It was a mixed week for grain and oilseed export sales with corn, soybeans and wheat falling within pre-report expectations, while soybean meal and oil topped estimates. Physical shipments of corn, soybeans and wheat for the week ending July 14 were all less than what’s needed weekly to meet USDA projections for the respective marketing years.
Wheat came out at 344,400 tons (12.7 million bushels), down 34% from the week ending July 7 and 36% lower than the four week average. Indonesia was the leading buyer at 116,600 tons. At this point in the 2011/12 marketing year, wheat sales are 1.545 billion bushels, compared to 1.482 billion in 2010/11.
2010/11 corn was reported at 428,700 tons (16.9 million bushels), 11% less than the previous week and 22% below the four week average. South Korea bought 66,100 tons and Venezuela picked up 65,500 tons. With a little more than a month and a half left in the marketing year, corn sales are 1.840 billion bushels, compared to 1.988 billion in 2009/10. Sales of 472,800 tons (18.6 million bushels) for 2011/12 delivery were primarily to unknown destinations (252,700 tons).
2010/11 soybeans were pegged at 257,000 tons (9.4 million bushels), mostly to unknown destinations (77,500 tons) and China (55,000 tons). For the marketing year to date, soybean sales are 1.545 billion bushels, compared to 1.482 billion this time last year. Sales of 188,900 tons (6.9 million bushels) for 2011/12 delivery were mainly to China (120,000 tons).
Soybean meal was placed at 116,800 tons, up noticeably from both the prior week and the four week average. The Philippines picked up 40,800 tons and Colombia canceled on 30,600 tons. So far this marketing year, soybean meal sales are 7,369,800 tons, compared to 9,218,300 a year ago. Sales of 138,100 tons for 2011/12 delivery were to Canada.
Soybean oil totaled 19,000 tons, significantly higher than both the week before and the four week average. Morocco bought 15,000 tons and Canada canceled on 200 tons. 2010/11 soybean oil sales are 1,266,300 tons, compared to 1,361,900 in 2009/10.
Net beef sales were reported at 23,600 tons. The listed buyers were Japan (4,200 tons), Mexico (4,100 tons), Vietnam (3,900 tons), South Korea (3,500 tons) and Canada (2,600 tons).
http://brownfieldagnews.com/2011/07/21/soybean-product-exports-top-estimates/
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