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Wheat exports top estimates

 

The USDA reports wheat sales for the week ending July 30th were larger than expected, while corn was below what analysts were anticipating, and soybeans and soybean products were within pre-report estimates. Physical shipments of corn, soybeans, and wheat were less than what’s needed to meet USDA projections for the current marketing year.

Wheat was a new marketing year high at 838,500 tons (30.8 million bushels), up 20% from the week ending July 23rd and 82% higher than the four week average. Unknown destinations picked up 394,600 tons and the Dominican Republic bought 81,000 tons. For the 2015/16 marketing year to date, wheat sales are 313.2 million bushels, compared to 379.1 million in 2014/15. Sales of 2,300 tons (100,000 bushels) were to Italy.

Old crop corn had a net cancellation of 2,700 tons (-100,000 bushels). Sales of 15,100 to 129,300 tons were offset by cancellations from unknown destinations (-228,200 tons) and Taiwan (-126,700 tons). Nearing the end of the 2014/15 marketing year, corn sales are 1.855 billion bushels, compared to 1.919 billion in 2013/14. Sales of 277,000 tons (10.9 million bushels) for 2015/16 delivery were mainly to unknown destinations (131,300 tons and Mexico (105,300 tons).

Old crop soybeans had a net reduction of 447,300 tons (-16.4 million bushels). Sales of 7,100 to 59,800 tons were offset by cancellations of 6,000 to 500,000 tons. At this point in the marketing year, soybean sales are 1.861 billion bushels, compared to 1.695 billion this time last year. Sales of 1,024,200 tons (37.6 million bushels) for 2015/16 delivery were primarily to unknown destinations (489,500 tons) and China (426,000 tons).

Soybean meal came out at 41,600 tons, down 42% from the week before and 39% lower than the four week average. Mexico purchased 11,400 tons and Panama picked up 9,400 tons. So far this marketing year, soybean meal sales are 11,334,900 tons, compared to 10,335,700 a year ago. Sales of 18,300 tons for 2015/16 delivery were mostly to the Dominican Republic (6,000 tons) and Trinidad (3,000 tons).

Soybean oil was pegged at 4,200 tons, 94% less than the previous week and 83% below the four week average. Mexico bought 2,600 tons and El Salvador purchased 1,200 tons. 2014/15 soybean oil sales are 857,700 tons, compared to 810,600 in 2013/14. Sales of 6,000 tons for 2015/16 delivery were to Mexico.

Net beef sales totaled 5,900 tons, a decrease of 6% on the week and down 49% from the four week average. The listed buyers were Japan (2,100 tons), Canada (1,100 tons), Mexico (800 tons), South Korea (800 tons), and Hong Kong (600 tons).

Net pork sales totaled 14,200 tons, 36% lower than the prior week and 13% less than the four week average. The reported purchasers were Mexico (8,200 tons), Japan (1,300 tons), Canada (1,200 tons), Colombia (900 tons), and South Korea (700 tons).