USDA reports soybean meal export sales for the week ending October 4 were within pre-report estimates while corn, soybeans, soybean oil, and wheat were all below expectations. Physical shipments of soybeans were more than what’s needed weekly to meet USDA projections for the 2012/13 marketing year but corn and wheat fell short of their respective marks.
Wheat came out at 279,900 tons (10.3 million bushels), were down 9% from the week ending September 27 and 30% lower than the four week average. Japan bought 65,000 tons and Taiwan picked up 51,100 tons. For the 2012/13 marketing year to date, wheat sales are 490.9 million bushels, compared to 723.1 million in 2011/12.
Corn was reported at 4,200 tons (200,000 bushels). Sales of 10,000 to 109,200 tons were almost completely offset by cancellations of 4,100 to 171,700 tons. At this point in the marketing year, corn sales are 410.7 million bushels, compared to 723.1 million a year ago. Sales of 10,000 tons (400,000 bushels) for 2013/14 delivery were to Nicaragua.
Soybeans were pegged at 500,700 tons (18.4 million bushels), mostly to China (227,200 tons) and Japan (109,800 tons). So far this marketing year, soybean sales are 880.6 million bushels, compared to 642.6 million this time last year. Sales of 23,000 tons (800,000 bushels) for 2012/13 delivery were to Japan.
2012/13 soybean meal was reported at 216,400 tons, mainly to unknown destinations (53,000 tons) and Ecuador (30,000 tons). USDA adds there were 456,900 tons of sales outstanding that were carried over from 2011/12 to the current marketing year. That brings the 2012/13 sales total to 3,203,300 tons, compared to 2,199,000 early the previous marketing year. Cumulative sales of 7,500 tons for 2013/14 delivery to Lebanon (9,200 tons), Canada (3,600 tons), and Japan (3,300 tons) were partially offset by cancellations by Egypt (4,300 tons), unknown destinations (3,000 tons), and Mexico (1,200 tons).
2012/13 soybean oil came out at 10,400 tons, primarily to China (41,000 tons) and Canada (2,000 tons). Additionally, outstanding sales of 47,400 tons were carried over into the new marketing year. 2012/13 U.S. soybean oil sales are 202,400 tons, compared to 75,400 tons at the start of 2011/12.
Net beef sales came out at 15,500 tons, 5% less than the previous week but 13% more than the four week average. The listed buyers were Canada (3,200 tons), Mexico (2,800 tons), South Korea (2,400 tons), Japan (1,500 tons), and Taiwan (900 tons). Kazakhstan canceled on 400 tons.