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Weekly corn, soybean exports top estimates

The USDA reports combined old and new crop corn and soybean sales for the week ending April 20th were above most pre-report estimates, while soybean meal was within the anticipated range and bean oil and wheat fell short of expectations. Physical shipments of corn and soybeans were more than what’s needed to meet projections for the 2016/17 marketing year. The 2016/17 marketing year runs through May 31st for wheat, August 31st for corn and soybeans, and September 30th for soybean products.

2016/17 wheat exports were a marketing year low at 61,700 tons (2.3 million bushels), down 85% from the week ending April 13th and 87% lower than the four week average. Japan purchased 82,000 tons and Yemen bought 67,300 tons, but unknown destinations canceled on 310,200 tons. With a little more than a month left in the 2016/17 marketing year, wheat sales are 1.018 billion bushels, compared to 734.9 million late in 2015/16. Sales of 305,400 tons (11.2 million bushels) for 2017/18 delivery were mainly to unknown destinations (112,500 tons), China (50,000 tons), and Taiwan (50,000 tons).

Corn was reported at 987,900 tons (38.9 million bushels), up 31% from the previous week and 18% higher than the four week average. South Korea picked up 291,900 tons and Japan purchased 204,000 tons. For the marketing year to date, corn sales are 2.010 billion bushels, compared to 1.460 billion this time last year. Sales of 11,100 tons (400,000 bushels) for 2017/18 delivery were primarily to Japan (10,300 tons).

Sorghum sales were 63,100 tons (2.5 million bushels), 35% above the week before, but 6% below the four week average. Unknown destinations bought 53,000 tons and Mexico picked up 7,200 tons. Sorghum sales this marketing year are 163.4 million bushels, compared to 261.4 million a year ago.

Soybeans were pegged at 808,100 tons (29.7 million bushels), quite a bit larger than the prior week and a jump of 98% from the four week average. China purchased 271,900 tons and Germany bought 151,300 tons. So far this marketing year, soybean sales are 2.074 billion bushels, compared to 1.666 billion last year. Sales of 72,300 tons (2.7 million bushels) for 2017/18 delivery were mainly to unknown destinations (63,000 tons).

Soybean meal came out at 112,000 tons, a decrease of 17% from the previous week and 24% under the four week average. The Philippines picked up 43,300 tons and Colombia purchased 21,000 tons. Cumulative soybean meal sales are 8,978,800 tons, compared to 8,830,200 a year ago. Sales of 1,400 tons for 2017/18 delivery were to Japan.

Soybean oil had a net reduction of 2,000 tons. Sales of 400 to 1,400 tons were more than offset by a cancellation on 4,900 tons. 2016/17 soybean oil sales are 822,000 tons, compared to 739,600 in 2015/16.

Net beef sales totaled 21,200 tons, up 8% on the week and 30% higher than the four week average. The reported buyers were Japan (6,700 tons), South Korea (4,100 tons), Mexico (3,800 tons), Chile (1,200 tons), and Taiwan (1,200 tons), with a cancellation by Kuwait (100 tons).

Net pork sales totaled 23,000 tons, down 37% and 11% lower than the four week average. The listed purchasers were Mexico (11,800 tons), Japan (3,200 tons), Canada (1,700 tons), Australia (1,300 tons), and South Korea (1,300 tons), with a cancellation by Vietnam (100 tons).