News

Good week for soybean, beef exports

The USDA reports soybean export sales for the week ending November 24th were above most pre-report estimates, with wheat inside the anticipated range and corn below many expectations. Physical shipments of soybeans were above what’s needed to meet USDA projections for the 2016/17 marketing year, while corn and wheat were short of their respective marks.

Wheat came out at 483,500 tons (17.8 million bushels), down 32% from the week ending November 17th and 16% lower than the four week average. Indonesia purchased 140,000 tons and Mexico bought 86,500 tons, but unknown destinations canceled on 179,700 tons. For the 2016/17 marketing year to date, wheat sales are 693.2 million bushels, compared to 530.0 million in 2015/16. Sales of 7,000 tons (300,000 bushels) for 2017/18 delivery were to Mexico.

Corn was reported at 761,600 tons (30.0 million bushels), 55% less than the previous week and 50% below the four week average. Japan picked up 228,300 tons and South Korea purchased 140,900 tons, but the Dominican Republic canceled on 158,200 tons. At this point in the marketing year, corn sales are 1.184 billion bushels, compared to 672.4 million this time last year.

Sorghum sales of 227,000 tons (8.9 million bushels) were down 22% on the week and 34% lower than the four week average. China bought 162,500 tons and unknown destinations picked up 64,500 tons. So far this marketing year, sorghum sales are 104.9 million bushels, compared to 178.8 million a year ago.

Soybeans were pegged at 1,399,000 tons, 26% less than the week before and 17% below the four week average. China purchased 1,079,900 tons and the Netherlands bought 85,000 tons, but unknown destinations canceled on 253,700 tons. Just shy of a quarter into the current marketing year, soybean sales are 1.535 billion bushels, compared to 1.205 billion last year. Sales of 66,000 tons (2.4 million bushels) for 2017/18 delivery were to unknown destinations.

Soybean meal came out at 150,400 tons, down 33% from the prior week and 46% lower than the four week average. Mexico picked up 77,600 tons and Honduras purchased 27,600 tons. Cumulative soybean meal sales are 4,750,800 tons, compared to 5,406,500 a year ago.

Soybean oil hit a new marketing year high at 54,500 tons. That’s up sharply from both the previous week and the four week average. China bought 30,000 tons and South Korea picked up 10,000 tons. 2016/17 soybean oil sales are 433,600 tons, compared to 488,300 in 2015/16.

Net beef sales totaled 21,000 tons, an increase of 63% from the week before and 68% higher than the four week average. The reported purchasers were Japan (13,900 tons), South Korea (3,000 tons), Mexico (2,400 tons), Taiwan (800 tons), and Canada (600 tons), with a cancellation by Hong Kong (100 tons). For 2017, net reductions of 3,000 tons occurred after sales to South Korea (800 tons) and Taiwan (300 tons) were more than offset by cancellations from (Japan (4,100 tons) and Hong Kong (100 tons).

Net pork sales of 8,900 tons, a decrease of 60% from the prior week and 55% lower than the four week average. The listed buyers were Japan (3,500 tons), South Korea (1,600 tons), Mexico (1,500 tons), Canada (1,100 tons), and Hong Kong (300 tons). Sales of 700 tons for 2017 delivery were to Colombia (500 tons) and Hong Kong (200 tons).