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Soybean, beef export sales up on week

The USDA reports combined old and new crop soybean and wheat export sales for the week ending May 25th were above most pre-report estimates, while corn was generally within expectations. The 2016/17 marketing year for wheat ended May 31st. The 2016/17 marketing year runs through the end of August for corn, soybeans, and sorghum, and through the end of September for soybean products.

2016/17 wheat had a net reduction of 29,000 tons (-1.1 million bushels). Sales of 30,800 to 80,000 tons were more than offset by cancellations of 6,000 to 209,100 tons. With just a few reporting days left in the marketing year, wheat sales are 1.042 billion bushels, compared to 762.3 million at essentially the end of 2015/16. Sales of 810,300 tons (29.8 million bushels) for 2017/18 delivery were mainly to Japan (124,100 tons) and Egypt (115,000 tons).

Corn was reported at 412,100 tons (16.2 million bushels), down 10% from the week ending May 18th and 26% lower than the four week average. Japan purchased 220,300 tons and Mexico bought 140,500 tons, but unknown destinations canceled on 139,500 tons. With roughly a quarter left in the 2016/17 marketing year, corn sales are 2.113 billion bushels, compared to 1.698 billion in 2015/16. Sales of 139,700 tons (5.5 million bushels) for 2017/18 delivery were primarily to Mexico (100,800 tons).

Sorghum came out at 1,500 tons (100,000 bushels), with sales to Mexico (2,400 tons) and Japan (1,000 tons) partially offset by a cancellation from China (1,900 tons). So far this marketing year, sorghum sales are 169.6 million bushels, compared to 288.4 million this time last year.

Soybeans were pegged at 610,200 tons (22.4 million bushels), up 29% from the previous week and 66% higher than the four week average. Unknown destinations picked up 421,700 tons and Japan purchased 47,200 tons. For the marketing year to date, soybean sales are 2.147 billion bushels, compared to 1.753 billion a year ago. Sales of 16,000 tons (600,000 bushels) for 2017/18 delivery were to Malaysia (10,000 tons) and Thailand (6,000 tons).

Soybean meal was reported at 123,600 tons, 1% less than the week before, but 3% more than the four week average. The Philippines bought 43,500 tons and Morocco picked up 20,000 tons, while unknown destinations canceled on 13,800 tons. Cumulative soybean meal sales for this marketing year are 9,581,700 tons, compared to 9,409,300 tons last year. Sales of 900 tons for 2017/18 delivery were to Canada.

Soybean oil came out at 22,800 tons, a big increase from the prior week and 42% above the four week average. South Korea purchased 13,000 tons and the Dominican Republic bought 5,100 tons. 2016/17 soybean oil sales are 909,300 tons, compared to 933,500 in 2015/16.

Net beef sales totaled 12,100 tons, an increase of 69% on the week and 15% larger than the four week average. The reported purchasers were Japan (3,900 tons), Mexico (2,300 tons), Hong Kong (1,800 tons), South Korea (1,300 tons), and Taiwan (900 tons), with a cancellation by South Africa (100 tons).

Net pork sales totaled 13,800 tons, a decrease of 22% from the previous week and a decline of 15% from the four week average. The listed buyers were Mexico (6,700 tons), Japan (2,900 tons), South Korea (1,000 tons), Chile (900 tons), and Colombia (800 tons), with a cancellation by Hong Kong (200 tons).