News

Solid week for export sales

The USDA reports corn, soybean, and wheat export sales for the week ending November 17th were above most pre-report estimates. Physical shipments of soybeans were more than what’s needed to meet USDA projections for the 2016/17 marketing year, while corn and wheat fell short of their respective marks.

Wheat came out at 712,500 tons (26.2 million bushels), up 19% from the week ending November 10th and 27% higher than the four week average. Unknown destinations bought 155,600 tons and Japan purchased 136,100 tons. At this point in the 2016/17 marketing year, wheat sales are 675.5 million bushels, compared to 515.6 million in 2015/16.

Corn was reported at 1,688,800 tons (66.5 million bushels), 2% more than the previous week and 31% above the four week average. Mexico picked up 489,300 tons and South Korea purchased 201,500 tons. For the marketing year to date, corn sales are 1.155 billion bushels, compared to 652.7 million this time last year.

Sorghum sales of 292,200 tons (11.5 million bushels) were down 12% on the week, but up 7% on the year, with unknown destinations buying 165,700 tons and China picking up 115,400 tons. Sales this marketing year are 96.0 million bushels, compared to 174.4 million a year ago.

Soybeans were pegged at 1,898,600 tons (69.8 million bushels), 35% higher than the week before and 11% more than the four week average. China purchased 2,179,600 tons and Thailand bought 152,400 tons, but unknown destinations canceled on 926,000 tons. So far this marketing year, soybean sales are 1.483 billion bushels, compared to 1.175 billion last year.

Soybean meal came out at 224,500 tons, down 49% from the prior week and 13% lower than the four week average. Saudi Arabia picked up 60,000 tons and Vietnam purchased 48,900 tons, but unknown destinations canceled on 61,800 tons. Cumulative soybean meal sales are 4,600,400 tons, compared to 5,329,000 a year ago. Net reductions of 300 tons for 2017/18 followed after a cancellation by Canada.

Soybean oil was reported at 26,100 tons, 82% larger than the previous week and 37% more than the four week average. The Dominican Republic bought 11.500 tons and Jamaica picked up 4,000 tons. 2016/17 U.S. soybean oil sales are 379,000 tons, compared to 483,100 last year.

Net beef sales totaled 13,000 tons, up 26% on the week and 14% higher than the four week average. The listed purchasers were South Korea (4,000 tons), Mexico (2,400 tons), Canada (1,900 tons), Hong Kong (1,600 tons), and Japan (1,300 tons). Sales of 1,400 tons for 2017 delivery were reported for Japan (900 tons), Mexico (500 tons), and South Korea (200 tons).

Net pork sales totaled 22,100 tons, 35% above the week before and 3% more than the four week average. The reported buyers were Mexico (12,600 tons), Japan (3,700 tons), Canada (1,900 tons), Australia (1,600 tons), and Colombia (900 tons). Sales of 5,800 tons for 2017 delivery were primarily to China (3,400 tons), Mexico (1,000 tons), Hong Kong (900 tons), and Colombia (400 tons).