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Pork exports hit marketing year high

 

USDA reports corn, soybean, soybean product, and wheat export sales for the week ending February 26 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.

Wheat came out at 469,600 tons (17.3 million bushels), up 43% from the week ending February 19 and 34% higher than the four week average. Egypt picked up 175,000 tons and Mexico bought 55,700 tons. For the 2014/15 marketing year, wheat sales are 801.3 million bushels, compared to 1.052 billion in 2013/14. Sales of 38,000 tons (1.4 million bushels) for 2015/16 delivery were mainly to Nigeria (24,000 tons).

Corn was reported at 828,100 tons (32.6 million bushels), 16% more than the previous week, but 5% less than the four week average. Saudi Arabia purchased 285,300 tons and Japan picked up 262,000 tons, but unknown destinations canceled on 301,900 tons. At this point in the marketing year, corn sales are 1.403 billion bushels, compared to 1.478 billion this time last year. Sales of 158,700 tons (6.2 million bushels) for 2015/16 delivery were to Japan (157,400 tons) and unknown destinations (1,300 tons).

Soybeans were pegged at 499,500 tons (18.4 million bushels), 9% above the week before, but 8% below the four week average. Unknown destinations bought 136,700 tons and China purchased 121,300 tons. So far this marketing year, soybean sales are 1.750 billion bushels, compared to 1.623 billion a year ago. Sales of 1,700 tons (100,000 tons) for 2015/16 delivery were to Japan.

Soybean meal came out at 130,200 tons, a big increase from the prior week, but a 35% decrease from the four week average. Venezuela picked up 65,000 tons and Peru bought 38,200 tons, while unknown destinations canceled on 22,800 tons. Cumulative soybean meal sales for the current marketing year are 8,978,000 tons, compared to 7,641,900 last year. Sales of 28,400 tons for 2015/16 delivery were to Canada (27,500 tons) and Nicaragua (900 tons).

Soybean oil was reported at 5,600 tons, down 61% from the previous week and 60% lower than the four week average. Mexico purchased 2,500 tons and Peru picked up 1,700 tons. 2014/15 soybean oil sales are 579,000 tons, compared to 549,500 in 2013/14.

Net beef sales totaled 8,600 tons, 38% less than the week before and 34% under the four week average. The listed buyers were Japan (2,300 tons), South Korea (1,900 tons), Mexico (1,700 tons), Hong Kong (1,400 tons), and Canada (800 tons).

Net pork sales were a marketing year high at 30,900 tons, an increase of 62% on the week and 63% more than the four week average. The reported purchasers were Mexico (10,600 tons), South Korea (7,200 tons), China (5,800 tons), Japan (4,900 tons), and Colombia (900 tons). Cancellations were made by Hong Kong (500 tons) and Australia (300 tons).