Archive for February, 2009
Export Sales Highlights - Feb 26, 2009
Thursday, February 26th, 2009
Export Sales Highlights
This summary is based on reports from exporters for the period February 13-19, 2009.
Wheat: Net sales of 465,400 metric tons were up 7 percent from the previous week and 56 percent from the prior 4-week average. Increases reported for Taiwan (91,800 MT), Nigeria (86,000 MT), unknown destinations (61,500 MT), Yemen (52,800 MT), China (50,000 MT), Mexico (28,100 MT), Japan (25,200 MT), and the Philippines (20,000 MT), were partially offset by decreases for the Leeward and Windward Islands (4,500 MT) and South Korea (1,100 MT). Net sales of 112,500 MT for delivery in 2009/10 were mainly for Jamaica (34,000 MT), the Philippines (26,000 MT), Mexico (25,000 MT), and Guatemala (10,500 MT). Exports of 297,000 MT were up 18 percent from the previous week, but down 22 percent from the prior 4-week average. The primary destinations were Indonesia (59,000 MT), Yemen (48,300 MT), Mexico (27,300 MT), Venezuela (24,900 MT), South Korea (23,300 MT), and Nigeria (22,000 MT).
Corn: Net sales of 448,900 MT were down 66 percent from the previous week and 65 percent from the prior 4-week average. Increases reported for Japan (254,800 MT, including 76,200 MT switched from unknown destinations), Mexico (88,800 MT), Kenya (30,000 MT), the Dominican Republic (28,500 MT), Canada (23,500 MT), and Chile (22,000 MT), were partially offset by decreases for unknown destinations (77,200 MT). Net sales of 8,100 MT for delivery in 2009/10 were for Mexico. Optional origin sales of 61,100 MT were for Colombia. Exports of 771,700 MT were down 15 percent from the previous week, but up 4 percent from the prior 4-week average. The primary destinations were Japan (415,800 MT), Mexico (90,700 MT), South Korea (71,400 MT), Costa Rica (37,600 MT), Kenya (27,500 MT), and the Dominican Republic (26,100 MT).
Barley: Net sales of 300 metric tons were for Taiwan. Exports of 1,300 MT were for Canada.
Sorghum: Net sales of 85,500 MT resulted as increases for Mexico (118,000 MT) were partially offset by decreases for Japan (32,500 MT). Exports of 33,500 MT were for Mexico (20,800 MT) and Japan (12,700 MT).
Rice: Net sales of 84,900 MT were up 8 percent from the previous week and 76 percent from the prior 4-week average. Increases were reported for Colombia (17,400 MT), Canada (14,400 MT), Japan (13,300 MT), Nicaragua (11,600 MT), and Mexico (7,800 MT). Exports of 82,000 MT were up 36 percent from the previous week and 56 percent from the prior 4-week average. The primary destinations were Japan (26,700 MT), Mexico (20,200 MT), Nicaragua (7,500 MT), El Salvador (6,000 MT), and the United Kingdom (5,600 MT).
Soybeans: Net sales of 339,400 MT were down 69 percent from the previous week and 55 percent from the prior 4-week average. Increases for China (339,100 MT, including 165,000 MT switched from unknown destinations), Taiwan (50,700 MT), Morocco (25,000 MT), Japan (18,500 MT), and Mexico (18,200 MT), were partially offset by decreases for unknown destinations (144,500 MT). Net sales of 8,300 MT for delivery in 2009/10 were for Japan. Exports of 908,000 MT were down 28 percent from the previous week and 22 percent from the prior 4-week average. The primary destinations were China (637,600 MT), Taiwan (62,100 MT), Mexico (54,600 MT), Japan (46,600 MT), Malaysia (29,900 MT), Turkey (19,700 MT), and Egypt (19,000 MT).
Soybean Cake and Meal: Net sales of 145,600 MT were up 2 percent from the previous week, but down 20 percent from the prior 4-week average. Increases reported for Mexico (37,500 MT), Poland (33,000 MT, including 30,000 MT switched from unknown destinations), Venezuela (29,000 MT), the Philippines (19,000 MT), Canada (15,800 MT), and Indonesia (6,200 MT), were partially offset by decreases for unknown destinations (17,000 MT) and Ecuador (1,900 MT). Exports of 159,600 MT were up 27 percent from the previous week and 22 percent from the prior 4-week average. The primary destinations were Poland (33,000 MT), the Philippines (32,700 MT), Mexico (27,100 MT), Canada (21,400 MT), Panama (14,400 MT), and Egypt (9,000 MT).
Soybean Oil: Net sales of 8,500 MT were primarily for Cuba (7,600 MT), with lesser amounts for Canada (400 MT) and Mexico (400 MT). Exports of 6,600 MT were down 74 percent from the previous week and 54 percent from the prior 4-week average. The primary destinations were Turkey (2,600 MT), Mexico (1,600 MT), and Jordan (1,000 MT).
