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Another solid week for soybean exports

USDA reports wheat export sales for the week ending January 17 were larger than expected, while corn, soybeans, soybean meal, and soybean oil were within pre-report estimates. Physical shipments of soybeans were above 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 572,500 tons (21.0 million bushels), up 7% from the week ending January 10 and 5% higher than the four week average. Japan bought 107,900 tons and Nigeria picked up 100,000 tons. For the 2012/13 marketing year to date, wheat sales are 750.0 million bushels, compared to 777.0 million in 2011/12. Sales of 75,000 tons (2.8 million bushels) for 2013/14 delivery were to China (55,000 tons) and unknown destinations (20,000 tons).

Corn was reported at 138,500 tons (5.5 million bushels), with sales from 10,200 to 163,500 tons partially offset by cancellations of 4,700, 9,800, and 180,100 tons. So far this marketing year, corn sales are 523.6 million bushels, compared to 1.052 billion this time last year. Sales of 51,300 tons (2.0 million bushels) for 2013/14 delivery were to Mexico (52,000 tons), with a cancellation by Japan (700 tons).

Soybeans were pegged at 383,300 tons (14.1 million bushels). Sales ranged from 54,300 to 209,600 tons, but the USDA adds there were cancellations of 374,000 and 60,000 tons. At this point in the marketing year, soybean sales are 1.213 billion bushels, compared to 955.7 million a year ago. Sales of 595,000 tons (21.9 million bushels) for 2013/14 delivery were to China (355,000 tons) and unknown destinations (240,000 tons).

Soybean meal came out at 218,000 tons, 8% less than the previous week but 64% more than the four week average. Mexico purchased 87,600 tons and Venezuela bought 53,000 tons. Cumulative soybean meal sales for the current marketing year are 6,394,700 tons, compared to 4,485,700 last year.

Soybean oil was reported at 26,300 tons, a sharp increase from the prior week and 46% larger than the four week average. South Korea picked up 11,000 tons and Chile bought 8,000 tons. 2012/13 soybean oil sales are 713,200 tons, compared to 192,700 in 2011/12.

Net beef sales totaled 14,200 tons. The listed buyers were Mexico (4,200 tons), Vietnam (2,900 tons), Canada (2,200 tons), Egypt (1,200 tons), and Hong Kong (1,200 tons). Moldova canceled on 300 tons.

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