Market News

Beef exports hit marketing year high

USDA reports corn, soybean, soybean product, and wheat export sales for the week ending April 10 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 fell short of its mark.

Wheat came out at 438,000 tons (16.1 million bushels), up sharply from the week ending April 3 and 48% higher than the four week average. Brazil picked up 85,000 tons and Peru bought 64,600 tons, while Nigeria canceled on 50,000 tons. For the 2013/14 marketing year to date, wheat sales are 1.129 billion bushels, compared to 964.1 million in 2012/13. Sales of 359,900 tons (13.2 million bushels) for 2014/15 delivery were mainly to unknown destinations (211,600 tons).

Corn was reported at 601,900 tons (23.7 million bushels), down 9% from the previous week and 36% lower than the four week average. Japan purchased 161,000 tons and Israel picked up 120,000 tons, while unknown destinations canceled on 268,400 tons and China canceled on 168,000 tons. So far this marketing year, corn sales are 1.676 billion bushels, compared to 634.1 million this time last year. Sales of 192,600 tons (7.6 million bushels) were to Japan (141,800 tons) and unknown destinations (50,800 tons).

Soybeans were pegged at 19,200 tons (700,000 bushels), 76% less than the week before and 79% under the four week average. Indonesia bought 58,000 tons and Japan purchased 34,900 tons, but unknown destinations canceled on 68,200 tons and China canceled on 54,700 tons. At this point in the marketing year, soybean sales are 1.639 billion bushels, compared to 1.345 billion a year ago. Sales of 400,700 tons (14.7 million bushels) for 2014/15 delivery were primarily to unknown destinations (330,000 tons) and China (60,000 tons).

Soybean meal came out at 36,600 tons, 80% below the prior week and down 84% from the four week average. Venezuela picked up 40,000 tons and Mexico bought 23,300 tons, while unknown destinations canceled on 84,500 tons. Cumulative soybean meal sales for the current marketing year are 8,727,400 tons, compared to 8,388,900 last year. Sales of 84,000 tons for 2014/15 delivery were to unknown destinations (80,000 tons) and Mexico (4,000 tons).

Soybean oil was reported at 5,500 tons, 63% more than the previous week and 40% above the four week average. Mexico purchased 4,400 tons and Venezuela picked up 1,500 tons. 2013/14 soybean oil sales are 577,700 tons, compared to 829,000 in 2012/13.

Net beef sales were a marketing year high at 21,900 tons; that’s up 18% from the week before and 42% higher than the four week average. The listed buyers were Japan (7,800 tons), Mexico (3,800 tons), South Korea (3,500 tons), Hong Kong (2,400 tons), and Canada (1,500 tons).

Net pork sales totaled 8,600 tons. That’s larger than the prior week and 15% more than the four week average. The reported purchasers were South Korea (2,300 tons), Canada (1,800 tons), Japan (1,500 tons), Mexico (1,100 tons), and the Philippines (500 tons).

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