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Going To Commodity Classic? Attend Our Seminars!
Tuesday, February 24th, 2009
We are exhibiting and making 2 seminars in partnership with the CME Group at the upcoming Commodity Classic show in Grapevine, Texas. If you are attending the show please drop by our booth (#1918) to say hello.
Also, attend our seminars on how to manage risk in today’s challenging environment at:
2:30 PM on Tuesday February 26 and
11:00 AM on Wednesday February 27 AT THE CME BOOTH (#927).
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EHedger Featured In DTN Markets Blog
Tuesday, February 24th, 2009
Pat Hill, DTN Markets Editor
Acreage Debate
With yet another “official” projection of the acreage breakout due from the gov Friday morning at the USDA outlook forum, I’ve been taking an informal tally of current guesses.
One of the editors in our daily meeting here said the conventional wisdom she is hearing is that we’ll get more beans, fewer corn acres, fewer cotton and wheat acres — an interesting assumption given the baseline estimates USDA released earlier this month, which pegged corn acreage increasing by 2 million acres and soybeans dropping by more than 2.5 million acres.
The starting point of course is last year’s numbers: corn, 86 million acres, soybeans 75.7, wheat 63.1 and cotton 9.5.
A couple of private estimates in my inbox both put soybeans above 80 million planted acres, and corn dropping below 83 million acres.
On the other hand, in a phone conversation this morning, Gavin Maguire at EHedger said he expects corn to “hang in better than people anticipate, maybe only a million-acre decline.” And Maguire thinks a lot of soybeans’ gain will be at the expense of wheat and cotton and CRP. “That leaves us with a lot of acres for both corn and beans, even though demand story is somewhat discouraging — a worrisome affair for us.”
Maguire said all the emphasis on “$4 corn” may be misplaced. “Another key note is even though we’ve heard talk of slashing corn acres because of high input prices, low [cash] prices, we don’t think that’s what producers will do. They will focus more on total bushels, on revenue more than price. Americans are very good at planting and growing corn. It’s an exceptional crop for the good guys — anyone with 190 [bushels per acre] or higher will stick with corn in a big way. It will be a widely produced crop this year, even though demand side remains soft.”
The net effect, if consumption remains weak, will be bigger ending stocks, and it could mean cash corn will have a $2 in front of it sometime this year, devastating for some who haven’t sold this year, Maguire told me. “We don’t like being bearish corn, but 18 months or 2 years down the road, crop prices will rise again, and the American farmer will benefit from long-term upward turn in food prices.”
Another thought about the Outlook numbers, of course, is that they have sometimes been wildly different from actual planting. DTN Contributing Analyst Joel Karlin provided a chart to DTN that showed deviation the last two years has been dramatic, with the outlook over-estimating corn and under-estimating beans in 2008, and just the opposite in 2007. In 1996 and 1996, the outlook and final numbers were also pretty far apart; intervening years saw estimates and final numbers generally pretty close.
| Posted at 12:29PM CST Feb 23, 2009 by Pat Hill |
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Export Sales Highlights
Friday, February 20th, 2009
This summary is based on reports from exporters for the period February 6-12, 2009.
Wheat: Net sales of 433,500 metric tons were up 5 percent from the previous week and 48 percent from the prior 4-week average. Increases reported for Japan (89,600 MT), South Korea (69,400 MT), unknown destinations (65,200 MT), Venezuela (52,200 MT), Israel (49,200 MT), Mexico (40,300 MT), Nigeria (25,300 MT), and Colombia (14,000 MT, including 10,000 MT switched from unknown destinations), were partially offset by decreases for Guatemala (3,800 MT). Optional origin sales of 19,800 MT for 2009/10 delivery were for Tunisia. Exports of 252,900 MT were down 51 percent from the previous week and 30 percent from the prior 4-week average. The primary destinations were Japan (61,500 MT), Taiwan (56,400 MT), Mexico (35,000 MT), Nigeria (32,700 MT), South Korea (28,000 MT), and Colombia (24,000 MT).
Corn: Net sales of 1,332,300 MT were down 14 percent from the previous week, but up 9 percent from the prior 4-week average. Increases reported for Japan (461,000 MT, including 76,700 MT switched from unknown destinations), Taiwan (348,200 MT), Mexico (253,300 MT), South Korea (166,000 MT, including 50,000 MT switched from unknown destinations), the Dominican Republic (38,200 MT), and Egypt (38,000 MT, including 37,000 MT switched from unknown destinations), were partially offset by decreases for unknown destinations (83,000 MT), Costa Rica (14,300 MT), Guatemala (8,400 MT), and Algeria (2,700 MT). Optional origin sales of 55,000 MT were for South Korea. Exports of 911,300 MT were up 61 percent from the previous week and 33 percent from the prior 4-week average. The primary destinations were Japan (540,700 MT), Mexico (138,500 MT), Egypt (49,200 MT), Guatemala (35,800 MT), Cuba (27,500 MT), and Algeria (27,300 MT).
