Soybean Export Sales Continue to Surge
The Weekly Export Sales Report for the week ended Feb. 28, 2013, signals demand for U.S. soybeans has yet to slow as strong new-crop sales helped the net tally for the week to come in well above lofty expectations at nearly 1.383 MMT. Wheat export sales were also impressive at 618,100 MT for 2012-13 and 210,000 MT for 2013-14, signaling U.S. wheat prices are competitive globally. Corn export sales, on the other hand, were back to unimpressive for the week ended Feb. 28 as a net sales reduction for 2012-13 cut into already lackluster sales of 206,400 for 2013-14. Cotton demand remains solid and beef export sales improved notably over recent weeks.
| USDA Weekly Export Sales Report | |
| Corn | |
| Actual Sales (in metric tons -- MT) | Combined: 156,600 MT |
| Trade Expectations | 450,000 to 650,000 MT |
| Weekly Sales Details | Net sales reductions of 49,800 MT for the 2012-13 marketing year were down noticeably from the previous week and from the prior 4-week average. Increases reported for China (57,500 MT, including 60,000 MT switched from unknown destinations and decreases of 5,500 MT), Jamaica (20,100 MT), Mexico (8,800 MT), Saudi Arabia (6,200 MT), and Honduras (5,400 MT), were more than offset by decreases for Colombia (72,500 MT), unknown destinations (64,600 MT), the Dominican Republic (11,200 MT), and Taiwan (5,100 MT). Net sales of 206,400 MT for the 2013-14 marketing year were for unknown destinations (136,200 MT), Mexico (60,000 MT), and China (10,200 MT). |
| Weekly Export Details | Exports of 367,200 MT were up 24% from the previous week and 27% from the prior 4-week average. The primary destinations were Mexico (88,700 MT), Japan (88,000 MT), Saudi Arabia (70,000 MT), China (54,500 MT), and Taiwan (34,100 MT). |
| Comments and Performance Indicators | Sales were well below expectations. Export commitments for the new marketing year are 54% behind year ago compared to 53% behind last week. USDA projects exports in 2012-13 to be 41.7% below the previous marketing year. |
| Wheat | |
| Actual Sales (in metric tons -- MT) | Combined: 828,100 MT 2012-13: 618,100 MT 2013-14: 210,000 MT |
| Trade Expectations | 350,000 to 550,000 MT |
| Weekly Sales Details | Net sales of 618,100 MT for the 2012-13 marketing year were up 66% from the previous week and 23% from the prior 4-week average. Increases were reported for unknown destinations (128,400 MT), Egypt (116,500 MT, including 115,000 MT switched from unknown destinations and decreases of 4,500 MT), Nigeria (84,400 MT, including 38,000 MT switched from unknown destinations), Japan (74,200 MT), China (60,400 MT), and Israel (42,400 MT). Decreases were reported for the Philippines (22,900 MT) and Jamaica (5,500 MT). Net sales of 210,000 MT for the 2013-14 marketing year were reported primarily for unknown destinations (110,000 MT), the Philippines (70,000 MT), Peru (12,000 MT), and Colombia (10,700 MT). |
| Weekly Export Details | Exports of 766,400 MT were up 31% from the previous week and 44% from the prior 4-week average. The primary destinations were Egypt (193,000 MT), Nigeria (81,400 MT), South Korea (78,400 MT), China (61,500 MT), Israel (55,000 MT), Peru (53,100 MT), and Mexico (48,700 MT). |
| Comments and Performance Indicators | Sales were well above expectations. Export commitments for the 2012-13 marketing year are 5% behind year-ago, compared to 6% behind last week. USDA projects exports in 2012-13 to be steady with the previous marketing year. |
| Soybeans | |
| Actual Sales (in metric tons -- MT) | Combined: 1,382,600 MT 2012-13: 392,000 MT 2013-14: 990,600 MT |
| Trade Expectations | 900,000 to 1,250,000 MT |
| Weekly Sales Details | Net sales of 392,000 MT for the 2012-13 marketing year were down 43% from the previous week, but up 23% from the prior 4-week average. Increases reported for the Netherlands (130,100 MT, including 128,000 MT switched from unknown destinations and decreases of 3,600 MT), Mexico (114,900 MT), China (91,900 MT), Indonesia (37,300 MT), Vietnam (20,400 MT), and unknown destinations (17,100 MT), were partially offset by decreases for Panama (20,000 MT), Colombia (8,600 MT), Egypt (5,900 MT), and Canada (4,500 MT). Net sales of 990,600 MT for delivery in the 2013-14 marketing year were primarily for China (934,000 MT) and unknown destinations (55,000 MT). |
