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Wheat exports hit marketing year low for second straight week

 

 

The USDA reports wheat export sales for the week ending January 4th were a new marketing year low, the second consecutive week a new low has been established. Physical shipments of wheat, corn, and soybeans remain behind what’s needed to meet USDA projections for the 2017/18 marketing year.

Wheat came out at 71,500 tons (2.6 million bushels), down 45% from the week ending December 28th and 86% lower than the four week average. Taiwan purchased 73,600 tons and Iraq bought 51,600 tons, while unknown destinations canceled on 66,000 tons. For the 2017/18 marketing year to date, wheat sales are 718.0 million bushels, compared to 784.1 million in 2016/17.

Corn was reported at 437,700 tons (17.2 million bushels), quite a bit more than the previous week’s marketing year low, but 54% less than the four week average. Japan picked up 163,700 tons and Colombia purchased 86,400 tons, while unknown destinations canceled on 26,600 tons. Just over a third of the way through the marketing year, corn sales are 1.067 billion bushels, compared to 1.431 billion this time last year.

Sorghum sales were 170,700 tons (6.7 million bushels), larger than the marketing year low set the week before, but 40% smaller than the four week average. China bought 104,700 tons and unknown destinations picked up 66,000 tons. Sorghum sales this marketing year are 180.4 million bushels, compared to 120.0 million a year ago.

Soybeans were pegged at 607,400 tons (22.3 million bushels), 28% above the previous week, but 47% below the four week average. China purchased 616,500 tons and Germany bought 219,200 tons, but unknown destinations canceled on 493,400 tons. So far this marketing year, soybean sales are 1.523 billion bushels, compared to 1.776 billion last year. Sales of 9,000 tons (300,000 bushels) for 2018/19 delivery were to Japan.

Soybean meal came out at 209,300 tons, a jump of 92% on the week, but a decline of 19% from the four week average. Mexico picked up 68,100 tons and the Philippines bought 50,400 tons. Cumulative soybean meal sales are 6,320,700 tons, compared to 5,766,800 a year ago. Sales of 17,600 tons for 2018/19 delivery were to Mexico.

Soybean oil had a net reduction of 1,600 tons, with sales of 100 to 1,700 tons more than offset by a cancellation on 5,000 tons by South Korea. 2017/18 soybean oil sales are 322,500 tons, compared to 559,400 in a quarter into 2016/17.

Net beef sales totaled 14,700 tons. The reported buyers were Japan (6,600 tons), South Korea (3,600 tons), Taiwan (1,300 tons), and Mexico (1,200 tons). 38,200 tons in outstanding sales were carried over from 2017 to 2018. The USDA says 2017 beef exports were 760,700 tons, 11% more than the 82,500 tons in 2016.

Net pork sales totaled 12,600 tons. The listed purchasers were South Korea (5,400 tons), Japan (2,800 tons), Mexico (1,700 tons), Canada (500 tons). Outstanding sales of 84,700 tons were carried over from 2017 to 2018. The USDA says 2017 pork exports were 1,102,900 tons, an increase of 7% from the 1,029,800 tons in 2016.