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Beef, soybean oil, wheat sales up sharply on week

 

The USDA reports wheat export sales for the week ending August 20th were above pre-report estimates, while corn, soybeans, and soybean products were within analysts’ expectations. Physical shipments of soybeans were more than what’s needed weekly to meet USDA projections for the current marketing year, but corn and wheat fell short of their respective marks. The 2014/15 marketing year for soybeans and corn ends August 31st.

Wheat came out at 529,100 tons (19.4 million bushels), up 68% from the week ending August 13th, but down 7% from the four week average. Nigeria picked up 95,500 tons and Mexico bought 83,300 tons. For the 2015/16 marketing year to date, wheat sales are 359.7 million bushels, compared to 414.0 million in 2014/15.

Corn had a net reduction of 131,800 tons (-5.2 million bushels). Sales of 3,300 to 58,700 tons were more than offset by cancellations of 1,200 to 246,200 tons. Nearing the end of the 2014/15 marketing year, corn sales are 1.862 billion bushels, compared to 1.916 billion late in 2013/14. Sales of 986,600 tons (38.8 million bushels) for 2015/16 delivery were mainly to Mexico (387,600 tons) and unknown destinations (343,800 tons).

Soybeans had a net reduction of 131,600 tons (-4.8 million bushels). Sales of 2,300 to 65,600 tons were more than offset by cancellations of 1,600 to 120,000 tons. At this point in the marketing year, soybean sales are 1.860 billion bushels, compared to 1.689 billion this time last year. Sales of 1,457,400 tons (53.6 million bushels) for 2015/16 delivery were primarily to China (887,500 tons) and unknown destinations (399,500 tons).

Soybean meal was reported at 56,100 tons, 11% lower than the previous week and 4% less than the four week average. Thailand and Venezuela each purchased 45,000 tons. Cumulative soybean meal sales for the current marketing year are 11,510,900 tons, compared to 10,404,900 a year ago. Sales of 93,800 tons for 2015/16 delivery were mostly to the Philippines (40,000 tons) and Ecuador (33,000 tons).

Soybean oil came out at 17,100 tons, considerably larger than the week before, but 18% below the four week average. Guatemala picked up 12,200 tons and Mexico bought 4,200 tons. 2014/15 soybean oil sales are 879,200 tons, compared to 810,300 in 2013/14. Sales of 18,000 tons for 2015/16 delivery were to Morocco.

Net beef sales totaled 12,800 tons, up 54% on the week and 57% higher than the four week average. The listed purchasers were Hong Kong (4,500 tons), South Korea (3,600 tons), Mexico (1,300 tons), Japan (1,200 tons), and Canada (900 tons).

Net pork sales totaled 16,300 tons, down 22% from the prior week and 12% lower than the four week average. The reported buyers were Mexico (8,300 tons), South Korea (2,500 tons), Japan (1,700 tons), Hong Kong (1,300 tons), and Canada (1,100 tons). Cancellations were made by the Philippines (300 tons) and Chile (100 tons).