10/6: Corn Sales Above Expectations
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 1,291,300 MT |
| Trade Expectations | 750,000 to 1,000,000 MT |
| Weekly Sales Details | Net sales of 1,289,500 MT for the 2011/1- marketing year were mainly reported for Japan (491,900 MT, including 99,100 MT switched from unknown destinations and decreases of 3,200 MT), South Korea (418,300 MT), Mexico (240,100 MT), China (57,800 MT, switched from unknown destinations), and Guatemala (46,000 MT, including 28,200 MT switched from unknown destinations). Decreases were reported for unknown destinations (33,100 MT), Honduras (4,300 MT), and the French West Indies (4,100 MT). Net sales of 1,800 MT for delivery in 2012-013 were reported for Mexico. Optional origin sales were reported for Mexico (30,000 MT). |
| Weekly Export Details | Exports of 755,700 MT were primarily reported for Japan (292,700 MT), Mexico (141,500 MT), South Korea (112,300 MT), China (58,000 MT), Colombia (48,500 MT), and Guatemala (32,200 MT). |
| Comments and Performance Indicators | Sales were above expectations. Export commitments are down 5% from year ago, early in the marketing year. This compares to 9% behind last week. |
| Wheat | |
| Actual Sales (in metric tons -- MT) | 431,200 MT |
| Trade Expectations | 350,000 to 500,000 MT |
| Weekly Sales Details | Net sales of 431,200 MT for the 2011-12 marketing year were up 1 percent from the previous week, but down 15 percent from the prior 4-week average. Increases were primarily for Mexico (115,500 MT), Sri Lanka (60,500 MT, including 55,000 MT switched from unknown destinations), Taiwan (54,900 MT), South Korea (47,400 MT), Chile (41,400 MT), and Peru (34,800 MT)Decreases were reported for unknown destinations (74,500 MT), Nigeria (39,000 MT), and Switzerland (18,000 MT). |
| Weekly Export Details | Exports of 601,100 MT were up 15 percent from the previous week, but down 4 percent from the prior 4-week average. The primary destinations were mainly to Mexico (100,400 MT), Sri Lanka (60,500 MT), Nigeria (52,200 MT), Yemen (52,000 MT), Japan (50,400 MT), the Philippines (44,300 MT), and Chile (41,400 MT). |
| Comments and Performance Indicators | Sales were within trade expectations. Export commitments are 18% behind year-ago early in the marketing year, compared to 16% behind last week. |
| Soybeans | |
| Actual Sales (in metric tons -- MT) | Combined: 741,800 MT |
| Trade Expectations | 550,000 to 750,000 MT |
| Weekly Sales Details | Net sales of 701,800 MT for the 2011-12 marketing year were mainly reported for China (354,100 MT), Mexico (102,000 MT), Saudi Arabia (73,800 MT, including 65,000 MT switched from unknown destinations), Japan (52,800 MT, including 36,000 MT switched from unknown destinations), unknown destinations (41,000 MT), and Tunisia (30,000 MT). Net sales of 40,000 MT for delivery in 2012-13 were reported for Mexico. |
| Weekly Export Details | Exports of 325,600 MT were primarily reported to China (121,200 MT), Saudi Arabia (73,800 MT), Japan (40,200 MT), Indonesia (35,900 MT), and Mexico (32,100 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments are running 24% behind year-ago, which compares to 24% behind last week. |
| Soymeal | |
| Actual Sales (in metric tons -- MT) | 280,500 MT |
| Trade Expectations | 90,000 to 150,000 MT |
| Weekly Sales Details | Net sales reductions of 5,000 MT resulted as increases for Japan (6,200 MT), Guyana (3,500 MT, including 3,200 MT switched from the French West Indies), Panama (2,300 MT), the Philippines (2,000 MT), and Trinidad (1,700 MT, including 1,500 MT switched from the French West Indies), were more than offset by decreases for Mexico (9,100 MT), Canada (5,100 MT), the French West Indies (4,700 MT), and unknown destinations (1,500 MT). Net sales of 285,500 MT for delivery in 2011-12 were reported mainly for Mexico (111,900 MT), unknown destinations (61,800 MT), and Canada (41,300 MT). Decreases were reported for Panama (1,300 MT) and Jamaica (500 MT). |
| Weekly Export Details | Exports of 64,900 MT were down 6 percent from the previous week and 21 percent from the prior 4-week average. The primary destinations were Venezuela (18,500 MT), Canada (9,900 MT), Honduras (8,600 MT), Japan (6,400 MT), and Panama (5,900 MT). |
| Comments and Performance Indicators | Sales were above expectations. Export commitments are running 20% behind year-ago compared to 20% behind last week. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | 100 MT |
| Trade Expectations | 5,000 to 15,000 MT |
| Weekly Sales Details | Net sales reductions of 100 MT resulted as increases for Venezuela (2,000 MT), were more than offset by decreases for Canada (1,500 MT) and Mexico (600 MT). Net sales of 200 MT for delivery in 2011-12 resulted as increases for Canada (900 MT), unknown destinations (800 MT), and Mexico (400 MT), were partially offset by decreases for Panama (2,000 MT). |
| Weekly Export Details | Exports of 6,100 MT were down 57 percent from the previous week and 73 percent from the prior 4-week average. The primary destinations were Mexico (2,100 MT), Venezuela (2,000 MT), and Nicaragua (1,000 MT). |
| Comments and Performance Indicators | Sales were below expectations. Export commitments are 9% below year-ago compared to 11% below of year-ago last week. |
| Cotton | |
| Actual Sales (in running bales -- RB) | Combined: 90,800 RB 2011-12: 88,600 RB 2012-13: 2,200 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 88,600 running bales for the 2011-12 marketing year resulted as increases for China (150,800 RB, including 1,100 RB switched from Japan and 800 RB switched from unknown destinations), Taiwan (3,200 RB), Peru (2,100 RB), and Indonesia (1,000 RB), were partially offset by decreases for Turkey (28,100 RB), Bangladesh (16,700 RB), South Korea (6,200 RB), and Morocco (4,200 RB). Net sales of 2,200 RB for delivery in 2012-13 resulted as increases for Guatemala (3,500 RB). Decreases were reported for Mexico (1,300 RB). |
| Weekly Export Details | Exports of 69,800 RB were down 12 percent from the previous week and 1 percent from the prior 4-week average. The primary destinations were China (21,900 RB), Mexico (18,400 RB), South Korea (6,400 RB), Turkey (6,100 RB), and Indonesia (5,300 RB). |
| Comments and Performance Indicators | Another week of net sales is a positive -- signaling demand has returned. Export commitments are 29% behind year-ago compared to 25% behind last week. |
| Beef | |
| Actual Sales (in metric tons -- MT) | 13,900 MT |
| Weekly Sales Details | Net sales of 13,900 MT for delivery in 2011 were primarily for Japan (3,300 MT), Mexico (2,600 MT), South Korea (2,000 MT), Canada (1,900 MT), and Vietnam (1,100 MT). |
| Weekly Export Details | Exports of 17,600 MT were mainly to Mexico (4,000 MT), South Korea (2,500 MT), Japan (2,300 MT), Vietnam (2,200 MT), and Canada (1,900 MT). |
| Comments and Performance Indicators | Exports compare to 12,100 MT last week. |
Juli says: A strong week for corn sales, including sales to China, signals prices are finding demand. This help the market in its search for a seasonal low.
