Market News

Very low export total for corn

USDA reports soybean export sales for the week ending January 3 were above the anticipated range, while wheat, soybean meal, and soybean oil were within expectations, and corn was far below all estimates. Physical shipments of soybeans were more than what’s needed to meet USDA’s current projection for the 2012/13 marketing year but corn and wheat both fell short of their respective marks.

Wheat came out at 233,700 tons (8.6 million bushels), down 42% from the week ending December 27 and 64% lower than the four week average. Thailand bought 52,000 tons and the Philippines picked up 49,900 tons. For the 2012/13 marketing year to date, wheat sales are 709.5 million bushels, compared to 733.2 million in 2011/12.

Corn was reported at 12,600 tons (500,000 bushels) as sales from 600 to 19,900 tons were partially offset by cancellations of 2,000, 7,000, and 26,600 tons. So far this marketing year, corn sales are 502.7 million bushels, compared to 983.9 million this time last year. USDA adds there was a cancellation on 11,600 tons by Japan originally slated for 2013/14 delivery.

Soybeans were pegged at 321,800 tons (11.8 million bushels), with unknown destinations purchasing 254,700 tons and the Netherlands buying 95,600 tons but China canceling on 241,600 tons. At this point in the marketing year, soybean sales are 1.142 billion bushels, compared to 902.1 million a year ago. Sales of 85,000 tons (3.1 million bushels) for 2013/14 delivery were to China (60,000 tons) and unknown destinations (25,000 tons).

Soybean meal came out at 118,200 tons, considerably above the prior week but 42% below the four week average. Unknown destinations picked up 45,300 tons and Ecuador bought 27,100 tons, while unknown destinations canceled on 26,200 tons. Cumulative soybean meal sales for the current marketing year are 5,940,700 tons, compared to 4,180,300 last year.

Soybean oil was reported at 10,900 tons, with sales of 900 to 20,000 tons partially offset by cancellations of 20,000 and 2,300 tons. 2012/13 soybean oil sales are 674,000 tons, compared to 171,500 in 2011/12.

Net beef sales for 2013 delivery totaled 11,800 tons. The listed buyers were Vietnam (2,900 tons), Japan (1,700 tons), Mexico (1,600 tons), and Canada (1,400 tons); the Netherlands canceled on 300 tons. Sales of 800 tons during December 28 to 31 were to South Korea (400 tons), Canada (200 tons), Japan (100 tons), and Mexico (100 tons) with Vietnam canceling on 100 tons. USDA adds 55,300 tons were outstanding at the end of 2012 and carried over into 2013.

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