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Beef exports hit marketing year high

 

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The USDA reports combined old and new crop corn, soybean, soybean product, and wheat export sales for the week ending May 21st were within pre-report estimates.

Wheat came out at 42,500 tons (1.6 million bushels), down 43% from the week ending May 14th and sharply lower than the four week average. Guatemala picked up 28,800 tons and the Philippines bought 27,300 tons, but unknown destinations canceled on 34,600 tons. Nearing the end of the 2014/15 marketing year, wheat sales are 856.5 million bushels, compared to 1.166 billion late in 2013/14. Sales of 253,600 tons (9.3 million bushels) for 2015/16 delivery were mainly to Taiwan (102,000 tons) and Mexico (59,200 tons).

Corn was reported at 654,600 tons (25.8 million bushels), 19% less than the previous week and 8% below the four week average. Japan purchased 211,100 tons and Saudi Arabia picked up 158,700 tons. So far this marketing year, corn sales are 1.693 billion bushels, compared to 1.795 billion this time last year. There was a net reduction of 6,700 tons (-300,000 bushels) with sales of 500 to 50,800 tons offset by a cancellation on 58,000 tons by China.

Soybeans were pegged at 322,400 tons (11.8 million bushels), up sharply on the week and 28% higher than the four week average. China bought 198,000 tons and the Netherlands purchased 85,700 tons, while unknown destinations canceled on 212,300 tons. At this point in the marketing year, soybean sales are 1.836 billion bushels, compared to 1.651 billion a year ago. Sales of 55,100 tons (2.0 million bushels) for 2015/16 delivery were to Japan (55,000 tons) and unknown destinations (100 tons).

Soybean meal came out at 123,700 tons, 20% more than the prior week and 18% above the four week average. Colombia picked up 40,300 tons and Mexico bought 32,600 tons, but unknown destinations canceled on 31,400 tons. Cumulative soybean meal sales for the current marketing year are 10,548,800 tons, compared to 9,484,200 last year. Sales of 120,300 tons for 2015/16 delivery were primarily to Thailand (109,400 tons).

Soybean oil was reported at 9,200 tons, down 8% from the week before and 9% lower than the four week average. The Dominican Republic purchased 7,200 tons and Mexico picked up 1,500 tons. 2014/15 soybean oil sales are 704,700 tons, compared to 649,900 in 2013/14.

Net beef sales were a marketing year high at 20,800 tons. That’s an increase of 11% on the week and a jump of 53% from the four week average. The listed buyers were South Korea (7,200 tons), Hong Kong (4,900 tons), Mexico (2,700 tons), Japan (2,600 tons), and Canada (2,300 tons).

Net pork sales totaled 15,800 tons, up 42% from the previous week, but down 4% from the four week average. The reported purchasers were Mexico (11,000 tons), Japan (2,300 tons), Canada (1,200 tons), South Korea (600 tons), and Hong Kong (500 tons). There was a cancellation made by Colombia (100 tons).

 

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