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Good week for new crop corn, soybean sales

USDA reports corn and soybean sales for the week ending August 7 were within pre-report estimates, while wheat was below all expectations. Physical shipments of wheat were above what’s needed weekly to meet USDA projections for the 2014/15 marketing year, but corn and soybeans fell short of their respective marks for 2013/14. The 2014/15 marketing year starts September 1 for corn and soybeans, and October 1 for soybean products.

Wheat came out at 338,700 tons (12.4 million bushels), down 43% from the week ending July 31 and 37% lower than the four week average. Unknown destinations purchased 68,900 tons and Brazil bought 59,000 tons. At this point in the 2014/15 marketing year, wheat sales are 391.7 million bushels, compared to 518.4 million in 2013/14.

Old crop corn had a net reduction of 117,100 tons (-4.6 million bushels), with sales of 8,400 to 131,200 tons offset by cancellations of 10,600 to 322,500 tons. Nearing the end of the 2013/14 marketing year, corn sales are 1.914 billion bushels, compared to 750 million bushels late in 2012/13. Sales of 787,800 tons (31.0 million bushels) for 2014/15 delivery were mainly to Colombia (284,000 tons) and unknown destinations (138,200 tons).

Soybeans were reported at 61,400 tons (2.3 million bushels), 35% less than the previous week and 55% under the four week average. China picked up 61,100 tons and Taiwan purchased 18,200 tons, but unknown destinations canceled on 70,000 tons. So far this marketing year, soybean sales are 1.697 billion bushels, compared to 1.365 billion this time last year. Sales of 1,081,800 tons (39.7 million bushels) were primarily to China (640,000 tons) and unknown destinations (293,500 tons).

Old crop soybean meal had a net reduction of 31,700 tons, with sales of 6,100 to 40,000 tons offset by cancellations of 5,000 to 86,000 tons. For the marketing year to date, soybean meal sales are 10,304,000 tons, compared to 9,908,900 a year ago. Sales of 151,800 tons for 2014/15 delivery were mostly to Mexico (76,900 tons) and the Philippines (50,000 tons), with unknown destinations cancelling on 26,000 tons.

Old crop soybean oil had a net reduction of 4,700 tons. Canada bought 5,500 tons and Nicaragua picked up 700 tons, but there were cancellations by Chile (6,200 tons), Mexico (2,400 tons), and the Dominican Republic. 2013/14 soybean oil sales are 805,900 tons, compared to 913,700 in 2012/13.

Net beef sales totaled 9,400 tons, down 21% from the week before and 23% lower than the four week average. The listed purchasers were South Korea (3,200 tons), Hong Kong (2,600 tons), Japan (1,700 tons), Canada (800 tons), and Mexico (600 tons).

Net pork sales totaled 30,300 tons after a slew of late reported sales. The reported buyers were Russia (7,400 tons), Japan (7,100 tons), Canada (5,000 tons), Mexico (5,000 tons), and South Korea (2,100 tons).

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