News

Corn exports up sharply on week

The USDA reports corn, soybean, and wheat export sales for the week ending December 1st were above most pre-report estimates and physical shipments were more than what’s needed weekly to meet USDA projections for the 2016/17 marketing year.

Wheat came out at 503,100 tons (18.5 million bushels), up 4% from the week ending November 24th, but down 22% from the four week average. Taiwan purchased 125,300 tons and Japan bought 103,400 tons, but unknown destinations canceled on 89,100 tons. For the 2016/17 marketing year to date, wheat sales are 711.7 million bushels, compared to 538.3 million in 2015/16. Sales of 24,100 tons (900,000 bushels) for 2017/18 delivery were to Mexico (23,400 tons) and Guatemala (700 tons).

Corn was reported at 1,495,400 tons (58.9 million bushels), 96% more than the previous week and 12% higher than the four week average. Peru picked up 426,000 tons and Japan purchased 320,800 tons, but unknown destinations canceled on 469,800 tons. So far this marketing year, corn sales are 1.243 billion bushels, compared to 713.0 million this time last year.

Sorghum had a net reduction of 10,400 tons (-400,000 tons), with sales to China (44,600 tons) and Nigeria (100 tons) more than offset by cancellations from unknown destinations (55,000 tons) and Mexico (100 tons). Sorghum sales this marketing year are 104.5 million bushels, compared to 182.8 million a year ago.

Soybeans were pegged at 1,461,700 tons (58.9 million bushels), 10% above the week before and up 5% from the four week average. China bought 1,566,900 tons and Pakistan picked up 76,000 tons, while unknown destinations canceled on 501,400 tons. At this point in the marketing year, soybean sales are 1.586 billion bushels, compared to 1.252 billion last year. Sales of 6,000 tons (200,000 bushels) for 2017/18 delivery were to unknown destinations.

Soybean meal came out at 222,500 tons, 48% higher than the prior week, but 8% lower than the four week average. Thailand purchased 57,800 tons and Canada bought 44,800 tons, but unknown destinations canceled on 61,500 tons. Cumulative soybean meal sales are 4,973,300 tons, compared to 5,635,200 a year ago.

Soybean oil was reported at 13,400 tons, a decline of 75% from the previous week and down 52% from the four week average. South Korea picked up 10,000 tons and Mexico purchased 1,700 tons, while Colombia canceled on 100 tons. 2016/17 soybean oil sales are 446,900 tons, compared to 502,200 in 2015/16.

Net beef sales totaled 4,500 tons, a drop of 79% on the week and a decrease of 72% from the four week average. The listed buyers were Japan (1,800 tons), Mexico (1,400 tons), Canada (500 tons), Taiwan (300 tons), and Hong Kong (100 tons). Sales of 10,900 tons for 2017 delivery were primarily to Japan (6,000 tons), Hong Kong (2,800 tons), South Korea (700 tons), and Taiwan (600 tons).

Net pork sales totaled 11,400 tons, up 29% from the week before, but down 35% from the four week average. The reported purchasers were Mexico (2,700 tons), South Korea (2,300 tons), Hong Kong (1,700 tons), Canada (1,400 tons), and Japan (1,400 tons). Net sales of 11,800 tons for 2017 delivery were mostly to South Korea (7,200 tons), Colombia (1,800 tons), Japan (900 tons), and Australia (700 tons).