Market News

Solid week for export sales

USDA reports weekly export sales for corn, soybeans, and wheat for the week ending March 27 were within pre-report estimates. Physical shipments of corn and soybeans were more than what’s needed weekly to meet USDA projections for the 2013/14 marketing year, but wheat was short of its mark.

Wheat came out at 336,400 tons (12.4 million bushels), down 16% from the week ending March 20 and 27% lower than the four week average. Indonesia picked up 68,300 tons and Egypt bought 63,000 tons. For the 2013/14 marketing year to date, wheat sales are 1.112 billion bushels, compared to 934.5 million in 2012/13. Sales of 310,500 tons (11.4 million bushels) for 2014/15 delivery were mainly to South Korea (74,000 tons) and the Dominican Republic (72,500 tons).

Corn was reported at 960,600 tons (37.8 million bushels), 32% less than the previous week and 12% below the four week average. Japan purchased 236,500 tons and South Korea picked up 184,600 tons, but China canceled on 221,400 tons. So far this marketing year, corn sales are 1.627 billion bushels, compared to 611.0 million this time last year. Sales of 37,900 tons (1.5 million bushels) for 2014/15 delivery were to Costa Rica.

Soybeans were pegged at 66,200 tons (2.4 million bushels), with sales of 8,300 to 51,200 tons partially offset by unknown destinations canceling on 92,500 tons. At this point in the marketing year, soybean sales are 1.636 billion bushels, compared to 1.322 billion a year ago. Sales of 19,300 tons (700,000 bushels) for 2014/15 delivery were primarily to Mexico (10,900 tons).

Soybean meal came out at 307,800 tons, up 94% from the week before and 55% higher than four week average. Denmark bought 60,500 tons and Mexico purchased 52,800 tons, but unknown destinations canceled on 40,300 tons. Cumulative soybean meal sales for the current marketing year are 8,511,100 tons, compared to 7,895,800 last year. Sales of 25,000 tons for 2014/15 delivery were mostly to Costa Rica (10,100 tons) and Indonesia (10,000 tons).

Soybean oil was reported at 6,200 tons, 58% larger than the prior week, but 17% smaller than the four week average. Guatemala picked up 3,500 tons and Mexico bought 3,300 tons, while Canada canceled on 500 tons and the Dominican Republic canceled on 300 tons. 2013/14 soybean oil sales are 568,900 tons, compared to 813,000 in 2012/13.

Net beef sales totaled 13,800 tons, up 4% on the week, but down 6% from the four week average. The reported purchasers were Japan (5,500 tons), Hong Kong (2,900 tons), Mexico (1,700 tons), South Korea (1,600 tons), and Taiwan (800 tons), with a cancellation by the Philippines (300 tons).

Net pork sales totaled 13,600 tons, a sharp increase from the week before and 91% more than the four week average. The listed buyers were Mexico (6,700 tons), Hong Kong (2,600 tons), South Korea (1,100 tons), and China (800 tons).