Market News

Wheat, pork exports set marketing year lows

USDA reports corn, soybean, wheat, and soybean production sales for the week ending April 3 were within pre-report estimates. Physical shipments of corn and soybeans were above what’s needed weekly to meet USDA projections for the 2013/14 marketing year, but wheat fell short of its mark.

Old crop wheat was a new marketing year low at 41,800 tons (1.5 million bushels), down 88% from the week ending March 27 and 90% lower than the four week average. The Philippines picked up 60,200 tons and Mexico bought 43,900 tons, but unknown destinations canceled on 232,000 tons. For the 2013/14 marketing year to date, wheat sales are 1.113 billion bushels, compared to 943.8 million in 2012/13. Sales of 349,100 tons (12.8 million bushels) for 2014/15 delivery were mainly to unknown destinations (241,400 tons).

Corn was reported at 658,700 tons (25.9 million bushels), 31% less than the previous week and 30% below the four week average. South Korea purchased 253,000 tons and Japan picked up 171,600 tons, while unknown destinations canceled on 83,400 tons. At this point in the marketing year, corn sales are 1.652 billion bushels, compared to 618.3 million this time last year. Sales of 58,000 tons (2.3 million bushels) for 2014/15 delivery were to Japan.

Soybeans came out at 79,100 tons (2.9 million bushels), 20% larger than the week before, but 8% smaller than the four week average. Mexico bought 59,000 tons and South Korea purchased 25,300 tons, but unknown destinations canceled on 114,600 tons. So far this marketing year, soybean sales are 1.638 billion bushels, compared to 1.334 billion a year ago. Sales of 210,400 tons (7.7 million bushels) for 2014/15 delivery were primarily to China (180,000 tons).

Soybean meal was pegged at 179,600 tons, a decrease of 42% from the prior week and 17% from the four week average. Unknown destinations picked up 70,100 tons and the Philippines bought 43,000 tons. Cumulative soybean meal sales for the current marketing year are 8,690,800 tons, compared to 8,122,900 last year. Sales of 80,100 tons for 2014/15 delivery were to unknown destinations (80,000 tons) and Canada (100 tons).

Soybean oil was reported at 3,400 tons, down 46% from the previous week and 31% lower than the four week average. China purchased 40,000 tons and Mexico picked up 3,000 tons, while unknown destinations canceled on 40,000 tons and Canada canceled on 100 tons. 2013/14 soybean oil sales are 572,200 tons, compared to 820,700 in 2012/13.

Net beef sales were a marketing year high at 18,500 tons, up 34% from the week before and 21% higher than the four week average. The listed buyers were Hong Kong (4,800 tons), South Korea (4,100 tons), Japan (3,900 tons), Mexico (2,400 tons), and Taiwan (1,300 tons).

Net pork sales were a marketing year low at 4,200 tons, a decline of 69% on the week and 48% less than the four week average. The reported purchasers were Canada (1,000 tons), Honduras (600 tons), Japan (600 tons), Mexico (600 tons), and China (500 tons).