News

Strong week for soybean, corn export sales

The USDA reports corn and soybean export sales for the week ending October 19th topped pre-report estimates, while wheat was towards the low end of analysts’ expectations. Physical shipments of corn, soybeans, and wheat for the 2017/18 marketing year all remain behind the respective 2016/17 paces.

Wheat came out at 360,600 tons (13.2 million bushels), down 41% from the week ending October 12th and 16% lower than the four week average. Japan purchased 137,400 tons and the Philippines bought 61,800 tons. For the 2017/18 marketing year to date, wheat sales are 557.1 million bushels, compared to 590.4 million in 2016/17. Sales of 30,000 tons (1.1 million bushels) for 2018/19 delivery were to Panama (28,500 tons) and unknown destinations (1,500 tons).

Corn was reported at 1,288,300 tons (50.7 million bushels), up 3% from the previous week and 32% higher than the four week average. Unknown destinations picked up 357,500 tons and Japan purchased 257,500 tons. About a month and a half into the marketing year, corn sales are 638.4 million bushels, compared to 916.4 million this time last year. Sales of 96,800 tons (3.8 million bushels) for 2018/19 delivery were to Mexico (90,000 tons) and Peru (6,800 tons).

Sorghum sales were 3,400 tons (100,000 bushels). China bought 69,400 tons, but unknown destinations canceled on 66,000 tons. At this point in the marketing year, sorghum sales are 58.6 million bushels, compared to 41.6 million a year ago.

Soybeans were pegged at 2,129,300 tons (78.2 million bushels), 67% more than the previous week and 23% above the four week average. China picked up 1,576,200 tons and Taiwan purchased 120,400 tons. Soybean sales this marketing year are 1.044 billion bushels, compared to 1.235 billion last year. Sales of 1,000 tons for 2018/19 delivery were to Japan.

Soybean meal came out at 142,800 tons. Mexico bought 64,300 tons and the Philippines picked up 52,600 tons. A couple of weeks into the marketing year, soybean meal sales are 3,750,800 tons, compared to 3,487,500 a year ago.

Soybean oil was reported at 27,900 tons. South Korea purchased 20,000 tons and Mexico bought 4,300 tons. 2017/18 soybean oil sales are 140,900 tons, compared to 301,000 early in 2016/17.

Net beef sales totaled 16,900 tons, an increase of 25% on the week and 7% from the four week average. The listed purchasers were South Korea (5,600 tons), Hong Kong (5,000 tons), Mexico (2,300 tons), Japan (1,600 tons), and Canada (1,000 tons). Sales of 4,600 tons for 2018 delivery were primarily to Japan (2,800 tons), South Korea (1,000 tons), and Mexico (500 tons).

Net pork sales totaled 18,100 tons, 58% more than the prior week, but 15% less than the four week average. The reported buyers were Mexico (7,500 tons), Japan (4,100 tons), South Korea (2,200 tons), Canada (1,400 tons), and Colombia (1,200 tons). Sales of 1,200 tons for 2018 delivery were mostly to Chile (300 tons), Colombia (300 tons), South Korea (300 tons), and Japan (200 tons).