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Beef exports up sharply on week

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The USDA reports corn, soybean, soybean meal, and wheat export sales for the week ending February 18th were within pre-report estimates, while soybean oil sales were below expectations.

Wheat came out at 387,900 tons (14.3 million bushels), up 53% from the week ending February 11th and 77% higher than the four week average. Unknown destinations purchased 133,100 tons and Japan bought 98,000 tons. For the 2015/16 marketing year to date, wheat sales are 649.7 million bushels, compared to 784.1 million in 2014/15. Sales of 98,300 tons (3.6 million bushels) for 2016/17 delivery were mainly to Mexico (47,500 tons) and Honduras (19,000 tons).

Corn was reported at 934,400 tons (36.8 million bushels), 11% less than the previous week, but 10% more than the four week average. Japan picked up 334,800 tons and unknown destinations purchased 170,500 tons. So far this marketing year, corn sales are 1.048 billion bushels, compared to 1.370 billion this time last year. Sales of 131,800 tons (5.2 million bushels) for 2016/17 delivery were primarily to unknown destinations (105,200 tons).

Sorghum sales were 43,200 tons (1.7 million bushels), a decrease of 78% on the week and a drop of 73% from the four week average. China bought 119,700 tons and Pakistan picked up 29,000 tons, but unknown destinations canceled on 105,500 tons. During the current marketing year, sorghum sales are 250,000 tons, compared to 293,000 a year ago.

Soybeans were pegged at 328,300 tons, down 34% from the week before and 23% lower than the four week average. China purchased 270,000 tons and the Netherlands bought 132,700 tons, but unknown destinations canceled on 529,000 tons. At this point in the marketing year, soybean sales are 1.544 billion bushels, compared to 1.727 billion last year. Sales of 300 tons for 2016/17 delivery were to Japan.

Soybean meal came out at 171,700 tons, 54% above the prior week and unchanged from the four week average. The Philippines picked up 81,600 tons and Colombia purchased 55,100 tons, while Japan canceled on 49,300 tons. Cumulative soybean meal sales for the current marketing year are 7,326,700 tons, compared to 8,847,800 a year ago.

Soybean oil was reported at 3,200 tons, 75% lower than the previous week and 67% less than the four week average. Mexico bought 2,900 tons. 2015/16 soybean oil sales are 652,100 tons, compared to 573,400 in 2014/15.

Net beef sales totaled 12,500 tons, up 64% on the week and 6% higher than the four week average. The listed purchasers were Japan (4,500 tons), South Korea (2,900 tons), the Philippines (1,800 tons), Mexico (900 tons), and Taiwan (900 tons).

Net pork sales totaled 14,400 tons, down 27% from the week before and 39% lower than the four week average. The reported buyers were Mexico (7,800 tons), Japan (2,800 tons), Hong Kong (1,400 tons), Canada (1,000 tons), and South Korea (500 tons).

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