Weekly corn, wheat exports within expectations
The USDA reports combined old and new crop soybean export sales for the week ending April 13th were below most pre-report estimates, while corn and wheat were within their respective anticipated ranges. Physical shipments of corn, soybeans, and wheat were all above what’s needed weekly to meet USDA projections for the 2016/17 marketing year.
Wheat came out at 414,000 tons (15.2 million bushels), down 2% from the week ending April 6th and 12% lower than the four week average. Indonesia purchased 73,900 tons and Japan bought 71,900 tons, but unknown destinations canceled on 110,900 tons. With about a month and a half left in the 2016/17 marketing year, wheat sales are 1.016 billion bushels, compared to 722.0 million in 2015/16. Sales of 137,200 tons (5.0 million bushels) for 2017/18 delivery were mainly to China (50,000 tons) and unknown destinations (38,000 tons).
Corn was reported at 756,400 tons (29.8 million bushels), 3% more than the previous week, but 23% less than the four week average. Japan picked up 339,300 tons and South Korea purchased 198,700 tons, while unknown destinations canceled on 191,400 tons. At this point in the marketing year, corn sales are 1.971 billion bushels, compared to 1.375 billion this time last year. Sales of 91,800 tons (3.6 million bushels) for 2017/18 delivery were to Japan (71,500 tons) and Mexico (20,300 tons).
Sorghum sales were 46,900 tons (1.8 million bushels). China bought 100,700 tons, but cancellations were made by unknown destinations (53,000 tons), Japan (600 tons), and Mexico (200 tons). Sales this marketing year are 160.9 million bushels, compared to 259.4 million a year ago.
Soybeans were pegged at 211,000 tons (7.8 million bushels), 48% below week before and a decline of 60% from the four week average. The Netherlands picked up 160,800 tons and China purchased 75,100 tons, but unknown destinations canceled on 149,700 tons. For the marketing year to date, soybean sales are 2.047 billion bushels, compared to 1.658 billion last year. Sales of 14,000 tons (500,000 bushels) for 2017/18 delivery were to Mexico.
Soybean meal came out at 135,000 tons, 15% under the prior week and down 7% from the four week average. The Philippines bought 46,500 tons and Colombia picked up 15,100 tons. Cumulative soybean meal sales are 8,867,900 tons, compared to 8,620,800 a year ago. Sales of 100 tons for 2017/18 delivery were to Canada.
Soybean oil was reported at 33,200 tons, up 78% from the previous week and 93% higher than the four week average. South Korea purchased 11,000 tons and the Dominican Republic bought 7,200 tons. 2016/17 soybean oil sales are 824,000 tons, compared to 730,000 in 2015/16.
Net beef sales totaled 19,700 tons, an increase of 26% on the week and 30% larger than the four week average. The listed purchasers were South Korea (10,500 tons), Japan (3,200 tons), Hong Kong (1,800 tons), Mexico (1,700 tons), and Taiwan (1,100 tons).
Net pork sales totaled 36,200 tons, a jump of 48% from the week before and 49% from the four week average. The reported buyers were China (23,900 tons), Japan (2,900 tons), Mexico (2,500 tons), Hong Kong (1,900 tons), and South Korea (1,000 tons), with a cancellation by Guatemala (500 tons).
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