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Big week for soybean export sales

The UDSA reports soybean export sales for the week ending September 14th were above pre-report estimates, while corn was below most expectations and wheat and soybean products fell with their respective anticipated ranges. Physical shipments of soybeans just remain ahead of what’s needed to meet USDA projections for the 2017/18 marketing year, while corn and wheat are behind. The 2017/18 marketing year started June 1st for wheat, September 1st for corn, soybeans, and sorghum, and will get underway for soybean products October 1st.

Wheat came out at 307,200 tons (11.3 million bushels), down 3% from the week ending September 7th and 24% lower than the four week average. The Philippines purchased 77,900 tons and Mexico bought 54,800 tons, while Nigeria canceled on 27,400 tons. At this point in the 2017/18 marketing year, wheat sales are 480.7 million bushels, compared to 494.9 million in 2016/17.

Corn was reported at 526,900 tons (20.7 million bushels). Mexico picked up 264,100 tons and Japan purchased 111,600 tons, while unknown destinations canceled on 43,900 tons. A couple of weeks into the current marketing year, corn sales are 434.2 million bushels, compared to 707.4 million early this time last year.

Sorghum sales were 51,900 tons (2.0 million bushels), with a sale to China (117,900 tons) partially offset by a cancellation from unknown destinations (66,000 tons). This marketing year, sorghum sales are 44.8 million bushels, compared to 30.1 million a year ago.

Soybeans were pegged at 2,338,100 tons (85.9 million bushels). China bought 1,403,200 tons and unknown destinations picked up 528,800 tons. For the marketing year to date, soybean sales are 710.3 million bushels, compared to 897.3 million last year.

Soybean meal came out at 25,200 tons. Mexico purchased 9,300 tons and Canada bought 5,700 tons, while the French West Indies canceled on 3,900 tons. Nearing the end of the 2016/17 marketing year, soybean meal sales are 10,515,500 tons, compared to 10,711,500 late in 2015/16. Sales of 147,200 tons for 2017/18 delivery were mainly to unknown destinations (50,000 tons) and Bangladesh (38,000 tons).

Soybean oil was reported at 4,500 tons, 31% less than the previous week and 29% below the four week average. Mexico picked up 4,000 tons and Canada purchased 300 tons, while the Dominican Republic canceled on 100 tons. 2016/17 soybean oil sales are 1,133,600 tons, compared to 1,179,600 towards the completion of 2015/16. Sales of 4,000 tons for 2017/18 delivery were to South Korea.

Net beef sales totaled 12,500 tons, a decrease of 15% on the week and 20% under the four week average. The listed buyers were Mexico (2,600 tons), South Korea (2,300 tons), Japan (2,200 tons), Hong Kong (1,900 tons), and Taiwan (1,600 tons). Sales of 500 tons for 2018 delivery were primarily to Japan.

Net pork sales totaled 20,100 tons, up 34% from the week before, but down 7% from the four week average. The reported buyers were Mexico (7,200 tons), Japan (3,200 tons), Canada (2,900 tons), Colombia (2,300 tons), and Australia (1,400 tons). Sales of 200 tons for 2018 delivery were to Australia.

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