News

Beef exports up sharply on week

The USDA reports corn, soybean, soybean product, and wheat export sales for the week ending February 23rd were within pre-report estimates. Physical shipments of corn and soybeans were above what’s needed to meet USDA projections for the 2016/17 marketing year.

Wheat came out at 353,200 tons (13.0 million bushels), down 22% from the week ending February 16th and 28% lower than the four week average. Mexico purchased 64,500 tons and the Philippines bought 58,100 tons, while unknown destinations canceled on 40,400 tons. For the 2016/17 marketing year to date, wheat sales are 909.1 million bushels, compared to 662.3 million in 2015/16. Sales of 98,800 tons (3.6 million bushels) for 2017/18 delivery were mainly to unknown destinations (28,300 tons) and the Dominican Republic (22,000 tons).

Corn was reported at 692,400 tons (27.3 million bushels), 7% less than the previous week and 24% below the four week average. Mexico picked up 260,200 tons and Japan purchased 132,900 tons, but unknown destinations canceled on 378,800 tons. So far this marketing year, corn sales are 1.709 billion bushels, compared to 1.089 billion this time last year. Sales of 20,600 tons (800,000 bushels) for 2017/18 delivery were to Japan (13,000 tons) and Mexico (7,600 tons).

Sorghum sales were 16,200 tons (600,000 bushels), a drop of 81% from the week before and 78% under the four week average. China bought 51,700 tons and South Africa picked up 49,500 tons, but unknown destinations canceled on 95,500 tons. Sales this marketing year are 137.3 million bushels, compared to 251.5 million a year ago.

Soybeans were pegged at 427,700 tons (15.7 million bushels), up 27% from the prior week, but down 23% from the four week average. China purchased 207,101 tons and Indonesia bought 49,000 tons. At this point in the marketing year, soybean sales are 1.929 billion bushels, compared to 1.555 billion last year.

Soybean meal came out at 139,500 tons, 38% lower than the previous week and 45% less than the four week average. The Dominican Republic picked up 31,300 tons and Ecuador purchased 30,000 tons, while unknown destinations canceled on 24,200 tons. Cumulative soybean meal sales are 7,460,300 tons, compared to 7,458,800 a year ago. Sales of 1,400 tons for 2017/18 delivery were to Mexico.

Soybean oil was reported at 28,700 tons, significantly more than the prior week and 64% higher than the four week average. Guatemala bought 12,500 tons and Mexico and South Korea both picked up 5,600 tons. 2016/17 soybean oil sales are 749,200 tons, compared to 629,600 in 2015/16.

Net beef sales totaled 15,400 tons, up 48% on the week and 4% above the four week average. The listed purchasers were Hong Kong (4,800 tons), South Korea (3,500 tons), Japan (2,200 tons), Taiwan (1,800 tons), and Mexico (1,400 tons).

Net pork sales totaled 16,900 tons, down 19% on the week and 13% less than the four week average. The reported buyers were Mexico (6,800 tons), Japan (3,500 tons), Hong Kong (1,600 tons), Canada (1,500 tons), and South Korea (700 tons).