Market News

Slow week for corn exports

USDA reports corn export sales for the week ending June 6 were below pre-report estimates, while soybeans, wheat, soybean meal, and soybean oil were all within analysts’ expectations. Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year, but corn and wheat fell short of their respective marks.

Wheat came out at 427,200 tons (15.7 million bushels), mainly to Brazil (130,700 tons) and Japan (94,700 tons). USDA adds 1,185,500 tons were carried over from last marketing year to this marketing year, which along with exports of 254,900 tons from May 31 puts the total for the 2012/13 marketing year at 26,627,300 tons, compared to 26,348,100 tons in 2011/12.

Corn was reported at 81,500 tons (3.2 million bushels), primarily to Japan (56,700 tons) and Venezuela (17,500 tons), with a cancellation by unknown destinations (36,000 tons). For the 2012/13 marketing year to date, corn sales are 687.5 million bushels, compared to 1.518 billion in 2011/12. Sales of 68,000 tons (2.7 million bushels) for 2013/14 delivery were mostly to Mexico (44,600 tons) and Japan (18,200 tons).

Soybeans were pegged at 33,500 tons (1.2 million bushels), with sales of 2,200 to 29,100 tons partially offset by cancellations of 36,500, 25,000, and 1,100 tons. So far this marketing year, soybean sales are 1.347 billion bushels, compared to 1.352 billion this time last year. Sales of 447,100 tons (16.4 million bushels) for 2013/14 delivery were largely to China (407,200 tons) and Mexico (32,800 tons).

Soybean meal came out at 97,700 tons, down 27% from the week ending May 30 and 20% lower than the four week average. Venezuela bought 59,600 tons and Ecuador picked up 28,000 tons; unknown destinations canceled on 36,500 tons. At this point in the marketing year, soybean meal sales are 9,297,500 tons, compared to 6,956,000 tons a year ago. Sales of 47,100 tons for 2013/14 delivery were to the Philippines (46,400 tons) and Canada (700 tons).

Soybean oil was reported at 13,200 tons with sales to Canada (14,000 tons) and Nicaragua (1,000 tons), and a cancellation by Mexico (1,900 tons). 2012/13 soybean oil sales are 883,600 tons, compared to 453,100 in 2011/12.

Net beef sales totaled 13,100 tons. The listed buyers were Japan (3,800 tons), Canada (3,300 tons), South Korea (1,700 tons), Hong Kong (1,600 tons), and Mexico (1,500 tons).

Net pork sales totaled 12,100 tons. The reported purchasers were Mexico (5,100 tons), Hong Kong (2,800 tons), Japan (1,400 tons), Canada (800 tons), and Ukraine (600 tons).