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Wheat, corn exports top estimates

The USDA reports corn, wheat, and soybean product export sales for the week ending October 12th were above most pre-report estimates, while soybean sales were generally below expectations.

Wheat came out at 615,400 tons (22.6 million bushels), up sharply from the week ending October 5th and 75% higher than the four week average. Mexico purchased 180,000 tons and China bought 120,000 tons, while Turkey canceled on 50,000 tons. At this point in the 2017/18 marketing year, wheat sales are 543.9 million bushels, compared to 566.7 million in 2016/17.

Corn was reported at 1,254,900 tons (49.4 million bushels), 21% less than the previous week, but 58% more than the four week average. Mexico picked up 510,100 tons and Japan purchased 233,800 tons. A little more than a month into the current marketing year, corn sales are 587.7 million bushels, compared to 884.9 million this time last year. Sales of 15,000 tons (600,000 bushels) for 2018/19 delivery were to Peru.

Sorghum sales were 120,000 tons (4.7 million bushels), mainly to unknown destinations (119,000 tons) and Mexico (2,400 tons), with a cancellation by China (1,400 tons). Cumulative sorghum sales are 58.4 million bushels, compared to 41.6 million a year ago.

Soybeans were pegged at 1,275,200 tons (46.9 million bushels), down 21% from the week before and 36% lower than the four week average. China bought 1,174,800 tons and Pakistan picked up 70,800 tons, but unknown destinations canceled on 317,400 tons. So far this marketing year, soybean sales are 965.9 million bushels, compared to 1.163 billion last year.

Soybean meal came out at 296,000 tons, primarily to the Dominican Republic (106,100 tons) and Thailand (50,000 tons), with a cancellation by unknown destinations (37,400 tons). At the outset of 2017/18, soybean meal sales are 3,608,100 tons, compared to 3,341,300 early in 2016/17.

Soybean oil was reported at 27,400 tons, mostly to Guatemala (11,000 tons) and Mexico (7,900 tons). For the marketing year to date, soybean oil sales are 113,000 tons, compared to 276,600 at the start of the last marketing year.

Net beef sales totaled 13,600 tons, up 5% on the week, but down 13% from the four week average. The listed buyers were Japan (4,600 tons), Hong Kong (2,800 tons), South Korea (2,100 tons), Mexico (1,500 tons), and Taiwan (1,300 tons), with a cancellation by Indonesia (100 tons). Sales of 800 tons for 2018 delivery were to Japan (400 tons), Hong Kong (300 tons), and Mexico (100 tons).

Net pork sales totaled 11,400 tons, a decrease of 28% from the prior week and 51% below the four week average. The reported purchasers were Mexico (3,400 tons), Japan (2,600 tons), Colombia (1,200 tons), South Korea (1,000 tons), and Canada (900 tons). Sales of 2,800 tons for 2018 delivery were to Chile (1,100 tons), Colombia (1,000 tons), and Mexico (700 tons).

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