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New marketing year low for pork exports

The USDA says pork and soybean meal exports for the week ending July 6th were new marketing year lows. Physical shipments of wheat were above what’s needed to meet USDA projections for the 2017/18 marketing year, while corn and soybeans fell short of their respective marks for 2016/17. The current marketing year for corn, soybeans, and sorghum runs through the end of August.

Wheat came out at 357,700 tons (13.1 million bushels). Japan purchased 111,700 tons and the Philippines bought 59,100 tons, while unknown destinations canceled on 40,000 tons. About a month and a half into the 2017/18 marketing year, wheat sales are 321.5 million bushels, compared to 322.6 million in 2016/17.

Corn was reported at 161,000 tons (6.3 million bushels), up 15% from the week ending June 29th, but down 59% from the four week average. Japan picked up 112,200 tons and Spain purchased 94,500 tons, but unknown destinations canceled on 321,400 tons. With less than a quarter left in the 2016/17 marketing year, corn sales are 2.195 billion bushels, compared to 1.887 billion nearing the end of 2015/16. Sales of 279,700 tons (11.0 million bushels) for 2017/18 delivery were mainly to Mexico (269,200 tons).

Sorghum sales were 59,600 tons (2.3 million bushels). China bought 112,500 tons and Mexico picked up 100 tons, but unknown destinations canceled on 53,000 tons. So far this marketing year, sorghum sales are 179.6 million bushels, compared to 309.0 million this time last year.

Soybeans were pegged at 228,000 tons (8.4 million bushels), 38% lower than the previous week and 19% less than the four week average. Egypt purchased 90,400 tons and Indonesia bought 86,000 tons, but unknown destinations canceled on 154,000 tons. For the marketing year to date, soybean sales are 2.203 billion bushels, compared to 1.898 billion this time last year. Sales of 455,000 tons (16.7 million bushels) for 2017/18 delivery were primarily to Pakistan (195,000 tons) and China (129,000 tons).

Soybean meal hit a new marketing year low at 3,700 tons, a drop of 92% from the week before and 96% below the four week average. Colombia picked up 16,300 tons and Mexico purchased 8,100 tons, but unknown destinations canceled on 27,900 tons. Cumulative soybean meal sales are 10,006,900 tons, compared to 10,029,600 a year ago. Sales of 137,000 tons for 2017/18 delivery were mostly to Mexico (92,500 tons) and the Dominican Republic (58,100 tons).

Soybean oil came out at 16,200 tons, significantly higher than the prior week and 3% more than the four week average. South Korea bought 13,000 tons and Mexico picked up 2,600 tons. 2016/17 soybean oil sales are 1,005,700 tons, compared to 1,105,000 in 2015/16.

Net beef sales totaled 12,500 tons, a decline of 27% on the week and 7% under the four week average. The listed purchasers were Japan (5,000 tons), South Korea (2,300 tons), Hong Kong (1,800 tons), Mexico (1,500 tons), and Canada (1,000 tons), with a cancellation by Egypt (400 tons).

Net pork sales were a new marketing year low at 9,700 tons. That’s a decrease of 27% from the previous week and 49% from the four week average. The reported buyers were Japan (6,000 tons), Mexico (1,500 tons), Canada (1,000 tons), Colombia (300 tons), and China (200 tons).