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Beef exports hit marketing year high

The USDA reports old crop corn and soybean export sales for the week ending August 24th were within most pre-report estimates. The 2017/18 marketing year for beans, corn, and sorghum officially starts September 1st. Physical shipments of corn and soybeans remain ahead of what’s needed to meet USDA projections for the soon to end 2016/17 marketing year.

Wheat came out at 536,000 tons (19.7 million bushels), up 39% from the week ending August 17th and 32% higher than the four week average. Japan purchased 99,600 tons and the Philippines bought 83,500 tons, while unknown destinations canceled on 37,500 tons. For the 2017/18 marketing year to date, wheat sales are 444.0 million bushels, compared to 435.2 million in 2016/17. Sales of 30,000 tons for 2018/19 delivery were to Mexico.

2016/17 corn was reported at 188,400 tons (7.4 million bushels), 84% more than the previous week and a big jump from the four week average. China picked up 142,000 tons and Japan purchased 83,300 tons, but unknown destinations canceled on 225,600 tons. With one reporting week left in 2016/17, corn sales are 2.235 billion bushels, compared to 1.972 billion late in 2015/16. Sales of 804,200 tons (31.7 million bushels) for 2017/18 delivery were mainly to unknown destinations (237,800 tons) and Mexico (159,800 tons).

Old crop sorghum sales were 280,300 tons (11.0 million bushels), a significant increase from both the week before and the four week average. China bought 268,300 tons and unknown destinations picked up 12,000 tons. Late in the marketing year, sorghum sales are 203.6 million bushels, compared to 323.5 million this time last year. Sales of 54,000 tons (2.1 million bushels) for 2017/18 delivery were to China.

2016/17 soybeans were pegged at 123,200 tons (4.5 million bushels), down sharply from the prior week, but up sharply from the four week average. China purchased 209,900 tons and the Netherlands bought 85,800 tons, but unknown destinations canceled on 253,500 tons. At this point in the marketing year, soybean sales are 2.236 billion bushels, compared to 1.942 billion a year ago. Sales of 1,559,100 tons (57.3 million bushels) for 2017/18 delivery were primarily to unknown destinations (1,130,400 tons) and China (158,000 tons).

Soybean meal came out at 71,700 tons, 25% lower than the previous week, but 9% higher than the four week average. Canada picked up 20,100 tons and Mexico purchased 17,600 tons, while unknown destinations canceled on 17,400 tons. Cumulative soybean meal sales are 10,389,000 tons, compared to 10,580,300 last year. Sales of 348,900 tons for 2017/18 delivery were mostly to 105,500 tons and Ecuador (60,000 tons).

Soybean oil was reported at 3,600 tons, a decrease of 75% on the week and 81% less than the four week average. South Korea bought 13,000 tons and Colombia picked up 800 tons, but Morocco canceled on 11,000 tons. 2016/17 soybean oil sales are 1,126,500 tons, compared to 1,166,000 in 2015/16. Sales of 4,200 tons for 2017/18 delivery were to Mexico (4,000 tons) and Honduras (200 tons).

Net beef sales were a new marketing year high at 25,200 tons. That’s an increase of 52% from the prior week and a jump of 76% from the four week average. The listed purchasers were South Korea (7,500 tons), Hong Kong (4,400 tons), Egypt (2,800 tons), Japan (2,500 tons), and Taiwan (2,400 tons).

Net pork sales totaled 25,900 tons, up 25% from the week before and 38% higher than the four week average. The reported buyers were Mexico (12,000 tons), South Korea (5,200 tons), Japan (3,100 tons), Hong Kong (1,500 tons), and Canada (1,300 tons).

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