Bullish Export Sales for Corn, Wheat and Beef
The Weekly Export Sales Report for the week ended March 7, 2013, reflected ongoing improvement in both corn and wheat demand. Sales of both grains came in well above expectations and recent weekly totals. Wheat export sales even topped the 1 MMT mark, emphasizing that U.S. wheat prices are competitive globally. Soybean export sales were also solid, but within expectations. Beef export sales hit a new marketing year high last week at a whopping 31,500 MT with Japan accounting for more than half of the purchase.
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 653,300 MT |
| Trade Expectations | 200,000 to 500,000 MT |
| Weekly Sales Details | Net sales of 282,300 MT for the 2012-13 marketing year were down noticeably from the previous week, but up 34 percent from the prior 4-week average. Increases reported for Japan (114,400 MT, including 123,500 MT switched from unknown destinations and decreases of 9,100 MT), China (111,000 MT, including 120,000 MT switched from unknown destinations and decreases of 11,000 MT), Mexico (52,500 MT), Jamaica (17,200 MT), and Taiwan (15,700 MT), were partially offset by decreases for unknown destinations (21,500 MT), Colombia (8,100 MT), Guatemala (7,100 MT), the French West Indies (4,400 MT), and El Salvador (3,700 MT). Net sales of 371,000 MT for the 2013-14 marketing year were for China (191,000 MT) and unknown destinations (180,000 MT). |
| Weekly Export Details | Exports of 408,200 MT were up 11 percent from the previous week and 24 percent from the prior 4-week average. The primary destinations were Japan (143,200 MT), China (109,000 MT), Mexico (76,800 MT), Cuba (25,500 MT), and Guatemala (20,600 MT). |
| Comments and Performance Indicators | Sales were above expectations. Export commitments for the new marketing year are 54% behind year ago compared to 54% behind last week. USDA projects exports in 2012-13 to be 46.5% below the previous marketing year. |
| Wheat | |
| Actual Sales (in metric tons -- MT) | Combined: 1,087,000 MT 2012-13: 888,500 MT 2013-14: 198,500 MT |
| Trade Expectations | 500,000 to 800,000 MT |
| Weekly Sales Details | Net sales of 888,500 MT for the 2012-13 marketing year were up 44 percent from the previous week and 52 percent from the prior 4-week average. Increases were reported for Egypt (103,400 MT, including 55,000 MT switched from unknown destinations), Haiti (97,000 MT, including 21,700 MT switched from unknown destinations), Japan (96,600 MT), Nigeria (95,000 MT, including 30,000 MT switched from unknown destinations), Taiwan (93,400 MT), and Italy (89,000 MT, including 35,000 MT switched from unknown destinations). Decreases were reported for Thailand (44,900 MT), South Korea (2,700 MT), Nicaragua (2,300 MT), and Turkey (1,900 MT). Net sales of 198,500 MT for the 2013-14 marketing year were reported primarily for unknown destinations (82,500 MT), China (57,000 MT), and Thailand (45,000 MT). |
| Weekly Export Details | Exports of 787,100 MT--a marketing-year high--were up 3 percent from the previous week and 29 percent from the prior 4-week average. The primary destinations were Egypt (190,400 MT), Nigeria (117,100 MT), Japan (93,300 MT), Mexico (91,300 MT), Italy (89,000 MT), South Korea (48,500 MT), and Taiwan (34,900 MT). |
| Comments and Performance Indicators | Sales were well above expectations. Export commitments for the 2012-13 marketing year are 2% behind year-ago, compared to 5% behind last week. USDA projects exports in 2012-13 to be down 2.4% compared with the previous marketing year. |
| Soybeans | |
| Actual Sales (in metric tons -- MT) | Combined: 783,700 MT 2012-13: 657,700 MT 2013-14: 126,000 MT |
| Trade Expectations | 700,000 to 1,100,000 MT |
| Weekly Sales Details | Net sales of 657,700 MT for the 2012-13 marketing year were up noticeably from the previous week and from the prior 4-week average. Increases were reported for unknown destinations (220,200 MT), China (183,500 MT, including 60,000 MT switched from unknown destinations), Germany (151,600 MT), Indonesia (21,000 MT), Japan (20,400 MT, including 10,800 MT switched from unknown destinations), and Taiwan (17,500 MT). Net sales of 126,000 MT for delivery in the 2013-14 marketing year were for China. |
