News

Export sales generally within pre-report estimates

 

The USDA reports combined old and new crop corn, soybean, and wheat export sales for the week ending May 10th were within most pre-report expectations. Physical shipments of sorghum were above what’s needed weekly to meet USDA projections for the 2017/18 marketing year. The current marketing year runs through May for wheat, August for beans, corn, and sorghum, and September for soybean products.

Wheat came out at 63,100 tons (2.3 million bushels), up 79% from the week ending May 3rd, but down 50% from the four-week average. Yemen purchased 52,700 tons and the Philippines bought 52,000 tons, but unknown destinations canceled on 143,000 tons. Nearing the end of the 2017/18 marketing year, wheat sales are 867.2 million bushels, compared to 1.036 billion late in 2016/17. Sales of 131,700 tons (4.8 million bushels) for 2018/19 delivery were mainly to Japan (48,000 tons) and South Korea (24,800 tons).

Corn was reported at 985,700 tons (38.8 million bushels), 42% higher than the previous week and 15% more than the four-week average. Japan picked up 401,500 tons and Colombia purchased 122,500 tons, but unknown destinations canceled on 279,400 tons. For the marketing year to date, corn sales are 2.072 billion bushels, compared to 2.079 billion this time last year. Sales of 129,200 tons (5.1 million bushels) were to Mexico (119,200 tons) and Taiwan (10,000 tons).

Sorghum sales were 59,400 tons (2.3 million bushels). Japan bought 65,200 tons and Taiwan picked up 700 tons, while unknown destinations canceled on 6,100 tons. Cumulative sorghum sales are 211.0 million bushels, compared to 169.7 million a year ago. Sales of 38,000 tons (1.5 million bushels) for 2018/19 delivery were to Mexico.

Soybeans were pegged at 281,900 tons (10.4 million bushels), 20% lower than the previous week and 48% less than the four-week average. The Netherlands purchased 127,900 tons and Egypt bought 97,400 tons, but unknown destinations canceled on 224,500 tons. At this point in the marketing year, soybean sales are 2.036 billion bushels, compared to 2.107 billion last year. Sales of 224,700 tons (8.3 million bushels) for 2018/19 delivery were mostly to Pakistan (66,000 tons) and Mexico (62,000 tons).

Soybean meal came out at 376,000 tons, a significant jump from both the week before and the four-week average. The Philippines picked up 165,100 tons and Spain purchased 46,900 tons. So far, this marketing year, soybean meal sales are 10,527,700 tons, compared to 9,333,100 a year ago. Sales of 45,700 tons for 2018/19 delivery were to the Philippines (45,000 tons) and Canada (700 tons).

Soybean oil was reported at 10,200 tons, a drop of 78% from the prior week and 69% below the four-week average. South Korea bought 20,000 tons and Mexico picked up 6,400 tons, while unknown destinations canceled on 20,000 tons. 2017/18 soybean oil sales are 854,400 tons, compared to 876,500 in 2016/17.

Net beef sales totaled 11,000 tons, a decrease of 3% on the week and 34% from the four-week average. The listed purchasers were South Korea (3,500 tons), Mexico (2,500 tons), Hong Kong (1,200 tons), Taiwan (1,200 tons), and Canada (1,100 tons).

Net pork sales totaled 21,900 tons, an increase of 33% from the previous week and 12% from the four-week average. The reported buyers were Mexico (10,300 tons), Japan (2,800 tons), South Korea (2,200 tons), Colombia (1,900 tons), and Hong Kong (1,800 tons).