News

Generally quiet week for U.S. export sales

 

The USDA soybean meal exports for the week ending May 3rd notched a new marketing year low, while combined old and new crop corn, soybean, soybean oil, and wheat sales were generally towards the low end of most analysts’ expectations. Physical shipments of sorghum were more than what’s needed to meet USDA projections for the marketing year. The 2017/18 marketing year runs through May for wheat, August for beans, corn, and sorghum, and September for soybean products.

Wheat came out at 35,200 tons (1.3 million bushels), down 85% from the week ending April 23th and 76% lower than the four-week average. Malaysia purchased 31,000 tons and Italy bought 19,500 tons, but unknown destinations canceled on 56,700 tons. With less than a month left in the 2017/18 marketing year, wheat sales are 864.9 million bushels, compared to 1.065 billion late in 2016/17. Sales of 48,200 tons (1.8 million bushels) for 2018/19 delivery were mainly to the Philippines (25,000 tons) and unknown destinations (22,000 tons), with a significant cancellation by Mexico (34,900 tons).

Corn was reported at 695,600 tons (27.4 million bushels), 32% below the previous week and 22% less than the four-week average. Vietnam picked up 266,500 tons and Japan purchased 186,200 tons, but unknown destinations canceled on 489,700 tons. For the marketing year to date, corn sales are 2.033 billion bushels, compared to 2.051 billion this time last year. Sales of 90,000 tons (3.5 million bushels) for 2018/19 delivery were to Mexico.

Sorghum sales were 212,600 tons (8.4 million bushels). Spain bought 133,000 tons and Mexico picked up 76,200 tons. So far, this marketing year, sorghum sales are 210.9 million bushels, compared to 167.5 million a year ago.

Soybeans were pegged at 354,300 tons (13.0 million bushels), 15% below the week before and a decline of 57% from the four-week average. Egypt purchased 90,000 tons and the Netherlands bought 85,100 tons, while unknown destinations canceled on 90,000 tons. At this point in the marketing year, soybean sales are 2.026 billion bushels, compared to 2.094 billion last year. Sales of 278,300 tons (10.2 million bushels) for 2018/19 delivery were primarily to unknown destinations (183,000 tons) and Argentina (83,000 tons).

Soybean meal came out at 90,900 tons, down 63% from the prior week and 62% lower than the four-week average. Denmark picked up 40,000 tons and Indonesia purchased 9,500 tons, while unknown destinations canceled on 13,100 tons. Cumulative soybean meal sales are 10,151,700 tons, compared to 9,219,500 a year ago. A net reduction of 600 tons for the 2018/19 marketing year occurred after a sale to Honduras (6,600 tons) was more than offset by cancellations from Guatemala (6,600 tons) and Malaysia (600 tons).

Soybean oil was reported at 45,400 tons, up 2% from the previous week and 72% higher than the four-week average. Peru bought 30,000 tons and South Korea picked up 10,000 tons, while unknown destinations canceled on 10,000 tons. 2017/18 soybean oil sales are 844,200 tons, compared to 861,500 in 2016/17. Sales of 1,000 tons for 2018/19 delivery were to Mexico.

Net beef sales totaled 11,300 tons, a decrease of 30% on the week and 41% from the four-week average. The listed purchasers were Japan (2,800 tons), Hong Kong (2,000 tons), South Korea (1,800 tons), Mexico (1,600 tons), and Canada (1,500 tons).

Net pork sales totaled 16,500 tons, 5% less than the week before and 21% below the four week average. The reported buyers were Mexico (6,800 tons), Japan (3,700 tons), Canada (1,800 tons), Hong Kong (1,600 tons), and Colombia (900 tons), with a cancellation by Albania (100 tons).