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Old crop corn exports hit marketing year low

The USDA reports combined old and new crop corn and soybean exports sales for the week ending July 20th were within most pre-report estimates. Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the 2016/17 marketing year, which runs through August.

Wheat came out at 669,500 tons (18.3 million bushels), down 26% from the week ending July 13th, but up 5% from the four week average. Taiwan purchased 105,200 tons and South Korea bought 88,100 tons. More than a month and a half into the 2017/18 marketing year, wheat sales are 364.4 million bushels, compared to 358.7 million in 2016/17.

Old crop corn sales were a new marketing year low at 92,000 tons (3.6 million bushels), a drop of 80% from the previous week and 66% lower than the four week average. Japan picked up 192,700 tons and Mexico purchased 57,500 tons, but unknown destinations canceled on 194,500 tons. With just over a month left in the 2016/17 marketing year, corn sales are 2.217 billion bushels, compared to 1.917 billion late in 2015/16. Sales of 486,600 tons (19.2 million bushels) for 2017/18 delivery were mainly to unknown destinations (160,000 tons) and Mexico (136,400 tons).

Sorghum sales were 52,000 tons (2.0 million bushels), all to China. At this point in the marketing year, sorghum exports are 183.9 million bushels, compared to 313.9 million this time last year.

Soybeans were pegged at 303,400 tons (11.1 million bushels), 26% less than the week before and 8% under the four week average. The Netherlands bought 139,700 tons and China picked up 138,500 tons, but unknown destinations canceled on 135,800 tons. So far this marketing year, soybean sales are 2.229 billion bushels, compared to 1.907 billion a year ago. Sales of 531,800 tons (19.5 million bushels) for 2017/18 delivery were primarily to China (192,000 tons) and unknown destinations (123,300 tons).

Soybean meal came out at 6,700 tons, a decline of 80% on the week and 79% from the four week average. Canada purchased 19,400 tons and Colombia bought 17,100 tons, but Peru canceled on 32,500 tons. Cumulative soybean meal sales are 10,055,000 tons, compared to 10,259,100 last year. Sales of 55,200 tons for 2017/18 delivery were mostly to Mexico (31,100 tons) and Nicaragua (10,500 tons).

Soybean oil was reported at 14,900 tons, down 41% from the prior week and 2% lower than the four week average. South Korea picked up 28,000 tons and Guatemala purchased 4,000 tons, but unknown destinations canceled on 15,000 tons. 2016/17 soybean oil sales are 1,046,000 tons, compared to 1,128,600 in 2015/16.

Net beef sales totaled 13,900 tons, up 13% on the week and 5% higher than the four week average. The listed buyers were South Korea (4300 tons), Egypt (2,300 tons), Mexico (1,800 tons), Japan (1,700 tons), and Canada (1,300 tons), with cancellations by Indonesia (200 tons) and South Africa (100 tons).

Net pork sales totaled 19,100 tons, an increase of 63% from the previous week and 26% more than the four week average. The reported purchasers were Mexico (9,300 tons), Japan (3,100 tons), South Korea (2,100 tons), Canada (1,700 tons), and Australia (1,100 tons).

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