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Big week for soybean exports

USDA reports soybean export sales for the week ending January 31 were larger than expected, while corn, wheat, soybean meal, and soybean oil were all within pre-report estimates. Physical shipments of soybeans were larger than what’s needed every week to meet USDA projections for the 2012/13 marketing year but corn and wheat both fell short of their respective marks.

Wheat came out at 290,800 tons (10.7 million bushels), down 1% from the week ending January 24 and 29% lower than the four week average. Taiwan bought 78,700 tons and Japan picked up 45,700 tons, while Jamaica canceled on 17,100 tons. For the 2012/13 marketing year to date, wheat sales are 771.5 million bushels, compared to 822.0 million in 2011/12. Sales of 10,000 tons (400,000 bushels) for 2013/14 delivery were to unknown destinations.

Corn was reported at 168,900 tons (6.6 million bushels), 10% less than the week before and 8% under the four week average. China purchased 109,000 tons and Japan bought 99,500 tons but unknown destinations canceled on 129,100 tons and South Korea canceled on 62,900 tons. At this point in the marketing year, corn sales are 537.6 million bushels, compared to 1.115 billion this time last year. For the 2013/14 marketing year, USDA adds there was a net sales reduction of 8,500 tons as a sale of 22,000 tons to Mexico was offset by Japan canceling on 30,500 tons.

Soybeans were pegged at 896,200 tons (32.9 million bushels), up sharply on the week and 40% higher than the four week average. China picked up 696,600 tons and Spain bought 142,300 tons and while unknown destinations canceled on a total of 422,500 tons, a lot of that was switched over to several different buyers. So far this marketing year, soybean sales are 1.257 billion bushels, compared to 986.8 million a year ago. Sales of 771,000 tons (28.3 million bushels) for 2013/14 delivery were primarily to China (691,000 tons).

Soybean meal came out at 196,300 tons, 39% more than the previous week and 10% above the four week average. Canada purchased 39,500 tons and Vietnam bought 37,200 tons but unknown destinations canceled on 83,800 tons. Cumulative soybean meal sales for the current marketing year are 6,732,700 tons, compared to 4,722,300 last year.

Soybean oil was reported at 25,500 tons, an increase of 27% from the prior week and up 46% from the four week average. Egypt picked up 30,000 tons and Colombia bought 8,000 tons, while unknown destinations canceled on 30,000 tons. 2012/13 soybean oil sales are 758,800 tons, compared to 221,600 in 2011/12.

Net beef sales totaled 9,700 tons. The listed purchasers were Mexico (3,300 tons), Canada (2,800 tons), South Korea (1,600 tons), the Netherlands (1,000 tons), and Vietnam (800 tons). Japan canceled on 2,900 tons.

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