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Weekly corn, wheat exports top estimates

The USDA reports old crop corn and wheat exports for the week ending May 11th were above most pre-report estimates, while soybeans were within expectations. Physical shipments of corn and soybeans were above what’s needed to meet USDA projections for the 2016/17 marketing year. The 2016/17 marketing year runs through the end of May for wheat, the end of August for corn, soybeans, and sorghum, and the end of September for soybean products.

Wheat came out at 247,600 tons (9.1 million bushels), up sharply from the week ending May 4th and 40% higher than the four week average. China purchased 69,000 tons and Nigeria bought 51,000 tons, but unknown destinations canceled on 131,500 tons. Nearing the end of the 2016/17 marketing year, wheat sales are 1.036 billion bushels, compared to 758.7 million late in 2015/16. Sales of 393,100 tons (14.4 million bushels) for 2017/18 delivery were mainly to Japan (76,400 tons) and unknown destinations (65,700 tons).

Corn was reported at 705,300 tons (27.8 million bushels), a big jump from the previous week and 1% above than the four week average. Japan picked up 152,800 tons and Mexico purchased 113,000 tons, but unknown destinations canceled on 283,100 tons. At this point in the marketing year, corn sales are 2.079 billion bushels, compared to 1.592 billion this time last year. Sales of 168,000 tons (6.6 million bushels) were primarily to unknown destinations (135,000 tons) and Japan (27,000 tons).

Sorghum sales were 56,200 tons (2.2 million bushels), significantly more than the prior week and up 5% from the four week average. China bought 104,400 tons, Mexico picked up 1,000 tons, and Japan purchased 900 tons, but unknown destinations canceled on 50,000 tons. For the marketing year to date, sorghum sales are 169.7 million bushels, compared to 275.7 million a year ago.

Soybeans were pegged at 355,300 tons (13.1 million bushels), 10% higher than the week before, but 6% lower than the four week average. China bought 124,000 tons and Bangladesh picked up 57,700 tons. So far this marketing year, soybean sales are 2.107 billion bushels, compared to 1.724 billion last year. Sales of 41,500 tons (1.5 million bushels) for 2017/18 delivery were to unknown destinations.

Soybean meal came out at 113,600 tons, down 17% from the previous week and 7% less than the four week average. Colombia purchased 49,200 tons and Mexico bought 22,700 tons, while Ecuador canceled on 20,000 tons. Cumulative soybean meal sales are 9,333,100 tons, compared to 9,171,200 a year ago. Sales of 60,300 tons for 2017/18 delivery were to Mexico (48,300 tons) and Ecuador (12,000 tons).

Soybean oil was reported at 14,900 tons, a drop of 49% from the week before and 16% below the four week average. The Dominican Republic picked up 9,700 tons and unknown destinations purchased 2,500 tons. 2016/17 soybean oil sales are 876,500 tons, compared to 855,900 in 2015/16. Sales of 600 tons for 2017/18 delivery were to Canada.

Net beef sales totaled 7,600 tons, down 30% on the week and 56% lower than the four week average. The listed buyers were Japan (2,400 tons), Mexico (1,400 tons), Taiwan (1,100 tons), Canada (900 tons), and South Korea (900 tons), with cancellations by Brazil (100 tons) and Ivory Coast (100 tons). Sales of 300 tons for 2018 delivery were to Canada.

Net pork sales totaled 15,600 tons, a decrease of 11% on the week and 31% from the four week average. The reported purchasers were Mexico (4,400 tons), Japan (3,700 tons), Australia (1,700 tons), South Korea (1,700 tons), and Canada (1,000 tons). Sales of 700 tons for 2018 delivery were to Japan.

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