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USDA reports very slow week for export sales

The USDA reports corn, soybean, and wheat export sales for the week ending December 29th, 2016 were below most pre-report estimates and new marketing year lows. Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the 2016/17 marketing year.

Wheat came out at 183,700 tons (6.7 million bushels), down 68% from the week ending December 22nd and 61% lower than the four week average. The Philippines purchased 98,200 tons and Taiwan bought 56,800 tons, but unknown destinations canceled on 153,400 tons. For the 2016/17 marketing year to date, wheat sales are 769.8 million bushels, compared to 579.8 million in 2015/16.

Corn was reported at 429,200 tons (16.9 million bushels), 55% less than the previous week and 67% under the four week average. Japan picked up 161,400 tons and Peru purchased 100,900 tons, while Mexico canceled on 28,300 tons. So far this marketing year, corn sales are 1.407 billion bushels, compared to 805.2 million this time last year.

Sorghum had a net reduction of 200 tons, with sales to China (500 tons) and Mexico (200 tons) offset by a cancellation by China (900 tons). Sorghum sales are 119.5 million bushels, compared to 214.6 million a year ago.

Soybeans were pegged at 87,500 tons (3.2 million bushels), a drop of 91% from the week before and a decline of 94% from the four week average. China bought 641,500 tons and Indonesia picked up 80,000 tons, but unknown destinations canceled on 898,300 tons. At this point in the marketing year, soybean sales are 1.763 billion bushels, compared to 1.394 billion last year. Sales of 200 tons for 2017/18 delivery were to Japan.

Soybean meal hit a new marketing year low at 83,300 tons. That’s down 67% from the prior week and 59% lower than the four week average. Mexico purchased 22,100 tons and Canada bought 15,800 tons. Cumulative soybean meal sales are 5,647,700 tons, compared to 6,121,700 a year ago.

Soybean oil came out at 30,900 tons, up 64% from the previous week and 41% higher than the four week average. Mexico picked up 14,600 tons and the Dominican Republic purchased 7,100 tons. 2016/17 soybean oil sales are 522,200 tons, compared to 550,000 in 2015/16.

Net beef sales totaled 1,700 tons, 83% less than the week before and 56% under the four week average. The reported buyers were Japan (700 tons), Chile (400 tons), Taiwan (400 tons), Canada (200 tons), and Mexico (200 tons). Sales of 5,200 tons for 2017 delivery were mainly to Japan (2,700 tons), South Korea (900 tons), Hong Kong (600 tons), and Mexico (500 tons).

Net pork sales were a new marketing year low at 300 tons, a decline of 93% on the week and a drop of 96% from the four week average. The listed purchasers were Canada (500 tons), Mexico (300 tons), Japan (200 tons), and Colombia (100 tons), with cancellations by South Korea (800 tons) and China (200 tons). Sales of 14,200 tons for 2017 delivery were primarily to Mexico (8,000 tons), Japan (2,700 tons), Hong Kong (1,700 tons), and South Korea (1,600 tons).

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