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Strong week for new crop corn, soybean exports

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The USDA reports wheat export sales for the week ending August 18th were below most analysts’ estimates, while combined old and new crop corn sales were within expectations. The 2016/17 marketing year for corn and soybeans starts September 1st.

Wheat came out at 379,700 tons (14.0 million bushels), down 22% from the week ending August 11th and 215 lower than the four week average. Japan purchased 74,400 tons and Jamaica bought 59,000 tons, but unknown destinations canceled on 93,100 tons. At this point in the 2016/17 marketing year, wheat sales are 425.0 million bushels, compared to 359.7 million in 2015/16.

Old crop corn was a new marketing year low at 71,100 tons (2.8 million bushels), 58% less than the previous week and 82% under the four week average. Japan picked up 126,900 tons and Bangladesh purchased 60,800 tons, while unknown destinations canceled on 286,700 tons. Nearing the end of the 2015/16 marketing year, corn sales are 1.963 billion bushels, compared to 1.862 billion in 2014/15. Sales of 1,059,900 tons (41.7 million bushels) for 2016/17 delivery were mainly to unknown destinations (480,100 tons) and Mexico (119,000 tons).

Sorghum sales were a net reduction of 800 tons following a cancellation by Mexico. Sales this marketing year are 323.1 million bushels, compared to 336.9 million this time last year. Sales of 68,900 tons (2.7 million bushels) for 2016/17 delivery were to unknown destinations (58,000 tons) and Mexico (10,900 tons).

Soybeans were reported at 115,100 tons (4.2 million bushels), down 35% from the week before and 48% lower than the four week average. The Netherlands bought 285,700 tons and China picked up 124,100 tons, but unknown destinations canceled on 397,500 tons. For the marketing year to date, soybean sales are 1.946 billion bushels, compared to 1.860 billion a year ago. Sales of 1,939,600 tons (71.3 million bushels) were primarily to China (1,001,000 tons) and unknown destinations (771,000 tons).

Soybean meal came out at 64,400 tons, 47% below the prior week and 21% under the four week average. Unknown destinations purchased 28,000 tons and Canada bought 9,200 tons. Cumulative soybean meal sales for the current marketing year are 10,568,200 tons, compared to 11,510,900 last year. Sales of 149,400 tons for 2016/17 delivery were mostly to unknown destinations (48,200 tons) and the Philippines (46,000 tons).

Soybean oil was pegged at 3,700 tons, down 7% from the previous week and 63% lower than the four week average. Mexico picked up 3,000 tons and Canada purchased 500 tons. 2015/16 soybean oil sales are 1,174,200 tons, compared to 879,200 in 2014/15. Net beef sales totaled 8,000 tons. That’s a decrease of 43% on the week and 53% less than the four week average. The reported buyers were South Korea (2,000 tons), Taiwan (1,400 tons), Mexico (1,200 tons), Hong Kong (1,100 tons), and Japan (900 tons). Sales of 100 tons for 2017 delivery were to Taiwan.

Net pork sales totaled 27,100 tons. That’s an increase of 77% from the prior week and 87% more than the four week average. The listed purchasers were Mexico (9,100 tons), South Korea (6,600 tons), Japan (6,200 tons), Canada (1,700 tons), and Australia (1,000 tons). Sales of 2,000 tons for 2017 delivery were to Australia.

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