News

Big week to week jump for beef, pork exports

The USDA reports new crop wheat export sales for the week ending June 15th topped most pre-report estimates, while old crop corn and soybean sales were below most expectations. Physical shipments of corn and wheat were more than what’s needed to meet USDA projections for their respective marketing years. The 2017/18 marketing year for wheat started June 1st and the 2016/17 marketing year for corn, soybeans, and sorghum runs through August.

Wheat came out at 542,900 tons (19.9 million bushels). Japan purchased 196,500 tons and Taiwan bought 94,900 tons, while unknown destinations canceled on 114,300 tons. Early in the 2017/18 marketing year, wheat sales are 276.5 million bushels, compared to 256.8 million near the start of 2016/17.

Corn was reported at 528,800 tons (20.8 million bushels), down 12% from the week ending June 8th, but up 16% from the four week average. Japan picked up 249,600 tons and Mexico purchased 82,200 tons, while unknown destinations canceled on 118,600 tons. With less than a quarter left in the 2016/17 marketing year, corn sales are 2.171 billion bushels, compared to 1.827 billion in 2015/16. Sales of 124,000 tons (4.9 million bushels) for 2017/18 delivery were to Mexico (120,000 tons) and El Salvador (4,000 tons).

Sorghum sales were 62,100 tons (2.4 million bushels), 2% higher than the previous week and a big jump from the four week average. China bought 59,100 tons and unknown destinations picked up 3,000 tons. Sorghum sales this marketing year are 174.4 million bushels, compared to 301.7 million this time last year.

Soybeans were pegged at 111,200 tons (4.1 million bushels), 67% lower than the week before and a drop of 72% from the four week average. Indonesia purchased 72,000 tons and Bangladesh bought 57,900 tons, but unknown destinations canceled on 91,200 tons. So far this marketing year, soybean sales are 2.170 billion bushels, compared to 1.835 billion a year ago.

Soybean meal came out at 86,600 tons, 48% less than the prior week and 31% below the four week average. Mexico picked up 27,900 tons and the Dominican Republic purchased 20,600 tons, but unknown destinations canceled on 27,700 tons. Cumulative soybean meal sales this marketing year are 9,920,000 tons, compared to 9,700,600 last year. Sales of 45,600 tons for 2017/18 delivery were mainly to Mexico (38,300 tons) and Ecuador (7,000 tons).

Soybean oil was reported at 13,300 tons, a decline of 56% on the week and 34% under the four week average. South Korea bought 5,000 tons and Jamaica picked up 3,500 tons, while unknown destinations canceled on 2,500 tons. 2016/17 soybean oil sales are 970,400 tons, compared to 975,800 in 2015/16. Sales of 4,100 tons for 2017/18 delivery were to Mexico.

Net beef sales totaled 16,600 tons, an increase of 96% from the previous week and 60% more than the four week average. The listed purchasers were South Korea (3,400 tons), Japan (3,100 tons), Hong Kong (3,000 tons), Mexico (2,200 tons), and Canada (2,100 tons), with cancellations by Brazil (100 tons) and Cote D’Ivoire (100 tons).

Net pork sales totaled 24,700 tons, quite a big bigger than the prior week and 49% larger than the four week average. The reported buyers were Mexico (21,500 tons), Canada (2,700 tons), Japan (2,300 tons), Taiwan (800 tons), and Colombia (500 tons), with cancellations by China (3,400 tons) and Honduras (300 tons).