News

Corn, pork exports up sharply on week

The USDA reports new crop corn, soybean, and wheat export sales for the week ending June 21st topped most pre-report expectations, while old crop beans and corn were within most analysts’ estimates. The 2018/19 marketing year for wheat got underway June 1st, while 2017/18 runs through August for corn, sorghum, and soybeans and September for soybean products.

Wheat came out at 563,700 tons (20.7 million bushels). Unknown destinations purchased 205,700 tons and Mexico bought 86,700 tons. Less than a month into the 2018/19 marketing year, wheat sales are 204.0 million bushels, compared to 294.6 million just after the outset of 2017/18.

Corn was reported at 849,900 tons (33.5 million bushels), up sharply from the week ending June 14th and 16% higher than the four-week average. South Korea picked up 206,700 tons and Mexico purchased 195,200 tons, but unknown destinations canceled on 188,100 tons. With less than a quarter left in the 2017/18 marketing year, corn sales are 2.254 billion bushels, compared to 2.183 billion late in 2016/17. Sales of 636,800 tons (25.1 million bushels) for 2018/19 delivery were mainly to South Korea (132,000 tons) and Japan (125,000 tons).

No sorghum sales were reported. Cumulative sales this marketing year are 203.1 million bushels, compared to 174.5 million this time last year.

Soybeans were pegged at 358,500 tons (13.2 million bushels), 19% above the week before and 14% more than the four-week average. Vietnam bought 79,700 tons and the Netherlands picked up 76,700 tons, but China canceled on 120,000 tons. At this stage of the marketing year, soybean sales are 2.087 billion bushels, compared to 2.181 billion a year ago. Sales of 642,300 tons (23.6 million bushels) for 2018/19 delivery were primarily to Pakistan (207,000 tons) and Thailand (148,000 tons).

Soybean meal sales were 146,300 tons, 27% larger than both the prior week and the four-week average. Mexico purchased 37,200 tons and the Philippines bought 29,600 tons, while unknown destinations canceled on 13,100 tons. For the marketing year to date, soybean meal sales are 11,375,200 tons, compared to 9,958,000 last year. Sales of 75,500 tons for 2018/19 delivery were mostly to Panama (48,500 tons) and El Salvador (12,000 tons).

Soybean oil came out at 30,500 tons, a jump of 91% on the week and up significantly from the four-week average. Peru picked up 13,900 tons and Mexico purchased 7,600 tons. 2017/18 soybean oil sales are 934,300 tons, compared to 983,000 in 2016/17. Sales of 2,400 tons for 2018/19 delivery were to Mexico.

Net beef sales totaled 18,400 tons, 10% higher than the previous week, but 14% lower than the four-week average. The reported buyers were Japan (10,100 tons), South Korea (3,900 tons), Taiwan (1,400 tons), Canada (1,000 tons), and Hong Kong (1,000 tons), with a cancellation by China (100 tons).

Net pork sales totaled 24,300 tons, a big increase from the week before and 77% more than the four-week average. The listed purchasers were Mexico (12,000 tons), Japan (3,100 tons), South Korea (2,400 tons), Australia (1,900 tons), and Canada (1,800 tons).