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Old crop corn, soybean exports up on week

The USDA reports old crop corn and soybean export sales for the week ending July 13th were larger than what most analysts were expecting. Physical shipments of corn and wheat were above what’s needed weekly to meet USDA projections for their respective marketing years. The 2016/17 marketing year for corn, soybeans, and sorghum runs through the end of August.

Wheat came out at 669,500 tons (24.6 million bushels), up 87% from the week ending July 6th and 52% higher than the four week average. The Philippines purchased 164,900 tons and South Korea bought 88,000 tons, while unknown destinations canceled on 52,200 tons. About a month and a half into the 2017/18 marketing year, wheat sales are 346.1 million bushels, compared to 340.1 million in 2016/17.

Corn was reported at 466,500 tons (18.4 million bushels), quite a bit more than both the previous week and the four week average. Japan picked up 263,100 tons and Mexico purchased 209,000 tons, but unknown destinations canceled on 186,700 tons. At this point in the 2016/17 marketing year, corn sales are 2.214 billion bushels, compared to 1.900 billion in 2015/16. Sales of 212,100 tons (8.4 million bushels) for 2017/18 delivery were mainly to Mexico (64,000 tons) and unknown destinations (50,800 tons).

Sorghum sales were 57,000 tons (2.2 million bushels), all to China. So far this marketing year, sorghum sales are 181.9 million bushels, compared to 311.1 million this time last year. Sales of 66,000 tons (2.6 million bushels) for 2017/18 delivery were to unknown destinations.

Soybeans were pegged at 409,600 tons (15.1 million bushels), 80% larger than the week before and 61% above the four week average. Unknown destinations bought 123,000 tons and Mexico picked up 81,100 tons, while Spain canceled on 70,000 tons. For the marketing year to date, soybean sales are 2.218 billion bushels, compared to 1.909 billion a year ago. Sales of 1,522,500 tons (55.9 million bushels) were primarily to China (1.3 million tons).

Soybean meal came out at 41,400 tons, a significant increase from the prior week, but a decrease of 5% from the four week average. Venezuela purchased 23,000 tons and Colombia bought 18,700 tons. Cumulative soybean meal sales are 10,048,200 tons, compared to 10,179,900 last year. Sales of 75,900 tons for 2017/18 delivery were mostly to the Philippines.

Soybean oil was reported at 25,400 tons, up 57% from the previous week and considerably higher than the four week average. The Dominican Republic picked up 15,700 tons and Guatemala purchased 5,100 tons. 2016/17 soybean oil sales are 1,031,100 tons, compared to 1,122,100 in 2015/16.

Net beef sales totaled 12,400 tons, down 1% on the week and 14% lower than the four week average. The listed buyers were Japan (4,000 tons), Mexico (3,200 tons), South Korea (2,200 tons), Canada (1,400 tons), and Hong Kong (700 tons), with a cancellation by Egypt (500 tons).

Net pork sales totaled 11,700 tons, 21% more than the prior week, but 36% less than the four week average. The reported purchasers were Mexico (5,600 tons), Japan (2,500 tons), Canada (1,300 tons), Hong Kong (400 tons), and South Korea (300 tons).

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