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Pork exports hit marketing year high

 

The USDA reports soybean export sales for the week ending June 25th were lower than expected, while corn and wheat were within pre-report estimates. Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year, but corn and wheat both fell short of their respective marks.

Wheat came out at 363,900 tons (13.4 million bushels). Japan picked up 87,400 tons and the Philippines bought 63,700 tons. Less than a month into the 2015/16 marketing year, wheat sales are 214.8 million bushels, compared to 287.7 million towards the start of 2014/15.

Corn was reported at 594,300 tons (23.4 million bushels), up 20% from the week ending June 18th and 14% higher than the four week average. Japan purchased 162,500 tons and Mexico picked up 157,700 tons, but unknown destinations canceled on 246,500 tons. For the 2014/15 marketing year to date, corn sales are 1.798 billion bushels, compared to 1.859 billion in 2013/14. Sales of 238,900 tons (9.4 million bushels) for 2015/16 delivery were mainly to Mexico (137,000 tons) and unknown destinations (53,800 tons).

Old crop soybean sales were a net reduction of 10,300 tons (-400,000 bushels), with sales of 6,200 to 66,500 tons more than offset by cancellations of 155,700 tons, 65,500 tons, and 2,000 tons. So far this marketing year, soybean sales are 1.856 billion bushels, compared to 1.672 billion this time last year. Sales of 127,500 tons (4.7 million bushels) for 2015/16 delivery were primarily to unknown destinations (148,000 tons), with a cancellation by China (55,000 tons).

Soybean meal was pegged at 87,100 tons, down 18% from the previous week and 10% lower than the four week average. The Philippines bought 31,000 tons and Mexico purchased 26,900 tons. Cumulative soybean meal sales for the current marketing year are 11,021,300 tons, compared to 9,813,500 a year ago. Sales of 176,600 tons for 2015/16 delivery were mostly to unknown destinations (116,400 tons).

Soybean meal came out at 5,300 tons, 44% less than the week before and 53% below the four week average. Mexico picked up 3,800 tons and Canada bought 1,100 tons. 2014/15 soybean oil sales are 755,600 tons, compared to 758,400 in 2013/14.

Net beef sales totaled 6,600 tons. That’s a drop of 42% on the week and a decrease of 45% from the four week average. The reported purchasers were South Korea (1,700 tons), Japan (1,600 tons), Canada (1,000 tons), Taiwan (800 tons), and Mexico (700 tons).

Net pork sales were a new marketing year high at 39,000 tons. That’s a jump of 90% from the prior week and an increase of 91% from the four week average. The listed buyers were South Korea (12,400 tons), Mexico (9,400 tons), Japan (6,800 tons), Australia (3,600 tons), and Canada (2,100 tons).