| Weekly Export Details | Exports of 1,094,900 MT were up 33% from the previous week and 3% from the prior 4-week average. The primary destinations were China (666,600 MT), the Netherlands (130,100 MT), Mexico (101,000 MT), Egypt (54,100 MT), Taiwan (41,000 MT), Japan (37,500 MT), and South Korea (26,400 MT). |
| Comments and Performance Indicators | Sales were well above expectations. Export commitments for the new marketing year are running 17% ahead of year-ago compared to 20% 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: 119,300 MT |
| Trade Expectations | 200,000 to 300,000 MT |
| Weekly Sales Details | Net sales of 119,300 MT for the 2012-13 marketing year resulted as increases for Vietnam (47,300 MT, including 42,400 MT switched from unknown destinations), Morocco (33,400 MT, including 15,000 MT switched from unknown destinations and decreases of 1,000 MT), Germany (20,900 MT, including 19,000 MT switched from unknown destinations), Spain (20,000 MT), and Canada (16,300 MT), were partially offset by decreases for unknown destinations (43,400 MT) and the Dominican Republic (27,400 MT). |
| Weekly Export Details | Exports of 260,000 MT were down 19% from the previous week and from the prior 4-week average. The primary destinations were the Philippines (52,900 MT), Vietnam (52,200 MT), Morocco (33,400 MT), Cuba (22,500 MT), Germany (20,900 MT), and Ireland (19,800 MT). |
| Comments and Performance Indicators | Sales were well below expectations. Export commitments are running 45% ahead of last year's pace compared to 45% ahead of year-ago last week. USDA projects exports in 2012-13 to be 9.7% behind the previous marketing year. |
| Soyoil | |
| Actual Sales (in metric tons -- MT) | 2012-13: -19,700 MT |
| Trade Expectations | 5,000 to 15,000 MT |
| Weekly Sales Details | Net sales reductions of 19,700 MT for the 2012-13 -- a marketing-year low -- resulted as increases for Jamaica (3,500 MT) and Canada (200 MT), were more than offset by decreases for Mexico (14,500 MT), Venezuela (5,000 MT), Panama (2,000 MT), and Nicaragua (1,000 MT). |
| Weekly Export Details | Exports of 36,000 MT were down 4% from the previous week and 2% from the prior 4-week average. The primary destinations were India (25,000 MT), Mexico (3,600 MT), Jamaica (3,500 MT), and Canada (1,200 MT). |
| Comments and Performance Indicators | Sales were well below expectations. Export commitments for the new marketing year are 174% ahead of year-ago, compared to 197% 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: 217,300 RB 2012-13: 150,200 RB 2013-14: 67,100 RB |
| Trade Expectations | NA |
| Weekly Sales Details | Net Upland sales of 150,200 running bales for the 2012-13 marketing year were down 2% from the previous week and 1% from the prior 4-week average. Increases were reported for Turkey (71,600 RB), Vietnam (36,600 RB), South Korea (15,700 RB), India (7,200 RB), and Thailand (6,100 RB). Decreases were reported for China (23,300 RB) and Colombia (2,700 RB). Net sales of 67,100 RB for delivery in the 2013-14 marketing year were primarily for Thailand (23,400 RB), Turkey (18,500 RB), South Korea (10,000 RB), and Colombia (6,900 RB). |
| Weekly Export Details | Exports of 512,500 RB -- a marketing-year high -- were up 21% from the previous week and 27% from the prior 4-week average. The primary destinations were China (247,800 RB), Turkey (84,900 RB), Vietnam (42,100 RB), Pakistan (26,100 RB), Mexico (21,000 RB), and Indonesia (19,300 RB). |
| Comments and Performance Indicators | Export commitments are 2% behind year-ago compared to 3% behind last week. USDA projects exports in 2012-13 to be 6.7% ahead of the previous marketing year. |
| Beef | |
| Actual Sales (in metric tons -- MT) | 2013: 15,400 MT |
| Weekly Sales Details | Net sales of 15,400 MT were up noticeably from the previous week and 43% from the prior 4-week average. Increases were reported for Japan (6,800 MT), Mexico (3,100 MT), Canada (1,200 MT), South Korea (1,100 MT), and Taiwan (1,000 MT). |
| Weekly Export Details | Exports of 14,600 MT were primarily to Mexico (3,200 MT), Japan (2,500 MT), Canada (2,000 MT), South Korea (1,700 MT), and Hong Kong (1,400 MT). |
| Comments and Performance Indicators | Exports compare to 3,900 MT last week. USDA projects exports in 2013 to be 1.0% below last year's total. |
