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U.S. corn, wheat, beef exports up on week

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The USDA reports corn, soybean, and wheat export sales for the week ending July 21st were within pre-report estimates. Nearing the end of the 2015/16 marketing year, corn and soybean export sales have met the USDA’s respective marks, and 2016/17 U.S. wheat exports are preforming better than expected.

Wheat came out at 506,100 tons (18.6 million bushels), up 6% from the week ending July 14th, but down 11% from the four week average. Japan purchased 158,200 tons and Mexico bought 76,000 tons, while unknown destinations canceled on 44,500 tons. At this point in the 2016/17 marketing year, wheat sales are 358.7 million bushels, compared to 282.4 million less than two months into 2015/16.

Corn was reported at 438,800 tons (17.3 million bushels), 27% higher than the previous week, but 5% lower than the four week average. Japan picked up 96,200 tons and South Korea purchased 75,900 tons, but unknown destinations canceled on 210,500 tons. Near the end of the 2015/16 marketing year, corn sales are 1.917 billion bushels, compared to 1.855 billion late in 2014/15. Sales of 476,500 tons (18.8 million bushels) for 2016/17 delivery were mainly to unknown destinations (181,800 tons) and Peru (140,000 tons).

Sorghum sales were 71,600 tons (2.8 million bushels), with sales of 500 to 118,000 tons partially offset by a cancellation on 58,000 tons. Currently, sorghum exports are 313.9 million bushels, compared to 335.1 million this time last year. Sales of 12,200 tons (500,000 bushels) for 2016/17 delivery were to Mexico.

Old crop soybean sales had a net reduction of 1,400 tons (-100,000 bushels). China bought 226,300 tons and the Netherlands picked up 77,000 tons, but unknown destinations canceled on 475,600 tons. So far this marketing year, soybean sales are 1.910 billion bushels, compared to 1.876 billion a year ago. Sales of 678,200 tons (24.9 million bushels) for 2016/17 delivery were primarily to unknown destinations (564,500 tons) and China (60,000 tons).

Soybean meal was pegged at 79,200 tons, 47% less than the week before and 34% under the four week average. The Dominican Republic purchased 25,600 tons and Bangladesh bought 12,100 tons, but unknown destinations canceled on 48,900 tons. Cumulative soybean meal sales this marketing year are 10,259,100 tons, compared to 11,293,400 last year. Sales of 75,100 tons for 2016/17 delivery were mostly to Mexico (60,400 tons).

Soybean oil came out at 6,500 tons, down 62% from the prior week and 82% lower than the four week average. Mexico picked up 5,700 tons and Canada purchased 500 tons. 2015/16 soybean oil sales are 1,137,500 tons, compared to 853,500 in 2014/15.

Net beef sales totaled 20,700 tons, an increase of 44% on the week and 45% more than the four week average. The reported buyers were Japan (6,000 tons), South Korea (5,600 tons), Mexico (3,300 tons), Hong Kong (2,500 tons), and Canada (1,400 tons).

Net pork sales totaled 10,700 tons, a decrease of 5% from the previous week and 9% less than the four week average. The listed purchasers were Mexico (7,600 tons), Japan (3,300 tons), Hong Kong (1,200 tons), Canada (1,100 tons), and Chile (300 tons), with a cancellation by China (3,200 tons).

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