Post

Another strong week for new crop soybean sales

USDA reports soybean product export sales for the week ending August 21 were below pre-report estimates, while corn, soybeans, and wheat were within analysts’ expectations. Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the marketing year, but corn and wheat fell short of their respective marks.

Wheat came out at 403,600 tons (14.8 million bushels), up 94% from the week ending August 14, but down 17% from the four week average. Brazil purchased 94,000 tons and Nigeria bought 93,700 tons, while Panama canceled on 29,100 tons. At this point in the 2014/15 marketing year, wheat sales are 414.0 million bushels, compared to 556.8 million in 2013/14.

Old crop corn had a net reduction of 32,700 tons (-1.3 million bushels). Sales of 8,600 to 88,400 tons were offset by cancellations of 1,200 to 172,900 tons. Nearing the end of the 2013/14 marketing year, corn sales are 1.916 billion bushels, compared to 751.7 million in 2012/13. Sales of 695,600 tons (27.4 million bushels) for 2014/15 delivery were mainly to Colombia (140,900 tons) and South Korea (125,000 tons).

Old crop soybeans had a net reduction of 62,800 tons (-2.3 million bushels). Sales of 600 to 9,700 tons were offset by cancellations of 10,500 to 55,000 tons. So far this marketing year, soybean sales are 1.691 billion bushels, compared to 1.366 billion this time last year. Sales of 1,290,800 tons (47.4 million bushels) for 2014/15 delivery were primarily to China (655,000 tons) and Vietnam (112,200 tons).

Soybean meal was reported at 1,100 tons, with sales of 900 to 20,000 tons and cancellations of 1,200 to 21,300 tons. For the marketing year to date, soybean meal sales are 10,404,900 tons, compared to 10,032,600 a year ago. Sales of 76,100 tons for 2014/15 delivery were mostly to unknown destinations (45,200 tons) and Canada (10,700 tons).

Old crop soybean oil had a net reduction of 11,300 tons, with sales of 100 to 3,400 tons offset by cancellations of 100 and 15,000 tons. 2013/14 soybean oil sales are 810,300 tons, compared to 928,800 in 2012/13.

Net beef sales totaled 10,600 tons, an increase of 47% on the week, but a decrease of 7% from the four week average. The listed purchasers were Mexico (2,500 tons), Hong Kong (2,100 tons), South Korea (2,100 tons), Japan (1,700 tons), and Canada (900 tons).

Net pork sales totaled 7,600 tons. The reported buyers were Mexico (7,000 tons), South Korea (4,400 tons), Australia (3,000 tons), Japan (2,400 tons), and Canada (2,300 tons). Russia canceled on 15,700 tons.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!