News

Big week for new crop corn, soybean export sales

The USDA reports new corn and soybean export sales for the week ending August 16th topped pre-report expectations, while old crop sales were near the low end of analysts’ estimates. The 2018/19 marketing year starts September 1st for beans, corn, and sorghum, and October 1st for soybean products.

Wheat came out at 239,800 tons (8.8 million bushels), down 70% from the week ending August 9th, which was a marketing year high, and 49% lower than the four-week average. Iraq purchased 200,000 tons and Yemen bought 84,000 tons, while unknown destinations canceled on 95,200 tons. Nearly a quarter into the 2018/19 marketing year, wheat sales are 314.4 million bushels, compared to 424.3 million in 2017/18.

Corn was reported at 173,400 tons (6.8 million bushels), 49% less than the prior week and 55% under the four-week average. Japan picked up 131,000 tons and Mexico purchased 100,400 tons, but unknown destinations canceled on 476,100 tons. With the end of the 2017/18 marketing year in sight, corn sales are 2.379 billion bushels, compared to 2.227 billion late in 2016/17. Sales of 1,054,600 tons (41.5 million bushels) were mainly to unknown destinations (403,700 tons) and Mexico (280,200 tons).

Sorghum sales were 11,400 tons (400,000 bushels). China bought 57,200 tons and Mexico picked up 5,100 tons; sales of 52,000 tons were switched from unknown destinations to China. Cumulative sorghum sales are 200.3 million bushels, compared to 192.6 million this time last year.

Soybeans were pegged at 152,700 tons (5.6 million bushels), up 14% from the week before, but down 37% from the four-week average. Indonesia purchased 88,700 tons and the Netherlands bought 85,900 tons, but unknown destinations canceled on 343,900 tons. So far, this marketing year, soybean sales are 2.159 billion bushels, compared to 2.231 billion a year ago. Sales of 1,148,600 tons (42.2 million bushels) were primarily to Mexico (403,100 tons) and unknown destinations (360,000 tons).

Soybean meal came out at 212,500 tons, 3% higher than the prior week and 51% more than the four-week average. The Philippines picked up 86,300 tons and Mexico purchased 68,600 tons. For the marketing year to date, soybean meal sales are 12,451,200 tons, compared to 10,317,300 last year. Sales of 109,300 tons for 2018/19 delivery were mostly to the Philippines (45,300 tons) and Vietnam (41,800 tons).

Soybean oil was reported at 5,200 tons, 7% more than the previous week, but 19% less than the four-week average. Morocco bought 12,000 tons and Mexico picked up 2,600 tons; sales of 12,000 tons were switched from unknown destinations to Morocco. 2017/18 soybean oil sales are 1,037,000 tons, compared to 1,118,900 in 2016/17. Sales of 1,100 tons for 2018/19 delivery were to Mexico (800 tons) and the Dominican Republic (300 tons).

Net beef sales totaled 20,600 tons, a decrease of 4% on the week, but an increase of 45% from the four-week average. The listed purchasers were Japan (6,800 tons), Hong Kong (4,600 tons), South Korea (4,000 tons), Mexico (1,400 tons), and Vietnam (1,400 tons).

Net pork sales of 26,800 tons were unchanged from the week before, but 1% lower than the four-week average. The reported buyers were Mexico (10,300 tons), Canada (4,200 tons), Colombia (3,300 tons), Japan (3,100 tons), and South Korea (2,500 tons).