Market News

Strong week for new crop soybean, corn sales

USDA reports corn, soybean, and wheat export sales for the week ending July 24 were larger than expected. Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the current marketing year, but corn and wheat fell short of their respective marks.

Wheat came out at 801,000 tons (29.4 million bushels), up 81% from the week ending July 17 and 92% higher than the four week average. Nigeria picked up 167,000 tons and Panama bought 128,500 tons. For the 2014/15 marketing year to date, wheat sales are 357.6 million bushels, compared to 473.7 million in 2013/14.

Corn was reported at 173,800 tons (6.8 million bushels), down 40% on the week and 54% lower than the four week average. South Korea purchased 136,600 tons and Saudi Arabia picked up 71,500 tons, but unknown destinations canceled on 160,100 tons. At this point in the 2013/14 marketing year, corn sales are 1.914 billion bushels, compared to 740.9 million in 2012/13. Sales of 1,093,200 tons (43.0 million bushels) for 2014/15 delivery were mainly to Mexico (431,500 tons) and unknown destinations (277,200 tons).

Soybeans were pegged at 187,400 tons (6.9 million bushels), 17% less than the previous week, but substantially more than the four week average. China bought 241,000 tons and Taiwan purchased 34,600 tons, while unknown destinations canceled on 134,000 tons. So far this marketing year, soybean sales are 1.691 billion bushels, compared to 1.363 billion this time last year. Sales of 1,268,700 tons (46.6 million bushels) for 2014/15 delivery were primarily to China (770,000 tons) and Mexico (128,500 tons).

Soybean meal came out at 43,700 tons, 54% under the week before and a decrease of 44% from the four week average. Mexico picked up 17,700 tons and Canada bought 10,500 tons. Cumulative soybean meal sales for the current marketing year are 10,083,700 tons, compared to 9,719,900 a year ago. Sales of 707,400 tons for 2014/15 delivery were mostly to unknown destinations (263,100 tons) and Vietnam (180,000 tons).

Soybean oil was reported at 12,800 tons, a noticeable increase from the prior week and 17% above the four week average. The Dominican Republic purchased 6,200 tons and Mexico picked up 5,500 tons. 2013/14 soybean oil sales are 795,200 tons, compared to 911,600 in 2012/13. Sales of 20,000 tons for 2014/15 delivery were to unknown destinations.

Net beef sales totaled 17,300 tons, up 60% from both the previous week and the four week average. The listed buyers were Japan (12,200 tons), South Korea (2,100 tons), Canada (900 tons), Mexico (700 tons), and Hong Kong (400 tons).

Net pork sales totaled 6,900 tons, 61% higher than the week before, but 5% lower than the four week average. The reported purchasers were Mexico (4,300 tons), Canada (400 tons), Hong Kong (400 tons), Japan (400 tons), and South Korea (400 tons).