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Strong week for soybean sales, shipments lag

 

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The USDA reports soybean export sales for the week ending October 1st were above pre-report estimates, while corn, wheat, and soybean products fell within analysts’ expectations. Physical shipments of wheat were more than what’s needed to meet USDA projections for the 2015/16 marketing year, but corn and soybeans were short of their respective marks. The 2015/16 marketing year for soybean products started October 1st.

Wheat came out at 288,200 tons (10.6 million bushels), up sharply from the week ending September 24th and 12% higher than the four week average. Thailand purchased 57,600 tons and South Korea bought 53,300 tons, while unknown destinations canceled on 34,100 tons. For the 2015/16 marketing year to date, wheat sales are 418.2 million bushels, compared to 512.2 million in 2014/15. Sales of 4,900 tons (200,000 bushels) for 2016/17 delivery were to Mexico.

Corn was reported at 519,700 tons (20.5 million bushels), down 31% from the previous week. Mexico picked up 338,300 tons and Panama purchased 52,200 tons, but unknown destinations canceled on 50,300 tons. Just about a month into the marketing year, corn sales are 434.4 million bushels, compared to 602.3 million this time last year. Net reductions of 53,100 tons (-2.1 million bushels) for 2016/17 delivery occurred after cancellations by Panama (51,900 tons) and Honduras (1,200 tons).

Soybeans were pegged at 1,284,600 tons (47.2 million bushels), 49% lower than the week before. China bought 683,500 tons and unknown destinations picked up 123,000 tons. So far this marketing year, soybean sales are 805.9 million bushels, compared to 1.090 billion a year ago. Sales of 995,600 tons (36.6 million bushels) for 2016/17 delivery were to China (1 million tons), with a cancellation by Panama (4,400 tons).

Soybean meal sales for 2015/16 delivery came out at 275,500 tons, with sales of 25,900 to 70,100 tons. There were a total of 329,900 tons of outstanding sales carried over from last marketing year to this marketing year. 2014/15 sales totaled 11,265,700 tons, up 10% from 2013/14. Cumulative soybean meal sales for the current marketing year are 3,686,700 tons, compared to 6,026,500 last year. Sales of 200 tons for 2016/17 delivery were to Mexico.

Soybean oil sales for 2015/16 delivery were 8,500 tons, with sales of 800 to 7,000 tons and a cancellation of 2,000 tons. A total of 71,400 tons in outstanding sales were carried over from 2014/15. 2014/15 sales totaled 848,600 tons, up 11% from 2013/14. 2015/16 soybean oil sales are 217,200 tons, compared to 165,100 a year ago.

Net beef sales totaled 8,300 tons, a decrease of 6% on the week and 31% less than the four week average. The reported buyers were Japan (2,100 tons), Mexico (2,100 tons), South Korea (1,500 tons), Canada (700 tons), and Hong Kong (500 tons). Sales of 2,300 tons for 2016 delivery were to Japan (2,200 tons) and Mexico (100 tons).

Net pork sales totaled 14,700 tons, down 43% from the prior week and 19% below the four week average. The listed purchasers were Mexico (7,400 tons), Japan (2,300 tons), South Korea (1,700 tons), Canada (1,600 tons), and Chile (300 tons).

 

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