News

Solid soybean sales, slow shipments

 

The USDA reports soybean export sales for the week ending September 24th were above what’s needed to meet USDA projections for the current marketing year, but corn and wheat fell short of their respective marks. Physical shipments were bullish on wheat, bearish for soybeans and corn.

Wheat hit a new marketing year low at 77,100 tons (2.8 million bushels), down 73% from the week ending September 17th and 75% lower than the four week average. Indonesia purchased 73,200 tons and Brazil bought 18,700 tons, while unknown destinations canceled on 39,000 tons. For the 2015/16 marketing year to date, wheat sales are 407.6 million bushels, compared to 498.5 million in 2014/15.

Corn came out at 748,200 tons (29.5 million bushels), 76% higher than the week before. Mexico picked up 638,600 tons and Egypt purchased 68,700 tons, but unknown destinations canceled on 80,800 tons. Slightly less than a month into the current marketing year, corn sales are 413.9 million bushels, compared to 571.4 million this time last year. Sales of 53,100 tons (2.1 million bushels) for 2016/17 delivery were to Panama (51,900 tons) and Honduras (1,200 tons).

Soybeans were reported at 2,506,000 tons, up sharply from the previous week. China bought up 1,178,400 tons and unknown destinations picked up 826,800 tons. At this point in the marketing year, soybean sales are 761.1 million bushels, compared to 1.056 billion a year ago. Sales of 4,400 tons (200,000 bushels) for 2016/17 delivery were to Panama.

Soybean meal was pegged at 17,600 tons, 32% less than the prior week and 9% below the four week average. Mexico purchased 10,800 tons and Colombia bought 6,500 tons, but unknown destinations canceled on 10,900 tons. Cumulative soybean meal sales for the current marketing year are 11,605,500 tons, compared to 10,475,700 last year. Sales of 246,400 tons for 2015/16 delivery were mainly to Mexico (112,600 tons) and Panama (56,600 tons). The new marketing year for soybean products started October 1st.

Soybean oil had a net reduction of 7,900 tons, with sales to Mexico (1,900 tons) and Canada (200 tons) offset by a cancellation from unknown destinations (10,000 tons). With just a few of reporting days left in 2014/15, soybean oil sales are 913,500 tons, compared to 828,000 near the end of 2013/14. Sales of 32,500 tons for 2015/16 delivery were primarily to Peru (19,000 tons) and unknown destinations (10,000 tons).

Net beef sales totaled 8,800 tons, a drop of 47% on the week and a decline of 32% from the four week average. The listed buyers were South Korea (2,600 tons), Mexico (2,300 tons), Hong Kong (2,000 tons), Canada (500 tons), and Japan (400 tons).

Net pork sales totaled 26,100 tons, a jump of 26% from the previous week and an increase of 43% from the four week average. The reported purchasers were Mexico (13,300 tons), Canada (4,100 tons), Japan (2,300 tons), South Korea (1,300 tons), and Chile (900 tons). Sales of 300 tons for 2016 delivery were to Canada (200 tons) and Taiwan (100 tons).