News

Mostly mixed week for export sales

The USDA says 2018/19 U.S. wheat export sales for the week ending May 9th were below most pre-report estimates, while corn, soybeans, and soybean products were within analysts’ expectations. 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 114,500 tons (4.2 million bushels), up 26% from the week ending May 2nd, but down 52% from the four-week average. Indonesia purchased 88,500 tons and Iraq bought 52,000 tons, while South Korea canceled on 144,900 tons. Nearing the end of the 2018/19 marketing year, wheat sales are 943.1 million bushels, compared to 867.2 million late in 2017/18. Sales of 419,400 tons (15.4 million bushels) for 2019/20 delivery were mainly to South Korea (93,700 tons) and Nigeria (75,700 tons).

Corn was reported at 553,300 tons (21.8 million bushels), 92% higher than the previous week, but 15% lower than the four-week average. Colombia picked up 226,700 tons and Japan purchased 121,400 tons, while unknown destinations canceled on 67,200 tons. For the marketing year to date, corn sales are 1.846 billion bushels, compared to 2.071 billion this time last year. Sales of 80,800 tons (3.2 million bushels) for 2019/20 delivery were primarily to Panama (38,800 tons) and Guatemala (25,600 tons).

Sorghum sales were 48,800 tons (1.9 million bushels), 11% less than the week before and 63% below the four-week average. Unknown destinations bought 53,000 tons and Mexico picked up 1,400 tons, while China canceled on 5,600 tons. At this point in the marketing year, sorghum sales are 63.5 million bushels, compared to 211.0 million a year ago.

Soybeans were pegged at 370,900 tons (13.6 million bushels). Germany purchased 122,000 tons and Indonesia bought 38,500 tons. So far, this marketing year, soybean sales are 1.662 billion bushels, compared to 2.033 billion last year. Sales of 303,400 tons (11.1 million bushels) for 2019/20 delivery were mostly to unknown destinations.

Soybean meal came out at 196,100 tons, an increase of 30% from the prior week, but a decrease of 8% from the four-week average. Colombia picked up 41,400 tons and Canada purchased 33,800 tons. Cumulative soybean meal sales are 10,523,200 tons, compared to 10,527,700 a year ago. Sales of 69,300 tons for 2019/20 delivery were mainly to Guatemala (13,000 tons) and El Salvador (11,300 tons).

Soybean oil was reported at 10,800 tons, a decline of 34% on the week and 36% from the four-week average. South Korea bought 10,500 tons and Mexico picked up 1,000 tons, while the Dominican Republic canceled on 800 tons. 2018/19 soybean oil sales are 696,900 tons, compared to 854,400 in 2017/18.

Net beef sales totaled 16,900 tons, down 30% from the previous week and 22% lower than the four-week average. The listed purchasers were South Korea (5,300 tons), Japan (3,700 tons), Taiwan (2,300 tons), Mexico (1,900 tons), and Canada (1,400 tons), with a cancellation by Brazil (200 tons).

Net pork sales totaled 10,500 tons, a drop of 52% from the week before and 55% under the four-week average. The reported buyers were Mexico (4,700 tons), Japan (2,300 tons), Canada (1,700 tons), South Korea (1,500 tons), and the Philippines (900 tons), with a cancellation by China (3,200 tons).