Weekly grain and oilseed exports inside estimates
Thursday, November 20, 2008, 12:13 PM
by John Perkins
The United States Department of Agriculture reports that corn, soybean,
soybean product and wheat export sales, for the week ending November 13,
were within expectations.
Wheat came out at 511,000 tons (18.8 million bushels), up sharply from
the previous week and 40% higher than the four week average. Before the
report, estimates ranged from 350,000 to 550,000 tons. The main
purchasers were Japan (103,400 tons), South Korea (89,200 tons) and
Egypt (56,900 tons). For the 2008/09 marketing year to date, wheat sales
are 733.8 million bushels, compared to 1.010 billion this time last year.
Corn was reported at 433,800 tons (17.1 million bushels), 22% above the
week ending November 6, but 15% below the four week average. Analysts
were expecting sales of 350,000 to 550,000 tons. The primary buyers were
Cuba (125,200 tons), Japan (90,600 tons) and Taiwan (87,300 tons). At
week 10 of the current marketing year, corn sales are 703.4 million
bushels, compared to 1.281 billion at this point in 2007/08.
Soybeans were placed at 790,900 tons (29.1 million bushels), 65% more
than the prior week but 11% less than the four week average. Pre-report
estimates ranged from 450,000 to 800,000 tons. The main buyers were
China (469,200 tons), Mexico (122,200 tons) and Germany (76,600 tons).
So far this marketing year, soybean sales are 603.0 million bushels,
compared to 596.7 million a year ago.
Soybean meal came out at 92,300 tons, down 26% from the week before and
41% lower than the four week average. Expectations were for sales
between 75,000 and 130,000 tons. The primary purchasers were Cuba
(40,000 tons), Mexico (26,600 tons) and Canada (9,300 tons). Cumulative
sales for the current marketing year are 2,666,600 tons, compared to
2,973,000 last year at this time.
Soybean meal was pegged at 7,900 tons, towards the high end of the 0 to
10,000 ton range of estimates. The listed buyers were Jamaica (3,200
tons), Costa Rica (1,500 tons), Nicaragua (1,300 tons) and Guatemala
(1,200 tons); Saudi Arabia canceled on 200 tons.
Net beef sales totaled 4,200 tons. The reported purchasers were Canada
(1,400 tons), Mexico (1,400 tons), South Korea (500 tons) and Japan (400
tons). Sales of 500 tons for 2009 delivery were mainly to Japan (200
tons) and Taiwan (200 tons).
U.S. Export Sales