Market News

Good week for export sales

According to the USDA, corn, soybean, and wheat export sales for the week ending November 15 were all above what’s needed weekly to meet USDA projections for the 2012/13 marketing year. However, only soybean shipments topped the level necessary to hit that mark, with corn and wheat falling short.

Wheat came out at 635,400 tons (23.3 million bushels), up sharply from the week ending November 8 and 74% higher than the four week average. Japan was the leading buyer at 118,900 tons. For the 2012/13 marketing year to date, wheat sales are 582.9 million bushels, compared to 640.0 million in 2011/12. Sales of 22,000 tons (800,000 bushels) for 2013/14 delivery were to Mexico.

Corn was reported at 769,800 tons (30.3 million bushels), considerably larger than both the previous week and four week average. Japan picked up 457,700 tons and unknown destinations purchased 98,900 tons. So far this marketing year, corn sales are 470.1 million bushels, compared to 860.4 million a year ago. Sales of 188,800 tons (7.4 million bushels) for 2013/14 delivery were to Japan.

Soybeans were pegged at 543,600 tons (20.0 million bushels), 3% less than the week before but 8% more than the four week average. China bought 394,700 tons and Japan picked up 105,500 tons; unknown destinations did cancel on 312,800 tons. At this point in the marketing year, soybean sales are 993.7 million bushels, compared to 764.0 million this time last year.

Soybean meal came out at 197,900 tons, down 16% from the prior week but up 17% from the four week average. Mexico was the leading purchaser at 82,200 tons but unknown destinations canceled on 98,100 tons. Cumulative soybean meal sales for the current marketing year are 4,220,100 tons, compared to 3,385,800 tons a year ago.

Soybean oil was reported at 124,100 tons with unknown destinations picking up 52,000 tons. 2012/13 soybean oil sales are 449,300 tons, compared to 113,000 in 2011/12.

Net beef sales totaled 15,300 tons, 35% more than the previous week but 1% less than the four week average. The listed buyers were Mexico (3,400 tons), Canada (3,000 tons), Hong Kong (2,800 tons), South Korea (1,900 tons), and Vietnam (1,800 tons). Sales of 4,200 tons for 2013 delivery were to Japan (2,100 tons), Hong Kong (1,300 tons), and Vietnam (600 tons).

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