Market News

Strong week for soybean exports

USDA reports soybean export sales for the week ending September 11 were larger than expected, while corn and soybean products were within their anticipated ranges, and wheat was below 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.

Wheat came out at 314,500 tons (11.6 million bushels), down 54% from the week ending September 4 and 15% lower than the four week average. Japan picked up 119,400 tons and Chile bought 47,300 tons. At this point in the 2014/15 marketing year, wheat sales are 457.1 million bushels, compared to 627.2 million in 2013/14.

Corn was reported at 659,700 tons (26.0 million bushels), with Peru purchasing 142,500 tons and Japan picking up 126,000 tons. Early in the 2014/15 marketing year, corn sales are 513.3 million bushels, compared to 520.5 million in 2013/14.

Soybeans were pegged at 1,466,100 tons (53.9 million bushels), with China buying 546,300 tons and unknown destinations purchasing 469,100 tons. So far this marketing year, soybean sales are 935.7 million bushels, compared to 840.7 million this time last year. Sales of 2,400 tons (100,000 bushels) for 2015/16 delivery were to Japan.

Soybean meal came out at 16,200 tons, with sales of 700 to 26,000 tons partially offset by cancellations of 700 and 25,900 tons. For the marketing year to date, soybean meal sales are 10,467,100 tons, compared to 10,133,600 a year ago. Sales of 183,500 tons for 2015/16 delivery were mainly to Mexico (121,800 tons) and the Dominican Republic (24,000 tons).

Soybean meal was reported at 10,700 tons, up 84% from the previous week and significantly higher than the four week average. Mexico picked up 5,500 tons and Nicaragua bought 4,100 tons. 2013/14 soybean oil sales are 825,600 tons, compared to 960,400 in 2012/13. Sales of 17,800 tons for 2015/16 delivery were primarily to unknown destinations (10,000 tons) and Mexico (5,500 tons).

Net beef sales totaled 15,600 tons, 12% more than the prior week and 49% larger than the four week average. The listed purchasers were Hong Kong (6,000 tons), Japan (4,700 tons), Mexico (1,300 tons), South Korea (1,200 tons), and Taiwan (900 tons).

Net pork sales totaled 22,900 tons, an increase of 44% on the week and 34% above the four week average. The reported buyers were Mexico (5,900 tons), Canada (5,500 tons), China (3,600 tons), Japan (2,100 tons), and Hong Kong (1,800 tons).

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