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Weekly pork, new crop soybean exports strong

 

Programs ICON

The USDA reports corn, soybean, and wheat export sales for the week ending August 27th were within pre-report estimates. Physical shipments of corn, soybeans, and wheat were all less than what’s needed weekly to meet USDA projections for the respective marketing years. The 2014/15 marketing year for corn and soybeans ended August 31st, with soybean shipments matching USDA’s demand projection and corn falling short.

Wheat came out at 277,500 tons (10.2 million bushels), down 48% from the week ending August 20th and 47% lower than the four week average. Mexico purchased 75,300 tons and Italy bought 63,800 tons, but unknown destinations canceled on 122,300 tons. For the 2015/16 marketing year to date, wheat sales are 369.9 million bushels, compared to 420.2 million in 2014/15.

Corn was reported at 112,700 tons (4.4 million bushels), up sharply from the previous week and the four week average. Japan picked up 173,700 tons and South Korea purchased 64,000 tons, while unknown destinations canceled on 252,400 tons. With just a few reporting days left in the 2014/15 marketing year, corn sales are 1.867 billion bushels, compared to 1.915 billion late in 2013/14. Sales of 328,300 tons (12.9 million bushels) for 2015/16 delivery were mainly to unknown destinations (132,200 tons) and Panama (60,000 tons).

Soybeans had a net reduction of 60,500 tons (-2.2 million bushels). Japan bought 33,100 tons and Indonesia picked up 16,600 tons, but unknown destinations canceled on 119,700 tons. So far this marketing year, soybean sales are 1.858 billion bushels, compared to 1.686 billion this time last year. Sales of 1,532,800 tons (56.3 million bushels) for 2015/16 delivery were primarily to unknown destinations (947,700 tons) and China (489,600 tons).

Soybean meal had a net reduction of 13,900 tons, with sales of 6,000 to 19,200 tons offset by cancellations of 2,700 to 30,000 tons. At this point in the marketing year, soybean meal sales are 11,496,900 tons, compared to 10,436,900 a year ago. Sales of 218,400 tons for 2015/16 delivery were mostly to the Philippines (86,000 tons) and unknown destinations (51,400 tons).

Soybean oil was pegged at 4,000 tons, 77% less than the week before and 38% under the four week average. Mexico purchased 2,600 tons and Nicaragua bought 1,500 tons, while Canada canceled on 300 tons. 2014/15 soybean oil sales are 883,200 tons, compared to 809,100 in 2013/14. Sales of 2,100 tons for 2015/16 delivery were to Mexico (1,300 tons) and Canada (800 tons).

Net beef sales totaled 13,100 tons, up 3% from the prior week and 34% higher than the four week average. The reported buyers were Hong Kong (3,300 tons), Japan (2,500 tons), South Korea (2,500 tons), Mexico (1,600 tons), and Canada (1,300 tons).

Net pork sales totaled 26,600 tons, an increase of 64% on the week and 57% more than the four week average. The listed purchasers were Mexico (13,400 tons), Japan (5,200 tons), South Korea (2,300 tons), Hong Kong (1,500 tons), and Australia (900 tons). Sales of 300 tons for 2016 delivery were to Australia (200 tons) and South Korea (100 tons).

 

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