Market News

Weekly wheat sales top estimates

USDA reports wheat export sales for the week ending June 26 were larger than expected, while corn, soybeans, and soybean products were within pre-report estimates. Physical shipments of soybeans have passed USDA projections for the current marketing year, but corn and wheat fell short of their respective marks.

Wheat came out at 567,500 tons (20.9 million bushels). Brazil picked up 140,500 tons and Taiwan bought 137,200 tons. Around a month into the 2014/15 marketing year, wheat sales are 287.7 million bushels, compared to 336.7 million towards the outset of 2013/14.

Corn was reported at 290,700 tons (11.4 million bushels), up 14% from the week ending June 19, but down 12% from the four week average. Mexico purchased 129,800 tons and Japan picked up 90,600 tons, but unknown destinations canceled on 182,500 tons. For the 2013/14 marketing year to date, corn sales are 1.859 billion bushels, compared to 715.2 million in 2012/13. Sales of 474,700 tons (18.7 million bushels) for 2014/15 delivery were mainly to unknown destinations (224,800 tons).

Soybeans were pegged at 40,600 tons (1.5 million bushels), a drop of 87% from the previous week and 70% less than the four week average. Malaysia bought 13,500 tons and Indonesia purchased 9,100 tons. So far this marketing year, soybean sales are 1.672 billion bushels, compared to 1.354 billion this time last year. Sales of 431,200 tons (15.8 million bushels) were primarily to unknown destinations (206,000 tons) and China (168,000 tons).

Soybean meal came out at 82,800 tons, 25% higher than the prior week and 35% more than the four week average. Mexico picked up 32,100 tons and Canada bought 14,400 tons. Cumulative soybean meal sales for the current marketing year are 9,813,500 tons, compared to 9,449,600 a year ago. Sales of 116,700 tons for 2014/15 delivery were mostly to the Philippines (80,000 tons) and Guatemala (36,300 tons).

Soybean oil was reported at 19,400 tons, above the week before, but 13% lower than the four week average. The Dominican Republic purchased 8,400 tons and Guatemala picked up 5,700 tons. 2013/14 soybean oil sales are 758,400 tons, compared to 888,800 in 2012/13.

Net beef sales were a marketing year low at 5,700 tons. That’s a decrease of 67% on the week and a decline of 60% from the four week average. The listed buyers were Japan (1,600 tons), Chile (900 tons), Taiwan (900 tons), Canada (800 tons), and Hong Kong (600 tons).

Net pork sales totaled 12,300 tons, down 28% from the previous week, but up 9% from the four week average. The reported purchasers were Mexico (5,500 tons), Hong Kong (2,900 tons), Canada (1,000 tons), and Japan (1,000 tons).