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Soybean exports hit new marketing year high

The USDA reports soybean and corn export sales for the week ending October 27th were larger than expected. Physical shipments of soybeans were above 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 234,900 tons (8.6 million bushels), down 64% from the week ending October 20th and 54% lower than the four week average. Mexico purchased 141,700 tons and the Philippines bought 77,900 tons, but unknown destinations canceled on 67,200 tons. For the 2016/17 marketing year to date, wheat sales are 599.0 million bushels, compared to 470.2 million in 2015/16.

Corn was reported at 1,473,500 tons (58.0 million bushels), up 84% from the previous week and 24% higher than the four week average. Japan picked up 219,400 tons and Mexico purchased 206,100 tons. At this point in the marketing year, corn sales are 974.6 million bushels, compared to 517.5 million this time last year.

Sorghum sales were a marketing year high at 404,000 tons (15.9 million bushels). China bought 316,000 tons and unknown destinations picked up 50,000 tons. So far this marketing year, sorghum sales are 57.5 million bushels, compared to 148.7 million a year ago.

Soybeans hit a new marketing year high at 2,514,100 tons (92.4 million bushels), 28% more than the prior week and 34% above the four week average. China purchased 2,069,200 tons and Germany bought 151,700 tons, while unknown destinations canceled on 363,200 tons. Cumulative soybean sales for this marketing year are 1.327 billion bushels, compared to 1.022 billion last year. Sales of 60,000 tons (2.2 million bushels) for 2017/18 delivery were to Spain.

Soybean meal was pegged at 301,000 tons. Colombia picked up 84,200 tons and the Philippines purchased 45,700 tons, while unknown destinations canceled on 23,400 tons. Early in the marketing year, soybean meal sales are 3,788,500 tons, compared to 4,641,800 a year ago. Sales of 4,200 tons for 2017/18 delivery were to Mexico (4,100 tons) and Canada (100 tons).

Soybean oil came out at 21,200 tons. Colombia bought 15,000 tons and Mexico picked up 2,500 tons. 2016/17 soybean oil sales are 322,300 tons, compared to 403,600 near the outset of 2015/16.

Net beef sales totaled 7,300 tons, down 12% on the week and 46% lower than the four week average. The reported purchasers were South Korea (2,800 tons), Mexico (1,900 tons), Hong Kong (700 tons), Canada (600 tons), and Japan (300 tons). Sales of 1,600 tons for 2017 delivery were to South Korea (900 tons), Taiwan (500 tons), Canada (100 tons), and Hong Kong (100 tons).

Net pork sales totaled 17,400 tons, a decrease of 40% from the week before and 21% below the four week average. The listed buyers were Mexico (8,600 tons), Japan (2,800 tons), China (1,200 tons), Hong Kong (1,200 tons), and Canada (1,000 tons). Sales of 1,400 tons for 2017 delivery were mainly to South Korea (800 tons), Australia (300 tons), Chile (100 tons), and Colombia (100 tons).