Market News

Strong week for corn, wheat, beef exports

USDA reports corn and wheat export sales for the week ending March 7 were larger than expected, while soybeans and soybean oil were within their anticipated ranges and soybean meal was below pre-report estimates. Physical shipments of soybeans and wheat were above what’s needed weekly to meet USDA projections for the 2012/13 marketing year but corn fell short of its mark.

Wheat came out at 888,500 tons (32.6 million bushels), up 44% from the week ending February 28 and 52% higher than the four week average. Egypt bought 103,400 tons and Haiti picked up 97,000 tons, while Thailand canceled on 44,900 tons. For the 2012/13 marketing year to date, wheat sales are 890.1 million bushels, compared to 905.6 million in 2011/12. Sales of 198,500 tons (7.3 million bushels) for 2013/14 delivery were mostly to unknown destinations (82,500 tons).

Corn was reported at 282,300 tons (11.1 million bushels), a steep decrease from the previous week but an increase of 34% from the four week average. Japan purchased 114,400 tons and China bought 111,000 tons. So far this marketing year, corn sales are 581.8 million bushels, compared to 1.265 billion this time last year. Sales of 371,000 tons (14.6 million bushels) for 2013/14 delivery were to China (191,000 tons) and unknown destinations (180,000 tons).

Soybeans were pegged at 657,700 tons (24.2 million bushels), above both the prior week and the four week average. Unknown destinations picked up 220,200 tons and China purchased 183,500 tons. At this point in the marketing year, soybean sales are 1.304 billion bushels, compared to 1.120 billion a year ago. Sales of 126,000 tons (4.6 million bushels) for 2013/14 delivery were to China.

Soybean meal sales were a marketing year low at 51,700 tons. That’s down 57% on the week and 72% lower than the four week average. Poland bought 28,600 tons and Egypt picked up 25,700 tons, while unknown destinations canceled on 59,400 tons. Cumulative soybean meal sales for the current marketing year are 7,522,500 tons, compared to 5,325,500 tons last year.

Soybean oil came out at 6,000 tons, below the week before and 21% under the four week average. Mexico and Venezuela both picked up 2,000 tons. 2012/13 soybean oil sales are 795,400 tons, compared to 293,200 in 2011/12.

Net beef sales were a marketing year high at 31,500 tons. The reported buyers were Japan (16,700 tons), Hong Kong (4,200 tons), Mexico (3,200 tons), South Korea (2,800 tons), and Canada (1,200 tons).