MT). |
| Comments and Performance Indicators | Sales were above expectations. Export commitments are 5% above year ago, compared to 4% 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: 320,100 MT |
| Trade Expectations | 350,000 to 450,000 MT |
| Weekly Sales Details | Net sales of 320,100 MT for the 2011-12 marketing year were up 1 percent from the previous week, but down 22 percent from the prior 4-week average. Increases were primarily for Nigeria (105,100 MT, including 5,800 MT switched from unknown destinations and decreases of 700 MT), the Philippines (49,500 MT), Taiwan (44,000 MT), Mexico (34,000 MT), Japan (28,900 MT), South Korea (21,000 MT), and Italy (12,800 MT). Decreases were reported for Peru (36,400 MT) |
| Weekly Export Details | Exports of 624,400 MT were up 63 percent from the previous week and 44 percent from the prior 4-week average. The primary destinations were to Japan (172,000 MT), the Philippines (91,500 MT), Nigeria (75,600 MT), Peru (59,400 MT), Thailand (52,200 MT), Yemen (49,500 MT), and Malaysia (47,000 MT). |
| Comments and Performance Indicators | Sales were below trade expectations. Export commitments are 19% behind year-ago, compared to 18% 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) | 2011-12: 209,700 MT |
| Trade Expectations | 450,000 to 750,000 MT |
| Weekly Sales Details | Net sales of 209,700 MT for the 2011-12 marketing year resulted as increases for China (217,700 MT, including 180,000 MT switched from unknown destinations and decreases of 8,400 MT), Thailand (60,500 MT), Egypt (49,500 MT, including 45,000 MT switched from China), Japan (48,500 MT, including 45,000 MT switched from unknown destinations), Mexico (29,300 MT), and Tunisia (27,000 MT), were partially offset by decreases for unknown destinations (225,000 MT) and the Netherlands (60,000 MT). |
| Weekly Export Details | Exports of 1,199,300 MT were primarily reported to China (905,400 MT), Mexico (54,800 MT), Egypt (49,500 MT), Japan (48,300 MT), Canada (31,800 MT), and Taiwan (24,900 MT). |
| Comments and Performance Indicators | Sales were well below expectations. Export commitments are running 36% behind year-ago, which compares to 33% 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: 220,800 MT |
| Trade Expectations | 100,000 to 150,000 MT |
| Weekly Sales Details | Net sales of 220,800 MT for the 2011-12 marketing year were mainly reported for unknown destinations (51,600 MT), Venezuela (27,200 MT) Poland (23,600 MT, switched from unknown destinations), Ireland (20,000 MT)Mexico (18,300 MT), and Egypt (16,000 MT). |
| Weekly Export Details | Exports of 252,500 MT were primarily reported to Mexico (132,900 MT), Poland (23,600 MT), Canada (21,400 MT), the Dominican Republic (15,600 MT), and Venezuela (13,500 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 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: 700 MT |
| Trade Expectations | 5,000 to 15,000 MT |
| Weekly Sales Details | Net sales of 700 MT for delivery in 2011-12 resulted as increases for Turkey (1,000 MT), Mexico (300 MT), and Trinidad (200 MT), were partially offset by decreases for Canada (800 MT). |
| Weekly Export Details | Exports of 5,200 MT were primarily reported to Jamaica (4,000 MT), Mexico (600 MT), and Canada (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 87% 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) | Combined: 170,900 RB 2011-12: 92,000 RB 2012-13: 78,900 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 92,000 running bales for the 2011-12 marketing year were mainly reported for Turkey (50,000 RB), China (27,000 RB, including 900 RB switched from Japan, 700 RB switched from South Korea, and decreases of 17,700 RB), and Mexico (13,000 RB), were partially offset by decreases for Italy (800 RB), South Korea (700 RB), and Thailand (600 RB). Net sales of 78,900 MT for delivery in 2012-13 were reported for Turkey (74,800 RB) and Vietnam (4,100 RB). |
| Weekly Export Details | Exports for own account were reported for China (9,600 RB). Exports of 90,200 RB were up 20 percent from the previous week and 18 percent from the prior 4-week average. The primary destinations were to Mexico (26,100 RB), China (16,400 RB), Turkey (12,600 RB), and Taiwan (9,000 RB). |
| Comments and Performance Indicators | Export commitments are 35% behind year-ago compared to 33% 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) | 15,300 MT |
| Weekly Sales Details | Net sales of 15,300 MT for delivery in 2011 were primarily for South Korea (3,100 MT), Mexico (2,900 MT), Canada (2,400 MT), Hong Kong (1,700 MT), and Japan (1,000 MT). Net sales of 800 MT for delivery in 2012 were reported for South Korea (200 MT), Canada (200 MT), Taiwan (100 MT), and Egypt (100 MT). |
| Weekly Export Details | Exports of 17,600 MT were mainly reported to Mexico (3,600 MT), Japan (2,700 MT), South Korea (2,300 MT), Canada (2,000 MT), and Vietnam (1,900 MT). |
| Comments and Performance Indicators | Exports compare to 20,900 MT last week. USDA projects exports in 2012 to be 19.0% above last year's total. |
Juli says: Corn sales came in above expectations, which should be viewed as supportive for the market. Focus this morning remains on outside markets and the global economy, however, as leaders keep all eyes on the G20 meetings.
