Good week for old crop corn, soybean sales
USDA reports wheat export sales for the week ending July 3 were below pre-report estimates, while corn, soybeans, and soybean products all fell within expectations. Physical shipments of corn and soybeans were above what’s needed weekly to meet USDA projections for the 2013/14 marketing year, but wheat was below its mark for 2014/15.
Wheat came out at 338,100 tons (12.4 million bushels). The Philippines purchased 107,200 tons and Saudi Arabia bought 68,300 tons, while unknown destinations canceled on 43,500 tons. Roughly a month into the 2014/15 marketing year, wheat sales are 300.1 million bushels, compared to 390.9 million in 2013/14.
Corn was reported at 363,000 tons (14.3 million bushels), up 25% from the week ending June 26 and 36% higher than the four week average. South Korea picked up 199,000 tons and Japan purchased 188,600 tons, but unknown destinations canceled on 424,900 tons. For the 2013/14 marketing year to date, corn sales are 1.873 billion bushels, compared to 730.7 million in 2012/13. Sales of 381,600 tons (15.0 million bushels) for 2014/15 delivery were mainly to Egypt (176,000 tons) and unknown destinations (122,500 tons).
Soybeans were pegged at 56,300 tons (2.1 million bushels), 39% more than the previous week, but 59% less than the four week average. China bought 59,200 tons and Taiwan picked up 27,000 tons, while unknown destinations canceled on 86,000 tons. So far this marketing year, soybean sales are 1.675 billion bushels, compared to 1.351 billion this time last year. Sales of 526,500 tons (19.3 million bushels) for 2014/15 delivery were primarily to China (399,500 tons) and unknown destinations (108,000 tons).
Soybean meal came out at 48,800 tons, down 41% on the week and 26% lower than the four week average. Mexico purchased 14,600 tons and the Philippines bought 13,900 tons. At this point in the marketing year, soybean meal sales are 9,862,300 tons, compared to 9,483,200 a year ago. Sales of 93,500 tons for 2014/15 delivery were primarily to unknown destinations (82,500 tons) and the Dominican Republic (4,000 tons).
Soybean oil was reported at 12,800 tons, a decline of 34% from the week before and 51% below the four week average. Unknown destinations picked up 10,000 tons, Nicaragua purchased 1,100 tons, and Guatemala bought 1,000 tons. 2013/14 soybean oil sales are 771,100 tons, compared to 886,500 in 2012/13.
Net beef sales totaled 17,900 tons, up sharply on the week and 58% higher than the four week average. The listed buyers were Japan (9,500 tons), Mexico (2,400 tons), Hong Kong (2,100 tons), South Korea (1,700 tons), and Canada (800 tons).
Net pork sales totaled 8,900 tons, down 27% from the prior week and 19% lower than the four week average. The reported purchasers were Mexico (3,900 tons), Japan (1,300 tons), Canada (800 tons), South Korea (700 tons), and China (500 tons).
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