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Strong week for U.S. pork exports

The USDA says corn and soybean meal export sales for the week ending June 22nd were below most pre-report estimates. Physical shipments of corn and soybeans were more than what’s needed to meet USDA projections for the 2016/17 marketing year and wheat topped its mark for 2017/18. The 2016/17 marketing year for corn, soybeans, and sorghum runs through August.

Wheat came out at 492,100 tons (18.1 million bushels). Mexico purchased 157,600 tons and Indonesia bought 135,100 tons, but unknown destinations canceled on 204,700 tons. Less than a month into the 2017/18 marketing year, wheat sales are 294.6 million bushels, compared to 280.6 million at this stage of 2016/17.

Corn was reported at 316,200 tons (12.4 million bushels), down 40% from the week ending June 15th and 33% lower than the four week average. Mexico picked up 144,900 tons and Japan purchased 106,600 tons, while unknown destinations canceled on 107,000 tons. With less than a quarter left in the 2016/17 marketing year, corn sales are 2.183 billion bushels, compared to 1.846 billion in 2015/16. Sales of 68,400 tons (2.7 million bushels) for 2017/18 delivery were mainly to unknown destinations (51,400 tons).

Sorghum sales were 2,000 tons (100,000 bushels), all to China. So far this marketing year, sorghum exports are 174.5 million bushels, compared to 305.1 million this time last year.

Soybeans were pegged at 312,400 tons (11.5 million bushels), up sharply from the previous week and 2% higher than the four week average. Bangladesh bought 110,000 tons and the Netherlands picked up 79,600 tons. At this point in the marketing year, soybean sales are 2.181 billion bushels, compared to 1.862 billion a year ago. Sales of 2,000 tons (100,000 bushels) for 2017/18 delivery were to Taiwan.

Soybean meal hit a new marketing year low at 38,000 tons; a drop of 56% from the week before and 67% under the four week average. Canada purchased 8,900 tons and Mexico bought 7,800 tons. Cumulative soybean meal sales are 9,958,000 tons, compared to 9,816,100 last year. Sales of 21,400 tons for 2017/18 delivery were primarily to Mexico (16,400 tons).

Soybean oil came out at 12,600 tons, 5% less than the prior week and 40% below the four week average. The Dominican Republic picked up 6,500 tons and Colombia bought 3,600 tons. 2016/17 soybean oil sales are 983,000 tons, compared to 1,038,200 in 2015/16.

Net beef sales totaled 11,200 tons, down 33% on the week and 12% lower than the four week average. The reported purchasers were Japan (2,900 tons), Taiwan (1,900 tons), South Korea (1,500 tons), Mexico (1,300 tons), and Canada (1,200 tons), with a cancellation by South Africa (100 tons). Net sales of 200 tons for 2018 delivery were to Canada.

Net pork exports totaled 26,200 tons, up 6% from the previous week and 43% higher than the four week average. The listed buyers were Mexico (17,200 tons), Japan (2,600 tons), South Korea (2,600 tons), Canada (1,600 tons), and Hong Kong (800 tons), with cancellations by Angola (100 tons) and Australia (100 tons).

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