Beef exports up sharply on week
The USDA reports soybean and wheat export sales for the week ending June 29th were within most pre-report estimates. Physical shipments of corn and wheat were above what’s needed weekly to meet USDA projections for their respective marketing years.
Wheat came out at 375,300 tons (13.8 million bushels). The Philippines purchased 105,000 tons and South Korea bought 80,100 tons, but unknown destinations canceled on 149,100 tons. About a month into the 2017/18 marketing year, wheat sales are 308.4 million bushels, compared to 310.9 million in 2016/17.
Old crop corn export sales were a new marketing year low at 140,300 tons (5.5 million bushels); that’s down 56% from the week ending June 22nd and 69% lower than the four week average. The Netherlands picked up 135,100 tons and Mexico purchased 81,000 tons, but unknown destinations canceled on 278,400 tons. With less than a quarter left in the 2016/17 marketing year, corn sales are 2.189 billion bushels, compared to 1.860 billion in 2015/16. Sales of 74,500 tons (2.9 million bushels) for 2017/18 delivery were mainly to Mexico (69,000 tons).
Sorghum sales were reported at 71,500 tons (2.8 million bushel). Unknown destinations bought 66,000 tons and China picked up 4,000 tons. Sales this marketing year are 177.3 million bushels, compared to 307.3 million this time last year.
Soybeans were pegged at 365,500 tons (13.4 million bushels), up 17% from the previous week and 58% higher than the four week average. Mexico purchased 141,200 tons and unknown destinations bought 92,100 tons. So far this marketing year, soybean sales are 2.195 billion bushels, compared to 1.885 billion a year ago. Sales of 73,200 tons (2.7 million bushels) for 2017/18 delivery were primarily to China (59,000 tons).
Soybean meal came out at 45,100 tons, 19% more than the prior week, but 52% less than the four week average. Mexico picked up 27,200 tons and Morocco purchased 25,000 tons, but Colombia canceled on 31,000 tons. Cumulative soybean meal sales are 10,003,100 tons, compared to 9,893,500 last year. Sales of 35,100 tons for 2017/18 delivery were mostly to unknown destinations (25,000 tons) and the Dominican Republic (19,000 tons).
Soybean oil was reported at 6,600 tons, 48% below the week before and 64% under the four week average. Mexico bought 3,400 tons and Colombia picked up 3,000 tons. 2016/17 soybean oil sales are 989,600 tons, compared to 1,056,300 in 2015/16.
Net beef sales totaled 17,000 tons, up 52% on the week and 36% higher than the four week average. The listed purchasers were Japan (12,200 tons), Hong Kong (1,300 tons), South Korea (1,100 tons), Mexico (1,000 tons), and Taiwan (700 tons), with a cancellation by Egypt (400 tons).
Net pork sales totaled 13,200 tons, down 52% from the previous week and 39% lower than the four week average. The reported buyers were Mexico (5,100 tons), Hong Kong (3,300 tons), Japan (1,800 tons), Canada (1,400 tons), and Colombia (400 tons), with a cancellation by Costa Rica (100 tons).
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