USDA reports corn, soybean meal, soybean oil, and wheat export sales for the week ending May 10 were within pre-report estimates, while soybeans were below expectations. Physical shipments of soybeans were above what’s needed to meet USDA projections for the 2011/12 marketing year but corn and wheat fell short of their respective marks.
Wheat came out at 321,800 tons (11.8 million bushels), up 45% from the week ending May 3 and 5% higher than the four week average. South Korea was the top buyer at 87,700 tons followed by Nigeria with 70,000 tons. With less than a month left in the 2011/12 marketing year, wheat sales are 1.022 billion bushels, compared to 1.301 billion in 2010/11. Sales of 389,600 tons (14.3 million bushels) for 2012/13 delivery were mainly to South Korea (129,900 tons).
Corn was reported at 339,400 tons (13.4 million bushels), 51% more than the previous week but 46% less than the four week average. Japan bought 259,500 tons but Egypt canceled on 111,300 tons. So far this marketing year, corn sales are 1.491 billion bushels, compared to 1.665 billion this time last year. Sales of 525,700 tons (20.7 million bushels) for 2012/13 delivery were primarily to unknown destinations (316,200 tons).
Soybeans were pegged at 616,300 tons (22.6 million bushels), 32% lower than the week before and down 7% from the four week average. Unknown destinations purchased 159,500 tons and China picked up 119,100 tons. At this point in the marketing year, soybean sales are 1.290 billion bushels, compared to 1.518 billion a year ago. Sales of 57,100 tons (2.1 million bushels) were mostly to Japan (38,100 tons).
Soybean meal came out at 114,300 tons, a decrease of 17% from the prior week and 36% under the four week average. Turkey bought 34,500 tons and Venezuela purchased 22,000 tons. For the marketing year to date, soybean meal sales are 6,599,200 tons, compared to 6,850,800 last year. Sales of 81,300 tons for 2012/13 delivery were mainly to Poland (27,000 tons), unknown destinations (25,000 tons), and Mexico (24,000 tons).
Soybean oil was reported at 8,100 tons, with sales to Nicaragua (8,700 tons) and Guatemala (800 tons) partially offset by cancellations from Canada (900 tons) and Morocco (600 tons). 2011/12 soybean oil sales are 411,000 tons, compared to 1,177,100 tons in 2010/11. Sales of 40,000 tons for 2012/13 delivery were to unknown destinations.
Net beef sales totaled 14,400 tons, down 31% on the week and 22% lower than the four week average. The listed buyers were Mexico (2,600 tons), Japan (2,400 tons), Russia (2,200 tons), South Korea (2,000 tons), and Canada (1,700 tons).