News

Corn exports top estimates

The USDA reports combined old and new crop corn export sales were larger than expected, while combined old and new crop soybean sales and 2016/17 wheat exports were below pre-report estimates.

Wheat came out at 317,700 tons (11.7 million bushels), down 62% from the week ending June 30th and 53% lower than the four week average. Mexico purchased 66,900 tons and unknown destinations bought 49,200 tons, while Panama canceled on 25,000 tons. A little more than a month into the 2016/17 marketing year, wheat sales are 322.6 million bushels, compared to 238.2 million in towards the outset of 2015/16.

Corn was reported at 667,800 tons (26.3 million bushels), up 81% from the previous week and 2% higher than the four week average. Japan picked up 231,400 tons and South Korea purchased 190,000 tons, but unknown destinations canceled on 322,000 tons. At this point in the 2015/16 marketing year, corn sales are 1.887 billion bushels, compared to 1.858 billion in 2014/15. Sales of 687,800 tons (27.1 million bushels) for 2016/17 delivery were mainly to Mexico (259,500 tons) and Japan (198,000 tons).

Sorghum sales were 42,800 tons (1.7 million bushels) with sales to China (86,300 tons) partially offset by reductions by Colombia (25,000 tons), unknown destinations (17,500 tons), and Mexico (1,000 tons). So far this marketing year, sorghum sales are 309 million bushels, compared to 330.7 million this time last year. Sales of 12,000 tons (500,000 bushels) for 2016/17 delivery were to Mexico.

Soybeans were pegged at 364,200 tons (13.4 million bushels), 43% less than the prior week and 49% under the four week average. China bought 279,600 tons and the Netherlands picked up 86,100 tons. For the marketing year to date, soybean sales are 1.898 billion bushels, compared to 1.858 billion a year ago. Sales of 547,000 tons for 2016/17 delivery were primarily to China (300,000 tons) and unknown destinations (169,000 tons).

Soybean meal came out at 136,100 tons, 76% above the week before and 24% more than the four week average. Mexico purchased 46,100 tons and Venezuela bought 45,000 tons. Cumulative soybean meal sales for the current marketing year are 10,029,600 tons, compared to 11,156,000 a year ago. Sales of 51,000 tons for 2016/17 delivery were mainly to Honduras (22,000 tons) and Jamaica (16,000 tons).

Soybean oil was reported at 48,700 tons, up sharply on the week and 80% higher than the four week average. China picked up 35,000 tons and Iran purchased 25,000 tons). 2015/16 soybean oil sales are 1,114,000 tons, compared to 760,500 last year. Sales of 6,000 tons for 2016/17 delivery were to Mexico (4,000 tons) and the Dominican Republic (2,000 tons).

Net beef sales totaled 12,800 tons, a decrease of 17% from both the prior week and the four week average. The listed buyers were Japan (6,600 tons), Mexico (2,600 tons), Taiwan (1,000 tons), Canada (800 tons), and South Korea (800 tons).

Net pork sales were a marketing year low at 6,200 tons. That’s a drop of 62% from the week before and a decline of 61% from the four week average. The reported purchasers were Japan (2,800 tons), Mexico (2,200 tons), Canada (1,300 tons), South Korea (900 tons), and Chile (800 tons), with a cancellation by China (3,000 tons).