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New crop corn, soybean sales solid

USDA reports wheat export sales for the week ending August 14 were lower than expected, while corn, soybeans, and soybean products were all within analysts’ estimates. 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.

Wheat came out at 209,200 tons (7.7 million bushels), down 38% from the week ending August 7 and 62% lower than the four week average. The Philippines picked up 83,500 tons and Nigeria bought 62,400 tons, but Brazil canceled on 58,800 tons. For the 2014/15 marketing year to date, wheat sales are 399.4 million bushels, compared to 536.6 million in 2013/14.

Corn was reported at 99,900 tons (3.9 million bushels), noticeably more than the previous week, but 15% less than the four week average. Egypt purchased 112,900 tons and South Korea picked up 93,500 tons, but unknown destinations canceled on 250,500 tons. Nearing the end of the 2013/14 marketing year, corn sales are 1.918 billion bushels, compared to 752.2 million late in 2012/13. Sales of 719,300 tons (28.3 million bushels) for 2014/15 delivery were mainly to Colombia (223,300 ton) and Mexico (193,600 tons).

Old crop soybeans had a net cancellation of 89,600 tons (-3.3 million bushels), with sales of 3,900 to 12,800 tons offset by cancellations from China (119,000 tons) and unknown destinations (8,700 tons). At this point in the marketing year, soybean sales are 1.694 billion bushels, compared to 1.366 billion this time last year. Sales of 1,420,600 tons (52.2 million bushels) for 2014/15 delivery were primarily to China (947,900 tons) and Spain (120,000 tons).

Soybean meal was pegged at 99,800 tons, up sharply on the week and 12% higher than the four week average. Unknown destinations bought 26,800 tons and Mexico purchased 26,100 tons. So far this marketing year, soybean meal sales are 10,403,800 tons, compared to 9,984,700 a year ago. Sales of 78,600 tons for 2014/15 delivery were mostly to Colombia (30,500 tons) and El Salvador (17,700 tons).

Soybean oil came out at 15,700 tons, considerably larger than both the week before and the four week average. Mexico picked up 10,100 tons and Nicaragua bought 3,300 tons. 2013/14 soybean oil sales are 821,600 tons, compared to 922,200 in 2012/13. Sales of 5,000 tons for 2014/15 delivery were to the Dominican Republic.

Net beef sales totaled 7,300 tons, a decline of 23% from the prior week and a drop of 41% from the four week average. The reported purchasers were Japan (1,700 tons), South Korea (1,400 tons), Canada (1,000 tons), Hong Kong (1,000 tons), and Mexico (900 tons). Sales of 600 tons for 2015 delivery were to Canada.

Net pork sales totaled 24,400 tons. The listed buyers were Mexico (10,300 tons), Japan (3,900 tons), South Korea (2,800 tons), Hong Kong (2,300 tons), and Canada (1,600 tons).