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Weekly soybean, wheat exports top estimates

The USDA reports combined old and new crop soybean and wheat export sales for the week ending March 23rd were above most pre-report estimates, while soybean products were within expectations and corn was below many anticipated ranges. 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 464,100 tons (17.1 million bushels), up 11% from the week ending March 16th and 33% higher than the four week average. Saudi Arabia purchased 120,000 tons and the Philippines bought 118,400 tons, while unknown destinations canceled on 53,800 tons. At this point in the 2016/17 marketing year, wheat sales are 964.5 million bushels, compared to 707.5 million in 2015/16. Sales of 163,500 tons (6.0 million bushels) for 2017/18 delivery were mainly to unknown destinations (86,300 tons) and Thailand (39,000 tons).

Corn was reported at 716,900 tons (28.2 million bushels), down 47% from the previous week and 28% lower than the four week average. Peru picked up 205,800 tons and Mexico purchased 189,300 tons, but unknown destinations canceled on 273,600 tons. At this point in the marketing year, corn sales are 1.867 billion bushels, compared to 1.246 billion this time last year. Sales of 125,000 tons (4.9 million bushels) for 2017/18 delivery were primarily to Mexico (78,200 tons) and Nicaragua (30,000 tons).

Sorghum exports were 16,700 tons (700,000 bushels), with sales to China (62,600 tons) and Mexico (14,500 tons) partially offset by cancellations from unknown destinations (57,500 tons) and Japan (3,000 tons). Sorghum sales this marketing year are 151.0 million bushels, compared to 256.0 million a year ago.

Soybeans were pegged at 681,000 tons (25.0 million bushels), 15% more than the prior week and 42% above the four week average. Germany bought 208,900 tons and China picked up 89,200 tons, but unknown destinations canceled on 99,000 tons. So far this marketing year, soybean sales are 2.009 billion bushels, compared to 1.613 billion last year. Sales of 315,600 tons (11.6 million bushels) for 2017/18 delivery were mostly to China (183,000 tons), Pakistan (66,000 tons), and unknown destinations (66,000 tons).

Soybean meal came out at 162,600 tons, up 28% from the week before, but down 32% from the four week average. Venezuela purchased 37,500 tons and Spain bought 34,900 tons, while Italy canceled on 32,200 tons. Cumulative soybean meal sales this marketing year are 8,441,800 tons, compared to 8,269,100 a year ago. Net reductions of 1,000 tons for 2017/18 delivery followed a cancellation by Nicaragua.

Soybean oil was reported at 12,500 tons, 18% lower than the previous week, but considerably higher than the four week average. Colombia picked up 4,500 tons and Mexico purchased 4,300 tons. 2016/17 soybean oil sales are 749,700 tons, compared to 724,900 in 2015/16.

Net beef sales totaled 10,800 tons, a decrease of 26% on the week and 31% below the four week average. The listed buyers were South Korea (2,900 tons), Hong Kong (1,700 tons), Japan (1,700 tons), Taiwan (1,600 tons), and Mexico (1,100 tons).

Net pork sales totaled 21,100 tons, 30% less than the prior week, but 8% more than the four week average. The reported purchasers were Mexico (10,400 tons), South Korea (3,000 tons), Japan (2,300 tons), Canada (1,300 tons), and Australia (900 tons).