Weekly wheat exports top most estimates
The USDA reports combined old and new crop wheat export sales for the week ending April 6th were above most pre-report estimates, while soybeans and products were generally within anticipated ranges and corn sales were below expectations. Physical shipments of soybeans were above what’s needed to meet USDA projections for the 2016/17 marketing year.
Wheat came out at 421,600 tons (15.5 million bushels), down 26% from the week ending March 30th and 2% lower than the four week average. China purchased 112,900 tons and Nigeria bought 99,000 tons, while unknown destinations canceled on 76,600 tons. At this point in the 2016/17 marketing year, wheat sales are 1.001 billion bushels, compared to 709.9 million in 2015/16. Sales of 125,300 tons (4.6 million bushels) for 2017/18 delivery were mainly to South Korea (80,300 tons) and the Philippines (68,000 tons), with a cancellation by unknown destinations (69,100 tons).
Corn was reported at 738,000 tons (29.1 million bushels), 35% less than the previous week and 33% below the four week average. Japan picked up 230,900 tons and Mexico purchased 160,600 tons, but unknown destinations canceled on 112,700 tons. So far this marketing year, corn sales are 1.941 billion bushels, compared to 1.328 billion this time last year. Sales of 50,000 tons (200,000 bushels) for 2017/18 delivery were to Japan.
Sorghum sales were 75,000 tons (3.0 million bushels), a drop of 42% from the week before and 18% under the four week average. China bought 108,500 tons and Japan picked up 19,500 tons, but unknown destinations canceled on 60,500 tons. Sorghum sales are 159.0 million bushels, compared to 258.2 million a year ago.
Soybeans were pegged at 402,300 tons (14.8 million bushels), down 4% from the prior week and 26% lower than the four week average. China purchased 222,300 tons and Pakistan bought 128,500 tons, but unknown destinations canceled on 365,900 tons. For the marketing year to date, soybean sales are 2.039 billion bushels, compared to 1.643 billion last year. Sales of 124,700 tons (4.6 million bushels) for 2017/18 delivery were to China (123,000 tons) and Japan (1,700 tons).
Soybean meal came out at 158,700 tons, 31% below the week before and 22% less than the four week average. Colombia picked up 58,500 tons and the Philippines purchased 44,400 tons. Cumulative soybean meal sales are 8,733,000 tons, compared to 8,489,200 a year ago. Sales of 79,500 tons for 2017/18 delivery were primarily to Mexico (77,200 tons) and Japan (1,800 tons).
Soybean oil was reported at 18,600 tons, a decline of 17% from the previous week, but a big jump from the four week average. Colombia bought 12,000 tons and Canada picked up 1,900 tons. 2016/17 soybean oil sales are 790,800 tons, compared to 719,300 in 2015/16.
Net beef sales totaled 15,500 tons, a decrease of 20% on the week, but an increase of 2% from the four week average. The listed purchasers were South Korea (6,500 tons), Japan (4,300 tons), Mexico (1,600 tons), Canada (1,400 tons), and Hong Kong (600 tons).
Net pork sales totaled 24,500 tons, up 14% from both the prior week and the four week average. The reported buyers were Mexico (5,000 tons), Japan (4,700 tons), South Korea (3,200 tons), China (2,800 tons), and the Philippines (2,400 tons).
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