Soybean Export Sales Top Expectations; Corn Falls Short
The Weekly Export Sales Report for the week ended June 21, 2012, was a mixed bag. While corn export sales fell just short of expectations, soybean sales again came in above the upper end of the pre-report guess range. Soy products also enjoyed strong export interest, as soymeal export sales topped expectations by a wide margin and soyoil export sales met expectations. Wheat export sales were disappointing. But the biggest "downer" for the report was a substantial net sales reduction for 2011-12 for cotton. Beef enjoyed a nice pickup in export demand the week ended June 21.
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 292,800 MT |
| Trade Expectations | 300,000 to 500,000 MT |
| Weekly Sales Details | Net sales of 192,900 MT were up 13 percent from the previous week and 10 percent from the prior 4-week average. Increases reported for Japan (135,900 MT, including 22,100 MT switched from unknown destinations and decreases of 8,300 MT), Mexico (77,000 MT, including 61,000 MT switched from unknown destinations and decreases of 7,700 MT), Panama (18,500 MT), China (6,400 MT), and Canada (5,800 MT), were partially offset by decreases for unknown destinations (57,600 MT). Net sales of 99,900 MT for the 2012-13 marketing year were reported primarily for China (60,000 MT) and Japan (32,200 MT). |
| Weekly Export Details | Exports of 665,400 MT were down 7 percent from the previous week and 1 percent from the prior 4-week average. The primary destinations were Japan (201,500 MT), Mexico (145,000 MT), China (134,700 MT), Taiwan (73,300 MT), Venezuela (35,000 MT), and Cuba (26,100 MT). |
| Comments and Performance Indicators | Sales fell short of expectations. Export commitments are 14% below year ago, compared to 13% below last week. USDA projects exports in 2011-12 to be 10.1% below the previous marketing year. |
| Wheat | |
| Actual Sales (in metric tons -- MT) | 2012-13: 324,500 MT |
| Trade Expectations | 450,000 to 650,000 MT |
| Weekly Sales Details | Net sales of 324,500 MT for the 2012-13 marketing year were primarily for Nigeria (85,100 MT), unknown destinations (83,500 MT), Japan (74,500 MT), Peru (26,000 MT), Venezuela (19,500 MT), South Korea (10,800 MT), and Costa Rica (9,000 MT). Decreases were reported for Jamaica (5,000 MT), Brazil (4,000 MT), Barbados (1,300 MT), and the Leeward Windward Islands (1,300 MT). |
| Weekly Export Details | Exports of 472,600 MT were primarily for Iraq (103,900 MT), Nigeria (90,700 MT), Japan (70,700 MT), Venezuela (52,300 MT), South Korea (25,500 MT), and Mexico (25,100 MT). |
| Comments and Performance Indicators | Sales were below trade expectations. Export commitments for the new marketing year are 19% behind year-ago, compared to 17% behind last week. USDA projects exports in 2012-13 to be 9.0% ahead of the previous marketing year. |
| Soybeans | |
| Actual Sales (in metric tons -- MT) | Combined: 793,100 MT |
| Trade Expectations | 500,000 to 700,000 MT |
| Weekly Sales Details | Net sales of 403,900 MT were up noticeably from the previous week and 57 percent from the prior 4-week average. Increases were primarily for China (115,900 MT), unknown destinations (107,000 MT), Thailand (60,000 MT), Japan (25,800 MT, including 27,000 MT switched from unknown destinations and decreases of 1,900 MT), Malaysia (24,900 MT, including 24,000 MT switched from unknown destinations), and Germany (23,500 MT). Net sales of 389,200 MT for delivery in the 2012-13 marketing year were primarily for China (285,000 MT) and unknown destinations (55,000 MT). |
| Weekly Export Details | Exports of 254,600 MT were reported primarily to China (54,600 MT), Mexico (31,700 MT), Japan (29,700 MT), Malaysia (24,700 MT), Canada (23,800 MT), and Germany (23,500 MT). NOTE: Accumulated exports were adjusted down for the Netherlands (23,500 MT). |
