News

Soybean, corn export sales up sharply on week

The USDA reports old crop soybean export sales for the week ending August 2nd topped most pre-report expectations. The 2017/18 marketing year runs through the end of August for beans, corn, and sorghum, and through the end of September for soybean products. 2018/19 for wheat started June 1st.

Wheat came out at 317,100 tons (11.7 million bushels), down 17% from the week ending July 26th, but up 5% from the four-week average. Japan purchased 76,500 tons and Indonesia bought 70,000 tons, but unknown destinations canceled on 156,500 tons. Still early in the 2018/19 marketing year, wheat sales are 276.1 million bushels, compared to 386.8 million in 2017/18.

Corn was reported at 554,500 tons (21.8 million bushels), a leap of 90% from the previous week and 33% higher than the four-week average. Mexico picked up 151,100 tons and South Korea purchased 138,200 tons, while Spain canceled on 106,200 tons. Late in the 2017/18 marketing year, corn sales are 2.359 billion bushels, compared to 2.221 billion near the end of 2016/17. Sales of 657,700 tons (25.9 million bushels) for 2018/19 delivery were mainly to unknown destinations (299,100 tons) and Japan (85,000 tons).

Sorghum sales were 900 tons, primarily to Japan. Cumulative exports this marketing year are 198.7 million bushels, compared to 190.2 million this time last year.

Soybeans were pegged at 421,800 tons (15.5 million bushels), significantly more than both the prior week and the four-week average. The Netherlands bought 165,300 tons and Egypt picked up 111,500 tons, but unknown destinations canceled on 543,500 tons. So far, this marketing year, soybean sales are 2.152 billion bushels, compared to 2.229 billion a year ago. Sales of 532,500 tons (19.6 million bushels) for 2018/19 delivery were mostly to Pakistan (123,500 tons) and unknown destinations (88,200 tons).

Soybean meal came out at 109,600 tons, 39% above the week before and up 6% from the four-week average. Italy purchased 85,100 tons and Colombia bought 35,500 tons, while Spain canceled on 39,600 tons. At this point in the marketing year, soybean meal sales are 12,031,500 tons, compared to 10,148,100 last year. Sales of 19,900 tons for 2018/19 delivery were mainly to Panama (13,500 tons) and the Dominican Republic (3,200 tons).

Soybean oil was reported at 10,900 tons, 23% less than the previous week and 9% below the four-week average. Peru picked up 5,900 tons and Jamaica purchased 3,500 tons, but South Korea canceled on 6,000 tons. 2017/18 soybean oil sales are 1,027,000 tons, compared to 1,080,300 in 2016/17.

Net beef sales totaled 14,600 tons, a decrease of 10% on the week, but an increase of 15% from the four-week average. The listed buyers were Japan (6,100 tons), Hong Kong (2,000 tons), South Korea (2,000 tons), Mexico (1,300 tons), and Taiwan (1,000 tons).

Net pork sales totaled 24,900 tons, 30% lower than the week before, but 16% higher than the four-week average. The reported purchasers were Mexico (7,800 tons), South Korea (5,600 tons), Hong Kong (3,900 tons), Japan (2,200 tons), and Colombia (1,600 tons).