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Soybean sales hit marketing year low

 

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USDA reports corn and soybean meal sales for the week ending November 13 were larger than expected, while wheat and soybean meal were within the anticipated range and soybeans fell below all estimates. Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the 2014/15 marketing year, but corn and wheat were both short of their respective marks.

Wheat came out at 361,700 tons (13.3 million bushels), down 13% from the week ending November 6, but up 1% from the five year average. Unknown destinations purchased 130,500 tons and the Philippines bought 52,300 tons. At this point in the 2014/15 marketing year, wheat sales are 594.6 million bushels, compared to 801.5 million in 2013/14.

Corn was reported at 908,700 tons (35.8 million bushels), 80% higher than the previous week and 45% more than the four week average. Japan picked up 447,500 tons and Mexico purchased 159,600 tons. So far this marketing year, corn sales are 812.3 million bushels, compared to 941.9 million this time last year.

Soybeans were a new marketing year low at 483,000 tons (17.7 million bushels). That’s 55% lower than the week before and 68% less than the four week average. China bought 532,900 tons and Spain picked up 131,500 tons, but unknown destinations canceled on 657,600 tons. For the marketing year to date, soybean sales are 1.367 billion bushels, compared to 1.297 billion a year ago. Sales of 4,500 tons (200,000 bushels) for 2015/16 delivery were to Japan.

Soybean meal was pegged at 265,700 tons, considerably larger than both the prior week and the four week average. Cuba purchased 66,000 tons and unknown destinations bought 41,100 tons. Cumulative soybean meal sales for the current marketing year are 6,556,700 tons, compared to 5,360,700 last year.

Soybean oil came out at 19,600 tons, an increase of 26% from the previous week and 40% more than the four week average. Mexico picked up 5,600 tons and Nicaragua bought 3,800 tons. 2014/15 soybean oil sales are 287,100 tons, compared to 248,100 in 2013/14.

Net beef sales totaled 13,500 tons, up 69% on the week and 26% higher than the four week average. The listed purchasers were Hong Kong (7,400 tons), Japan (2,000 tons), Canada (1,300 tons), South Korea (1,200 tons), and Mexico (1,100 tons). Sales of 3,700 tons for 2015 delivery were mainly to Hong Kong (3,000 tons), Japan (300 tons), and South Korea (300 tons).

Net pork sales totaled 14,200 tons, down 2% from the week before and 24% lower than the four week average. The reported buyers were Mexico (5,600 tons), Japan (4,000 tons), South Korea (1,300 tons), Canada (1,200 tons), and Hong Kong (600 tons). Sales of 1,300 tons for 2015 delivery were primarily to South Korea (700 tons) and Hong Kong (600 tons).

 

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