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Good week for soybean, pork exports

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The USDA reports soybean export sales for the week ending September 22nd were larger than what most analysts were expecting, while corn was below many estimates and wheat and soybean products were inside the respective anticipated ranges.

Wheat came out at 570,800 tons (21.0 million bushels), up 2% from the week ending September 15th and 20% higher than the four week average. Morocco purchased 145,000 tons and Mexico bought 112,300 tons, but unknown destinations canceled on 94,500 tons. At this point in the 2016/17 marketing year, wheat sales are 515.9 million bushels, compared to 406.2 million in 2015/16.

Corn was reported at 575,000 tons (22.6 million bushels). Mexico picked up 286,200 tons and Colombia purchased 230,300 tons, but unknown destinations canceled on 364,900 tons. About a month into the current marketing year, corn sales are 730.0 million bushels, compared to 413.9 million this time last year. Sorghum sales were 227,300 tons, with China buying 169,300 tons. So far this marketing year, sorghum sales are 39.0 million bushels, compared to 137.0 million a year ago.

Soybeans were pegged at 1,692,800 tons (62.2 million bushels). China picked up 833,600 tons and unknown destinations purchased 528,800 tons. For the marketing year to date, soybean sales are 959.5 million bushels, compared to 756.9 million last year.

Soybean meal came out at 21,500 tons, down 12% from the previous week and 40% lower than the four week average. Panama bought 11,600 tons and Guatemala picked up 9,400 tons, but unknown destinations canceled on 27,900 tons. Cumulative soybean meal sales for the 2015/16 marketing year are 10,733,000 tons, compared to 11,605,500 late in 2014/15. Sales of 67,300 tons for 2016/17 delivery were mainly to Mexico (40,200 tons). The 2016/17 marketing year for soybean products starts October 1st.

Soybean oil was reported at 3,400 tons, noticeably less than the week before and 5% under the four week average. Mexico purchased 2,900 tons and the Dominican Republic bought 400 tons. 2015/16 soybean oil sales are 1,192,000 tons, compared to 913,500 towards the end of 2014/15. Sales of 13,300 tons for 2016/17 delivery were primarily to Colombia (10,000 tons) and Mexico (2,500 tons).

Net beef sales totaled 13,400 tons, a big increase from the prior week and 24% more than the four week average. The listed buyers were South Korea (6,800 tons), Japan (2,800 tons), Mexico (1,200 tons), Canada (1,100 tons), and Hong Kong (800 tons). Sales of 300 tons for 2017 delivery were mostly to Japan (100 tons) and Hong Kong (100 tons).

Net pork sales totaled 18,200 tons, 25% above the previous week, but 13% below the four week average. The reported purchasers were Hong Kong (3,400 tons), Japan (3,300 tons), Mexico (3,200 tons), Canada (2,400 tons), and South Korea (1,700 tons). Sale of 900 tons for 2017 delivery were to China (800 tons) and Australia (100 tons).

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