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Soybean meal sales top expectations

 

USDA reports soybean meal export sales for the week ending March 12 were larger than expected, while corn, soybeans, soybean oil, and wheat all fell within pre-report 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 were short of their respective marks.

Wheat came out at 391,900 tons (14.4 million bushels), down 12% from the week ending March 5, but up 4% from the four week average. Panama purchased 81,800 tons and Taiwan bought 73,400 tons, while unknown destinations canceled on 86,300 tons. For the 2014/15 marketing year to date, wheat sales are 832.1 million bushels, compared to 1.085 billion in 2013/14. Sales of 142,900 tons (5.3 million bushels) for 2015/16 delivery were mainly to the Philippines (50,000 tons) and unknown destinations (49,900 tons).

Corn was reported at 502,300 tons (19.8 million bushels), 20% higher than the previous week, but 31% lower than the four week average. Japan picked up 243,100 tons and Colombia purchased 108,300 tons, but unknown destinations canceled on 132,700 tons. So far this marketing year, corn sales are 1.439 billion bushels, compared to 1.532 billion this time last year. Sales of 64,800 tons (2.6 million bushels) for 2015/16 delivery were primarily to unknown destinations (38,200 tons).

Soybeans were pegged at 342,000 tons (12.6 million bushels), considerably larger than the week before, but 13% less than the four week average. Bangladesh bought 107,500 tons and Mexico picked up 102,200 tons. At this point in the marketing year, soybean sales are 1.767 billion bushels, compared to 1.633 billion a year ago. Sales of 5,000 tons (200,000 bushels) for 2015/16 delivery were to Japan.

Soybean meal came out at 204,000 tons, sharply above the prior week and 51% more than the four week average. Mexico purchased 46,300 tons and Canada bought 42,100 tons. Cumulative soybean meal sales for the current marketing year are 9,283,400 tons, compared to 8,044,800 last year. Sales of 13,600 tons for 2015/16 delivery were to unknown destinations (10,600 tons) and Guatemala (3,000 tons).

Soybean oil was reported at 8,100 tons, up 77% from the previous week, but down 8% from the four week average. The Dominican Republic picked up 3,200 tons and Costa Rica purchased 2,000 tons. 2014/15 U.S. soybean oil sales are 591,800 tons, compared to 558,600 in 2013/14.

Net beef sales totaled 11,600 tons, 33% lower than the week before and 8% less than the four week average. The listed buyers were Japan (5,900 ton), Hong Kong (1,900 tons), South Korea (1,400 tons), Mexico (1,100 tons), and Taiwan (500 tons).

Net pork sales totaled 21,100 tons, an increase of 13% on the week and 3% more than the four week average. The reported purchasers were Mexico (8,600 tons), South Korea (3,100 tons), Japan (2,800 tons), Canada (1,900 tons), and Australia (1,200 tons).