USDA reports soybean meal export sales for the week ending July 31 were larger than expected, while corn, soybeans, and soybean oil were within the anticipated range, and wheat was below pre-report estimates. Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the current marketing year, but corn and wheat fell short of their respective marks.
Wheat came out at 590,900 tons (21.7 million bushels), down 26% from the week ending July 24 and 24% lower than the four week average. Nigeria purchased 222,400 tons and Taiwan bought 85,300 tons. For the 2014/15 marketing year to date, wheat sales are 379.3 million bushels, compared to 500.4 million in 2013/14. Sales of 30,000 tons (1.1 million bushels) for 2015/16 delivery were to Nigeria.
Corn was reported at 120,900 tons (4.8 million bushels), 30% less than the previous week and 66% below the four week average. Japan picked up 185,200 tons and Israel purchased 69,000 tons, but unknown destinations canceled on 287,300 tons and Egypt canceled on 68,000 tons. With four reporting weeks left in the 2013/14 marketing year, corn sales are 1.919 billion bushels, compared to 752.3 million in 2012/13. Sales of 758,700 tons (29.9 million bushels) for 2014/15 delivery were mainly to Colombia (237,000 tons) and Mexico (186,200 tons).
Soybeans were pegged at 94,900 tons (3.5 million bushels), a decrease of 49% on the week and 25% under the four week average. Indonesia bought 72,400 tons and China picked up 8,000 tons. At this point in the marketing year, soybean sales are 1.695 billion bushels, compared to 1.366 billion this time last year. Sales of 1,008,600 tons (37.1 million bushels) for 2014/15 delivery were primarily to China (700,000 tons) and unknown destinations (138,000 tons).
Soybean meal came out at 252,100 tons, up sharply from both last week and the four week average. Ireland purchased 86,000 tons and Egypt bought 50,000 tons. So far this marketing year, soybean meal sales are 10,335,700 tons, compared to 9,786,700 a year ago. Sales of 479,000 tons for 2014/15 delivery were mostly to unknown destinations (349,800 tons) and the Philippines (41,000 tons).
Soybean oil was reported at 15,400 tons, 21% higher than the week before and 68% more than the four week average. The Dominican Republic picked up 7,300 tons and Switzerland purchased 7,000 tons, while unknown destinations canceled on 9,900 tons. 2013/14 soybean oil sales are 810,600 tons, compared to 911,900 in 2012/13.
Net beef sales totaled 12,000 tons, down 31% from the prior week and 13% lower than the four week average. The listed buyers were Japan (8,100 tons), Canada (1,200 tons), Hong Kong (900 tons), South Korea (700 tons), and Taiwan (300 tons).
USDA states that due to late reported sales and exports from earlier this year that weren’t reported until this week, pork totaled 254,300 tons. The reported purchasers were Mexico (70,900 tons), Japan (57,900 tons), Russia (42,600 tons), China (31,200 tons), and South Korea (19,100 tons).