News

Corn exports top estimates

The USDA reports corn export sales for the week ending January 28th were larger than expected, while soybeans and wheat hit new marketing year lows. Soybean product sales were within pre-report estimates.

Wheat came out at 66,200 tons (2.4 million bushels), down 78% from the week ending January 21st and 74% lower than the four week average. Yemen purchased 32,000 tons and unknown destinations bought 16,000 tons, while the Dominican Republic canceled on 12,400 tons. For the 2015/16 marketing year to date, wheat sales are 616.4 million bushels, compared to 747.2 million in 2014/15. Sales of 87,800 tons (3.2 million bushels) for 2016/17 delivery were mainly to the Philippines (50,000 tons).

Corn was reported at 1,129,100 tons (44.5 million bushels), up 38% from the previous week and 56% higher than the four week average. Mexico picked up 301,400 tons and Colombia purchased 248,300 tons. At this point in the marketing year, corn sales are 953.7 million bushels, compared to 1.266 billion this time last year. Sales of 14,400 tons (600,000 bushels) for 2016/17 delivery were to Japan (10,200 tons) and Mexico (5,000 tons), with a cancellation by Nicaragua (800 tons).

Sorghum was pegged at 187,000 tons (7.4 million bushels), with China buying 112,300 tons. 2015/16 sorghum sales are 233.2 million bushels, compared to 278.3 million in 2014/15.

Soybeans had a net reduction of 43,600 tons (-1.6 million bushels), with sales of 34,000 to 102,400 tons offset by cancellations of 2,700 to 374,900 tons. So far this marketing year, soybean sales are 1.492 billion bushels, compared to 1.669 billion a year ago. Sales of 65,700 tons (2.4 million bushels) for 2016/17 delivery were to unknown destinations (65,000 tons) and Japan (700 tons).

Soybean meal came out at 186,300 tons, 7% less than the week before, but 26% more than the four week average. Mexico bought 92,000 tons and the Philippines picked up 43,200 tons. Cumulative soybean meal sales are 6,854,200 tons, compared to 8,348,200 last year.

Soybean oil was reported at 12,800 tons, up 40% from the prior week, but down 30% from the four week average. South Korea purchased 10,000 tons and the Dominican Republic bought 5,200 tons, but Peru canceled on 12,600 tons. 2015/16 U.S. soybean oil sales are 632,400 tons, compared to 532,100 in 2014/15.

Net beef sales totaled 9,500 tons. The listed purchasers were South Korea (2,500 tons), Japan (2,000 tons), Hong Kong (1,500 tons), Mexico (1,100 tons), and Taiwan (1,000 tons).

Net pork sales totaled 18,600 tons. The reported buyers were Mexico (6,400 tons), China (4,900 tons), South Korea (2,500 tons), Japan (2,300 tons), and Canada (600 tons).