News

Wheat exports top estimates, but shipments stay slow

The USDA reports combined old and new crop wheat export sales for the week ending April 27th were larger than expected, while corn and soybeans were within 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. The 2016/17 marketing year runs through the end of May for wheat, the end of August for soybeans and corn, and the end of September for soybean products.

Wheat came out at 258,400 tons (9.5 million bushels), up sharply from the week ending April 20th, but down 30% from the four week average. The Philippines purchased 66,900 tons and Thailand bought 52,000 tons, while unknown destinations canceled on 113,200 tons. Nearing the end of the 2016/17 marketing year, wheat sales are 1.028 billion bushels, compared to 741.5 million late in 2015/16. Sales of 563,400 tons (20.7 million bushels) were mainly to unknown destinations (157,000 tons) and Algeria (90,000 tons).

Corn was reported at 771,600 tons (30.4 million bushels), 22% lower than the previous week and 15% less than the four week average. Japan picked up 184,800 tons and Mexico purchased 153,100 tons, while unknown destinations canceled on 80,200 tons. For the marketing year to date, corn sales are 2.040 billion bushels, compared to 1.490 billion this time last year. Sales of 24,100 tons (900,000 bushels) for 2017/18 delivery were reported to Peru (15,000 tons) and unknown destinations (9,200 tons).

Sorghum sales were 102,500 tons (4.0 million bushels), 62% higher than the week before and 30% more than the four week average. Unknown destinations bought 55,500 tons and China picked up 46,400 tons. This marketing year, sorghum sales are 167.4 million bushels, compared to 268.5 million a year ago.

Soybeans were pegged at 315,800 tons (11.7 million bushels), 57% under the prior week and 25% below the four week average. The Netherlands purchased 144,800 tons and Indonesia bought 88,200 tons, while unknown destinations canceled on 99,000 tons. At this point in the marketing year, soybean sales are 2.083 billion bushels, compared to 1.696 billion last year. Sales of 12,800 tons (500,000 bushels) for 2017/18 delivery were mainly to Japan (6,000 tons) and unknown destinations (5,500 tons).

Soybean meal came out at 103,600 tons, down 8% on the week and 35% lower than the four week average. Bangladesh picked up 25,000 tons and Honduras purchased 10,000 tons. Cumulative soybean meal sales for the current marketing year are 9,082,500 tons, compared to 8,982,900 a year ago. Sales of 6,300 tons for 2017/18 delivery were to unknown destinations.

Soybean oil was reported at 10,600 tons, up sharply on the week, but 42% less than the four week average. Mexico bought 8,700 tons and the Dominican Republic picked up 900 tons. 2016/17 soybean oil sales are 832,500 tons, compared to 749,600 in 2015/16.

Net beef sales totaled 16,600 tons, a decrease of 22% on the week and 12% lower than the four week average. The listed purchasers were Japan (8,000 tons), Hong Kong (3,100 tons), Taiwan (1,500 tons), the Philippines (800 tons), and South Korea (800 tons), with cancellations by Chile (100 tons) and South Africa (100 tons).

Net pork sales totaled 13,800 tons, down 40% from the previous week and 48% less than the four week average. The reported buyers were Mexico (3,500 tons), Canada (2,700 tons), South Korea (1,700 tons), Japan (1,300 tons), and the Philippines (800 tons). Sales of 300 tons for 2017/18 delivery were to South Korea (300 tons).