News

Most U.S. export sales up on week

The USDA reports soybean meal export sales for the week ending March 2nd were above most pre-report estimates, while corn, soybeans, soybean oil, and wheat were within projections. Physical shipments of corn and soybeans were more than what’s needed to meet USDA projections for the 2016/17 marketing year.

Wheat came out at 391,600 tons (14.4 million bushels), up 21% from the week ending February 23rd, but down 14% from the four week average. Japan purchased 56,400 tons and Bangladesh bought 55,000 tons, while unknown destinations canceled on 26,500 tons. For the 2016/17 marketing year to date, wheat sales are 922.4 million bushels, compared to 674.5 million in 2015/16. Net sales of 40,000 tons (1.5 million bushels) for 2017/18 delivery were mainly to unknown destinations (42,400 tons) with a cancellation by Japan (4,900 tons).

Corn was reported at 741,100 tons (29.2 million bushels), 7% higher than the previous week, but 7% lower than the four week average. Japan picked up 318,800 tons and South Korea purchased 175,800 tons, but unknown destinations canceled on 218,300 tons. At this point in the marketing year, corn sales are 1.738 billion bushels, compared to 1.135 billion this time last year. Sales of 93,000 tons (3.7 million bushels) for 2017/18 delivery were to Mexico (90,000 tons) and Japan (3,000 tons).

Sorghum sales were 110,100 tons (4.3 million bushels), a big jump from the week before and 79% above the four week average. Mexico bought 99,300 tons and Japan picked up 10,000 tons. Sales this marketing year are 141.6 million bushels, compared to 253.6 million a year ago.

Soybeans were pegged at 485,500 tons (17.8 million bushels), 14% more than the prior week, but 8% less than the four week average. Mexico purchased 151,500 tons and China bought 84,300 tons, while Germany canceled on 75,400 tons. So far this marketing year, soybean sales are 1.947 billion bushels, compared to 1.568 billion last year. Sales of 29,600 tons (1.1 million bushels) for 2017/18 delivery were to Canada (25,000 tons) and Japan (4,600 tons).

Soybean meal came out at 301,900 tons, up sharply on the week and 54% higher than the four week average. The Philippines picked up 163,800 tons and Venezuela bought 50,000 tons, but unknown destinations canceled on 89,200 tons. Cumulative soybean meal sales are 7,762,200 tons, compared to 7,505,400 last year.

Soybean oil was reported at 8,400 tons, a drop of 71% from the previous week and a decline of 61% from the four week average. South Korea purchased 4,000 tons and Colombia bought 1,700 tons. 2016/17 soybean oil sales are 757,600 tons, compared to 664,700 in 2015/16.

Net beef sales totaled 16,900 tons, 10% more than the prior week and 23% larger than the four week average. The listed purchasers were Japan (9,300 tons), Hong Kong (2,600 tons), Mexico (1,800 tons), South Korea (1,600 tons), and Canada (800 tons).

Net pork sales totaled 18,100 tons, up 8% on the week and 4% higher than the four week average. The reported buyers were Japan (9,200 tons), Mexico (5,000 tons), Australia (1,000 tons), Chile (800 tons), and the Philippines (500 tons), with a cancellation by Hong Kong (100 tons).