News

Beef export sales up sharply on week

 

The USDA reports combined old and new crop corn, soybean, soybean product, and wheat export sales for the week ending March 22nd were within most pre-report estimates. Physical shipments of sorghum were more than what’s needed to meet USDA projections for the 2017/18 marketing year, but beans, corn, and wheat continue to fall short of their respective marks. The current marketing year runs through May for wheat, August for beans, corn, and sorghum, and September for soybean products.

Wheat came out at 353,800 tons (13.0 million bushels), up 33% from the week ending March 15th and 40% higher than the four-week average. Japan purchased 105,800 tons and Nigeria bought 76,200 tons. With less than a quarter left in the 2017/18 marketing year, wheat sales are 838.1 million bushels, compared to 964.5 million late in 2016/17. Sales of 121,800 tons (4.5 million bushels) for 2018/19 delivery were mainly to South Korea (77,700 tons).

Corn was reported at 1,353,100 tons (53.3 million bushels), down 8% from the previous week and 28% lower than the four-week average. South Korea picked up 623,100 tons and Mexico purchased 208,000 tons, but unknown destinations canceled on 283,200 tons. Just over the halfway point in the marketing year, corn sales are 1.829 billion bushels, compared to 1.867 billion midway last year. Sales of 287,000 tons (11.3 million bushels) for 2018/19 delivery were primarily to Japan (207,000 tons).

Sorghum sales were 19,300 tons (800,000 bushels), with sales to China (70,300 tons) and Japan (36,000 tons) partially offset by a cancellation from unknown destinations (87,000 tons). For the marketing year to date, sorghum sales are 204.9 million bushels, compared to 151.0 million a year ago.

Soybeans were pegged at 317,500 tons (11.7 million bushels), a decline of 58% from the week before and 77% less than the four-week average. The Netherlands bought 113,600 tons and Indonesia picked up 106,500 tons, but unknown destinations canceled on 244,000 tons. At this point in the marketing year, soybean sales are 1.850 billion bushels, compared to 2.009 billion this time last year. Sales of 69,700 tons (2.6 million bushels) for 2018/19 delivery were mostly to China (66,000 tons).

Soybean meal came out at 184,100 tons, down 5% from the prior week, but up 4% from the four-week average. Vietnam purchased 50,000 tons and Morocco bought 43,500 tons. Cumulative soybean meal sales are 8,694,600 tons, compared to 8,344,600 a year ago.

Soybean oil was reported at 34,500 tons, 5% lower than the week before, but 17% higher than the four-week average. Malaysia picked up 15,000 tons and unknown destinations purchased 9,000 tons. 2017/18 soybean oil sales are 649,400 tons, compared to 749,700 in 2016/17.

Net beef sales totaled 23,600 tons, a significant increase from the prior week and 40% larger than the four-week average. The listed buyers were Japan (11,400 tons), South Korea (6,000 tons), Hong Kong (3,200 tons), Mexico (900 tons), and Canada (700 tons), with a cancellation by South Africa (100 tons).

Net pork sales totaled 19,600 tons, 1% more than the previous week, but 16% less than the four-week average. The reported purchasers were Mexico (7,500 tons), South Korea (5,100 tons), Japan (2,200 tons), Australia (900 tons), and Canada (800 tons).