Another good week for wheat export sales

The USDA says wheat export sales for the week ending November 1st topped most pre-report estimates, the third week in a row with generally larger than expected sales. Physical shipments of corn remain ahead of the USDA’s anticipated pace for the 2018/19 marketing year.

Wheat came out at 661,200 tons (24.3 million bushels), up 14% from the week ending October 25th and 47% higher than the four-week average. The Philippines purchased 306,100 tons and Indonesia bought 130,000 tons, but unknown destinations canceled on 270,600 tons. At this point in the 2018/19 marketing year, wheat sales are 505.8 million bushels, compared to 598.6 million in 2017/18.

Corn was reported at 701,500 tons (27.6 million bushels), a jump of 78% from the previous week and 32% more than the four-week average. Japan picked up 371,500 tons and Mexico purchased 267,500 tons, but unknown destinations canceled on 302,600 tons. For the marketing year to date, corn sales are 887.1 million bushels, compared to 763.5 million this time last year.

Sorghum had a net reduction of 2,700 tons (-100,000 bushels). Japan bought 7,300 tons and South Korea picked up 200 tons, but unknown destinations canceled on 10,200 tons. Cumulative sorghum sales are 8.7 million bushels, compared to 81.9 million a year ago.

Soybeans were pegged at 388,400 tons (14.3 million bushels), 2% below the week before, but 16% above the four-week average. The Netherlands purchased 140,400 tons and Thailand bought 80,800 tons, but unknown destinations canceled on 379,500 tons. So far, this marketing year, soybean sales are 802.4 million bushels, compared to 1.157 billion last year. Sales of 3,000 tons (100,000 bushels) for 2019/20 delivery were to Japan.

Soybean meal came out at 255,100 tons. Ecuador picked up 38,200 tons and Mexico purchased 30,500 tons. A month into the marketing year, soybean meal sales are 4,827,600 tons, compared to 4,188,600 a year ago. Sales of 900 tons for 2019/20 delivery were to Mexico (700 tons) and Canada (200 tons).

Soybean oil was reported at 22,400 tons. South Korea bought 14,000 tons and Guatemala picked up 7,000 tons. 2018/19 soybean oil sales are 247,200 tons, compared to 183,800 early in 2017/18.

Net beef sales totaled 11,500 tons, down 55% on the week and 31% lower than the four-week average. The listed purchasers were Japan (3,500 tons), South Korea (3,100 tons, Taiwan (1,400 tons), Mexico (1,100 tons), and Canada (700 tons). Net sales of 2,100 tons for 2019 delivery were to Taiwan (600 tons), Japan (500 tons), and Canada (400 tons), with a cancellation by South Korea (100 tons).

Net pork sales totaled 21,100 tons, a decrease of 3% from the prior week, but an increase of 24% from the four-week average. The reported buyers were Mexico (7,800 tons), South Korea (5,100 tons), South Korea (2,000 tons), Colombia (1,900 tons), and Canada (1,300 tons). Sales of 1,000 tons for 2019 delivery were to South Korea (700 tons), Mexico (200 tons), and Colombia (100 tons).

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