Corn & Soybean Export Sales Match Expectations
The Weekly Export Sales Report for the week ended Sept. 6, 2012, represented consistent demand for soybeans and an improvement in sales for corn as sales of both commodities matched expectations. Wheat export sales, on the other hand, fell short of expectataions. Cotton also enjoyed a notable boost in sales compared to recent weeks and beef sales remain strong.
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 427,300 MT |
| Trade Expectations | 350,000 to 450,000 MT |
| Weekly Sales Details | Net sales of 214,800 MT for the 2012-13 marketing year (which began Sept. 1) were primarily for South Korea (97,500 MT, including 55,000 MT switched from unknown destinations), unknown destinations (30,300 MT), Taiwan (28,000 MT), Japan (27,400 MT), Colombia (25,500 MT, including 5,000 MT switched from Honduras), and Trinidad (10,500 MT). Decreases were reported for Honduras (7,500 MT), China (5,700 MT), and Mexico (3,800 MT). Net sales of 212,500 MT for delivery in 2013-14 were reported for Japan (180,000 MT) and unknown destinations (32,500 MT). A total of 1,667,200 MT in sales were outstanding on Aug. 31 (the end of the 2011-12 marketing year) and carried over to the 2012-13 marketing year. |
| Weekly Export Details | Exports of 15,200 MT were reported for Aug. 31. The primary destinations were Mexico (11,200 MT) and Taiwan (3,100 MT). Accumulated exports for the 2011-12 marketing year were 37,914,800 MT, down 16 percent from the prior year’s total of 45,256,400 MT. Exports for September 1-6 of 249,400 MT were mainly for South Korea (57,500 MT), China (54,600 MT), Mexico (45,500 MT), and Japan (39,600 MT). |
| Comments and Performance Indicators | Sales met expectations. Export commitments for the new marketing year are 30% behind year ago. USDA projects exports in 2012-13 to be 18.8% below the previous marketing year. |
| Wheat | |
| Actual Sales (in metric tons -- MT) | 2012-13: 381,800 MT |
| Trade Expectations | 450,000 to 600,000 MT |
| Weekly Sales Details | Net sales of 381,800 MT for the 2012-13 marketing year were down 31 percent from the previous week and 21 percent from the prior 4-week average. Increases were reported for Mexico (86,600 MT), China (57,700 MT, including 55,000 MT switched from unknown destinations), Taiwan (55,200 MT), Yemen (50,000 MT), the Philippines (46,600 MT), and Japan (38,200 MT). Decreases were reported for unknown destinations (59,000 MT). |
| Weekly Export Details | Exports of 487,400 MT were down 19 percent from the previous week and from the prior 4-week average. The primary destinations were China (113,700 MT), Nigeria (82,500 MT), Mexico (77,300 MT), Japan (65,400 MT), the Philippines (54,600 MT), Italy (20,600 MT), and Costa Rica (11,100 MT). NOTE: Accumulated exports were adjusted down for white wheat for the Philippines (5,500 MT). |
| Comments and Performance Indicators | Sales fell short of expectations. Export commitments for the new marketing year are 10% behind year-ago, compared to 10% behind last week. USDA projects exports in 2012-13 to be 14.3% ahead of the previous marketing year. |
| Soybeans | |
| Actual Sales (in metric tons -- MT) | 2012-13: 628,200 MT |
| Trade Expectations | 600,000 to 750,000 MT |
| Weekly Sales Details | Net sales of 628,200 MT for the 2012-13 marketing year (which began Sept. 1) were primarily for China (340,800 MT, including 110,000 MT switched from unknown destinations and decreases of 55,000 MT), Mexico (172,400 MT), Canada (40,000 MT), Indonesia (39,200 MT), and Japan (38,300 MT). A total of 2,016,800 MT in sales were outstanding on Aug. 31 (the end of the 2011-12 marketing year) and carried over to the 2012-13 marketing year. |
