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Soybean product sales within expectations

USDA reports soybean meal and oil export sales for the week ending August 28 were within pre-report estimates, while corn, soybeans, and wheat were below analysts’ expectations. Physical shipments of wheat were larger than what’s needed weekly to meet USDA projections for the 2014/15 marketing year. Corn and soybean shipments were short of their respective marks for the recently ended 2013/14 marketing year, with both less than what the Ag Department was anticipating.

Wheat came out at 168,800 tons (6.2 million bushels), down 58% from the week ending August 21 and 56% lower than the four week average. Mexico picked up 90,700 tons and the Philippines bought 77,700 tons, but unknown destinations canceled on 163,800 tons. For the 2014/15 marketing year to date, wheat sales are 420.2 million bushels, compared to 581.4 million in 2013/14.

Old crop corn had a net reduction of 7,500 tons (-300,000 bushels), with sales of 16,300 to 121,200 tons more than offset by cancellations of 2,900 to 230,100 tons. With the 2013/14 marketing year over, except for some book squaring, corn sales are 1.915 billion bushels, compared to 747.2 million in 2012/13. Sales of 525,600 tons (20.7 million bushels) for 2014/15 delivery were mainly to unknown destinations (268,300 tons) and Mexico (103,100 tons).

Old crop soybeans had a net reduction of 87,700 tons (-3.2 million bushels), with sales of 100 to 900 tons more than offset by cancellations of 900 to 55,000 tons. With the marketing year essentially finished, soybean sales are 1.688 billion bushels, compared to 1.366 billion this time last year. Sales of 869,000 tons (31.9 million bushels) for 2014/15 delivery were primarily to China (338,300 tons) and unknown destinations (293,100 tons).

Soybean meal was reported at 32,000 tons, with Guatemala purchasing 12,300 tons and Mexico picking up 11,900 tons, while unknown destinations canceled on 17,700 tons. At this point in the marketing year, soybean meal sales are 10,436,900 tons, compared to 10,090,400 a year ago. Sales of 177,500 tons for 2014/15 delivery were mostly to unknown destinations (59,100 tons) and Pakistan (40,000 tons).

Old crop soybean oil had a net reduction of 1,300 tons, with sales of 200 to 4,600 tons offset by cancellations of 100 and 7,000 tons. 2013/14 soybean oil sales are 809,100 tons, compared to 938,100 tons in 2012/13. Sales of 3,400 tons for 2014/15 delivery were to the Dominican Republic (5,400 tons) and Colombia (2,000 tons), with a cancellation by unknown destinations (4,000 tons).

Net beef sales totaled 10,200 tons, 4% less than the previous week, but 4% more than the four week average. The listed buyers were Mexico (2,100 tons), Hong Kong (1,700 tons), Canada (1,500 tons), and South Korea (1,100 tons).

Net pork sales totaled 20,700 tons, up sharply from the prior week. The reported purchasers were Mexico (7,700 tons), South Korea (3,300 tons), Hong Kong (2,100 tons), Japan (2,000 tons), and Chile (1,600 tons).