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China bought U.S. soybeans last week, no pork

The USDA says 2018/19 U.S. soybean and wheat export sales for the week ending March 28th topped pre-report expectations, while corn was below most analysts’ estimates. The current marketing year runs through the end of May for wheat, the end of August for beans, corn, and sorghum, and the end of September for soybean products.

Wheat came out at 704,700 tons (25.9 million bushels), up 48% from the week ending March 21st and 70% higher than the four-week average. Iraq purchased 200,000 tons and Egypt purchased 119,500 tons, while unknown destinations canceled on 28,700 tons. With roughly two months left in the 2018/19 marketing year, wheat sales are 893.7 million bushels, compared to 842.1 million late in 2017/18. Sales of 312,800 tons (11.5 million bushels) for 2019/20 delivery were mainly to the Philippines (167,500 tons) and Iraq (100,000 tons).

Corn was reported at 537,300 tons (21.2 million bushels), down 41% from the previous week and 31% lower than the four-week average. Japan picked up 258,300 tons and Mexico purchased 229,900 tons, but unknown destinations canceled on 215,700 tons. At this point in the marketing year, corn sales are 1.701 billion bushels, compared to 1.864 billion this time last year. Sales of 93,000 tons (3.7 million bushels) for 2019/20 delivery were to Japan.

Sorghum sales were 63,100 tons (2.5 million bushels). Spain bought 55,000 tons and Mexico picked up 8,000 tons. For the marketing year to date, sorghum sales are 39.8 million bushels, compared to 200.2 million a year ago.

Soybeans were pegged at 1,971,700 tons (72.4 million bushels), a big jump from both the week before and the four-week average. China purchased 1,700,100 tons and Indonesia bought 91,500 tons, while Argentina canceled on 40,000 tons. So far, this marketing year, soybean sales are 1.604 billion bushels, compared to 1.892 billion last year. Sales of 20,500 tons (800,000 bushels) for 2019/20 delivery were to Mexico (20,000 tons) and South Korea (500 tons).

Soybean meal came out at 190,300 tons, larger than the prior week and 19% more than the four-week average. The Philippines picked up 124,000 tons and Ecuador purchased 43,000 tons, but unknown destinations canceled on 60,200 tons. Cumulative soybean meal sales are 9,320,500 tons, compared to 9,108,900 a year ago. Sales of 100 tons for 2019/20 delivery were to Canada.

Soybean oil was reported at 36,700 tons, up sharply from the previous week and the four-week average. Unknown destinations bought 10,000 tons and South Korea picked up 9,000 tons, 2018/19 soybean oil sales are 584,700 tons, compared to 693,000 in 2017/18. Sales of 2,300 tons for 2019/20 delivery were to Mexico.

Net beef sales totaled 20,500 tons, an increase of 58% on the week and 18% more than the four-week average. The listed purchasers were South Korea (8,900 tons), Japan (5,400 tons), Taiwan (2,600 tons), Hong Kong (1,000 tons), and Mexico (1,000 tons).

Net pork sales totaled 10,800 tons, a decrease of 50% from the week before and a drop of 66% from the four-week average. The reported buyers were Japan (2,800 tons), South Korea (2,000 tons), Mexico (1,300 tons), Canada (1,200 tons), and Chile (1,200 tons).