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Weekly corn exports hit 53 million bushels

The USDA reports combined old and new crop corn, soybean, and wheat export sales for the week ending March 16th were above most pre-report estimates, while soybean products fell within expectations. Physical shipments of soybeans and corn were more than what’s needed to meet USDA projections for the 2016/17 marketing year.

Wheat came out at 418,500 tons (15.4 million bushels), up 58% from the week ending March 9th and 17% higher than the four week average. Japan purchased 122,400 tons and Algeria bought 120,000 tons, but unknown destinations canceled on 221,600 tons. For the 2016/17 marketing year to date, wheat sales are 947.4 million bushels, compared to 695.9 million in 2015/16. Sales of 149,800 tons (5.5 million bushels) for 2017/18 delivery were mainly to the Philippines (50,000 tons) and South Korea (48,000 tons).

Corn was reported at 1,347,000 tons (53.0 million bushels), 11% more than the previous week and 59% larger than the four week average. South Korea picked up 593,700 tons and Japan purchased 297,000 tons, while unknown destinations canceled on 272,300 tons. So far this marketing year, corn sales are 1.839 billion bushels, compared to 1.215 billion this time last year. Sales of 127,100 tons (5.0 million bushels) for 2017/18 delivery were to Mexico (120,000 tons) and Japan (7,100 tons).

Sorghum sales were 215,600 tons (8.5 million bushels), quite a bit bigger than both the week before and the four week average. Unknown destinations bought 105,500 tons and China picked up 105,000 tons. Sales this marketing year are 150.3 million bushels, compared to 256.3 million a year ago.

Soybeans were pegged at 738,200 tons (27.1 million bushels), a jump of 57% on the week and an increase of 72% from the four week average. China purchased 194,200 tons and the Netherlands bought 143,300 tons. At this point in the marketing year, soybean sales are 1.991 billion bushels, compared to 1.606 billion last year. Sales of 79,900 tons (2.9 million bushels) for 2017/18 delivery were primarily to unknown destinations (66,000 tons).

Soybean meal came out at 134,300 tons, down 66% from the prior week and 49% lower than the four week average. The Philippines picked up 48,900 tons and Colombia purchased 17,500 tons, but unknown destinations canceled on 25,700 tons. Cumulative soybean meal sales are 8,286,100 tons, compared to 8,057,500 a year ago. Sales of 26,600 tons for 2017/18 delivery were mostly to El Salvador (15,000 tons) and Nicaragua (11,300 tons).

Soybean oil was reported at 15,300 tons, a significant drop from the previous week, but a solid rise from the four week average. South Korea bought 737,200 tons and Colombia picked up 3,000 tons. 2016/17 soybean oil sales are 737,200 tons, compared to 706,700 in 2015/16.

Net beef sales totaled 14,600 tons, down 9% on the week and 1% lower than the four week average. The listed purchasers were Japan (4,500 tons), Hong Kong (3,400 tons), South Korea (2,300 tons), Mexico (1,600 tons), and Taiwan (1,100 tons).

Net pork sales totaled 30,100 tons, up sharply from the week before and 75% higher than the four week average. The reported buyers were Mexico (12,600 tons), South Korea (7,300 tons), Japan (3,200 tons), Canada (2,600 tons), and the Dominican Republic (1,100 tons). Sales of 500 tons for 2018 delivery were to South Korea.

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