News

Good corn export pace continues

The USDA reports soybean export sales for the week ending October 4th were below most pre-report estimates, while corn, soybean products, and wheat were generally within expectations. Physical shipments of corn remain ahead of the USDA’s anticipated pace for the 2018/19 marketing year.

Wheat came out at 339,000 tons (12.5 million bushels), down 22% from the week ending September 27th and 30% lower than the four-week average. Taiwan purchased 88,100 tons and the Philippines bought 53,700 tons, while Nigeria canceled on 23,800 tons. For the 2018/19 marketing year to date, wheat sales are 427.6 million bushels, compared to 521.2 million in 2017/18.

Corn was reported at 1,006,700 tons (39.6 million bushels). Mexico picked up 354,600 tons and Japan purchased 281,700 tons, but unknown destinations canceled on 267,100 tons. Just over a month into the current marketing year, corn sales are 815.1 million bushels, compared to 538.3 million this time last year.

Sorghum sales were 71,500 tons (2.8 million bushels). Spain bought 60,500 tons and Mexico picked up 11,000 tons. Cumulative sorghum exports are 6.2 million bushels, compared to 53.7 million a year ago.

Soybeans were pegged at 439,700 tons (16.2 million bushels). The Netherlands bought 85,200 tons and the United Kingdom picked up 80,400 tons, but China canceled on 187,900 tons. So far, this marketing year, soybean sales are 755 million bushels, compared to 919 million last year. Sales of 4,600 tons (200,000 bushels) for 2019/20 delivery were to Japan.

2018/19 soybean meal came out at 348,200 tons. The Philippines purchased 183,800 tons and Canada bought 71,200 tons. Sales between October 1st and 4th were 128,300 tons, mainly to the Philippines (97,200 tons), while net sales of 3,000 tons for September 27th to 30th were primarily to Canada (11,900 tons), with a few cancellations, the biggest by Colombia (9,100 tons). Outstanding sales of 665,000 tons were carried over from 2017/18 to 2018/19. A few days into the new marketing year, soybean meal sales are 3,948,000 tons, compared to 3,312,000 at the outset of 2017/18.

2018/19 soybean oil was reported at 11,400 tons. Mexico picked up 7,400 tons and Canada purchased 4,000 tons. Sales between October 1st and 4th were 6,500 tons, mostly to Guatemala (6,000 tons), and net sales of 700 tons for September 28th to 30th were to Mexico. The USDA says outstanding sales of 65,000 tons were carried over into the new marketing year. 2018/19 bean oil sales are 149,700 tons, compared to 85,600 a year ago.

Net beef sales totaled 13,300 tons, 18% less than the previous week and 10% below the four-week average. The listed buyers were South Korea (4,300 tons), Japan (4,200 tons), Canada (1,500 tons), Mexico (700 tons), and Taiwan (700 tons). Sales of 1,900 tons for 2019 delivery were mainly to Japan (800 tons), South Korea (600 tons), and Canada (300 tons).

Net pork sales totaled 16,700 tons, an increase of 14% on the week, but a decrease of 21% from the four-week average. The reported purchasers were Mexico (4,600 tons), Japan (3,400 tons), South Korea (3,000 tons), Canada (1,900 tons), and Hong Kong (1,100 tons).