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Beef exports hit marketing year high

 

The USDA reports combined old and new crop corn and wheat export sales for the week ending April 16th were larger than expected, while soybeans and soybean products were within pre-report estimates. Physical shipments of corn, soybeans, and wheat were less than what’s needed weekly to meet USDA projections for the 2014/15 marketing year.

Wheat came out at 397,500 tons (14.6 million bushels), up sharply from the week ending April 9th and larger than the four week average. South Korea picked up 75,400 tons and Japan bought 72,600 tons. For the 2014/15 marketing year to date, wheat sales are 869.9 million bushels, compared to 1.141 billion near the end of 2013/14. Sales of 126,700 tons (4.7 million bushels) for 2015/16 delivery were mainly to the Philippines (46,000 tons) and Taiwan (39,700 tons).

Corn was reported at 867,900 tons (34.2 million bushels), 48% higher than the previous week and 68% more than the four week average. Japan purchased 336,000 tons and Mexico picked up 156,100 tons, but unknown destinations canceled on 119,400 tons. So far this marketing year, corn sales are 1.554 billion bushels, compared to 1.696 billion this time last year. Sales of 6,200 tons (200,000 bushels) for 2015/16 delivery were to unknown destinations (3,400 tons) and Trinidad (2,800 tons).

Soybeans were pegged at 102,100 tons (3.8 million bushels), down 67% from the week before and 29% lower than the four week average. China bought 32,300 tons and Mexico purchased 23,500 tons, while unknown destinations canceled on 37,000 tons. At this point in the marketing year, soybean sales are 1.787 billion bushels, compared to 1.639 billion a year ago. Sales of 8,100 tons (300,000 bushels) for 2015/16 delivery were to Japan.

Soybean meal came out at 107,400 tons, 18% less than the prior week and 30% below the four week average. Venezuela picked up 58,000 tons and Thailand bought 45,000 tons, but unknown destinations canceled on 96,800 tons. Cumulative soybean meal sales for the current marketing year are 10,005,500 tons, compared to 8,913,700 last year. Sales of 22,800 tons for 2015/16 delivery were primarily to Ecuador (9,000 tons) and El Salvador (9,000 tons).

Soybean oil was reported at 4,400 tons, down 3% from the previous week and 70% lower than the four week average. Colombia purchased 5,600 tons and Canada picked up 1,200 tons. There were cancellations made by Morocco (2,000 tons), Mexico (400 tons), and Peru (100 tons). 2014/15 U.S. soybean oil sales are 655,500 tons, compared to 583,400 in 2013/14.

Net beef sales were a marketing year high at 20,000 tons. That’s an increase of 79% on the week and a jump of 95% from the four week average. The listed buyers were South Korea (5,300 tons), Japan (4,600 tons), Hong Kong (3,600 tons), Canada (2,200 tons), and Mexico (1,900 tons).

Net pork sales totaled 22,600 tons, up 40% from the week before and 10% higher than the four week average. The reported purchasers were Mexico (8,200 tons), Japan (6,900 tons), Canada (2,700 tons), South Korea (1,300 tons), and Colombia (900 tons).