Market News

Quiet week for export sales

USDA reports corn, soybean, and wheat export sales for the week ending March 14 were below pre-report estimates, while soybean meal was within the anticipated range, and soybean oil sales were larger than expected. Physical shipments of soybeans were more than what’s needed weekly to meet USDA projections for the 2012/13 marketing year but corn and wheat both fell short of their respective marks.

Wheat came out at 484,500 tons (17.8 million bushels), down 46% from the week ending March 7 and 25% lower than the four week average. Nigeria bought 93,000 tons and Spain picked up 69,200 tons, while unknown destinations canceled on 100,500 tons. For the 2012/13 marketing year to date, wheat sales are 907.9 million bushels, compared to 925.4 million in 2011/12. Sales of 88,800 tons (3.3 million bushels) for 2013/14 delivery were mainly to unknown destinations (30,000 tons) and Mexico (28,900 tons) with a cancellation by China (55,000 tons).

Corn was reported at 92,200 tons (3.6 million bushels), 67% less than the week before and 59% below the four week average. China purchased 110,000 tons and Japan bought 86,000 tons; unknown destinations canceled on 178,800 tons. So far this marketing year, corn sales are 585.4 million bushels, compared to 1.299 billion this time last year. Sales of 183,300 tons (7.2 million bushels) were mostly to unknown destinations (110,000 tons) and China (67,000 tons).

Soybeans were pegged at 107,800 tons (4.0 million bushels), a drop of 84% from the previous week and a decline of 71% from the four week average. China picked up 127,300 tons and Mexico purchased 38,000 tons but unknown destinations canceled on 93,000 tons. At this point in the marketing year, soybean sales are 1.308 billion bushels, compared to 1.133 billion a year ago. Sales of 234,000 tons (8.6 million bushels) for 2013/14 delivery were primarily to China (225,000 tons).

Soybean meal came out at 143,300 tons, up noticeably from the prior week but down 13% from the four week average. Mexico bought 80,000 tons and Guatemala picked up 24,800 tons, with unknown destinations cancelling on 38,800 tons. Cumulative soybean meal sales for the current marketing year are 7,666,000 tons, compared to 5,412,900 last year.

Soybean oil was reported at 19,600 tons, a big increase from both the previous week and the four week average. Canada purchased 13,200 tons and the Dominican Republic picked up 3,800 tons. 2012/13 soybean oil sales are 815,000 tons, compared to 331,300 in 2011/12.

Net beef sales totaled 15,300 tons, 51% lower than the week before and 16% under the four week average. The listed buyers were Japan (5,200 tons), Canada (3,000 tons), Mexico (2,400 tons), Hong Kong (1,200 tons), and South Korea (900 tons).

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