News

Corn, soybean exports within expectations

The USDA says corn and soybean export sales for the week ending November 8th were within pre-report expectations, while wheat sales were below analysts’ estimates. Physical shipments of corn remain ahead of what’s needed weekly to meet UDSA projections for the 2018/19 marketing year.

Wheat came out at 438,300 tons (16.1 million bushels), down 34% from the week ending November 1st and 18% lower than the four-week average. Bangladesh purchased 120,000 tons and Taiwan bought 65,300 tons, while Venezuela canceled on 60,000 tons. Nearly halfway through the 2018/19 marketing year, wheat sales are 521.2 million bushels, compared to 616.6 million towards the midpoint of 2017/18.

Corn was reported at 892,500 tons (35.1 million bushels), up 27% from the previous week and 95% higher than the four-week average. Mexico picked up 334,800 tons and Japan purchased 207,200 tons, while unknown destinations canceled on 106,400 tons. At this point in the marketing year, corn sales are 922.2 million bushels, compared to 800.9 million this time last year. Sales of 1,400 tons (100,000 bushels) for 2019/20 delivery were to Japan.

Sorghum sales were 34,600 tons (1.4 million bushels), a big increase from both the week before and the four-week average. Mexico bought 22,400 tons and Japan picked up 12,200 tons. Cumulative sorghum sales are 10.1 million bushels, compared to 87.0 million a month ago.

Soybeans were pegged at 470,400 tons (17.3 million bushels), 47% more than the prior week and 54% above the four-week average. The Netherlands purchased 180,500 tons and Argentina bought 114,900 tons, but unknown destinations canceled on 488,800 tons and China canceled on 195,000 tons. So far, this marketing year, soybean sales are 817.2 million bushels, compared to 1.197 billion last year.

Soybean meal came out at 432,300 tons. The Dominican Republic picked up 91,300 tons and Vietnam purchased 46,400 tons. Early in the marketing year, soybean meal sales are 5,260,000 tons, compared to 4,351,800 a year ago.

Soybean oil was reported at 15,000 tons. Colombia bought 8,500 tons and Jamaica picked up 3,500 tons. 2018/19 soybean oil sales are 262,100 tons, compared to 186,400 in 2017/18.

Net beef sales totaled 13,600 tons, up 18% on the week, but down 16% from the four-week average. The listed purchasers were Mexico (3,400 tons), Japan (2,800 tons), South Korea (2,200 tons), Taiwan (1,900 tons), and Hong Kong (1,400 tons). Sales of 2,500 tons for 2019 delivery were mainly to Hong Kong (800 tons), Japan (800 tons), and South Korea (400 tons).

Net pork sales totaled 20,500 tons, 3% lower than the previous week, but 14% higher than the four-week average. The reported buyers were Japan (4,300 tons), Hong Kong (3,800 tons), Mexico (3,500 tons), Canada (2,300 tons), and Panama (1,700 tons). Sales of 1,900 tons for 2019 delivery were primarily to South Korea (1,100 tons), Taiwan (400 tons), and Mexico (200 tons).