USDA reports wheat, soybean meal, and soybean oil export sales for the week ending June 14, 2012 were larger than expected while corn and soybeans were within pre-report estimates. Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year but corn and wheat both fell short of their marks.
Wheat came out at 842,000 tons (30.9 million bushels), mostly to unknown destinations (221,500 tons), Japan (143,500 tons), and China (114,500 tons). Early in the 2012/13 marketing year, wheat exports are 234.8 million bushels, compared to 284.9 million towards the outset of 2011/12.
Corn was reported at 171,400 tons (6.7 million bushels), up 86% from the week ending June 7 but unchanged from the four week average. The leading buyer was Japan at 104,600 tons. At this point in the 2011/12 marketing year, corn sales are 1.525 billion bushels, compared to 1.752 billion in 2010/11. Sales of 210,600 tons (8.3 million bushels) for 2012/13 delivery were mainly to Saudi Arabia (62,000 tons), South Korea (59,000 tons), and Mexico (44,200 tons).
Soybeans hit a new marketing year low at 163,800 tons (6.0 million bushels), down 62% from the previous week and 61% lower than the four week average. Unknown destinations bought 101,500 tons but China canceled on 83,100 tons. So far this marketing year, soybean sales are 1.358 billion bushels, compared to 1.537 billion a year ago. Sales of 444,200 tons (16.3 million bushels) for 2012/13 delivery were primarily to China (434,000 tons).
Soybean meal was above both the week before and the four week average at 258,700 tons. The Philippines purchased 96,800 tons. For the marketing year to date, soybean meal sales are 7,227,500 tons, compared to 7,173,400 this time last year. Sales of 23,300 tons for 2012/13 delivery were to Canada (16,600 tons) and Mexico (6,700 tons).
Soybean oil came out at 20,400 tons, up sharply on the week and 94% more than the four week average. Canada picked up 13,900 tons. 2011/12 soybean oil sales are 473,400 tons, compared to 1,233,600 in 2010/11.
Net beef sales totaled 15,000 tons, down 5% on the week and 12% less than the four week average. The listed buyers were Japan (4,900 tons), South Korea (3,100 tons), Canada (2,900 tons), Mexico (1,400 tons), and Egypt (1,100 tons).