News

Strong week for soybean exports

 

USDA reports corn and soybean export sales for the week ending November 20 were larger than expected, while wheat was near the high end of pre-report estimates. Physical shipments of soybeans and wheat were above what’s needed weekly to meet USDA projections for the 2014/15 marketing year, but corn fell short of its mark.

Wheat came out at 431,500 tons (15.9 million bushels), up 19% from the week ending November 13 and 16% higher than the four week average. Japan purchased 131,800 tons and Mexico bought 50,200 tons, but unknown destinations canceled on 67,000 tons. For the 2014/15 marketing year to date, wheat sales are 610.4 million bushels, compared to 822.2 million in 2013/14. Sales of 65,000 tons (2.4 million bushels) for 2015/16 delivery were mainly to Nigeria (16,000 tons).

Corn was reported at 944,900 tons (37.2 million bushels), 4% more than the previous week and 59% above than the four week average. Unknown destinations picked up 243,205 tons and Japan purchased 152,600 tons. At this point in the marketing year, corn sales are 849.5 million bushels, compared to 981.5 million this time last year.

Soybeans were pegged at 1,485,400 tons, significantly larger than the week before and up 34% from the four week average. China bought 806,200 tons and the Netherlands picked up 147,200 tons. So far this marketing year, soybean sales are 1.422 billion bushels, compared to 1.349 billion a year ago. Sales of 2,000 tons (100,000 bushels) for 2015/16 delivery were to Japan.

Soybean meal had a net reduction of 22,300 tons, with sales of 22,400 to 58,100 tons more than offset by cancellations of 5,400 to 185,800 tons. Cumulative soybean meal sales for the current marketing year are 6,534,400 tons, compared to 5,668,600 last year. Sales of 174,300 tons for 2015/16 delivery were to Thailand (174,000 tons) and Mexico (300 tons).

Soybean oil came out at 35,600 tons, 82% more than the prior week and up sharply from the four week average. The Dominican Republic purchased 16,000 tons and Peru bought 10,000 tons. 2014/15 soybean oil sales are 322,800 tons, compared to 266,900 in 2013/14.

Net beef sales totaled 11,300 tons, down 16% on the week and 6% lower than the four week average. The reported buyers were Japan (4,300 tons), South Korea (2,300 tons), Hong Kong (1,700 tons), Mexico (1,400 tons), and Canada (800 tons). Sales of 800 tons for 2015 delivery were to Canada (300 tons), Hong Kong (200 tons), Mexico (200 tons), and Japan (100 tons).

Net pork sales totaled 18,900 tons, up 33% from the previous week and 8% higher than the four week average. The listed purchasers were Japan (4,800 tons), China (3,600 tons), Mexico (3,400 tons), South Korea (2,800 tons), and Canada (1,100 tons). Sales of 4,000 tons for 2015 delivery were to South Korea (2,600 tons), Japan (1,300 tons), and Taiwan (100 tons).