May 6, 2013

US soy, wheat exports excceed forecast

Soy and wheat exports for the week ending April 25 were larger than expected, while corn and soy oil were within the anticipated range, and soymeal was below pre-report estimates, according to USDA (United States Department of Agriculture).

Physical shipment of soy was more than what is needed weekly to meet USDA projections for the 2012/13 marketing year, but corn and wheat fell short of their respective marks.

Wheat exports totalled at 219,200 tonnes up sharply from the week ending April 18 but down 14% from the four-week average. Spain bought 70,000 tonnes and Egypt picked up 64,700 tonnes. Nearing the end of the 2012/13 marketing year, wheat sales are 974.7 million bushels (35.814 billion tonnes), compared to 1.002 billion (36.82 billion tonnes) late in 2011/12. Sales of 497,300 tonnes (18.3 million bushels) for 2013/14 delivery were mostly to Guatemala (184,000 tonnes) and unknown destinations (100,800 tonnes). The 2013/14 marketing year for wheat starts June 1.

Corn exports was reported at 329,300 tonnes (13.0 million bushels), 5% higher than the previous week and 4% above the four-week average. Japan purchased 107,800 tonnes and Mexico picked up 93,800 tonnes. For the marketing year to date, corn sales are 659.4 million bushels (24.23 billion tonnes), compared to 1.469 billion (53.98 billion tonnes) this time last year. Sales of 656,000 tonnes (25.8 million bushels) for 2013/14 delivery were mainly to China (300,000 tonnes) and unknown destinations (295,000 tonnes).

Old crop soybeans had a net reduction of 109,800 tonnes (4.0 million bushels). Sales of 6,900 to 90,900 tonnes were more than offset by cancellations from China (276,300 tonnes) and unknown destinations (56,800 tonnes). So far this marketing year, soy sales are 1.333 billion bushels (48.98 billion tonnes), compared to 1.250 billion (45.93 billion tonnes) a year ago. Sales of 1,341,100 tonnes (49.3 million bushels) for 2013/14 delivery were primarily to China (1,150,000 tonnes) and unknown destinations (171,000 tonnes).

Soymeal was pegged at 93,200 tonnes, 52% lower than both the week before and the four-week average. Unknown destinations bought 40,900 tonnes and Guatemala purchased 11,000 tonnes. Cumulative soymeal sales for the current marketing year are 8,675,500 tonnes, compared to 6,333,700 last year. Sales of 55,700 tonnes for 2013/14 delivery were to unknown destinations (51,000 tonnes), Trinidad (4,500 tonnes), and Canada (200 tonnes).