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Old crop corn, soybean exports top estimates

The USDA reports grain and oilseed export sales for the week ending May 19th were generally within pre-report estimates. Old crop sales of corn, soybeans, and soybean meal did top projections.

Wheat sales were a net reduction of 9,900 tons (-400,000 bushels), down sharply from both the week ending May 12th and the four week average. Japan purchased 34,900 tons and Guatemala bought 20,500 tons, but unknown destinations canceled on 122,800 tons. Nearing the end of the 2015/16 marketing year, wheat sales are 757.1 million bushels, compared to 865.5 million late in 2014/15. Sales of 354,500 tons (13.0 million bushels) for 2016/17 delivery were mainly to unknown destinations (136,700 tons) and the Philippines (75,000 tons).

Corn was reported at 1,381,100 tons (54.4 million bushels), 6% lower than the previous week and unchanged from the four week average. Japan picked up 299,700 tons and South Korea purchased 193,000 tons. For the marketing year to date, corn sales are 1.646 billion bushels, compared to 1.693 billion this time last year. Sales of 246,200 tons (9.7 million bushels) for 2016/17 delivery were primarily to Mexico (136,600 tons) and unknown destinations (64,600 tons).

Sorghum sales of 113,000 tons (4.4 million bushels) were up sharply on the week and 9% higher than the four week average, with China buying 102,300 tons. Cumulative sorghum sales are 280.2 million bushels, compared to 326.2 million a year ago.

Soybeans were pegged at 456,800 tons (16.8 million bushels), 18% less than the week before and 1% under the four week average. Unknown destinations picked up 237,700 tons and China purchased 138,000 tons. At this point in the marketing year, soybean sales are 1.741 billion bushels, compared to 1.835 billion a year ago. Sales of 150,000 tons (5.5 million bushels) for 2016/17 delivery were mostly to China (60,000 tons) and unknown destinations (60,000 tons).

Soybean meal came out at 169,500 tons, larger than the prior week and 23% more than the four week average. Thailand bought 45,000 tons and the Philippines picked up 42,600 tons. So far this marketing year, soybean meal sales are 9,340,800 tons, compared to 10,548,800 last year. Sales of 17,600 tons for 2016/17 delivery were to Peru (15,000 tons) and Colombia (2,600 tons).

Soybean oil was reported at 32,900 tons, 63% below the previous week, but 5% above the four week average. The Dominican Republic purchased 19,900 tons and Colombia bought 5,000 tons. 2015/16 soybean oil sales are 897,700 tons, compared to 704,700 in 2014/15. Sales of 1,600 tons for 2016/17 delivery were to Canada.

Net beef sales totaled 10,000 tons, down 49% on the week and 34% lower than the four week average. The listed purchasers were Japan (3,400 tons), South Korea (2,100 tons), Canada (1,000 tons), Hong Kong (1,000 tons), and Mexico (1,000 tons).

Net pork sales totaled 13,900 tons, an increase of 73% from the prior week, but a decrease of 53% from the four week average. The reported buyers were Mexico (4,000 tons), South Korea (3,000 tons), Japan (2,700 tons), Canada (1,400 tons), and Hong Kong (700 tons), with a cancellation by Costa Rica (200 tons).