| Weekly Export Details | Exports of 765,000 MT were down 25 percent from the previous week and 18 percent from the prior 4-week average. The primary destinations were China (186,300 MT), Germany (151,600 MT), Indonesia (121,700 MT), Egypt (76,400 MT), Japan (63,900 MT), Mexico (62,500 MT), and the Netherlands (31,700 MT). NOTE: Accumulated exports were adjusted down for the Netherlands (151,600 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments for the new marketing year are running 16% ahead of year-ago compared to 17% ahead last week. USDA projects exports in 2012-13 to be 1.2% below the previous marketing year. |
| Soymeal | |
| Actual Sales (in metric tons -- MT) | 2012-13: 51,700 MT |
| Trade Expectations | 100,000 to 200,000 MT |
| Weekly Sales Details | Net sales of 51,700 MT--a marketing-year low--for the 2012-13 marketing year were down 57 percent from the previous week and 72 percent from the prior 4-week average. Increases reported for Poland (28,600 MT, including 26,000 MT switched from unknown destinations), Egypt (25,700 MT, including 18,000 MT switched from unknown destinations), Canada (20,400 MT), Ecuador (12,200 MT, including 12,000 MT switched from unknown destinations), and Jamaica (8,200 MT), were partially offset by decreases for unknown destinations (59,400 MT), and Guatemala (4,800 MT). |
| Weekly Export Details | Exports of 269,400 MT were up 4 percent from the previous week, but down 12 percent from the prior 4-week average. The primary destinations were Egypt (45,300 MT), Poland (28,600 MT), Mexico (26,500 MT), Venezuela (25,000 MT), Morocco (19,800 MT), and Turkey (19,100 MT). |
| Comments and Performance Indicators | Sales were well below expectations. Export commitments are running 41% ahead of last year's pace compared to 45% ahead of year-ago last week. USDA projects exports in 2012-13 to be 8.6% behind the previous marketing year. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | 2012-13: 6,000 MT |
| Trade Expectations | 5,000 to 15,000 MT |
| Weekly Sales Details | Net sales of 6,000 MT for the 2012-13 were down noticeably from the previous week and 21 percent from the previous 4-week average. Increases were reported for Venezuela (2,000 MT), Mexico (2,000 MT), and El Salvador (900 MT). |
| Weekly Export Details | Exports of 9,600 MT were down 73 percent from the previous week and 74 percent from the prior 4-week average. The primary destinations were Colombia (5,400 MT), Mexico (3,000 MT), and Canada (1,000 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments for the new marketing year are 171% ahead of year-ago, compared to 174% ahead last week. USDA projects exports in 2012-13 to be 57.1% ahead of the previous marketing year. |
| Cotton | |
| Actual Sales (in running bales -- RB) | Combined: 228,100 RB 2012-13: 187,600 RB 2013-14: 40,500 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 187,600 running bales for the 2012-13 marketing year were up 25 percent from the previous week and 14 percent from the prior 4-week average. Increases were reported for Turkey (79,100 RB), Indonesia (30,800 RB), China (26,200 RB), Vietnam (16,800 RB), and Brazil (16,100 RB). Decreases were reported for South Korea (16,500 RB) and Thailand (3,100 RB). Net sales of 40,500 RB for delivery in the 2013-14 marketing year were primarily for Turkey (37,400 RB). Decreases were reported for South Korea (9,900 RB). |
| Weekly Export Details | Exports of 352,800 RB were down 31 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were China (157,100 RB), Turkey (55,000 RB), Vietnam (29,400 RB), Indonesia (25,500 RB), Mexico (18,900 RB), and Taiwan (11,200 RB). |
| Comments and Performance Indicators | Export commitments are 3% behind year-ago compared to 2% behind last week. USDA projects exports in 2012-13 to be 8.9% ahead of the previous marketing year. |
| Beef | |
| Actual Sales (in metric tons -- MT) | 2013: 31,500 MT |
| Weekly Sales Details | Net sales of 31,500 MT--a marketing-year high--were for Japan (16,700 MT), Hong Kong (4,200 MT), Mexico (3,200 MT), South Korea (2,800 MT), and Canada (1,200 MT). |
| Weekly Export Details | Exports of 13,500 MT were primarily to Mexico (3,100 MT), Japan (2,800 MT), South Korea (1,800 MT), Canada (1,700 MT), and Vietnam (1,000 MT). |
| Comments and Performance Indicators | Exports compare to 15,400 MT last week. USDA projects exports in 2013 to be 0.6% below last year's total. |
