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Beef, corn export sales up on week

The USDA says soybean and soybean meal export sales for the week ending July 4th were below pre-report estimates, while corn, wheat, and soybean oil were towards the lower end of analysts’ expectations. Physical shipments of wheat were more than what’s needed weekly to meet USDA projections for the current marketing year, while beans, corn, and sorghum fell short of their respective targets. The 2019/20 marketing year for wheat got underway June 1st, while 2018/19 runs through the end of August for beans, corn, and sorghum and the end of September for soybean products.

Wheat came out at 284,400 tons (10.4 million bushels). The Philippines purchased 123,700 tons and Mexico bought 65,200 tons, but unknown destinations canceled on 76,000 tons. Just over a month into the 2019/20 marketing year, wheat sales are 275.9 million bushels, compared to 225.2 million early in 2018/19.

Corn was reported at 505,400 tons (19.9 million bushels), up sharply from both the week ending June 27th and the four-week average. Japan picked up 444,800 tons and Colombia purchased 84,800 tons, while unknown destinations canceled on 64,300 tons. Nearing the end of the 2018/19 marketing year, corn sales are 1.946 billion bushels, compared to 2.287 billion in 2017/18. Net reductions of 108,400 tons (-4.3 million bushels) occurred after sales to the French West Indies (7,400 tons) and unknown destinations (4,300 tons) were more than offset by a cancellation from Japan (120,000 tons).

Sorghum sales were 66,400 tons (2.6 million bushels). Mexico bought 40,000 tons and Japan picked up 20,400 tons. At this point in the marketing year, sorghum sales are 63.8 million bushels, compared to 203.1 million a year ago.

Soybeans were pegged at 132,200 tons (4.9 million bushels), down 84% from the previous week and 70% lower than the four-week average. China purchased 127,800 tons and Indonesia bought 68,900 tons, but unknown destinations canceled on 348,700 tons. So far, this marketing year, soybean sales are 1.786 billion bushels, compared to 2.111 billion this time last year. Sales of 129,500 tons (4.8 million bushels) for 2019/20 delivery were mainly to unknown destinations (74,500 tons) and Taiwan (38,000 tons).

Soybean meal came out at 44,900 tons, quite a bit more than the prior week, but 33% less than the four-week average. Colombia picked up 21,900 tons and Canada purchased 9,900 tons, while Honduras canceled on 9,200 tons. Cumulative soybean meal sales are 11,318,300 tons, compared to 11,545,500 tons a year ago. Sales of 7,700 tons for 2019/20 delivery were primarily to Canada.

Soybean oil was reported at 8,500 tons, a decline of 57% from the week before and 30% below the four-week average. Guatemala bought 5,000 tons and Mexico picked up 3,300 tons. 2018/19 soybean oil sales are 813,400 tons, compared to 995,400 with about a quarter remaining in 2017/18. Sales of 100 tons for 2019/20 delivery were to Mexico.

Net beef sales totaled 21,500 tons, an increase of 15% on the week and 26% from the four-week average. The listed purchasers were South Korea (6,600 tons), Ethiopia (6,000 tons), Japan (4,600 tons), Taiwan (2,000 tons), and Mexico (700 tons).

Net pork sales totaled 11,300 tons, a decrease of 52% from the previous week and 53% from the four-week average. The reported buyers were Japan (4,000 tons), Mexico (3,200 tons), South Korea (1,400 tons), Canada (600 tons), and the Philippines (600 tons), with a cancellation by Guatemala (200 tons). Sales of 100 tons for 2020 delivery were to Australia.