Market News

Strong week for beef exports

USDA reports wheat and soybean meal export sales for the week ending April 11 were larger than expected, while corn, soybeans, and soybean oil were within pre-report estimates. 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 552,100 tons (20.3 million bushels), up sharply from the week ending April 4 and 51% higher than the four week average. Algeria bought 110,000 tons and Japan picked up 89,700 tons. Nearing the end of the 2012/13 marketing year, wheat sales are 964.0 million bushels, compared to 978.8 million late in 2011/12. Sales of 1,122,600 tons (41.2 million bushels) for 2013/14 delivery were mostly to China (840,000 tons) and Mexico (84,800 tons).

Corn was reported at 400,300 tons (15.8 million bushels), above the prior week and 73% more than the four week average. Japan purchased 179,700 tons and unknown destinations bought 89,700 tons. For the marketing year to date, corn sales are 634.0 million bushels, compared to 1.391 billion this time last year. Sales of 16,900 tons (700,000 bushels) for 2013/14 delivery were to Mexico (10,900 tons) and unknown destinations (6,000 tons).

Soybeans were pegged at 339,400 tons (12.5 million bushels), an increase of 6% on the week and a 53% increase from the four week average. The Netherlands picked up 91,700 tons and China purchased 64,000 tons. So far this marketing year, soybean sales are 1.346 billion bushels, compared to 1.194 billion a year ago. Sales of 227,400 tons (8.4 million bushels) for 2013/14 delivery were primarily to unknown destinations (154,500 tons) and China (60,000 tons).

Soybean meal came out at 266,000 tons, down 17% from the week before and 77% lower than the four week average. Egypt bought 38,000 tons and Venezuela picked up 36,000 tons. At this point in the marketing year, soybean meal sales are 8,388,900 tons, compared to 6,053,600 last year. Sales of 49,200 tons for 2013/14 delivery were mainly to the Philippines (40,000 tons) and Saudi Arabia (7,000 tons).

Soybean oil was reported at 8,200 tons, with sales to Mexico (7,800 tons), China (500 tons), and Jamaica (500 tons), partially offset by a cancellation from Canada (1,000 tons). 2012/13 soybean oil sales are 829,000 tons, compared to 357,200 in 2011/12.

Net beef sales totaled 16,800 tons, up 65% from the prior week and 26% higher than the four week average. The listed buyers were Japan (11,200 tons), Mexico (2,000 tons), Canada (1,400 tons), South Korea (1,200 tons), and Hong Kong (400 tons).

Net pork sales were pegged at 8,300 tons. The reported purchasers were Mexico (2,500 tons), Hong Kong (1,900 tons), Japan (900 tons), Canada (800 tons), and South Korea (700 tons).