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Soybean, meal sales top expectations
USDA reports another mixed week for grain and oilseed export sales. Soybean and soybean meal sales for the week ending July 19 were larger than expected while wheat was within the anticipated range and corn and soybean oil fell below all estimates. 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 367,000 tons (13.5 million bushels), down 38% from the week ending July 12 and 11% lower than the four week average. Japan bought 78,500 tons and Nigeria picked up 57,000 tons while unknown destinations canceled on 43,000 tons. At this point in the 2012/13 marketing year, wheat sales are 308.7 million bushels, compared to 369.7 million in 2011/12.
Old crop corn had a net reduction of 9,100 tons (400,000 bushels) as sales between 5,900 and 76,600 tons were offset by cancellations ranging from 6,500 to 72,200 tons. For the 2011/12 marketing year to date, corn sales are 1.541 billion bushels, compared to 1.853 billion in the fourth quarter of 2010/11. New crop sales had a net reduction of 131,300 tons (5.2 million bushels) with sales of 128,100 tons to Japan and 10,000 tons to Jamaica more than offset by cancellations of 240,000 tons by China and 34,600 tons by unknown destinations.
Soybeans were reported at 193,200 tons (7.1 million bushels), up 14% from the previous week and 27% higher than the four week average. China purchased 199,800 tons but unknown did cancel on 115,500 tons. So far this marketing year, soybean sales are 1.407 billion bushels, compared to 1.546 billion last year at this time. Sales of 517,300 tons (19.0 million bushels) for 2012/13 delivery were mainly to unknown destinations (182,000 tons), the United Kingdom (112,000 tons), and China (111,300 tons).
Soybean meal was pegged at 150,500 tons, 10% less than the week before and 7% below the four week average. Mexico bought 47,600 tons and unknown canceled on 11,000 tons. Cumulative sales for the current marketing year are 8,015,200 tons, compared to 7,453,400 a year ago. Sales of 106,500 tons for 2012/13 delivery were mostly to unknown destinations (45,000 tons) and the Philippines (40,000 tons).
Net soybean meal came out at 7,200 tons with sales to Venezuela (6,000 tons) and Malaysia (2,000 tons) partially offset by a cancellation from Canada (900 tons). 2011/12 soybean oil sales are 544,400 tons, compared to 1,272,800 in 2010/11. A net reduction of 6,000 tons for the 2012/13 marketing year followed a cancellation by Venezuela.
Beef sales totaled 14,600 tons. That’s 6% lower than the prior week and down 18% from the four week average. The listed buyers were Mexico (3,800 tons), Canada (2,400 tons), South Korea (1,500 tons), Russia (1,400 tons), and Vietnam (1,400 tons).
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