| Weekly Export Details | Exports of 12,600 MT were reported for Aug. 31. The primary destinations were Vietnam (6,000 MT), Taiwan (3,200 MT), Indonesia (1,800 MT), and Japan (1,100 MT). Accumulated exports for the 2011-12 marketing year were 36,739,200 MT, down 8 percent from the prior year’s total of 39,993,100 MT. Exports of 339,400 MT were reported for September 1-6. The primary destinations were China (175,800 MT), Egypt (66,000 MT), Japan (29,300 MT), Costa Rica (18,000 MT), and Taiwan (14,900 MT). |
| Comments and Performance Indicators | Sales met expectations. Export commitments for the new marketing year are running 41% ahead of year-ago compared to 171% ahead last week. USDA projects exports in 2012-13 to be 22.4% below the previous marketing year. |
| Soymeal | |
| Actual Sales (in metric tons -- MT) | Combined: 217,600 MT |
| Trade Expectations | 150,000 to 250,000 MT |
| Weekly Sales Details | Net sales of 66,900 MT were up 7 percent from the previous week, but down 17 percent from the prior 4-week average. Increases were reported for the Philippines (26,600 MT), Morocco (15,000 MT), Venezuela (11,300 MT), Panama (4,000 MT), and Canada (3,200 MT). Net sales of 150,700 MT for delivery in the 2012-13 marketing year were primarily for the Philippines (46,100 MT), Ecuador (30,000 MT), unknown destinations (30,000 MT), and Mexico (17,300 MT). Decreases were reported for Morocco (5,000 MT) and Panama (700 MT). |
| Weekly Export Details | Exports of 54,900 MT--a marketing-year low--were down 63 percent from the previous week and 66 percent from the prior 4-week average. The primary destinations were Mexico (17,400 MT), Canada (16,100 MT), Colombia (13,400 MT), and Bangladesh (3,000 MT). |
| Comments and Performance Indicators | Sales matched expectations. Export commitments are running 11% ahead of year-ago, compared to 11% ahead last week. USDA projects exports in 2011-12 to be 4.6% ahead of the previous marketing year. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | Combined: 15,200 MT |
| Trade Expectations | 15,000 to 30,000 MT |
| Weekly Sales Details | Net sales of 14,300 MT for the 2011-12 marketing year were up noticeably from the previous week and up 26 percent from the prior 4-week average. Increases were reported for Mexico (5,900 MT), China (5,000 MT), and Nicaragua (2,800 MT). Net sales of 900 MT for delivery in the 2012-13 marketing year were reported for Mexico. |
| Weekly Export Details | Exports of 46,100 MT were up noticeably from the previous week and from the prior 4-week average. The primary destinations were China (41,000 MT), Nicaragua (2,800 MT), Mexico (1,600 MT), and Canada (700 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments are 54% below year-ago, compared to 56% below last week. USDA projects exports in 2011-12 to be 55.2% below the previous marketing year. |
| Cotton | |
| Actual Sales (in running bales -- RB) | 2012-13: 317,500 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 317,500 running bales for the 2012-13 marketing year were primarily for China (265,600 RB), Turkey (12,700 RB), Taiwan (9,000 RB), Vietnam (7,700 RB), Mexico (7,500 RB), and South Korea (7,300 RB). |
| Weekly Export Details | Exports of 113,600 RB were primarily to China (39,800 RB), Mexico (15,400 RB), Vietnam (13,400 RB), and Taiwan (12,300 RB). |
| Comments and Performance Indicators | Export commitments are 24% behind year-ago compared to 31% behind last week. USDA projects exports in 2012-13 to be 0.8% above the previous marketing year. |
| Beef | |
| Actual Sales (in metric tons -- MT) | 2012: 16,800 MT |
| Weekly Sales Details | Net sales of 16,800 MT were down 8 percent from the previous week and 3 percent from the prior 4-week average. Increases were reported for Mexico (3,300 MT), Japan (3,300 MT), Vietnam (2,100 MT), South Korea (1,900 MT), and Russia (1,700 MT). |
| Weekly Export Details | Exports of 13,100 MT were primarily to Mexico (2,500 MT), Japan (2,200 MT), Canada (1,700 MT), Vietnam (1,600 MT), and South Korea (1,400 MT). |
| Comments and Performance Indicators | Exports compare to 18,200 MT last week. USDA projects exports in 2012 to be 11.0% below last year's total. |
