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Weekly corn exports top 49 million bushels

The USDA reports that for the week ending March 9th, combined old and new crop exports sales of corn, soybeans, and soybean meal were above 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.

Wheat came out at 264,400 tons (9.7 million bushels), down 33% from the week ending March 2nd and 38% lower than the four week average. Mexico purchased 118,500 tons and China bought 103,000 tons, but unknown destinations canceled on 182,700 tons. For the 2016/17 marketing year to date, wheat sales are 932.1 million bushels, compared to 682.3 million in 2015/16. Sales of 74,200 tons (2.7 million bushels) for 2017/18 delivery were mainly to Jamaica (42,000 tons) and the Philippines (28,000 tons).

Corn was reported at 1,255,400 tons (49.4 million bushels), up 69% from the previous week and 70% higher than the four week average. Mexico picked up 300,400 tons and Japan purchased 282,600 tons. So far this marketing year, corn sales are 1.788 billion bushels, compared to 1.183 billion this time last year. Sales of 218,100 tons (8.6 million bushels) for 2017/18 delivery were primarily to Mexico (90,000 tons) and Panama (78,500 tons).

Sorghum sales were 16,000 tons (600,000 bushels), a drop of 86% on the week and 82% from the four week average. China bought 53,300 tons and Japan picked up 13,300 tons, but unknown destinations canceled on 55,700 tons. Sales this marketing year are 142.2 million bushels, compared to 254.0 million a year ago.

Soybeans were pegged at 471,600 tons (8.3 million bushels), 3% less than the week before and 12% under the four week average. China purchased 221,400 tons and Germany bought 152,400 tons, while unknown destinations canceled on 143,600 tons. At this point in the marketing year, soybean sales are 1.964 billion bushels, compared to 1.591 billion last year. Sales of 225,800 tons (8.3 million bushels) for 2017/18 delivery were mostly to unknown destinations (195,000 tons).

Soybean meal came out at 389,500 tons, 30% more than the prior week and quite a bit above the four week average. The Philippines picked up 131,600 tons and Colombia purchased 72,700 tons, while unknown destinations canceled on 23,600 tons. Cumulative soybean meal sales are 8,151,700 tons, compared to 7,588,800 a year ago. Net sales of 4,300 tons for 2017/18 delivery were to Panama (18,000 tons), with a cancellation by Mexico (13,700 tons).

Soybean oil had a net reduction of 35,800 tons, with sales of 1,600 to 12,000 tons more than offset by cancellations of 8,000 to 34,300 tons. 2016/17 soybean oil sales are 721,900 tons, compared to 682,300 in 2015/16. Sales of 1,200 tons for 2017/18 delivery were to Mexico.

Net beef sales totaled 16,100 tons, down 4% from the previous week, but up 15% from the four week average. The reported buyers were Japan (6,600 tons), South Korea (4,200 tons), Canada (2,100 tons), Mexico (1,100 tons), and Hong Kong (700 tons).

Net pork sales totaled 12,900 tons, a decrease of 29% on the week and 31% from the four week average. The listed purchasers were Japan (3,800 tons), Mexico (3,000 tons), Hong Kong (1,500 tons), South Korea (1,200 tons), and Australia (1,100 tons).

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