Market News

Corn export sales solid

USDA reports corn export sales for the week ending July 10 were larger than expected, while wheat was below all estimates and soybeans and soybean products were within what analysts were anticipating. Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the current marketing year, but corn and wheat both fell short of their respective marks. The 2014/15 marketing year for corn and soybeans starts September 1.

Wheat came out at 320,700 tons (11.8 million bushels). Japan purchased 115,100 tons and China bought 60,000 tons, while unknown destinations canceled on 38,100 tons. Roughly a month and a half into the 2014/15 marketing year, wheat exports are 311.9 million bushels, compared to 427.5 million early in 2013/14.

Corn was reported at 573,700 tons (22.6 million bushels), up 58% from the week ending June 3 and sharply higher than the four week average. Japan picked up 246,900 tons and Colombia purchased 94,300 tons. At this point in the 2013/14 marketing year, corn exports are 1.896 billion bushels, compared to 736.7 million in 2012/13. Sales of 495,000 tons (19.5 million bushels) for 2014/15 delivery were mainly to unknown destinations (198,900 tons) and Japan (150,400 tons).

Soybeans were pegged at 37,700 tons (1.4 million bushels), down 33% from the previous week and 71% lower than the four week average. Taiwan bought 44,000 tons and China picked up 6,400 tons, but unknown destinations canceled on 28,500 tons. For the marketing year to date, soybean sales are 1.676 billion bushels, compared to 1.335 billion this time last year. Sales of 561,000 tons (20.6 million bushels) for 2014/15 delivery were primarily to China (365,000 tons) and unknown destinations (149,500 tons).

Soybean meal came out at 83,800 tons, 72% larger than the week before and 33% more than the four week average. Morocco purchased 20,000 tons and Mexico bought 19,900 tons, while unknown destinations canceled on 35,400 tons. So far this marketing year, soybean meal sales are 9,946,000 tons, compared to 9,524,800 tons a year ago. Sales of 89,600 tons for 2014/15 delivery were mostly to unknown destinations (55,700 tons) and Egypt (27,000 tons).

Soybean oil was reported at 8,300 tons, 35% smaller than the prior week and 25% less than the four week average. Mexico picked up 5,400 tons and Nicaragua purchased 1,600 tons. Cumulative soybean oil sales for the current marketing year are 779,500 tons, compared to 897,000 last year.

Net beef sales totaled 9,000 tons, down 50% from the previous week and 37% lower than the four week average. The listed buyers were Japan (3,500 tons), Mexico (1,900 tons), South Korea (1,400 tons), Canada (1,200 tons), and Taiwan (300 tons).

Net pork sales totaled 3,400 tons. That’s a decline of 62% on the week and 70% less than the four week average. The reported purchasers were Japan (800 tons), China (500 tons), Mexico (400 tons), the Philippines (400 tons), and South Korea (400 tons). Hong Kong canceled on 100 tons.