Barley: There were no sales reported during the week. Exports of 1,200 MT were for Canada.
Sorghum: Net sales of 40,400 MT were for Mexico. Exports of 37,000 MT were for Mexico.
Rice: Net sales of 78,600 MT were 58 percent above the previous week and double the prior 4-week average. Increases were reported for Colombia (40,700 MT), Mexico (15,200 MT), Haiti (11,000 MT), Nicaragua (4,500 MT), Jordan (3,500 MT), Canada (2,200 MT), and Saudi Arabia (900 MT). Decreases were for Ghana (1,800 MT). Exports of 60,100 MT were up 51 percent from the previous week and 12 percent from the prior 4-week average. The primary destinations were Japan (26,400 MT), Mexico (14,800 MT), Haiti (5,300 MT), Ghana (5,200 MT), and Canada (2,400 MT).
Soybeans: Net sales of 1,094,200 MT were up 2 percent from the previous week and 34 percent from the prior 4-week average. Increases were primarily for China (873,600 MT, including 163,000 MT switched from unknown destinations), the Netherlands (76,400 MT, including 60,000 MT switched from unknown destinations), Egypt (71,200 MT), Germany (64,300 MT, switched from unknown destinations), and Mexico (48,100 MT). Decreases were reported for unknown destinations (98,000 MT), Hong Kong (55,000 MT), and Guatemala (6,300 MT). Net sales of 86,000 MT for delivery in 2009/10 were for unknown destinations (85,000 MT) and Japan (1,000 MT). Exports of 1,259,400 MT were down 10 percent from the previous week, but up 14 percent from the prior 4-week average. The primary destinations were China (884,100 MT), Egypt (113,700 MT), the Netherlands (76,400 MT), Germany (64,300 MT), Japan (51,600 MT), Mexico (39,400 MT), and Indonesia (12,000 MT).
Soybean Cake and Meal: Net sales of 142,600 MT were down 28 percent from the previous week and the prior 4-week average. Increases reported for Mexico (30,900 MT), the Dominican Republic (28,100 MT), Turkey (22,000 MT), Venezuela (12,800 MT), Vietnam (12,300 MT), and Peru (9,000 MT), were partially offset by decreases for Guatemala (11,100 MT) and Panama (4,800 MT). Exports of 125,800 MT were down 23 percent from the previous week and 13 percent from the prior 4-week average. The primary destinations were Mexico (27,300 MT), Cuba (22,000 MT), Japan (16,700 MT), the Dominican Republic (16,500 MT), Canada (16,000 MT), Honduras (11,000 MT), and El Salvador (7,100 MT).
Soybean Oil: Net sales of 46,100 MT–a marketing-year high–were primarily for unknown destinations (21,500 MT), Algeria (15,000 MT), Mexico (3,400 MT), and Nicaragua (2,400 MT). Exports of 24,700 MT–a marketing-year high–were 87 percent above the previous week and up noticeably from the prior 4-week average. The primary destinations were Algeria (15,000 MT), Venezuela (5,000 MT), and Mexico (1,900 MT).
Cotton: Net Upland sales of 435,400 running bales were up noticeably from the previous week and the prior 4-week average. Increases were reported for China (200,000 RB), Pakistan (49,600 RB), Turkey (47,700 RB), Indonesia (32,100 RB, including 2,900 RB switched from unknown destinations), Vietnam (24,300 RB), Thailand (18,600 RB), Mexico (12,700 RB), and Bangladesh (10,400 RB). Decreases were reported for Japan (1,500 RB). Net Sales of 3,100 RB for delivery in 2009/10 were for Guatemala. Exports of 178,600 RB were up 10 percent from the previous week and from the prior 4-week average. The primary destinations were China (50,700 RB), Turkey (27,400 RB), Mexico (21,600 RB), Thailand (14,400 RB), Pakistan (10,200 RB), and Indonesia (9,400 RB). Net American Pima Sales of 2,800 RB were mainly for Pakistan (600 RB), Thailand (600 RB), and Japan (600 RB). Exports of 1,600 RB were mainly to Indonesia (1,100 RB) and India (400 RB).
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Webinar “Diversify your IRA/401(k) Through Investing in Commodities”
Wednesday, February 18th, 2009
| February 24, 2009 | ||
| 4:00 pm | to | 5:00 pm |
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On-Line
4pm
EHedger joins with Entrust New Direction IRA, Inc for an educational webinar detailing the benefits of diversifying your portfolio with an investment in commodities. EHedger and it’s affiliates have strong backgrounds as commodities trader and are excited to share insights with you.
Click Here to register!
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