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Corn, soybean, beef exports up on week

 

The USDA reports corn, soybean, soybean product, and wheat export sales for the week ending May 14th were within pre-report estimates. Physical shipments of corn and soybeans were what’s needed to meet USDA projections for the 2014/15 marketing year, while wheat was short of its’ mark. The 2014/15 marketing year for wheat ends May 31st.

Wheat came out at 74,400 tons (2.7 million bushels), down 36% from the week ending May 7th and sharply lower than the four week average. Peru picked up 34,100 tons and Japan bought 22,400 tons, but unknown destinations canceled on 64,000 tons. Late in the 2014/15 marketing year, wheat sales are 855.0 million bushels, compared to 1.168 billion near the end of 2013/14. Sales of 128,200 tons (4.7 million bushels) for 2015/16 delivery were mainly to unknown destinations (56,300 tons) and the Philippines (24,000 tons).

Corn was reported at 812,600 tons (32.0 million bushels), up sharply on the week and 12% higher than the four week average. Japan purchased 455,900 tons and Colombia picked up 117,000 tons. At this point in the marketing year, corn sales are 1.667 billion bushels, compared to 1.772 billion this time last year. Sales of 80,700 tons (3.2 million bushels) for 2015/16 delivery were primarily to China (58,000 tons).

Soybeans were pegged at 165,500 tons (6.1 million bushels), 21% more than the previous week, but 35% less than the four week average. The Netherlands bought 84,500 tons and Japan purchased 41,800 tons. So far this marketing year, soybean sales are 1.827 billion bushels, compared to 1.649 billion a year ago. Sales of 77,500 tons (2.8 million bushels) for 2015/16 delivery were mostly to unknown destinations (60,500 tons).

Soybean meal came out at 103,000 tons, a significant increase from the week before, but a decrease of 3% from the four week average. Morocco picked up 21,500 tons and Mexico bought 18,400 tons, while unknown destinations canceled on 13,200 tons. For the marketing year to date, soybean meal sales are 10,425,200 tons, compared to 9,400,600 last year. The USDA reports a net reduction of 2,000 tons on 2015/16 sales with purchases of 500 to 6,000 tons offset by a cancellation of 12,000 tons by Morocco.

Soybean oil was reported at 9,900 tons, up 36% from the previous week and 15% higher than the four week average. Mexico purchased 6,300 tons and the Dominican Republic picked up 3,200 tons. 2014/15 U.S. soybean oil sales are 695,600 tons, compared to 634,900 in 2013/14.

Net beef sales totaled 18,800 tons, a big jump from the prior week and 35% more than the four week average. The listed buyers were Hong Kong (6,500 tons), Japan (3,900 tons), South Korea (3,000 tons), Mexico (1,800 tons), and Canada (1,500 tons).

Net pork sales totaled 11,200 tons, down 19% on the week and 42% lower than the four week average. The reported purchasers were Mexico (2,900 tons), Japan (1,700 tons), Canada (1,300 tons), South Korea (1,200 tons), and Colombia (900 tons).