Market News

Weekly soybean exports hit marketing year low

USDA reports corn, soybean, soybean product, and wheat export sales for the week ending April 17 were within pre-report estimates. Physical shipments of corn and soybeans were above what’s needed weekly to meet USDA projections for the 2013/14 marketing year, but wheat was short of its mark.

Wheat came out at 339,100 tons (12.5 million bushels), down 20% from the week ending April 10, but up 13% from the four week average. Japan purchased 147,400 tons and Taiwan bought 68,700 tons, but unknown destinations canceled on 131,700 tons. For the 2013/14 marketing year to date, wheat sales are 1.141 billion bushels, compared to 966.7 million in 2012/13. Sales of 271,700 tons (10.0 million bushels) for 2014/15 delivery were mainly to unknown destinations (148,900 tons) and Peru (28,500 tons).

Corn was reported at 618,900 tons (24.4 million bushels), 15% higher than the previous week, but 30% lower than the four week average. South Korea picked up 185,000 tons and Japan purchased 168,900 tons, while unknown destinations canceled on 215,900 tons. So far this marketing year, corn sales are 1.698 billion bushels, compared to 646.5 million this time last year. Sales of 382,900 tons (15.1 million bushels) were primarily to Mexico (240,000 tons).

Old crop soybeans hit a new marketing year low at 800 tons. That’s a decrease of 96% on the week and a drop of 98% from the four week average. Canada bought 29,800 tons and Mexico picked up 9,900 tons, but China canceled on 55,000 tons. At this point in the marketing year, soybean sales are 1.639 billion bushels, compared to 1.337 billion a year ago. Sales of 118,200 tons (4.3 million bushels) for 2014/15 delivery were mostly to unknown destinations (59,000 tons) and China (55,500 tons).

Soybean meal was pegged at 186,300 tons, quite a bit more than the prior week and up 9% from the four week average. Mexico purchased 61,300 tons and Denmark bought 49,500 tons, while unknown destinations canceled on 13,000 tons. Cumulative soybean meal sales for the current marketing year are 8,913,700 tons, compared to 8,582,200 last year. Net sales reductions of 9,600 tons for the 2014/15 marketing year were caused by cancellations of 10,100 tons by Costa Rica and 2,400 tons by Canada.

Soybean oil came out at 5,700 tons, 5% higher than the week before and 21% more than the four week average. Mexico picked up 4,800 tons and the Dominican Republic purchased 500 tons. 2013/14 soybean oil sales are 583,400 tons, compared to 830,700 in 2012/13.

Net beef sales totaled 18,000 tons, down 18% from the previous week, but up 7% from the four week average. The listed buyers were Mexico (7,200 tons), Japan (3,600 tons), South Korea (3,600 tons), Canada (1,200 tons), and Hong Kong (800 tons).

Net pork sales totaled 15,100 tons, an increase of 77% on the week and 83% more than the four week average. The reported purchasers were Mexico (4,100 tons), Canada (2,000 tons), South Korea (1,600 tons), Colombia (1,400 tons), and the Dominican Republic (1,200 tons).