News

Soybean, corn exports top expectations

The USDA reports corn and soybean export sales for the week ending October 5th were above most pre-report estimates, while wheat sales were below trade expectations. Physical shipments of soybeans were more than what’s needed to keep 2017/18 totals ahead of the 2016/17 pace. The 2017/18 marketing year for soybean products started October 1st.

Wheat came out at 175,000 tons (6.4 million bushels), down 65% from the week ending September 28th and 55% lower than the four week average. Japan purchased 88,000 tons and the Philippines bought 52,000 tons, but unknown destinations canceled on 99,300 tons. At this point in the 2017/18 marketing year, wheat sales are 521.2 million bushels, compared to 547.8 million in 2016/17.

Corn was reported at 1,593,200 tons (62.7 million bushels). Mexico picked up 1,014,000 tons and Japan purchased 166,200 tons. A little more than a month into the current marketing year, corn sales are 538.9 million bushels, compared to 845.5 million this time last year. Sales of 15,200 tons (600,000 bushels) for 2018/19 delivery were to Mexico.

Sorghum sales were 51,600 tons (2.0 million bushels). China bought 116,600 tons, but unknown destinations canceled on 65,000 tons. Sorghum exports are 53.7 million bushels, compared to 41.6 million a year ago.

Soybeans were pegged at 1,747,300 tons (64.2 million bushels). China picked up 1,020,400 tons and unknown destinations purchased 351,500 tons. So far this marketing year, soybean sales are 921.5 million bushels, compared to 1.092 billion last year.

New crop soybean meal sales were 106,000 tons. Thailand bought 53,000 tons and the Dominican Republic picked up 25,000 tons, while unknown destinations canceled on 10,500 tons. At the outset of the marketing year, soybean meal sales are 3,312,000 tons, compared to 2,943,300 a year ago. The USDA says exports of 34,300 tons for October 1st through 5th were 34,300 tons, heading to Mexico (10,700 tons), Canada (9,600 tons), and Guatemala and net reductions of 19,500 tons during September 29th through the 30th occurred with sales of 1,400 to 7,600 tons more than offset by cancellations of 400 to 30,000 tons. A total of 256,500 tons outstanding at the end of 2016/17 were carried over into 2017/18.

New crop soybean oil sales were 11,000 tons. The Dominican Republic purchased 9,500 tons and Mexico bought 600 tons. 2017/18 soybean oil sales are 85,600 tons, compared to 276,300 at the outset of 2016/17. The USDA says sales of 8,500 tons for October 1st through 5th were 8,500 tons, heading to the Dominican Republic (7,500 tons), Mexico (900 tons), and Canada (100 tons), and sales of 1,600 tons from September 29th through the 30th were mainly to Mexico. A total of 22,900 tons outstanding at the end of 2016/17 were carried over into 2017/18.

Net beef sales totaled 12,900 tons, 38% less than the previous week and 19% below the four week average. The reported purchasers were Japan (5,200 tons), South Korea (2,000 tons), Canada (1,700 tons), Hong Kong (1,300 tons), and Mexico (1,200 tons). Sales of 1,600 tons for 2018 delivery were primarily to Hong Kong (1,100 tons), Japan (300 tons), and Taiwan (200 tons).

Net pork sales totaled 15,900 tons, a decrease of 25% on the week and 32% from the four week average. The listed buyers were Japan (4,900 tons), Mexico (3,500 tons), Canada (2,700 tons), China (1,000 tons), and South Korea (1,000 tons).