News

Solid week for exports sales, but soybeans show signs of competition

The USDA reports combined old and new crop corn, soybean, and wheat export sales for the week ending March 30th were above most pre-report estimates. Physical shipments of corn and soybeans were above what’s needed weekly to meet USDA projections for the 2016/17 marketing year.

Wheat came out at 568,400 tons (20.9 million bushels), up 23% from the week ending March 23rd and 48% higher than the four week average. Unknown destinations purchased 134,400 tons and Taiwan bought 98,200 tons. At this point in the 2016/17 marketing year, wheat sales are 985.4 million bushels, compared to 705.4 million in 2015/16. Sales of 87,000 tons (3.2 million bushels) for 2017/18 delivery were mainly to the Philippines (43,000 tons) and unknown destinations (22,500 tons).

Corn was reported at 1,138,100 tons (44.8 million bushels), 59% more than the previous week and 13% above the four week average. Mexico picked up 280,500 tons and Colombia purchased 252,300 tons, but unknown destinations canceled on 287,900 tons. So far this marketing year, corn sales are 1.912 billion bushels, compared to 1.283 billion this time last year. Sales of 34,600 tons (1.4 million bushels) for 2017/18 delivery were primarily to Mexico (37,600 tons), with a cancellation by Nicaragua (11,000 tons).

Sorghum sales were 130,200 tons (5.1 million bushels), a big jump from the week before and 50% larger than the four week average. China bought 63,500 tons and unknown destinations picked up 53,000 tons. Sales of sorghum are 156.1 million bushels, compared to 256.0 million a year ago.

Soybeans were pegged at 482,000 tons (17.7 million bushels), down 29% from the prior week and 11% lower than the four week average. China purchased 370,900 tons and the Netherlands bought 84,700 tons, but unknown destinations canceled on 293,100 tons. For the marketing year to date, soybean sales are 2.027 billion bushels, compared to 1.629 billion last year. Sales of 395,000 tons (14.5 million bushels) for 2017/18 delivery were mostly to China (291,000 tons) and unknown destinations (66,000 tons).

Soybean meal came out at 229,100 tons, up sharply on the week and 4% higher than the four week average. Colombia picked up 124,300 tons and the Philippines purchased 50,500 tons, while unknown destinations canceled on 42,200 tons. Cumulative soybean meal sales this marketing year are 8,574,200 tons, compared to 8,292,400 a year ago. Sales of 2,800 tons for 2017/18 delivery were to Japan (1,800 tons) and Nicaragua (1,000 tons).

Soybean oil was reported at 22,400 tons, 79% above the previous week and considerably more than the four week average. South Korea bought 12,000 tons and Mexico picked up 4,500 tons. 2016/17 soybean oil sales are 772,200 tons, compared to 717,300 in 2015/16.

Net beef sales totaled 19,300 tons, an increase of 78% from the week before and 32% larger than the four week average. The listed purchasers were Japan (10,900 tons), Mexico (2,200 tons), Hong Kong (2,000 tons), South Korea (2,000 tons), and Canada (1,400 tons).

Net pork sales totaled 21,500 tons, up 2% from the prior week and 5% higher than the four week average. The reported buyers were Mexico (4,900 tons), Hong Kong (3,100 tons), South Korea (2,300 tons), China (2,200 tons), and Japan (2,100 tons).