News

Strong week for corn, pork export sales

 

The USDA reports corn export sales for the week ending March 8th were not only larger than expected, but also a new high for the 2017/18 marketing year. Soybean sales were also above most pre-report estimates, while soybean products were within projections and wheat sales were smaller than anticipated. Physical shipments of sorghum were more than what’s needed to meet USDA expectations, but beans, corn, and wheat all fell short of their respective marks. The 2017/18 marketing year runs through May for wheat, August for corn, sorghum, and soybeans, and September for soybean meal and oil.

Wheat came out at 162,800 tons (6.0 million bushels), down 58% from the week ending March 1st and 47% lower than the four-week average. Mexico purchased 36,400 tons and China bought 35,600 tons, while unknown destinations canceled on 35,000 tons. With less than a quarter to go in 2017/18, wheat sales are 815.3 million bushels, compared to 932.1 million in 2016/17. Sales of 56,700 tons (2.1 million bushels) for 2018/19 delivery were to Guatemala (46,000 tons) and unknown destinations (16,000 tons), with a cancellation by Mexico (5,300 tons).

Corn was reported at 2,505,100 tons (98.6 million bushels), up 35% from the previous week and 41% higher than the four-week average. Japan picked up 838,000 tons and Taiwan purchased 388,600 tons. More than halfway through the marketing year, corn sales are 1.718 billion bushels, compared to 1.786 billion this time last year. Sales of 100,000 tons (3.9 million bushels) were mainly to Panama (43,300 tons) and Japan (24,900 tons).

Sorghum sales were 5,900 tons (200,000 bushels). China bought 129,900 tons, but unknown destinations canceled on 124,000 tons. For the marketing year to date, sorghum sales are 205.6 million bushels, compared to 141.8 million a year ago.

Soybeans were pegged at 1,269,600 tons (46.6 million bushels), 49% less than the prior week, but 30% more than the four-week average. China picked up 509,300 tons and unknown destinations purchased 211,000 tons. At this point in the marketing year, soybean sales are 1.811 billion bushels, compared to 1.962 billion a year ago. Sales of 77,400 tons (2.8 million bushels) for 2018/19 delivery were primarily to unknown destinations (63,000 tons).

Soybean meal came out at 173,300 tons, 14% below the week before, but 2% above the four-week average. Unknown destinations bought 59,500 tons and Morocco picked up 59,500 tons. Cumulative soybean meal sales are 8,315,900 tons, compared to 8,151,700 last year.

Soybean oil was reported at 31,600 tons, a decrease of 7% on the week, but an increase of 7% from the four-week average. South Korea purchased 22,500 tons and Colombia bought 3,800 tons. 2017/18 soybean oil sales are 578,300 tons, compared to 721,900 in 2016/17.

Net beef sales totaled 20,200 tons, up 3% from the previous week and 32% higher than the four-week average. The listed purchasers were Japan (10,600 tons), Taiwan (2,400 tons), South Korea (1,700 tons), Canada (1,500 tons), and Mexico (1,400 tons).

Net pork sales totaled 31,600 tons, a jump of 59% on the week and 22% more than the four-week average. The reported buyers were Mexico (11,700 tons), South Korea (4,500 tons), Japan (4,400 tons), Australia (2,100 tons), and Canada (1,600 tons).