USDA reports corn, soybean, and soybean meal export sales for the week ending November 8 topped pre-report estimates, while wheat and soybean oil were within analysts’ expectations. 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.
Wheat came out at 314,600 tons (20.6 million bushels), up 50% from the week ending November 1 but down 19% from the four week average. The primary buyers were the Philippines (99,700 tons) and Nigeria (81,000 tons). For the 2012/13 marketing year to date, wheat sales are 559.6 million bushels, compared to 617.4 million in 2011/12.
Corn was reported at 103,900 tons (4.1 million bushels), 34% lower than the week before and a decrease of 35% from the four week average. Japan picked up 96,700 tons and unknown destinations canceled on 31,900 tons. At this point in the marketing year, corn sales are 439.8 million bushels, compared to 848.2 million this time last year. Sales of 208,200 tons (8.2 million bushels) for 2013/14 delivery were to Japan.
Soybeans were pegged at 559,700 tons (20.6 million bushels), larger than the previous week and an increase of 14% from the four week average. China bought 371,500 tons and Vietnam purchased 93,100 tons but unknown destinations did cancel on 346,200 tons. So far this marketing year, soybean sales are 973.7 million bushels, compared to 730.1 million a year ago. Sales of 25,500 tons (900,000 tons) for 2013/14 delivery were to Japan.
Soybean meal came out at 234,600 tons, 21% higher than the prior week and 61% more than the four week average. The big buyer was unknown destinations at 66,200 tons. Cumulative sales for the current marketing year are 4,022,200 tons, compared to 3,235,500 last year.
Soybean oil was reported at 21,000 tons with South Korea picking up 11,000 tons and unknown destinations cancelling on 10,700 tons. 2012/13 soybean oil sales are 325,200 tons, compared to 110,400 in 2011/12.
Net beef sales totaled 11,300 tons, a drop of 42% from the previous week and 30% below the four week average. The listed purchasers were Mexico (3,100 tons), Canada (2,800 tons), South Korea (1,600 tons), Hong Kong (900 tons), and Taiwan (500 tons). Sales of 3,500 tons for 2013 delivery were mainly to the Netherlands (2,700 tons) and Japan (700 tons).