USDA: Soybean, Wheat Experts Above Expectations
USDA reports soybean, wheat, and soybean meal export sales for the week ending January 10 were larger than expected, while corn and soybean oil were within pre-report estimates.
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 536,200 tons (19.7 million bushels), up noticeably from the week ending January 3 but down 7% from the four week average. Egypt bought 146,000 tons and China picked up 111,700 tons. For the 2012/13 marketing year to date, wheat sales are 729.2 million bushels, compared to 754.8 million in 2011/12. Sales of 38,500 tons (1.4 million bushels) for 2013/14 delivery were mostly to unknown destinations (20,000 tons).
Corn was reported at 393,300 tons (15.5 million bushels), above both the previous week and the four week average. Mexico purchased 113,000 tons and unknown destinations bought 98,600 tons. At this point in the marketing year, corn sales are 518.1 million bushels, compared to 1.014 billion this time last year.
Soybean sales hit a new marketing year at 1,608,800 tons (59.1 million bushels), with China picking up 845,600 tons and Egypt buying 130,500 tons. So far this marketing year, soybean sales are 1.202 billion bushels, compared to 938.5 million a year ago. Sales of 180,000 tons (6.6 million bushels) for 2013/14 delivery were to China.
Soybean meal was pegged at 236,100 tons, larger than the week before and 37% higher than the four week average. Denmark purchased 95,300 tons and Australia picked up 41,400 tons, while unknown destinations canceled on 72,700 tons and the Dominican Republic canceled on 23,300 tons. Cumulative soybean meal sales for the current marketing year are 6,176,700 tons, compared to 4,361,500 last year. Sales of 9,000 tons for 2013/14 delivery were to Mexico.
Soybean oil came out at 12,900 tons, 19% more than the prior week but 4% less than the four week average. Hong Kong bought 3,500 tons and China purchased 3,000 tons. 2012/13 soybean oil sales are 686,900 tons, compared to 190,100 tons in 2011/12.
Net beef sales totaled 18,000 tons. The listed buyers were Japan (4,600 tons), South Korea (3,600 tons), Mexico (3,500 tons), Canada (2,600 tons), and Egypt (900 tons).