Market News

Solid week for soybean exports, shipments

It was a mixed week for grain and oilseed export sales. USDA reports soybean sales for the week ending November 10 topped expectations while wheat and soybean meal were within pre-report projections, and corn and soybean oil were below estimates. Physical shipments of corn and soybeans were more than what’s needed weekly to meet USDA projections for the 2011/12 marketing year but wheat fell short of its mark.

Wheat came out at 317,100 tons (11.7 million bushels), up 6% from the week ending November 3 but down 5% from the four week average. Mexico was the leading buyer at 90,600 tons, followed by Nigeria with 63,600 tons. At this point in the 2011/12 marketing year, wheat sales are 617.4 million bushels, compared to 800.7 million in 2010/11. Sales of 17,500 tons (600,000 bushels) for 2012/13 delivery were to Mexico.

Corn was reported at 208,900 tons (8.2 million bushels). South Korea was the top purchaser at 170,100 tons and Japan picked up 149,500 tons, while unknown destinations canceled on 426,200 tons. So far this marketing year, corn sales are 848.4 million bushels, compared to 838 million a year ago.

Soybeans were pegged at 746,100 tons (27.4 million bushels), with China buying 517,100 tons and unknown destinations purchasing 126,500 tons. For the marketing year to date, soybean sales are 730.1 million bushels, compared to 1.130 billion this time last year. Sales of 5,100 tons (200,430 bushels) for 2012/13 delivery were to Japan.

Soybean meal came out at 201,500 tons, mainly to Mexico (96,700 tons) and Ecuador (30,000 tons). A little more than a month into the marketing year, soybean meal sales are 3,235,500 tons, compared to 3,631,500 tons a year ago.

Soybean oil was reported at 2,100 tons with sales to Colombia (2,000 tons) and Mexico (600 tons) partially offset by a cancellation on 600 tons by Canada. 2011/12 soybean oil sales are 110,400 tons, compared to 713,200 early in 2010/11.

Net beef sales for 2011 delivery totaled 11,100 tons. The reported buyers were South Korea (3,400 tons), Japan (1,800 tons), Mexico (1,700 tons), Canada (1,400 tons), and Taiwan (600 tons). Sales of 600 tons for 2012 delivery were primarily to South Korea (400 tons) and Hong Kong (100 tons).