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Weekly corn, soybean exports top most estimates

The USDA reports corn and soybean export sales for the week ending January 12th were above most pre-report estimates, while wheat sales were generally below expectations. Physical shipments of soybeans were more than what’s needed to meet USDA projections for the 2016/17 marketing year.

Wheat came out at 242,500 tons (8.9 million bushels), down 38% from the week ending January 5th and 33% lower than the four week average. Mexico purchased 66,400 tons and Japan bought 50,100 tons, but unknown destinations canceled on 74,000 tons. For the 2016/17 marketing year to date, wheat sales are 793.0 million bushels, compared to 603.2 million in 2015/16. Sales of 60,500 tons (2.2 million bushels) for 2017/18 delivery were to the Philippines (36,000 tons) and Honduras (24,500 tons).

Corn was reported at 1,367,600 tons (53.8 million bushels), up sharply from the previous week and 69% higher than the four week average. Japan picked up 363,000 tons and Taiwan purchased 160,200 tons. So far this marketing year, corn sales are 1.484 billion bushels, compared to 877.1 million this time last year. Sales of 12,300 tons (500,000 bushels) for 2017/18 delivery were to unknown destinations.

Weekly sorghum exports were 57,000 tons (2.2 million bushels), a significant increase on the week and 69% above the four week average. China bought 113,000 tons and Mexico picked up 2,000 tons, but unknown destinations canceled on 58,000 tons. Sorghum sales are 122.3 million bushels, compared to 223.5 million a year ago.

Soybeans were pegged at 979,600 tons (36.0 million bushels), quite a bit more than the prior week and 22% above the four week average. China purchased 312,100 tons and Mexico bought 184,000 tons, but unknown destinations canceled on 290,200 tons. At this point in the marketing year, soybean sales are 1.812 billion bushels, compared to 1.469 billion last year. Sales of 66,700 tons (2.5 million bushels) for 2017/18 delivery were to unknown destinations (66,000 tons) and Japan (700 tons).

Soybean meal came out at 269,800 tons, up sharply from the week before and 82% higher than the four week average. Unknown destinations picked up 67,300 tons and the Philippines bought 51,000 tons. Cumulative soybean meal sales for the current marketing year are 6,036,600 tons, compared to 6,466,900 a year ago. Sales of 48,800 tons for 2017/18 delivery were to unknown destinations.

Soybean oil was reported at 41,500 tons, significantly more than both the previous week and the four week average. Colombia picked up 14,500 tons and the Dominican Republic purchased 6,400 tons. 2016/17 soybean oil sales are 600,900 tons, compared to 587,100 in 2015/16.

Net beef sales totaled 3,700 tons. The listed buyers were Mexico (2,200 tons), Canada (1,600 tons), South Korea (1,300 tons), Hong Kong (800 tons), and Taiwan (600 tons), with a cancellation by Japan (4,200 tons).

Net pork sales totaled 25,400 tons, a decrease of 58% on the week, but an increase of 44% from the four week average. The reported purchasers were Mexico (12,100 tons), Japan (5,100 tons), Canada (2,700 tons), South Korea (1,500 tons), and China (1,200 ton), with a cancellation by Australia (100 tons).