Another very good week for soybean exports, shipments

March 16th, 2012

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Category: Oilseeds

Soybeans take a hit(Brownfield) – USDA reports a solid week for grain and oilseed export sales and shipments. For the week ending March 8, soybean and soybean meal sales topped pre-report expectations, corn and soybean oil were within the anticipated range, and wheat fell just short of analysts’ estimates. Physical shipments of corn, soybeans, and wheat were more than what’s needed weekly to meet USDA projections for the 2011/12 marketing year.

Wheat came out at 302,400 tons (11.1 million bushels), down 32% from the week ending March 1 and 39% lower than the four week average. The top buyers were Spain (68,100 tons), Iran (60,000 tons), and the Philippines (58,300 tons); unknown destinations did cancel on 174,200 tons. For the 2011/12 marketing year to date, wheat sales are 906.0 million bushels, compared to 1.192 billion in 2010/11. Sales of 57,900 tons (2.1 million bushels) for 2012/13 delivery were mostly to Nigeria (24,000 tons) and the Philippines (19,000 tons).

Corn was reported at 836,400 tons (32.9 million bushels), with Japan picking up 348,100 tons and Mexico buying 222,800 tons. Unknown destinations canceled on 110,200 tons. So far this marketing year, corn sales are 1.265 billion bushels, compared to 1.397 billion this time last year.

Soybeans were pegged at 609,700 tons (22.4 million bushels), a 40% decrease from the week before and 19% less than the four week average. China was the leading purchaser at 368,200 tons. At this point in the current marketing year, soybean sales are 1.120 billion bushels, compared to 1.468 billion a year ago. Sales of 784,000 tons (28.8 million bushels) for 2012/13 delivery were primarily to China (669,000 tons).

Soybean meal came out at 156,100 tons, up 26% from the previous week and 36% higher than the four week average. The Philippines bought 42,500 tons and Poland picked up 31,500 tons while unknown destinations canceled on 38,300 tons. Cumulative soybean meal sales for the current marketing year are 5,338,200 tons, compared to 5,941,700 last year. Sales of 3,900 tons for 2012/13 delivery were to Canada.

Soybean oil was reported at 5,100 tons. The listed purchasers were Mexico (3,900 tons), El Salvador (800 tons), and Guatemala (600 tons). 2011/12 soybean oil sales are 293,200 tons, compared to 1,132,000 tons in 2010/11.

Net beef sales totaled 8,800 tons. That’s 18% below the prior week and 47% under the four week average. The reported buyers were Japan (3,700 tons), South Korea (1,900 tons), Mexico (1,000 tons), Canada (900 tons), and Vietnam (600 tons).

March 15, 2012 By

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