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Good week for soybean, product, wheat exports

 

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USDA reports corn export sales for the week ending December 11 were within pre-report estimates, while soybeans, soybean products, and wheat were all above analysts’ expectations. Physical shipments of soybeans were larger 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 476,300 tons (17.5 million bushels), up 8% from the week ending December 4 and 23% higher than the four week average. Japan purchased 112,300 tons and Mexico bought 84,500 tons. For the 2014/15 marketing year to date, wheat sales are 655.9 million bushels, compared to 868.4 million in 2013/14. Sales of 33,200 tons (1.2 million bushels) for 2015/16 delivery were to unknown destinations.

Corn was reported at 693,500 tons (27.3 million bushels), down 28% from the previous week and 30% lower than the four week average. Unknown destinations picked up 268,700 tons and Mexico purchased 159,900 tons. So far this marketing year, corn sales are 960.8 million bushels, compared to 1.043 billion this time last year. Sales of 5,000 tons (200,000 bushels) for 2015/16 delivery were to El Salvador.

Soybeans were pegged at 696,000 tons (25.6 million bushels), 14% less than the week before and 27% below the four week average. China bought 402,400 tons and the Netherlands picked up 130,000 tons, but unknown destinations canceled on 297,200 tons. At this point in the marketing year, soybean sales are 1.512 billion bushels, compared to 1.432 billion a year ago. Sales of 350,000 tons for 2015/16 delivery were mainly to unknown destinations (220,000 tons).

Soybean meal came out at 146,800 tons, 65% above the prior week and 63% more than the four week average. Italy purchased 77,100 tons and Mexico picked up 71,000 tons, while unknown destinations canceled on 127,900 tons. Cumulative soybean meal sales for the current marketing year are 6,996,900 tons, compared to 5,948,700 last year.

Soybean oil was reported at 38,800 tons, considerably larger than the previous week and up 63% from the four week average. Mexico bought 17,200 tons and South Korea purchased 7,000 tons. 2014/15 soybean oil sales are 401,300 tons, compared to 297,700 in 2013/14.

Net beef sales totaled 10,900 tons, 10% higher than the week before and 3% more than the four week average. The listed buyers were Hong Kong (4,000 tons), Japan (2,200 tons), Mexico (2,200 tons), South Korea (1,200 tons), and Canada (600 tons). Net sales of 300 tons for 2015 were to Hong Kong (1,500 tons), South Korea (900 tons), and Taiwan, with a cancellation by Japan (2,300 tons).

Net pork sales totaled 10,400 tons, an increase of 17% on the week, but a decrease of 6% from the four week average. The reported purchasers were South Korea (3,100 tons), Mexico (2,300 tons), Japan (1,500 tons), Canada (900 tons), Hong Kong (700 tons). Sales of 5,500 tons for 2015 delivery were primarily to South Korea (3,100 tons), Mexico (1,000 tons), Canada (600 tons), and Japan (500 tons). USDA adds pork exports for the week ending December 4 were incorrectly reported.

 

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