USDA reports a mixed week for grain and oilseed export sales. Soybean and wheat sales for the week ending June 7 were above pre-report estimates while corn sales were below expectations. Physical shipments of wheat were above what’s needed weekly to meet USDA projections for the 2012/13 marketing year but corn and soybeans fell short of their respective markets for 2011/12.
Wheat came out at 432,900 tons (15.9 million bushels), mostly to Nigeria (103,400 tons) and Indonesia (75,000 tons). Early in the 2012/13 marketing year, wheat sales are 203.9 million bushels, compared to 260.6 million towards the start of 2011/12. USDA adds unknown destinations canceled on 127,200 tons.
Old crop corn sales hit a new marketing year low at 91,200 tons (3.6 million bushels), down 63% from the week ending May 31 and 61% lower than the four week average. China bought 64,700 tons while unknown destinations canceled on 43,100 tons. At this point in the 2011/12 marketing year, corn sales are 1.518 billion bushels, compared to 1.736 billion in 2010/11. Sales of 77,700 tons (3.1 million bushels) for 2012/13 delivery were mostly to Japan (30,000 tons) and Mexico (30,000 tons).
Soybeans were reported at 425,100 tons (15.6 million bushels), 93% more than the previous week but 9% less than the four week average. China picked up 261,500 tons and Egypt purchased 120,000 tons but unknown destinations canceled on 206,000 tons. For the marketing year to date, soybean sales are 1.352 billion bushels, compared to 1.538 billion a year ago. Sales of 580,000 tons (21.3 million bushels) for 2012/13 delivery were primarily to China (470,000 tons).
Soybean meal was pegged at 116,800 tons, up 56% from the week before and 27% higher than the four week average. Unknown destinations bought 29,400 tons and Turkey picked up 25,000 tons. So far this marketing year, soybean meal sales are 6,968,700 tons, compared to 7,163,800 this time last year. Sales of 24,500 tons for 2012/13 delivery were to Canada.
Soybean oil totaled 6,800 tons, a decrease of 48% from the prior week and 37% below the four week average. Guatemala bought 4,000 tons, Nicaragua purchased 1,500 tons, and Colombia picked up 1,000 tons. 2011/12 soybean oil sales are 453,100 tons, compared to 1,227,600 in 2010/11.
Net beef sales were reported at 15,700 tons, down 13% from the previous week and 6% lower than the four week average. The listed buyers were Japan (3,900 tons), Canada (2,500 tons), South Korea (2,300 tons), Mexico (1,900 tons), and Vietnam (1,800 tons). Taiwan canceled on 200 tons.