USDA: Strong Corn, Wheat, Soybean Export Sales.

USDA Reports/

USDA reports combined old and new crop corn, soybean, and wheat export sales for the week ending January 23 were larger than expected, while soybean meal and soybean oil were within pre-report estimates. Physical shipments of corn and soybeans were above what’s needed weekly to meet USDA projections for the 2013/14 marketing year, but wheat fell short of its mark.

Wheat came out at 794,900 tons (18.2 million bushels), up 89% from the week ending January 16 and sharply higher than the four week average. Japan picked up 174,800 tons and South Korea bought 162,400 tons. At this point in the 2013/14 marketing year, wheat sales are 959.2 million bushels, compared to 760.8 million in 2012/13. Sales of 2,000 tons (100,000 bushels) for 2014/15 delivery were to South Korea.

Corn was reported at 1,837,900 tons (72.4 million bushels), considerably larger than both the prior week and the four week average. Japan purchased 797,800 tons and unknown destinations picked up 305,900 tons. For the marketing year to date, corn sales are 1.255 billion bushels, compared to 530.9 million this time last year. Sales of 105,700 tons (4.2 million bushels) for 2014/15 delivery were to Japan.

Soybeans were pegged at 494,800 tons (18.2 million bushels), down 22% from the previous week and 18% lower than the four week average. China bought 251,300 tons and the Netherlands purchased 209,200 tons, but unknown destinations canceled on 610,300 tons. So far this marketing year, soybean sales are 1.564 billion bushels, compared to 1.225 billion a year ago. Sales of 371,000 tons (13.6 million bushels) for 2014/15 delivery were mainly to unknown destinations (243,000 tons) and China (126,000 tons).

Soybean meal came out at 68,300 tons, 72% less than the week before and 59% under the four week average. The Philippines picked up 59,900 tons and Thailand bought 45,000 tons, but unknown destinations canceled on 275,100 tons. Cumulative soybean meal sales for the current marketing year are 6,763,300 tons, compared to 6,536,400 tons last year. Sales of 120,000 tons for 2014/15 delivery were to unknown destinations.

Soybean oil was reported at 6,700 tons, a decline of 67% from the prior week and 48% from the four week average. The Dominican Republic purchased 5,000 tons and Peru bought 3,800 tons, while Mozambique canceled on 3,300 tons. 2013/14 soybean oil sales are 440,000 tons, compared to 733,200 in 2012/13.

Net beef sales totaled 10,600 tons. The listed purchasers were Japan (3,600 tons), Canada (1,900 tons), Mexico (1,300 tons), Hong Kong (1,100 tons), and South Korea (1,000 tons).

Net pork sales totaled 8,700 tons. The reported buyers were Mexico (4,800 tons), Japan (1,200 tons), Canada (1,000 tons), Ukraine (500 tons), and South Korea (400 tons).