Weekly Corn, Soybean Sales Top Expectations
The Weekly Export Sales Report for the week ended Dec. 15, was bullish for corn as sales came in well above expectations and exports over 1.3 million were a marketing year high.
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 953,000 MT |
| Trade Expectations | 450,000 to 650,000 MT |
| Weekly Sales Details | Net sales of 715,000 MT for the 2011-12 marketing year resulted as increases for Mexico (368,300 MT, including 15,200 MT switched from unknown destination and decreases of 5,800 MT), Japan (251,300 MT, including 84,000 MT switched from unknown destinations and decreases of 8,600 MT), South Korea (198,900 MT, including 121,000 MT switched from unknown destinations), China (58,300 MT, switched from unknown destinations), Taiwan (34,900 MT), and El Salvador (32,200 MT, including 12,400 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (274,500 MT) and Syria (60,000 MT). Net sales of 238,000 MT for delivery in 2012-13 were reported for Japan (233,000 MT) and Canada (15,000 MT). |
| Weekly Export Details | Exports of 1,300,800 MT — a marketing -year high — were up 47 percent from the previous week and 40 percent from the prior 4-week average. The primary destinations were to Japan (388,800 MT), Mexico (304,900 MT), China (182,200 MT), South Korea (138,800 MT), Taiwan (48,900 MT), and El Salvador (45,200 MT). |
| Comments and Performance Indicators | Sales were well above expectations. Export commitments are 5% below year ago, compared to 4% below 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: 362,300 MT |
| Trade Expectations | 300,000 to 450,000 MT |
| Weekly Sales Details | Net sales of 362,300 MT for the 2011-12 marketing year were up 14 percent from the previous week, but down 22 percent from the prior 4-week average. Increases were primarily for Taiwan (83,000 MT), Japan (63,800 MT), Nigeria (52,600 MT), South Korea (50,000 MT), unknown destinations (32,400 MT), Venezuela (27,000 MT), Mexico (14,700 MT), and the Dominican Republic (13,000 MT). |
| Weekly Export Details | Exports of 399,900 MT were down 26 percent from the previous week and 2 percent from the prior 4-week average. The primary destinations were to South Korea (133,000 MT), Mexico (89,700 MT), Thailand (46,100 MT), Nigeria (26,600 MT), Taiwan (24,300 MT), the Dominican Republic (15,400 MT), Trinidad (13,500 MT), and Japan (10,200 MT). |
| Comments and Performance Indicators | Sales were within trade expectations. Export commitments are 24% behind year-ago, compared to 24% behind last week. USDA projects exports in 2011-12 to be 28.2% below the previous marketing year. |
| Soybeans | |
| Actual Sales (in metric tons -- MT) | Combined: 728,000 MT |
| Trade Expectations | 400,000-600,000 MT |
| Weekly Sales Details | Net sales of 653,400 MT for the 2011-12 marketing year resulted as increases for China (189,000 MT), Canada (87,500 MT), Indonesia (76,500 MT, including 51,000 MT switched from unknown destinations and decreases of 300 MT), South Korea (57,700 MT, including 55,100 MT switched from unknown destinations), Mexico (43,200 MT), and unknown destinations (36,900 MT). Net sales of 75,000 MT for delivery in 2012-13 were reported for unknown destinations. |
| Weekly Export Details | Exports of 934,200 MT were reported primarily to China (599,400 MT), Indonesia (74,000 MT), South Korea (58,200 MT), Taiwan (44,700 MT), Canada (41,100 MT), and Mexico (29,900 MT). |
| Comments and Performance Indicators | Sales were above expectations. Export commitments are running 32% behind year-ago, which compares to 33% behind last week. USDA projects exports in 2011-12 to be 13.4% below the previous marketing year. |
| Soymeal | |
| Actual Sales (in metric tons -- MT) | 2011-12: 142,000 MT |
| Trade Expectations | 90,000-150,000 MT |
| Weekly Sales Details | Net sales of 142,000 MT for the 2011-12 marketing year were reported primarily for Turkey (36,000 MT), Ecuador (28,400 MT, switched from unknown destinations), the Dominican Republic (27,500 MT), Mexico (20,800 MT), Canada (18,900 MT), and Japan (17,600 MT, including 10,300 MT switched from unknown destinations). Decreases were reported for unknown destinations (38,300 MT). |
| Weekly Export Details | Exports of 206,700 MT were primarily reported to Mexico (35,400 MT), Ecuador (28,400 MT), Canada (24,000 MT), Venezuela (23,000 MT), Morocco (19,800 MT), and Ireland (16,600 MT). |
| Comments and Performance Indicators | Sales were within expectations. Export commitments are running 13% behind year-ago, compared to 14% behind last week. USDA projects exports in 2011-12 to be 3.3% below the previous marketing year. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | 2011-12: 14,800 MT |
| Trade Expectations | 0 to 15,000 MT |
| Weekly Sales Details | Net sales of 14,800 MT for delivery in 2011-12 were reported mainly for Canada (12,600 MT) and Mexico (1,400 MT). |
| Weekly Export Details | Exports of 3,000 MT were primarily reported to Mexico (2,400 MT) and Canada (400 MT). |
| Comments and Performance Indicators | Sales were well above expectations. Export commitments are 83% below year-ago, compared to 84% below last week. USDA projects exports in 2011-12 to be 56.7% below the previous marketing year. |
| Cotton | |
| Actual Sales (in running bales -- RB) | Combined: 84,900 RB 2011-12: 69,500 RB 2012-13: 15,400 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 69,500 running bales for the 2011-12 resulted as increases for China (78,300 RB, including 3,100 RB switched from Malaysia and 1,300 RB switched from South Korea), Vietnam (6,600 RB), Bangladesh (4,400 RB), Hong Kong (4,400 RB, including 2,200 RB switched from China), Morocco (3,900 RB), and Venezuela (2,200 RB), were partially offset by decreases for Japan (7,800 RB), Thailand (7,200 RB), Pakistan (6,600 RB), and Indonesia (6,200 RB). Exports for own account were reported for China (10,500 RB). Net sales of 15,400 RB for delivery in 2012-13 were reported for China. |
| Weekly Export Details | Exports of 191,100 RB were up 10 percent from the previous week and from the prior 4-week average. The primary destinations were China (88,600 RB), Turkey (32,700 RB), Mexico (16,300 RB), South Korea (10,000 RB), Taiwan (9,200 RB), and Thailand (5,100 RB). |
| Comments and Performance Indicators | Export commitments are 27% behind year-ago compared to 26% behind last week. USDA projects exports in 2011-12 to be 21.4% below the previous marketing year. |
| Beef | |
| Actual Sales (in metric tons -- MT) | Combined: 5,700 MT |
| Weekly Sales Details | Net sales of 5,700 MT--a marketing-year low--for delivery in 2011were primarily for Mexico (3,000 MT), Canada (1,600 MT), Russia (500 MT), Hong Kong (300 MT), and Vietnam (300 MT). Decreases were reported for Japan (1,100 MT), Moldova (300 MT). |
| Weekly Export Details | Exports of 16,500 MT were reported mainly to Mexico (3,400 MT), South Korea (3,100 MT), Canada (2,600 MT), Japan (2,400 MT), and Vietnam (1,200 MT). |
| Comments and Performance Indicators | Exports compare to 18,800 MT last week. USDA projects exports in 2012 to be 20.9% above last year's total. |
