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Weekly soybean, wheat exports above expectations

The USDA reports soybean and wheat export sales for the week ending February 9th topped most pre-report estimates, while corn was towards the high end of expectations. 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 569,100 tons (20.9 million bushels), up 8% from the week ending February 2nd and 10% higher than the four week average. Unknown destinations purchased 149,000 tons and Mexico bought 99,600 tons. For the 2016/17 marketing year to date, wheat sales are 881.3 million bushels, compared to 635.4 million in 2015/16. Sales of 19,500 tons (700,000 bushels) for 2017/18 delivery were to unknown destinations (18,000 tons) and Honduras (1,500 tons).

Corn was reported at 783,500 tons (30.8 million bushels), down 19% from the previous week and 35% lower than the four week average. Japan picked up 708,800 tons and Peru purchased 83,600 tons, but unknown destinations canceled on 381,200 tons. So far this marketing year, corn sales are 1.652 billion bushels, compared to 1.011 billion this time last year. Sales of 285,200 tons (11.2 million bushels) for 2017/18 delivery were mainly to Japan (229,000 tons).

Sorghum sales were 134,900 tons (5.3 million bushels), larger than both the week before and the four week average. China bought 174,500 tons and Japan picked up 13,000 tons, but unknown destinations canceled on 70,000 tons. Sorghum sales this marketing year are 133.3 million bushels, compared to 248.3 million a year ago.

Soybeans were pegged at 890,000 tons (32.7 million bushels), a jump of 93% from the prior week and 41% more than the four week average. China purchased 262,300 tons and unknown destinations bought 175,600 tons. At this point in the marketing year, soybean sales are 1.901 billion bushels, compared to 1.529 billion last year. Sales of 207,400 tons (7.6 million bushels) were primarily to Japan (101,900 tons) and unknown destinations (66,000 tons).

Soybean meal came out at 121,300 tons, 65% less than the previous week and 62% under the four week average. Unknown destinations picked up 36,300 tons and Peru purchased 25,500 tons, but Egypt canceled on 35,700 tons. Cumulative soybean meal sales this marketing year are 7,147,400 tons, compared to 7,155,000 a year ago.

Soybean oil was reported at 9,900 tons, a drop of 72% from the week before and a decline of 71% from the four week average. The Dominican Republic bought 5,200 tons and Colombia picked up 3,000 tons. 2016/17 soybean oil sales are 707,800 tons, compared to 625,500 in 2015/16.

Net beef sales totaled 13,300 tons, down 16% on the week and 12% lower than the four week average. The listed purchasers were Japan (3,500 tons), South Korea (3,300 tons), Canada (2,000 tons), Mexico (2,000 tons), and Hong Kong (1,300 tons).

Net pork sales totaled 18,600 tons, an increase from 36% from the prior week, but a decrease of 26% from the four week average. The reported buyers were Mexico (5,500 tons), Japan (4,300 tons), South Korea (2,600 tons), Canada (2,200 tons), and the Philippines (1,200 tons).

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