News

Solid week for corn sales, shipments

 

USDA reports soybean and soybean oil sales for the week ending October 9 were larger than expected, while corn and wheat were within the anticipated ranges, and soybean meal was below all estimates. Physical shipments of corn, soybeans, and wheat were all more than what’s needed weekly to meet USDA projections for the 2014/15 marketing year.

Wheat came out at 454,000 tons (16.7 million bushels), up 22% from the week ending October 1 and unchanged from the four week average. Nigeria purchased 108,100 tons and Yemen bought 97,300 tons, but unknown destinations canceled on 60,500 tons. For the 2014/15 marketing year to date, wheat sales are 528.9 million bushels, compared to 704.8 million in 2013/14. Sales of 40,000 tons (1.5 million bushels) for 2015/16 delivery were to Nigeria.

Corn hit a marketing year high at 1,922,800 tons (75.7 million bushels). Mexico picked up 1,071,900 tons and Japan purchased 214,700 tons. So far this marketing year, corn sales are 678.0 million bushels, compared to 629.0 million this time last year. Sales of 510,500 tons (20.1 million bushels) for 2015/16 delivery were to Mexico.

Soybeans were reported at 935,000 tons (34.4 million bushels). China bought 709,400 tons and Taiwan picked up 77,100 tons, but unknown destinations canceled on 231,000 tons. At this point in the marketing year, soybean sales are 1.125 billion bushels, compared to 1.010 billion a year ago. Sales of 4,900 tons (200,000 bushels) for 2015/16 delivery were to Japan.

Soybean meal was pegged at 195,900 tons. Thailand purchased 60,700 tons and Colombia bought 42,100 tons, while unknown destinations canceled on 34,900 tons. Early in the marketing year, soybean meal sales are 6,222,400 tons, compared to 3,868,500 last year. Sales of 1,700 tons for 2015/16 delivery were to Mexico (1,200 tons) and Canada (500 tons).

Soybean oil came out at 46,400 tons. Colombia picked up 21,000 tons and Morocco purchased 15,000 tons. 2014/15 soybean oil sales are 211,600 tons, compared to 64,700 near the outset of 2013/14.

Net beef sales totaled 8,000 tons, down 43% on the week and 41% lower than the four week average. The reported buyers were Japan (3,200 tons), South Korea (2,700 tons), Hong Kong (900 tons), Canada (400 tons), and Taiwan (200 tons).

Net pork sales totaled 18,500 tons, a decrease of 18% from the prior week and 16% less than the four week average. The listed purchasers were South Korea (5,400 tons), Japan (5,200 tons), Mexico (4,800 tons), Canada (1,000 tons), and Hong Kong (700 tons).