News

Pork exports hit new marketing year low

The USDA reports combined old and new crop corn and soybean export sales for the week ending June 8th were within most pre-report estimates. Physical shipments of soybeans were more than what’s needed to meet USDA projections for the 2016/17 marketing year and wheat shipments topped the mark for 2017/18.

Wheat came out at 373,400 tons (13.7 million bushels). Mexico purchased 121,400 tons and Nigeria bought 56,600 tons. Just after the start of the 2017/18 marketing year, wheat sales are 256.6 million bushels, compared to 239.8 million near the outset of 2016/17.

Corn was reported at 600,700 tons (23.6 million bushels), up 72% from the previous week and 25% higher than the four week average. Mexico picked up 200,400 tons and Colombia purchased 109,700 tons, while unknown destinations canceled on 103,000 tons. At this point in the 2016/17 marketing year, corn sales are 2.150 billion bushels, compared to 1.793 billion with about a quarter left in 2015/16. Sales of 13,500 tons (500,000 bushels) for 2017/18 delivery were mainly to Panama (16,500 tons) and the French West Indies (8,200 tons) with a cancellation by unknown destinations (12,700 tons).

Sorghum sales were 60,600 tons (2.4 million bushels), a big increase from both the week before and the four week average. China bought 53,000 tons and Mexico picked up 7,600 tons. Sales this marketing year are 171.9 million bushels, compared to 295.1 million this time last year.

Soybeans were pegged at 340,200 tons, quite a bit more than the prior week, but 15% less than the four week average. The Netherlands purchased 85,000 tons and China bought 61,500 tons, while unknown destinations canceled on 45,200 tons. So far this marketing year, soybean sales are 2.166 billion bushels, compared to 1.810 billion a year ago. Sales of 314,000 tons (11.5 million bushels) for 2017/18 delivery were primarily to unknown destinations (186,000 tons) and China (60,000 tons).

Soybean meal came out at 166,800 tons, a jump of 97% from the previous week and 49% above the four week average. Mexico picked up 60,600 tons and Ecuador purchased 32,400 tons, while Panama canceled on 11,000 tons. Cumulative soybean meal sales are 9,833,300 tons, compared to 9,538,000 tons last year. Sales of 110,400 tons for 2017/18 delivery were mostly to Ecuador (60,000 tons) and Mexico (29,800 tons).

Soybean oil was reported at 30,300 tons, 72% larger than the week before and an increase of 86% from the four week average. Unknown destinations bought 15,000 tons and South Korea picked up 5,800 tons. 2016/17 soybean oil sales are 957,100 tons, compared to 961,800 in 2015/16.

Net beef sales totaled 8,500 tons, down 38% on the week and 16% lower than the four week average. The listed purchasers were Mexico (2,100 tons), Hong Kong (1,300 tons), Japan (1,300 tons), Canada (1,100 tons), and Taiwan (1,100 tons).

Net pork sales were a new marketing year low at 12,300 tons. That’s a decline of 46% from the prior week and 29% less than the four week average. The reported buyers were Mexico (5,700 tons), Japan (3,400 tons), Colombia (2,000 tons), Hong Kong (1,900 tons), and Chile (1,000 tons), with a cancellation by China (3,900 tons).