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Soybean Exports Continue on Unprecedented Pace

Soybean exports over the past six weeks have totaled almost 15.5 million metric tons (MT), a feat that required 10 weeks to accomplish a year ago. China continues to be the main destination receiving over 60% of the soybeans. Corn and wheat exports decreased. Wheat sales increased, but both corn and soybean sales decreased.

The USDA Word Agriculture Supply and Demand Estimates (WASDE) released yesterday expressed the torrent pace of U.S. soybean exports by lowering the expected carry out for the current marketing year.

Weekly net corn sales were 962,800 MT, an 18% decrease from last week, but an 8% increase from the prior 10-week average. Increases were reported from Japan, Mexico, South Korea, Peru, and Colombia. Decreases were reported from unknown destinations, Nicaragua, and Guatemala. Exports were 678,300 MT, a 9% decrease from last week and a less than 1% decrease from the prior 10-week average. The primary destinations were Japan, Peru, Mexico, and Colombia.

Weekly net soybean sales were 810,300 MT, a 31% decrease from last week and a 33% decrease from the prior 10-week average. Increases were reported from Spain, China, Japan, the United Kingdom, South Korea, Egypt, and Mexico. Decreases were reported from unknown destinations, the Netherlands, Costa, Rica, and Russia. Exports were 2,412,000 MT, an 18% increase from last week and a 20% increase from the prior 10-week average. Primary destinations were China, Spain, Taiwan, Turkey, Mexico, and Saudi Arabia.

Weekly net wheat sales were 442,300 MT, a 39% increase from last week and an 11% increase from the prior 10-week average. Increases were reported from Japan, the Philippines, Italy, Colombia, and Mexico. Decreases were reported from South Africa and unknown destinations. Exports were 331,000 MT, a 26% decrease from last week and an 18% decrease from the prior 10-week average. Primary destinations were Mexico, Japan, South Korea, Nigeria, and Algeria.

12-11-14 Sales USDA Export Sales Report Colvin & Co. LLP Greyson Colvin, Marc Schober, Patrick Cheney, John Fairbairn, Farmland Forecast

12-11-14 Exports USDA Export Sales Report Colvin & Co. LLP Greyson Colvin, Marc Schober, Patrick Cheney, John Fairbairn, Farmland Forecast

Source: USDA Foreign Agricultural Service

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