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China buys U.S. soybeans, sorghum, cancels pork

The USDA says soybean meal export sales for the week ending April 18th were larger than expected, while corn, soybeans, soybean oil, and wheat fell within pre-report estimates. Physical shipments of corn were above what’s needed to meet USDA projections for the 2018/19 marketing year. The 2018/19 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 425,300 tons (15.6 million bushels), up 34% from the week ending April 11th, but down 4% from the four-week average. Mexico purchased 160,800 tons and Nigeria bought 80,900 tons, while Peru canceled on 37,800 tons. With less than a month and a half left in the 2018/19 marketing year, wheat sales are 931.1 million bushels, compared to 855.0 million in 2017/18. Sales of 226,200 tons (8.3 million bushels) for 2019/20 delivery were mainly to Algeria (90,000 tons) and Mexico (44,000 tons).

Corn was reported at 779,900 tons (30.7 million bushels), 18% lower than the previous week, but 6% higher than the four-week average. Japan picked up 349,400 tons and Mexico purchased 310,500 tons, while unknown destinations canceled on 85,800 tons. For the marketing year to date, corn sales are 1.790 billion bushels, compared to 1.965 billion a year ago. Sales of 3,000 tons (100,000 bushels) for 2019/20 delivery were to Nicaragua.

Sorghum sales were 170,300 tons (6.7 million bushels), a surge of 42% from the week before and considerably larger than the four-week average. China bought 60,000 tons and Spain picked up 55,000 tons. At this point in the marketing year, sorghum sales are 52.2 million bushels, compared to 199.1 million this time last year.

Soybeans were pegged at 596,300 tons (21.9 million bushels), 57% more than the prior week, but 15% less than the four-week average. Unknown destinations purchased 230,700 tons and China bought 212,100 tons. So far, this marketing year, soybean sales are 1.649 billion bushels, compared to 1.997 billion a year ago. Sales of 22,700 tons (800,000 bushels) for 2019/20 delivery were primarily to Mexico (16,000 tons) and Malaysia (5,000 tons).

Soybean meal came out at 329,100 tons, 11% above the previous week and a jump of 82% from the four-week average. The Philippines picked up 139,100 tons and Colombia purchased 89,800 tons. Cumulative soybean meal sales are 10,097,100 tons, compared to 9,814,900 last year. Sales of 68,900 tons for 2019/20 delivery were mostly to Colombia (45,000 tons) and the Dominican Republic (21,000 tons).

Soybean oil was reported at 19,600 tons, 19% below the week before and a decline of 26% from the four-week average. The Dominican Republic bought 7,700 tons and Mexico picked up 6,500 tons. 2018/19 soybean oil sales are 662,400 tons, compared to 754,300 in 2017/18.

Net beef sales totaled 23,100 tons, down 20% on the week, but up 25% from the four-week average. The listed purchasers were Japan (7,900 tons), Hong Kong (7,600 tons), South Korea (3,400 tons), Mexico (1,600 tons), and Taiwan (1,000 tons).

Net pork sales totaled 15,500 tons, 62% lower than both the prior week and the four-week average. The reported buyers were Mexico (6,200 tons), South Korea (2,100 tons), Canada (1,900 tons), Japan (1,700 tons), and New Zealand (900 tons), with a cancellation by China (200 tons).