News

Soybean, corn exports up sharply on week

The USDA reports combined old and new crop corn export sales for the week ending July 12th topped pre-report estimates, while soybeans and wheat were within most analysts’ expectations. The 2018/19 marketing year for wheat started June 1st, while 2017/18 runs through the end of August for beans, corn, and sorghum and the end of September for soybean products.

Wheat came out at 300,000 tons (11.0 million bushels), up sharply from the week ending July 5th, but down 25% from the four-week average. The Philippines purchased 136,200 tons and Thailand bought 64,000 tons. About a month and a half into the 2018/19 marketing year, wheat sales are 236.2 million bushels, compared to 346.1 million towards the outset of 2017/18.

Corn was reported at 641,000 tons (25.2 million bushels), 59% higher than the previous week and 38% above than the four-week average. Japan picked up 123,800 tons and Mexico purchased 123,200 tons, while unknown destinations canceled on 96,600 tons. With less than a quarter left in 2017/18, corn sales are 2.312 billion bushels, compared to 2.214 billion in 2016/17. Sales of 774,500 tons (30.5 million bushels) for 2018/19 delivery were mainly to Mexico (245,200 tons) and South Korea (126,000 tons).

Sorghum had a net reduction of 114,000 tons (-4.5 million bushels) following a cancellation by Mexico. Cumulative sorghum sales are 198.6 million bushels, compared to 181.9 million this time last year. A net reduction of 38,000 tons (-1.5 million bushels) for 2018/19 delivery also followed a cancellation by Mexico.

Soybeans were pegged at 252,300 tons (9.3 million bushels), 59% more than the prior week, but 22% less than the four-week average. The Netherlands bought 78,500 tons and Canada picked up 74,300 tons, but unknown destinations canceled on 113,000 tons. So far, this marketing year, soybean sales are 2.120 billion bushels, compared to 2.218 billion a year ago. Sales of 613,400 tons (22.5 million bushels) for 2018/19 delivery were primarily to unknown destinations (433,000 tons) and Argentina (120,000 tons).

Soybean meal came out at 131,000 tons, a significant jump from the week before and 21% larger than the four-week average. Spain purchased 66,000 tons and Colombia bought 29,000 tons, but unknown destinations canceled on 61,700 tons. For the marketing year to date, soybean meal sales are 11,676,500 tons, compared to 10,048,200 last year. Sales of 91,000 tons for 2018/19 delivery were mostly to El Salvador (46,300 tons) and Guatemala (29,200 tons).

Soybean oil was reported at 10,900 tons, a decline of 60% from the previous week and 61% below the four-week average. Venezuela picked up 18,000 tons and Mexico purchased 4,600 tons, while unknown destinations canceled on 18,000 tons. 2017/18 soybean oil sales are 1,006,400 tons, compared to 1,031,100 in 2016/17. Sales of 9,200 tons for 2018/19 delivery were to the Dominican Republic.

Net beef sales totaled 13,500 tons, down 17% on the week and 16% lower than the four-week average. The listed buyers were South Korea (5,700 tons), Mexico (1,800 tons), Taiwan (1,500 tons), Japan (1,400 tons), and Canada (1,000 tons), with a cancellation by Indonesia (100 tons). Japan bought 100 tons for 2019 delivery.

Net pork sales totaled 19,700 tons, up sharply from the prior week and an increase of 33% from the four-week average. The reported purchasers were Japan (9,400 tons), Mexico (2,200 tons), Australia (1,900 tons), Canada (1,600 tons), and Colombia (1,200 tons).