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Corn, wheat exports hit marketing year lows

The USDA reports corn and wheat export sales for the week ending July 27th were new marketing year lows. Physical shipments of corn and soybeans were above what’s needed weekly to meet USDA projections for the 2016/17 marketing year. The 2016/17 marketing year for corn and soybeans runs through the end of August and the 2017/18 marketing year for wheat started June 1st.

Wheat came out at 145,500 tons (5.3 million bushels), down 71% from the week ending July 20th and 69% lower than the four week average. Indonesia purchased 41,700 tons and the Philippines bought 34,500 tons, but unknown destinations canceled on 47,300 tons. At this point in the 2017/18 marketing year, wheat sales are 369.8 million bushels, compared to 370.7 million in 2016/17.

Corn was reported at 36,700 tons (1.4 million bushels), 60% less than the previous week and a drop of 83% from the four week average. China picked up 93,400 tons and Colombia bought 43,300 tons, but unknown destinations canceled on 198,500 tons. Nearing the end of the 2016/17 marketing year, corn sales are 2.219 billion bushels, compared to 1.930 billion in 2015/16. Sales of 438,300 tons (17.3 million bushels) for 2017/18 delivery were mainly to Mexico (176,200 tons) and Peru (97,200 tons).

Sorghum sales were 162,000 tons (6.4 million bushels). China purchased 220,000 tons, while unknown destinations canceled on 58,000 tons. So far this marketing year, sorghum sales are 190.3 million bushels, compared to 318.4 million this time last year. Sales of 60,000 tons (2.4 million bushels) for 2017/18 delivery were also to China.

Soybeans were pegged at 233,400 tons (8.6 million bushels), up 43% from the week before, but down 20% from the four week average. Germany bought 139,700 tons and the Netherlands picked up 75,900 tons, while China canceled on 59,500 tons. Nearing the end of the current marketing year, soybean sales are 2.233 billion bushels, compared to 1.926 billion a year ago. Sales of 367,500 tons (13.5 million bushels) were primarily to China (129,000 tons) and unknown destinations (99,000 tons).

Soybean meal came out at 87,100 tons, sharply higher than both the prior week and the four week average. Bangladesh purchased 36,800 tons and China bought 30,000 tons, but unknown destinations canceled on 69,900 tons. Cumulative soybean meal sales are 10,142,100 tons, compared to 10,334,400 last year. Sales of 57,700 tons for 2017/18 delivery were mostly to Colombia (30,000 tons) and El Salvador (15,000 tons).

Soybean oil was reported at 10,700 tons, 28% lower than the previous week and 32% less than the four week average. Mexico picked up 5,600 tons and Guatemala purchased 4,000 tons. 2016/17 soybean oil sales are 1,056,600 tons, compared to 1,146,200 in 2015/16.

Net beef sales totaled 11,400 tons, a decrease of 18% from both the week before and the four week average. The listed buyers were South Korea (3,900 tons), Canada (1,900 tons), Japan (1,800 tons), Mexico (1,400 tons), and Taiwan (1,100 tons), with a cancellation by Egypt (500 tons).

Net pork sales totaled 17,800 tons, down 7% on the week, but up 32% from the four week average. The reported purchasers were South Korea (4,000 tons), Hong Kong (3,900 tons), Japan (3,500 tons), Mexico (2,900 tons), and Canada (1,400 tons).