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Soybean, wheat sales top expectations

 

USDA reports soybean and wheat export sales for the week ending January 22 were larger than expected, while corn and soybean meal were within their respective anticipated ranges and soybean oil was below all estimates. Physical shipments of soybeans were more than what’s needed weekly to meet USDA projections for the 2014/15 marketing year, but corn and wheat fell short, corn, not by much, wheat, by a large margin.

Wheat came out at 544,400 tons (20.0 million bushels), up 19% from the week ending January 15 and 74% higher than the four week average. Unknown destinations picked up 122,300 tons and the Philippines bought 95,500 tons. For the 2014/15 marketing year to date, wheat sales are 732.6 million bushels, compared to 957.4 million in 2013/14. Sales of 21,000 tons (800,000 bushels) for 2015/16 delivery were to unknown destinations (20,000 tons) and Colombia (1,000 tons).

Corn was reported at 1,068,200 tons (42.1 million bushels), down 51% from the previous week, but steady with the four week average. Japan purchased 440,100 tons and Mexico picked up 221,700 tons. So far this marketing year, corn sales are 1.237 billion bushels, compared to 1.241 billion this time last year. Sales of 16,000 tons (600,000 bushels) for 2015/16 delivery were to Canada (10,000 tons) and Nicaragua (6,000 tons).

Soybeans were pegged at 888,200 tons (32.6 million bushels), larger than the week before and 41% more than the four week average. China bought 548,900 tons and Germany purchased 144,300 tons, but unknown destinations canceled on 232,700 tons. At this point in the marketing year, soybean sales are 1.656 billion bushels, compared to 1.560 billion a year ago. Sales of 20,800 tons (800,000 bushels) were to Japan.

Soybean meal came out at 296,500 tons, 4% above the prior week and up sharply from the four week average. Ecuador picked up 99,000 tons and Thailand bought 45,000 tons, while unknown destinations canceled on 29,100 tons. Cumulative soybean meal sales for the current marketing year are 8,051,900 tons, compared to 6,763,300 last year. Sales of 1,000 tons for 2015/16 delivery were to Mexico (600 tons) and Nicaragua (400 tons).

Soybean oil was reported at 10,600 tons, 38% lower than the previous week and 58% less than the four week average. Peru purchased 5,000 tons and Mexico picked up 4,300 tons. 2014/15 soybean oil sales are 517,100 tons, compared to 440,000 in 2013/14.

Net beef sales totaled 10,000 tons. The listed buyers were Japan (3,500 tons), South Korea (2,900 tons), Mexico (2,600 tons), Canada (900 tons), and Taiwan (600 tons).

Net pork sales totaled 16,900 tons. The reported purchasers were Mexico (7,000 tons), South Korea (3,200 tons), Colombia (1,900 tons), Japan (1,000 tons), and Australia (900 tons).