Market News

Good week for beef exports

USDA reports wheat export sales for the week ending October 18 were larger than expected while soybean meal was inside the anticipated range and corn, soybeans, and soybean oil were below pre-report estimates. Physical shipments of soybeans were above 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 572,000 tons (16.5 million bushels), up 40% from the week ending October 11 and 61% higher than the four week average. The leading buyer was unknown destinations at 151,300 tons, followed by Japan with 100,100 tons. At this point in the 2012/13 marketing year, wheat exports are 527.0 million bushels, compared to 583.0 million in 2011/12.

Corn was reported at 142,300 tons (5.6 million bushels), 15% less than the previous week but 14% more than the four week average. Japan picked up 131,200 tons while China canceled on 120,300 tons. So far this marketing year, corn sales are 422.9 million bushels, compared to 805.7 million this time last year.

Soybeans were pegged at 522,200 tons (19.2 million bushels), which was essentially steady with the week before and down 33% from the four week average. China was the top purchaser at 274,300 tons but unknown canceled on 303,400 tons. For the marketing year to date, soybean sales are 919.1 million tons, compared to 672.8 million a year ago.

Soybean meal came out at 173,100 tons, mostly to Morocco (48,300 tons) and Mexico (48,100 tons). Less than a month into the marketing year, soybean meal sales are 3,519,900 tons, compared to 2,622,000 last year. Sales of 3,500 tons for 2013/14 delivery were to Mexico.

Soybean oil was reported at 12,000 tons. Jamaica was the big buyer at 4,000 tons and China canceled on 500 tons. 2012/13 soybean oil sales are 239,100 tons, compared to 85,700 in 2011/12.

Net beef sales totaled 16,600 tons, an increase of 15% from the prior week and 20% above the four week average. The reported purchasers were Mexico (3,500 tons), Canada (2,500 tons), Vietnam (2,200 tons), South Korea (1,800 tons), and Egypt (1,400 tons); Moldova canceled on 200 tons. Sales of 200 tons for 2013 delivery were to Mexico.

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