Exports mostly within estimates
USDA’s export sales report for the week ending July 28 shows corn, soybeans, and wheat within pre-report expectations with soybean meal and oil above estimates. Physical shipments of corn, soybeans and wheat were less than what’s needed weekly to meet USDA projections for their respective marketing years.
Wheat came out at 499,600 tons (18.4 million bushels), up 5% from the week ending July 21 and 14% higher than the four week average. Japan was the leading buyer at 117,300 tons. At this point in the 2011/12 marketing year, wheat sales are 388,000 tons, compared to 339,500 in 2010/11. Sales of 4,500 tons (200,000 bushels) for 2012/13 delivery were to the Leeward Windward Islands.
2010/11 corn was reported at 297,400 tons (11.7 million bushels), with sales from 28,800 to 187,200 tons partially offset by cancellations of 9,100 and 153,700 tons. With roughly a month left in the marketing year, corn sales are 1.864 billion bushels, compared to 2.024 billion late in 2009/10. Sales of 461,200 tons (18.2 million bushels) for 2011/12 delivery were mostly to Japan (217,400 tons).
2010/11 soybeans had a net reduction of 405,600 tons (14.9 million bushels) after China canceled on 538,000 tons. For the marketing year to date, soybean sales are 1.531 billion bushels, compared to 1.494 billion late last marketing year. Sales of 1,085,800 tons (39.9 million bushels) for 2011/12 delivery were mainly to China (940,000 tons).
Soybean meal was pegged at 251,300 tons, a significant increase from both the prior week and the four week average. Sales ranged from 22,300 to 50,800 tons. At this point in the marketing year, soybean meal sales are 7,704,600 tons, compared to 9,375,000 tons a year ago. Sales of 17,000 tons for 2011/12 delivery were primarily to El Salvador.
Soybean oil came out at 18,400 tons, 92% larger than the week before and a big jump from the four week average. China was the top purchaser at 10,000 tons. 2010/11 soybean oil sales are 1,291,300 tons, compared to 1,430,000 tons in 2009/10. Sales of 3,500 tons for 2011/12 delivery were mostly to Nicaragua (2,000 tons).
Net beef sales totaled 17,200 tons. The reported buyers were Mexico (5,200 tons), Canada (2,700 tons), South Korea (2,400 tons), Japan (2,100 tons) and Vietnam (1,400 tons).
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