USDA reports grain and oilseed export sales for the week ending May 17 were mixed. Combined old and new crop wheat sales were above expectations, corn was under all estimates, and soybeans and soybean products were inside the pre-report ranges. Physical shipments of soybeans were more than what’s needed to meet USDA projections for the 2012/13 marketing year but corn and wheat fell short of their respective marks.
Old crop wheat hit a marketing year low at 72,400 tons (2.7 million bushels), 78% less than the week ending May 10 and 76% lower than the four week average. Japan bought 58,200 tons but unknown destinations canceled on 89,300 tons. With the 2011/12 marketing year over at the end of May, wheat sales are 1.025 billion bushels, compared to 1.298 billion late in 2010/11. Sales of 754,600 tons (27.7 million bushels) for 2012/13 delivery were mostly to Iraq (200,000 tons).
Corn was reported at 156,100 tons (6.1 million bushels), 54% less than the previous week and 75% below the four week average. China picked up 255,000 tons but unknown destinations canceled on 161,500 tons. At this point in the marketing year, corn sales are 1.497 billion bushels, compared to 1.693 billion a year ago. Sales of 325,900 tons (12.8 million bushels) for 2012/13 delivery were mostly to China (703,600 tons) but there was a large cancellation by unknown destinations (439,400 tons).
Soybeans came out at 800,100 tons (29.4 million bushels), up 30% from the prior week and 23% higher than the four week average. China purchased most of the total, 436,800 tons, and unknown bought 159,000 tons. For the marketing year to date, soybean sales are 1.319 billion bushels, compared to 1.524 billion this time last year. Sales of 153,600 tons (5.6 million bushels) for 2012/13 delivery were primarily to China (118,000 tons).
Soybean meal was pegged at 144,600 tons, 26% larger than the week before and 9% above the four week average. Unknown destinations were the top buyer at 77,900 tons. Cumulative soybean meal sales for the current marketing year are 6,743,800 tons, compared to 6,988,300 a year ago. Sales of 32,000 tons for 2012/13 delivery were to Poland (27,000 tons) and Jamaica (5,000 tons).
Soybean oil was reported at 9,400 tons, with sales from 2,500 to 16,000 tons partially offset by a cancellation of 16,000 tons by unknown. 2011/12 soybean oil sales are 420,500 tons, compared to 1,177,600 in 2010/11. Sales of 15,000 tons for 2012/13 were to unknown destinations.
Net beef sales totaled 14,400 tons were steady with the previous week and down 15% from the four week average. The reported buyers were Japan (3,100 tons), Mexico (2,800 tons), Canada (2,600 tons), Egypt (2,000 tons), and South Korea (1,500 tons).