News

Solid week for new crop corn, soybean exports

The USDA reports corn, soybean, and wheat export sales for the week ending August 11th fell within most analysts’ expectations.

Wheat came out at 489,500 tons (18.0 million bushels), down 19% from the week ending August 4th, but up 2% from the four week average. Brazil purchased 92,100 tons and Taiwan bought 65,600 tons. Still fairly early in the 2016/17 marketing year, wheat sales are 411.0 million bushels, compared to 340.2 million in 2015/16.

2015/16 corn sales were a marketing year low at 167,400 tons (6.6 million bushels), 72% lower than the previous week and 61% less than the four week average. Japan picked up 97,700 tons and South Korea purchased 96,100 tons, but unknown destinations canceled on 250,100 tons. With less than a month left in the marketing year, corn sales are 1.960 billion bushels, compared to 1.868 billion near the end of 2014/15. Sales of 1,042,700 tons (41.0 million bushels) were mainly to Mexico (425,200 tons) and unknown destinations (269,300 tons).

Sorghum sales were 60,700 tons (2.4 million bushels) with sales to China (56,600 tons), unknown destinations (300 tons), and Japan (1,000 tons). So far this marketing year are 323.1 million bushels, compared to 334.9 million this time last year. Sales of 8,100 tons (300,000 bushels) for 2016/17 delivery were to unknown destinations.

Soybeans were pegged at 177,900 tons (6.5 million bushels), down 26% from the week before and 29% lower than the four week average. China bought 337,400 tons and the Netherlands picked up 154,000 tons, but unknown destinations canceled on 494,700 tons. At this point, late in the marketing year, soybean sales are 1.942 billion bushels, compared to 1.865 billion a year ago. Sales of 1,597,900 tons (58.7 million bushels) for 2016/17 delivery were primarily to unknown destinations (827,000 tons) and China (694,200 tons).

Soybean meal came out at 121,400 tons, up sharply on the week and 38% higher than the four week average. Unknown destinations purchased 57,900 tons and Mexico bought 19,000 tons. Cumulative soybean meal sales for the current marketing year are 10,503,800 tons, compared to 11,454,700 last year. Sales of 191,800 tons for 2016/17 delivery were mostly to the Philippines (84,500 tons) and Mexico (72,100 tons).

Soybean oil was reported at 3,900 tons, 66% less than the prior week and 70% below the four week average. Mexico picked up 3,300 tons and Canada purchased 500 tons. 2015/16 soybean oil sales are 1,170,500 tons, compared to 862,200 in 2014/15.

Net beef sales totaled 14,100 tons, down 39% from the previous week and 18% lower than the four week average. The listed buyers were Japan (3,600 tons), South Korea (3,600 tons), Hong Kong (2,200 tons), Mexico (2,000 tons), and Taiwan (1,200 tons).

Net pork sales totaled 15,300 tons, 12% less than the prior week, but 13% more than the four week average. The reported purchasers were Mexico (4,500 tons), Japan (3,400 tons), South Korea (2,200 tons), Australia (900 tons), and China (900 tons).