Marketing year high for corn exports

Futures Markets copy

USDA reports corn, wheat, and soybean meal export sales for the week ending January 15 were larger than expected, while soybean oil was within the anticipated range and soybeans were below all estimates. Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the 2014/15 marketing year, but corn and wheat were short of their respective marks.

Wheat came out at 458,400 tons (16.8 million bushels), up 61% from the week ending January 8 and 69% higher than the four week average. Unknown destinations purchased 92,000 tons and the Philippines bought 80,600 tons. At this point in the 2014/15 marketing year, wheat sales are 712.6 million bushels, compared to 929.9 million in 2013/14. Sales of 106,000 tons (3.9 million bushels) for 2015/16 delivery were mainly to the Philippines (60,000 tons).

Corn exports were a new marketing year high at 2,185,400 tons (86.0 million bushels), considerably larger than the previous week and the four week average. Unknown destinations picked up 483,700 tons and Japan purchased 426,300 tons. So far this marketing year, corn sales are 1.195 billion bushels, compared to 1.168 billion this time last year.

Soybean exports were a new marketing year low at 14,100 tons (500,000 bushels), a 99% drop from the week before and a decline of 98% from the four week average. Russia bought 83,200 tons and the Netherlands picked up 77,000 tons, but unknown destinations canceled on 413,800 tons. For the marketing year to date, soybean sales are 1.629 billion bushels, compared to 1.546 billion a year ago. Sales of 101,200 tons (3.7 million bushels) for 2015/16 delivery were primarily to unknown destinations (100,000 tons).

Soybean meal was reported at 284,500 tons, a steep increase from both the prior week and the four week average. Spain purchased 74,000 tons and Colombia bought 49,900 tons, while unknown destinations canceled on 38,100 tons. Cumulative soybean meal sales for the current marketing year are 7,755,400 tons, compared to 6,695,000 last year. Sales of 6,100 tons for 2015/16 delivery were to unknown destinations (6,000 tons) and Canada (100 tons).

Soybean oil was pegged at 17,700 tons, down 42% on the week and 22% lower than the four week average. Peru picked up 7,600 tons and the Dominican Republic bought 5,800 tons. 2014/15 soybean oil sales are 506,500 tons, compared to 433,300 in 2013/14.

Net beef sales totaled 9,600 tons. The listed purchasers were South Korea (2,400 tons), Mexico (2,100 tons), Hong Kong (1,900 tons), Canada (700 tons), and Taiwan (700 tons).

Net pork sales totaled 23,900 tons. The reported buyers were Mexico (11,200 tons), South Korea (5,700 tons), Canada (3,300 tons), Japan (1,600 tons), and Hong Kong (600 tons).

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