Corn, soybean exports up on week
The USDA reports soybean and wheat export sales for the week ending August 10th were above most pre-report expectations, while corn sales were within analysts’ estimates. Physical shipments of beans, corn, and wheat were more than what’s needed weekly to meet USDA projections for their respective marketing years. The 2016/17 marketing year for corn, soybeans, and sorghum runs through the end of August and the 2017/18 marketing year for wheat started June 1st.
Wheat came out at 633,600 tons (23.3 million bushels), up 37% from the week ending August 3rd and 43% higher than the four week average. Thailand purchased 110,100 tons and Indonesia bought 90,000 tons. For the 2017/18 marketing year to date, wheat sales are 410.1 million bushels, compared to 411.0 million in 2016/17.
Corn was reported at 62,400 tons (2.5 million bushels), 20% more than the previous week, but 61% less than the four week average. South Korea picked up 71,900 tons and China purchased 68,200 tons, but unknown destinations canceled on 260,800 tons. Nearing the end of the 2016/17 marketing year, corn sales are 2.223 billion bushels, compared to 1.960 billion late in 2015/16. Sales of 671,800 tons (26.4 million bushels) for 2017/18 delivery were mainly to Mexico (283,300 tons) and unknown destinations (168,800 tons).
Sorghum sales were 17,500 tons (700,000 bushels). China bought 73,500 tons and Japan picked up 10,000 tons, but unknown destinations canceled on 66,000 tons. So far this marketing year, sorghum sales are 190.9 million bushels, compared to 323.1 million this time last year.
Soybeans were pegged at 453,200 tons (16.7 million bushels), a significant jump from both the week before and the four week average. China purchased 342,100 tons and the Netherlands bought 85,200 tons, while unknown destinations canceled on 183,600 tons. At this point in the marketing year, soybean sales are 2.248 billion bushels, compared to 1.939 billion a year ago. Sales of 899,400 tons (33.0 million bushels) for 2017/18 delivery were primarily to China (395,400 tons) and unknown destinations (388,200 tons).
Soybean meal came out at 74,200 tons, larger than the week before and the four week average. Colombia picked up 39,200 tons and El Salvador purchased 26,000 tons, but unknown destinations canceled on 57,100 tons. Cumulative soybean meal sales are 10,222,300 tons, compared to 10,503,800 last year. Sales of 68,800 tons for 2017/18 delivery were mostly to the Philippines (21,000 tons), along with Guatemala (10,000 tons) and Mexico (10,000 tons).
Soybean oil was reported at 23,900 tons, down 14% on the week, but up 22% from the four week average. South Korea bought 13,000 tons and Guatemala picked up 5,000 tons. 2016/17 soybean oil sales are 1,108,300 tons, compared to 1,161,500 in 2015/16. Sales of 3,000 tons for 2017/18 delivery were to South Korea.
Net beef sales totaled 12,800 tons, a decrease of 22% from the previous week and 6% lower than the four week average. The listed purchasers were Japan (3,000 tons), South Korea (2,700 tons), Mexico (2,400 tons), Taiwan (2,000 tons), and Hong Kong (1,700 tons), with a cancellation by Egypt (600 tons).
Net pork sales totaled 18,300 tons, 3% less than the week before, but 9% more than the four week average. The reported buyers were Mexico (5,800 tons), Japan (4,700 tons), Canada (2,100 tons), South Korea (1,900 tons), and Colombia (1,400 tons), with a cancellation by China (400 tons).