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Weekly beef exports hit new marketing year high

 

The USDA reports combined old and new crop corn, soybean, soybean product, and wheat export sales for the week ending May 24th were within most pre-report estimates. Physical shipments of sorghum remain ahead of what’s needed weekly to meet USDA projections for the 2017/18 marketing year. The 2017/18 marketing year for wheat officially ended May 31st and continues through the end of August for beans, corn, and sorghum and through the end of September for soybean products.

Wheat came out at 29,500 tons (1.1 million bushels), down 74% from both the week ending May 17th and the four-week average. South Korea purchased 64,900 tons and Vietnam bought 22,000 tons, but unknown destinations canceled on 126,100 tons. With one reporting week left in the marketing year, wheat sales are 872.4 million bushels, compared to 1.042 billion towards the end of 2016/17. Sales of 270,900 tons (10.0 million bushels) for 2018/19 delivery were mainly to Thailand (110,000 tons) and Japan (80,400 tons), with a cancellation by Mexico (10,900 tons).

Corn was reported at 993,100 tons (39.1 million bushels), up 16% from the previous week and 12% higher than the four-week average. Japan picked up 299,100 tons and Mexico purchased 291,800 tons, while unknown destinations canceled on 104,500 tons. Nearing the final quarter of the marketing year, corn sales are 2.144 billion bushels, compared to 2.113 billion this time last year. Sales of 149,300 tons (5.9 million bushels) for 2018/19 delivery were primarily to Mexico (68,100 tons) and Japan (50,000 tons).

Old crop sorghum sales were a new marketing year low, with a net cancellation of 295,800 tons (-11.6 million bushels). Taiwan bought 100 tons, while China canceled on 163,800 tons and unknown destinations canceled on 132,000 tons. So far, this marketing year, sorghum sales are 200.5 million bushels, compared to 169.6 million a year ago.

Soybeans were pegged at 273,400 tons (10.0 million bushels), a big jump from the week before and 31% above the four-week average. Japan picked up 91,400 tons and the Netherlands purchased 69,400 tons, but unknown destinations canceled on 96,900 tons. At this point in the marketing year, soybean sales are 2.038 billion bushels, compared to 2.147 billion last year. Sales of 771,600 tons (28.4 million bushels) for 2018/19 delivery were mostly to China (238,000 tons) and unknown destinations (330,000 tons).

Soybean meal came out at 140,700 tons, a decline of 41% from both the prior week and the four-week average. Mexico bought 39,700 tons and Ecuador picked up 27,900 tons. Cumulative soybean meal sales are 10,907,900 tons, compared to 9,581,700 a year ago. Sales of 2,300 tons for 2018/19 delivery were to Indonesia (2,100 tons) and Canada (200 tons).

Soybean oil was reported at 6,000 tons. Sales of 2,000 to 9,000 tons were partially offset following a cancellation on 9,000 tons by unknown destinations (9,000 tons). 2017/18 soybean oil sales are 878,000 tons, compared to 909,300 in 2016/17.

Net beef sales were a new marketing year high at 31,300 tons, a significant increase from both the previous week and the four-week average. The listed purchasers were Japan (15,000 tons), South Korea (10,500 tons), Taiwan (1,400 tons), Mexico (1,200 tons), and Canada (1,200 tons).

Net pork sales totaled 21,800 tons, up 6% on the week and 14% higher than the four-week average. The reported buyers were Mexico (10,200 tons), Japan (2,800 tons), Chile (1,800 tons), South Korea (1,700 tons), and Canada (1,400 tons).