News

Weekly corn, wheat exports top most estimates

The USDA reports corn, wheat, and soybean product export sales for the week ending February 2nd were above most estimates, while soybeans were within pre-report expectations. Physical soybeans and wheat were above what’s needed to meet projections for the 2016/17 marketing year.

Wheat came out at 527,300 tons (19.4 million bushels), up 17% from the week ending January 26th and 9% higher than the four week average. Japan purchased 90,600 tons and Mexico bought 67,300 tons, while unknown destinations canceled on 23,800 tons. For the 2016/17 marketing year to date, wheat sales are 860.4 million bushels, compared to 626.1 million in 2015/16. Sales of 16,300 tons (600,000 bushels) for 2017/18 delivery were to Panama.

Corn was reported at 971,700 tons (38.3 million bushels), down 15% from the previous week and 13% lower than the four week average. Japan picked up 401,700 tons and unknown destinations purchased 183,600 tons. So far this marketing year, corn sales are 1.622 billion bushels, compared to 969.7 million this time last year. Sales of 34,500 tons (1.4 million bushels) for 2017/18 delivery were to unknown destinations.

Weekly sorghum sales were 8,300 tons (300,000 bushels), a drop of 86% on the week and 84% from the four week average. China bought 37,300 tons and Japan picked up 20,000 tons, but unknown destinations canceled on 53,000 tons. Cumulative sorghum sales are 127.9 million bushels, compared to 240.6 million a year ago.

Soybeans were pegged at 536,300 tons (19.7 million bushels), 14% less than both the week before and the four week average. China purchased 259,900 tons and France bought 132,600 tons, but unknown destinations canceled on 241,900 tons. At this point in the marketing year, soybean sales are 1.874 billion bushels, compared to 1.511 billion last year. Sales of 129,300 tons for 2017/18 delivery were to unknown destinations (129,000 tons) and Japan (300 tons).

Soybean meal came out at 347,700 tons, down 5% from the prior week, but up 35% from the four week average. Mexico picked up 98,300 tons and the Philippines purchased 97,000 tons, but unknown destinations canceled on 70,300 tons. Soybean meal sales this marketing year are 7,026,100 tons, compared to 7,043,600 a year ago. Sales of 1,000 tons for 2017/18 delivery were to Peru (2,000 tons) with a reduction by Canada (1,000 tons).

Soybean oil was reported at 35,300 tons, sharply higher than the week before and 28% above the four week average. Venezuela bought 10,000 tons and the Dominican Republic picked up 9,800 tons. 2016/17 soybean oil sale are 697,900 tons, compared to 612,800 in 2015/16.

Net beef sales totaled 15,900 tons, down 17% on the week. The listed purchasers were South Korea (5,600 tons), Japan (4,300 tons), Canada (2,700 tons), Mexico (1,400 tons), and Hong Kong (600 tons).

Net pork sales totaled 13,600 tons, 45% lower than the previous week. The reported buyers were Japan (2,600 tons), Mexico (2,600 tons), South Korea (2,500 tons), Canada (2,200 tons), and Australia (1,400 tons).