News

Pork exports up sharply on week

The USDA reports combined old and new crop corn and soybean export sales for the week ending June 1st were within pre-report estimates. The 2016/17 marketing year for corn, soybeans, and sorghum runs through the end of August. Physical shipments of corn were more than what’s needed weekly to meet USDA projections.

2017/18 wheat export sales were 461,000 tons (16.9 million bushels). Unknown destinations purchased 147,200 tons and Peru bought 78,500 tons. Early in the 2017/18 marketing year, wheat sales are 242.8 million bushels, compared to 211.8 million at the outset of 2016/17. The USDA says 1,883,400 tons were carried over from the 2016/17 marketing year and exports for the period ending May 31st were 470,900 tons, with accumulated 2016/17 wheat exports of 26,512,800 tons, up 36% from the 2015/16 total.

Corn was reported at 348,600 tons (13.7 million bushels), down 15% from the week ending May 25th and 25% lower than the four week average. Saudi Arabia picked up 139,300 tons and Japan purchased 69,800 tons, but unknown destinations canceled on 194,200 tons. With less than a quarter left in the 2016/17 marketing year, corn sales are 2.127 billion bushels, compared to 1.757 billion in 2015/16. Sales of 128,000 tons (5.0 million bushels) for 2017/18 delivery were mainly to unknown destinations (94,000 tons).

Sorghum had a net reduction of 2,000 tons (-100,000 bushels), with sales to China (50,000 tons) and Mexico (1,000 tons) more than offset by a cancellation from unknown destinations (53,000 tons). Sales this marketing year are 169.6 million bushels, compared to 293.1 million this time last year.

Soybeans were pegged at 159,100 tons (5.8 million bushels), a drop of 74% from the previous week and 64% less than the four week average. Spain bought 200,000 tons and Egypt picked up 112,500 tons, but China canceled on 172,600 tons. At this point in the marketing year, soybean sales are 2.153 billion bushels, compared to 1.780 billion a year ago. Sales of 221,800 tons (8.1 million bushels) were primarily to Spain (130,000 tons).

Soybean meal came out at 84,900 tons, down 31% from the week before and 32% lower than the four week average. Colombia purchased 22,700 tons and Mexico bought 15,400 tons, but unknown destinations canceled on 39,300 tons. Cumulative soybean meal sales are 9,666,600 tons, compared to 9,453,600 last year. Sales of 14,800 tons for 2017/18 delivery were mostly to Canada (7,200 tons) and Panama (6,800 tons).

Soybean oil was reported at 17,600 tons, 23% less than the prior week and 8% under the four week average. Algeria picked up 15,000 tons and the Dominican Republic purchased 6,100 tons, while unknown destinations canceled on 15,000 tons. 2016/17 soybean oil sales are 926,900 tons, compared to 948,000 in 2015/16.

Net beef sales totaled 13,800 tons, up 15% on the week and 47% higher than the four week average. The listed buyers were Japan (9,100 tons), Canada (1,100 tons), South Korea (800 tons), Egypt (700 tons), and Mexico (600 tons). Sales of 200 tons for 2018 delivery were to Canada.

Net pork sales totaled 22,600 tons, an increase of 65% on the week and 40% more than the four week average. The reported purchasers were Mexico (16,000 tons), Hong Kong (2,600 tons), Japan (1,700 tons), Canada (1,000 tons), and South Korea (300 tons).