News

Soybean, soybean product, pork exports up on week

The USDA reports combined old and new crop corn, soybean, soybean product, and wheat export sales for the week ending April 23rd were within pre-report estimates. Physical shipments of corn and soybeans were above what’s needed weekly to meet USDA projections for the 2014/15 marketing year, but wheat fell short of its mark.

Old crop wheat had a net reduction of 449,200 tons (-16.5 million bushels), with a significant amount of sales switched over the 2015/16 marketing year, which starts June 1st. Nearing the end of the 2014/15 marketing year, wheat sales are 853.4 million bushels, compared to 1.149 billion in 2013/14. Sales of 852,900 tons (31.3 million bushels) for 2015/16 delivery were mainly to unknown destinations (226,900 tons) and the Dominican Republic (147,000 tons).

Corn was reported at 832,500 tons (32.8 million bushels), down 4% from the week ending April 16th, but up 33% from the four week average. Japan purchased 353,500 tons and Saudi Arabia bought 146,000 tons. For the marketing year to date, corn sales are 1.587 billion bushels, compared to 1.733 billion this time last year. Sales of 113,300 tons (4.5 million bushels) for 2015/16 delivery were primarily to Japan (100,300 tons).

Soybeans were pegged at 433,400 tons (15.9 million bushels), a steep increase from both the previous week and the four week average. China picked up 199,300 tons and unknown destinations purchased 80,400 tons. At this point in the marketing year, soybean sales are 1.803 billion bushels, compared to 1.639 billion a year ago. New crop soybean sales had a net reduction of 118,500 tons (-4.4 million bushels), with sales to Malaysia (15,000 tons) and Japan (500 tons) more than offset by a cancellation from China (134,000 tons).

Soybean meal came out at 134,700 tons, 25% higher than the week before and 8% larger than the four week average. Unknown destinations bought 32,900 tons and the Dominican Republic picked up 24,200 tons. Cumulative soybean meal sales for the current marketing year are 10,140,200 tons, compared to 9,054,700 last year. Sales of 2,500 tons for 2015/16 delivery were to the Dominican Republic (1,800 tons) and Canada (700 tons).

Soybean oil was reported at 7,300 tons, 65% more than the prior week, but 30% less than the four week average. Mexico purchased 6,600 tons and Canada bought 500 tons. 2014/15 soybean oil sales are 662,800 tons, compared to 583,900 in 2013/14. Sales of 24,500 tons for 2015/16 delivery were to Mexico.

Net beef sales totaled 12,400 tons, down 38% on the week, but up 3% from the four week average. The listed purchasers were Hong Kong (2,600 tons), Mexico (2,500 tons), Japan (2,000 tons), South Korea (2,000 tons), and Taiwan (1,500 tons).

Net pork sales totaled 24,600 tons, an increase of 9% from the previous week and 16% more than the four week average. The reported buyers were Mexico (11,300 tons), Japan (3,500 tons), Canada (2,900 tons), South Korea (2,500 tons), and the Philippines (1,100 tons).