News

Strong week for soybean, pork exports

The USDA reports wheat export sales for the week ending October 20th topped some pre-report expectations, while corn was lower than many estimates and soybeans were generally within projections. Physical shipments of soybeans were above what’s needed weekly to meet USDA estimates for the 2016/17 marketing year.

Wheat came out at 646,100 tons (23.7 million bushels), up 26% from the week ending October 13th and 32% higher than the four week average. Unknown destinations purchased 217,800 tons and Taiwan bought 80,700 tons. At this point in the 2016/17 marketing year, wheat sales are 590.4 million bushels, compared to 467.1 million in 2015/16. Sales of 26,300 tons (1.0 million bushels) for 2017/18 delivery were to the Philippines (24,000 tons) and Mexico (2,300 tons).

Corn was reported at 799,300 tons (31.5 million bushels), down 21% from the previous week and 29% lower than the four week average. Mexico picked up 545,200 tons and the Netherlands purchased 68,800 tons, while unknown destinations canceled on 48,200 tons. Almost two months into the marketing year, corn sales are 916.6 million bushels, compared to 495.6 million this time last year.

Net sorghum purchases of 300 tons occurred after sales to China (57,500 tons) and South Korea (800 tons) were partially offset by a cancellation from unknown destinations (58,000 tons). So far this marketing year, sorghum sales are 41.6 million bushels, compared to 142.7 million a year ago.

Soybeans were pegged at 2,045,400 tons (75.2 million bushels), 2% more than the prior week and 12% above the four week average. China picked up 1,825,700 tons and Mexico purchased 94,500 tons, but unknown destinations canceled on 438,000 tons. At this point in the marketing year, soybean sales are 1.241 billion bushels, compared to 997.5 million last year.

Soybean meal came out at 146,200 tons. The Philippines bought 47,800 tons and unknown destinations picked up 35,000 tons. Less than a month after the start of the 2016/17 marketing year, soybean meal sales are 3,487,500 tons, compared to 4,395,600 just after the start of 2015/16. Sales of 400 tons for 2017/18 delivery were to Canada.

Soybean oil was reported at 24,500 tons. Morocco purchased 15,000 tons and Jamaica bought 3,500 tons. 2016/17 soybean oil sales are 301,000 tons, compared to 367,400 early in 2015/16.

Net beef sales totaled 8,300 tons, down 48% on the week and 44% lower than the four week average. The listed purchasers were Mexico (2,400 tons), South Korea (2,400 tons), Canada (1,300 tons), Taiwan (1,200 tons), and Hong Kong (1,000 tons), with cancellations by Japan (400 tons) and Guatemala (100 tons). Sales of 1,600 tons for 2017 delivery were mainly to Hong Kong (500 tons), Japan (400 tons), Mexico (400 tons), and Taiwan (200 tons).

Net pork sales totaled 29,000 tons, up 49% from the previous week and 51% higher than the four week average. The reported buyers were Mexico (15,500 tons), South Korea (3,400 tons), Japan (3,200 tons), Canada (1,400 tons), and Hong Kong (900 tons).