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Good week for soybean exports

USDA reports soybean and soybean oil exports for the week ending October 25 were above analysts’ estimates, while corn and wheat were within pre-report projections, and soybean meal was below expectations. The report was delayed a day by Hurricane Sandy.

Wheat came out at 362,900 tons, down 37% from the week ending October 18 and 8% lower than the four week average. Taiwan bought 102,100 tons and Nigeria picked up 89,100 tons.

Corn was reported at 167,900 tons, up 18% from the week before and 5% higher than the four week average. Japan purchased 181,100 tons while unknown destinations canceled on 124,500 tons.

Soybeans were pegged at 741,200 tons, an increase of 42% from the previous week and 4% more than the four week average. China was the leading buyer at 382,600 tons and unknown destinations picked up 214,500 tons.

Soybean meal came out at 73,200 tons, mostly to Mexico (25,200 tons) and Italy (19,800 tons).

Soybean oil was reported at 28,500 tons, with Egypt picking up 18,000 tons.

Net beef sales totaled 14,600 tons, 12% less than the prior week and 6% under the four week average. The listed buyers were Mexico (3,300 tons), South Korea (2,400 tons), Canada (1,900 tons), Hong Kong (1,500 tons), and Vietnam (1,400 tons). Sales of 600 tons for 2013 delivery were mainly to Mexico (400 tons) and Canada (100 tons).

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