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Wheat sales good, but shipments still slow

USDA reports wheat export sales for the week ending February 19 were larger than expected, while soybeans and soybean oil were within their respective ranges and corn and soybean meal were 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 both fell short of their marks.

Wheat came out at 328,300 tons (12.1 million bushels), up 23% from the week ending February 12, but down 19% from the four week average. Japan picked up 68,000 tons and Indonesia bought 55,000 tons. At this point in the 2014/15 marketing year, wheat sales are 784.1 million bushels, compared to 1.032 billion in 2013/14. Sales of 130,700 tons (4.8 million bushels) for 2015/16 delivery were to South Korea (90,700 tons) and Nigeria (40,000 tons).

Corn was reported at 715,800 tons (28.2 million bushels), 23% lower than both the previous week and the four week average. Japan purchased 287,800 tons and Colombia picked up 182,700 tons. For the marketing year to date, corn sales are 1.370 billion bushels, compared to 1.418 billion this time last year. Sales of 148,200 tons (5.8 million bushels) for 2015/16 delivery were mainly to Japan (81,500 tons) and Unknown destinations (50,800 tons).

Soybeans were pegged at 459,200 tons (16.9 million bushels), 9% less than the week before and 26% below the four week average. China bought 272,900 tons and the Netherlands purchased 156,800 tons, but unknown destinations did cancel on 146,800 tons. So far this marketing year, soybean sales are 1.731 billion bushels, compared to 1.594 billion a year ago. Sales of 36,200 tons (1.3 million bushels) for 2015/16 delivery were to Japan.

Soybean meal had a net reduction of 6,400 tons. Sales of 8,800 to 27,000 tons were more than offset by cancellations of 300 to 90,400 tons. Cumulative soybean meal sales for the current marketing year are 8,847,800 tons, compared to 7,409,100 last year. Sales of 91,400 tons for 2015/16 delivery were to unknown destinations.

Soybean oil came out at 14,200 tons, 30% higher than the prior week and 8% above the four week average. The Dominican Republic picked up 4,800 tons and Colombia bought 4,500 tons. 2014/15 U.S. soybean oil sales are 573,400 tons, compared to 532,700 in 2013/14.

Net beef sales totaled 13,900 tons, up 29% from the previous week and 15% higher than the four week average. The listed purchasers were Hong Kong (4,000 tons), Japan (3,800 tons), South Korea (2,200 tons), Mexico (1,200 tons), and Taiwan (1,100 tons).

Net pork sales totaled 19,000 tons, an increase of 38% from the week before and 3% more than the four week average. The reported buyers were Japan (7,600 tons), Mexico (3,900 tons), China (2,200 tons), South Korea (1,500 tons), and the Philippines (900 tons). Taiwan canceled on 100 tons.