USDA reports soybean, soybean meal, and wheat export sales for the week ending May 16 were larger than expected, with corn and soybean oil within pre-report estimates. Physical shipments of corn, soybeans, and wheat were all less than what’s needed weekly to meet USDA projections for the 2012/13 marketing year.
Wheat came out at 239,400 tons (8.8 million bushels), up 91% from the week ending May 9 and 55% higher than the four week average. Nigeria bought 105,400 tons and Brazil picked up 72,000 tons, while unknown destinations canceled on 98,600 tons. Nearing the end of the 2012/13 marketing year, wheat sales are 995.5 million bushels, compared to 1.025 billion late in 2011/12. Sales of 713,600 tons (26.2 million bushels) for 2013/14 delivery were mostly to unknown destinations (162,900 tons) and the Dominican Republic (68,100 tons).
Corn was reported at 104,600 tons (4.1 million bushels), down 52% from the previous week and 57% lower than the four week average. Mexico purchased 40,300 tons and unknown destinations bought 32,000 tons. For the 2012/13 marketing year to date, corn sales are 676.7 million bushels, compared to 1.497 billion in 2011/12. Sales of 341,600 tons (13.4 million bushels) for 2013/14 delivery were primarily to unknown destinations (205,400 tons).
Soybeans were pegged at 183,500 tons (6.7 million bushels), with unknown destinations picking up 82,800 tons and Japan purchasing 35,200 tons. So far this marketing year, soybean sales are 1.348 billion bushels, compared to 1.319 billion this time last year. Sales of 838,900 tons (30.8 million bushels) for 2013/14 delivery were mostly to China (531,000 tons) and unknown destinations (180,000 tons).
Soybean meal came out at 131,200 tons, 58% more than the prior week and 30% above the four week average. Ecuador bought 62,200 tons and unknown destinations picked up 27,300 tons, while Colombia canceled on 25,300 tons. At this point in the marketing year, soybean meal sales are 8,924,000 tons, compared to 6,731,000 tons a year ago. Sales of 125,400 tons for 2013/14 delivery were mostly to unknown destinations (75,000 tons) and Vietnam (47,000 tons).
Soybean oil was reported at 9,600 tons, with South Korea purchasing 8,000 tons and Canada cancelling on 600 tons. Cumulative 2012/13 soybean oil sales are 837,100 tons, compared to 420,500 at this point in 2011/12.
Net beef sales totaled 20,400 tons. The listed buyers were Japan (6,200 tons), Hong Kong (5,400 tons), Mexico (4,400 tons), Canada (1,800 tons), and South Korea (1,800 tons). Vietnam canceled on 1,100 tons.
Net pork sales came out at 7,200 tons. The reported purchasers were Mexico (3,000 tons), Canada (800 tons), South Korea (800 tons), China (700 tons), and Hong Kong (700 tons).