A good week for wheat export sales

It was a fairly poor week for grain and oilseed export sales. USDA reports wheat exports for the week ending March 4 were within expectations while corn and soybean meal were below projections and soybeans and soybean oil had net reductions. Physical shipments of soybeans and wheat were above what’s needed weekly to meet USDA projections for the 2009/10 marketing year but corn fell short of its’ mark.

Wheat came out at 407,900 tons (15.0 million bushels), up quite a bit from the week ending February 25 and 14% higher than the four week average. Nigeria was far and away the leading buyer with 130,900 tons. For the 2009/10 marketing year to date, wheat sales are 734.1 million bushels, compared to 905.3 million in 2008/09. Sales of 40,500 tons (1.5 million bushels) for 2010/11 delivery were mostly to unknown destinations (20,000 tons) and the Philippines (16,000 tons).

Corn was reported at 338,600 tons (13.3 million bushels), down 56% from the prior week and 53% lower than the four week average. Japan was the top purchaser at 163,400 tons while unknown destinations canceled on 94,100 tons. So far this marketing year, corn sales are 1.273 billion bushels, compared to 1.184 billion this time last year. Sales of 300 tons for 2010/11 delivery were to Canada.

Soybeans had a net reduction of 115,800 tons (4.3 million bushels) with a handful of sales offset by cancellations from China (192,400 tons) and unknown destinations (75,000 tons). At this point in the marketing year, soybean sales are 1.314 billion bushels, compared to 1.026 billion a year ago. Sales of 65,100 tons (2.4 million bushels) for 2010/11 delivery were to China (65,000 tons) and Japan (100 tons).

Soybean meal hit a marketing year low at 1,900 tons. The biggest buy of the week was Mexico at 44,600 tons while the Dominican Republic canceled on 72,300 tons and unknown destinations canceled on 54,000 tons. Cumulative bean meal sales are 7,506,700 tons, compared to 4,542,100 last year at this time. Sales of 300 tons for 2010/11 delivery were to Canada.

Soybean oil had a net reduction of 9,400 tons. India bought 29,500 tons while unknown destinations canceled on 31,000 tons, Mexico canceled 7,100 tons and Canada stopped on 2,800 tons. 2009/10 soybean oil sales are 1,092,100 tons, compared to 405,800 in 2008/09.

Net beef sales totaled 14,100 tons, up sharply from the previous week and 92% larger than the four week average. The reported purchasers were Mexico (4,100 tons), Vietnam (2,600 tons), Japan (2,100 tons), South Korea (1,700 tons) and Canada (1,400 tons).