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Weekly corn, soybean exports top most expectations

 

The USDA reports corn, soybean, and soybean oil export sales for the week ending January 11th topped most pre-report estimates. Physical shipments of corn, soybeans, and wheat remain behind what’s needed to meet USDA projections for the 2017/18 marketing year.

Wheat came out at 153,100 tons (5.6 million bushels), up sharply from the week ending January 4th, but down 58% from the four week average. Japan purchased 97,200 tons and Iraq bought 52,500 tons, but unknown destinations canceled on 135,000 tons. At this point in the 2017/18 marketing year, wheat sales are 723.6 million bushels, compared to 793.0 million in 2016/17. Sales of 37,500 tons (1.4 million bushels) for 2018/19 delivery were unknown destinations (25,000 tons) and Honduras (12,500 tons).

Corn was reported at 1,888,300 tons (74.3 million bushels), a big jump from both the previous week and the four week average. Unknown destinations picked up 770,200 tons and Japan purchased 415,600 tons. For the marketing year to date, corn sales are 1.142 billion bushels, compared to 1.484 billion this time last year. Sales of 2,400 tons (100,000 bushels) for 2018/19 delivery were to Guatemala.

Sorghum sales were 188,800 tons (7.4 million bushels), primarily to China. Cumulative sorghum sales are 187.8 million bushels, compared to 122.3 million a year ago.

Soybeans were pegged at 1,240,200 tons (45.6 million bushels), more than the prior week and 31% higher than the four week average. China bought 576,600 tons and Mexico purchased 238,000 tons. This marketing year, soybean sales are 1.569 billion bushels, compared to 1.812 billion last marketing year. Sales of 287,700 tons (10.6 million bushels) for 2018/19 delivery were mainly to unknown destinations (261,000 tons) and Canada (25,000 tons).

Soybean meal came out at 281,800 tons, up 35% from the week before and 43% higher than the four week average. Colombia picked up 74,300 tons and unknown destinations purchased 58,500 tons. Just over a quarter into the marketing year, soybean meal sales are 6,602,500 tons, compared to 6,036,600 a year ago.

Soybean oil was reported at 27,900 tons, bigger than the previous week and 32% more than the four week average. South Korea bought 13,000 tons and Mexico picked up 4,400 tons. 2017/18 soybean oil sales are 350,500 tons, compared to 600,900 in 2016/17.

Net beef sales totaled 15,000 tons. The listed purchasers were South Korea (8,300 tons), Mexico (2,800 tons), the Philippines (1,600 tons), Taiwan (1,500 tons), and Canada (900 tons), with cancellations by Japan (1,200 tons) and Qatar (100 tons).

Net pork sales totaled 26,400 tons. The reported buyers were Mexico (10,000 tons), South Korea (7,600 tons), Japan (4,800 tons), Canada (2,000 tons), and Colombia (800 tons), with cancellations by Australia (100 tons) and Chile (100 tons).