Strong week for new crop soybean, corn sales
USDA reports combined old and new crop corn, soybean, and soybean meal export sales for the week ending July 17 were larger than expected, while soybean oil and wheat were within pre-report estimates. Shipments of soybeans and wheat were more than what’s needed weekly to meet USDA projections for their respective marketing years, but corn fell short of its mark.
Wheat came out at 443,200 tons (16.3 million bushels). Japan picked up 92,800 tons and Nigeria bought 71,300 tons, while unknown destinations canceled on 45,000 tons. Around a month and a half into the 2014/15 marketing year, wheat sales are 328.2 million bushels, compared to 451.8 million early in 2013/14.
Corn was reported at 291,500 tons (11.5 million bushels), down 49% from the week ending July 10 and 21% lower than the four week average. Japan purchased 216,200 tons and Spain picked up 70,000 tons, but unknown destinations canceled on 220,100 tons. For the 2013/14 marketing year to date, corn sales are 1.907 billion bushels, compared to 735.6 million in 2012/13. Sales of 1,143,400 tons (45.0 million bushels) for 2014/15 delivery were mainly to unknown destinations (644,000 tons) and Japan (268,400 tons).
Soybeans were pegged at 226,700 tons (8.3 million bushels), up from both the previous week and the four week average. China bought 158,800 tons and Indonesia purchased 103,600 tons, while unknown destinations canceled on 87,400 tons. At this point in the marketing year, corn sales are 1.907 billion bushels, compared to 735.6 million this time last year. Sales of 2,451,100 tons (90.1 million bushels) for 2014/15 delivery were primarily to China (1,238,500 tons) and unknown destinations (949,600 tons).
Soybean meal came out at 93,900 tons, 12% higher than the week before and 33% larger than the four week average. Mexico picked up 26,200 tons and Honduras bought 12,400 tons. So far this marketing year, soybean meal sales are 10,039,900 tons, compared to 9,708,800 a year ago. Sales of 348,900 tons for 2014/15 delivery were mostly to unknown destinations (232,600 tons) and Honduras (20,000 tons).
Soybean oil was reported at 2,900 tons, a decline of 65% on the week and 72% from the four week average. Mexico purchased 2,100 tons and Nicaragua picked up 600 tons. Cumulative soybean oil sales are 782,500 tons, compared to 900,300 last year.
Net beef sales totaled 10,800 tons, up 20% from the previous week, but down 13% from the four week average. The reported buyers were Japan (3,100 tons), Mexico (2,600 tons), Canada (1,800 tons), South Korea (1,500 tons), and Hong Kong (600 tons).
Net pork sales totaled 4,300 tons, 26% more than the prior week, but 59% less than the four week average. The listed purchasers were Japan (1,400 tons), Mexico (600 tons), South Korea (600 tons), Hong Kong (500 tons), and China (200 tons), with a cancellation by Canada (100 tons).
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