News

Soybean exports top estimates

The USDA reports soybean and soybean meal export sales for the week ending April 28th were larger than expected.

Wheat came out at 178,900 tons (6.6 million bushels), down 49% from the week ending April 21st, but up 1% from the four week average. China purchased 61,500 tons and Mexico bought 36,100 tons, but unknown destinations canceled on 59,000 tons. At this point in the 2015/16 marketing year, wheat sales are 740.2 million bushels, compared to 848.0 million in 2014/15. Sales of 140,000 tons (5.1 million bushels) for 2016/17 delivery were mainly to China (65,100 tons).

Corn was reported at 769,300 tons (30.3 million bushels), 64% lower than the previous week’s marketing year high and 44% less than the four week average. Japan picked up 458,600 tons and Mexico purchased 113,900 tons, but unknown destinations canceled on 246,200 tons. For the marketing year to date, corn sales are 1.490 billion bushels, compared to 1.620 billion this time last year. Sales of 60,500 tons (2.4 million bushels) for 2016/17 delivery were primarily to Mexico (30,000 tons).

Sorghum sales of 180,100 tons (7.1 million bushels) were up sharply on both the week and the four week average with China the top buyer at 222,700 tons, which was partially offset by a cancellation from unknown (44,900 tons). Sorghum sales are 268.5 million bushels, compared to 317.7 million a year ago.

Soybeans were pegged at 815,800 tons (30.0 million bushels), larger than both the week before and the four week average. Unknown destinations picked up 483,600 tons and Japan purchased 69,100 tons. So far this marketing year, soybean sales are 1.696 billion bushels, compared to 1.815 billion last year. Sales of 430,000 tons (15.8 million bushels) for 2016/17 delivery were mostly to unknown destinations (296,000 tons) and Mexico (103,200 tons).

Soybean meal came out at 152,700 tons, down 27% from the prior week, but up 9% from the four week average. The Philippines bought 88,500 tons and Venezuela picked up 20,000 tons, but unknown destinations canceled on 42,800 tons. Cumulative soybean meal sales are 8,982,900 tons, compared to 10,277,000 a year ago.

Soybean oil was reported at 10,000 tons, 4% higher than the previous week and larger than the four week average. The Dominican Republic purchased 7,900 tons and Haiti bought 800 tons. 2015/16 soybean oil sales are 758,600 tons, compared to 678,400 in 2014/15.

Net beef sales totaled 15,500 tons. That’s an increase of 29% on the week and up 16% from the four week average. The listed purchasers were Japan (7,100 tons), South Korea (2,900 tons), Canada (2,200 tons), Mexico (1,800 tons), and Taiwan (700 tons).

Net pork sales totaled 30,300 tons. That’s a decrease of 50% from the prior week’s marketing year high and 13% lower than the four week average. The reported buyers were Mexico (20,300 tons), Japan (3,600 tons), China (1,900 tons), South Korea (1,800 tons), and Canada (1,300 tons).