| Comments and Performance Indicators | Sales topped expectations. Export commitments are running 10% behind year-ago, which compares to 12% behind last week. USDA projects exports in 2011-12 to be 11.1% below the previous marketing year. |
| Soymeal | |
| Actual Sales (in metric tons -- MT) | Combined: 261,200 MT |
| Trade Expectations | 100,000 to 150,000 MT |
| Weekly Sales Details | Net sales of 229,600 MT were down 11 percent from the previous week, but up 90 percent from the prior 4-week average. Increases were reported for Romania (45,000 MT), Mexico (35,600 MT), Peru (30,000 MT, switched from unknown destinations), unknown destinations (28,000 MT), the Philippines (25,500 MT), and Israel (17,000 MT). Net sales of 31,600 MT for delivery in the 2012-13 marketing year were reported mainly for unknown destinations (30,000 MT). |
| Weekly Export Details | Exports of 167,400 MT were up 17 percent from the previous week and 16 percent from the prior 4-week average. Increases were reported to Mexico (55,800 MT, including late reporting of 29,400 MT), Peru (30,000 MT), Canada (28,700 MT), and the Dominican Republic (25,100 MT). |
| Comments and Performance Indicators | Sales were well above expectations. Export commitments are running 2% ahead of year-ago, compared to 1% behind last week. USDA projects exports in 2011-12 to be 1.1% ahead of the previous marketing year. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | Combined: 13,500 MT |
| Trade Expectations | 10,000 to 20,000 MT |
| Weekly Sales Details | Net sales of 8,300 MT for the 2011-12 marketing year were primarily for Mexico (4,700 MT), the Dominican Republic (2,700 MT), and Venezuela (1,500 MT, switched from Panama). Net sales of 5,200 MT for delivery in the 2012-13 marketing year were reported for Mexico (4,900 MT) and Canada (300 MT). |
| Weekly Export Details | Exports of 12,300 MT were up noticeably from the previous week and 55 percent from the prior 4-week average. Increases were primarily to Guatemala (2,900 MT), the Dominican Republic (2,800 MT), Nicaragua (2,700 MT), and Venezuela (1,500 MT). |
| Comments and Performance Indicators | Sales met expectations. Export commitments are 62% below year-ago, compared to 62% below last week. USDA projects exports in 2011-12 to be 62.9% below the previous marketing year. |
| Cotton | |
| Actual Sales (in running bales -- RB) | Combined: -515,000 RB 2011-12: -602,100 RB 2012-13: 87,100 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales reductions of 602,100 running bales resulted as increases for Thailand (2,200 RB), Vietnam (2,200 RB), South Korea (1,500 RB), and Taiwan (1,300 RB), were more than offset by decreases for China (603,700 RB), Turkey (5,300 RB), and Guatemala (1,500 RB). Net sales of 87,100 RB for delivery in the 2012-13 marketing year were primarily for Mexico (35,900 RB), China (25,900 RB), and Turkey (16,000 RB). Decreases were reported for Pakistan (1,100 RB). |
| Weekly Export Details | Exports of 187,900 RB were up 15 percent from the previous week, but down 25 percent from the prior 4-week average. The primary destinations were China (92,000 RB), Turkey (23,000 RB), Vietnam (15,900 RB), and Mexico (11,600 RB). |
| Comments and Performance Indicators | Export commitments are 17% behind year-ago compared to 14% behind last week. USDA projects exports in 2011-12 to be 19.3% below the previous marketing year. |
| Beef | |
| Actual Sales (in metric tons -- MT) | 2012: 18,400 MT |
| Weekly Sales Details | Net sales of 18,400 MT were up 22 percent from the previous week and 6 percent from the prior 4-week average. Increases were reported for Mexico (4,100 MT), Japan (2,900 MT), South Korea (2,900 MT), Egypt (2,500 MT), and Canada (2,200 MT). |
| Weekly Export Details | Exports of 17,800 MT were primarily to Japan (3,600 MT), Canada (2,600 MT), Mexico (2,500 MT), South Korea (2,300 MT), and Vietnam (2,000 MT). |
| Comments and Performance Indicators | Exports compare to 15,000 MT last week. USDA projects exports in 2012 to be 5.9% below last year's total. |
