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Weekly corn, soybean export sales top expectations

The USDA says China did buy U.S. soybeans last week. Beijing purchased nearly 600,000 tons of U.S. beans during the week ending September 12th that were not previously announced by the USDA’s daily reporting system, with delivery set for the current marketing year. Unknown destinations, Mexico, and Egypt all bought more than 100,000 tons of U.S. soybeans as well. China also canceled on U.S. cotton and didn’t buy any pork. High-level trade negotiations with China are scheduled to resume at an unspecified date in October.

Corn and soybean export sales were above pre-report estimates, while wheat and soybean products fell within analysts’ expectations. Physical shipments of beans, corn, sorghum, and wheat were less than what’s needed to meet USDA projections for the 2019/20 marketing year. The marketing year started June 1st for wheat, September 1st for beans, corn, and sorghum, and gets underway October 1st for soybean products.

Wheat came out at 286,600 tons (10.5 million bushels), down 53% from the week ending September 5th and 47% lower than the four-week average. Mexico purchased 146,900 tons and Colombia bought 57,400 tons, but unknown destinations canceled on 89,700 tons. Just over a quarter into the 2019/20 marketing year, wheat sales are 451.7 million bushels, compared to 375.1 million in 2018/19.

Corn was reported at 1,464,600 tons (57.7 million bushels). Mexico picked up 1,158,200 tons and Japan purchased 133,700 tons. Early in the current marketing year, corn sales are 340.7 million bushels, compared to 651.7 million a year ago. Sales of 64,900 tons (2.6 million bushels) for 2020/21 delivery were to Mexico.

Sorghum sales were 2,000 tons (100,000 bushels). Unknown destinations bought 2,100 tons, while Mexico canceled on 100 tons. Sorghum exports are 2.7 million bushels, compared to 2.6 million this time last year.

Rice exports were 81,900 tons, 76% more than the previous week, but 3% less than the four-week average. Mexico picked up 23,000 tons and Venezuela purchased 16,100 tons. A little more than a month into the marketing year, rice sales are 1,153,200 tons, compared to 643,000 a year ago.

Soybeans were pegged at 1,728,100 tons (63.5 million bushels). China bought 593,200 tons and unknown destinations picked up 427,400 tons. So far, this marketing year, soybean exports are 410.8 million bushels, compared to 653.9 million last year.

Soybean meal came out at 93,700 tons. El Salvador purchased 17,100 tons and Colombia bought 15,500 tons. Cumulative soybean meal sales are 12,178,100 tons, compared to 12,593,500 a year ago. Sales of 342,100 tons for 2019/20 delivery were mainly to Mexico (203,600 tons) and the Philippines (40,000 tons).

Soybean oil was reported at 18,900 tons, up sharply from both the week before and the four-week average. Unknown destinations picked up 15,000 tons and El Salvador purchased 1,900 tons. 2018/19 soybean oil sales are 918,700 tons, compared to 1.071,600 in 2017/18. Sales of 1,700 tons for 2019/20 delivery were to South Korea (1,100 tons) and the Dominican Republic (600 tons).

Net beef sales totaled 16,600 tons, 8% below the week before and 1% under the four-week average. The listed buyers were South Korea (4,000 tons), Mexico (3,100 tons), Japan (3,000 tons), Hong Kong (2,400 tons), and Taiwan (1,900 tons). Sales of 400 tons for 2020 delivery were to Japan (300 tons) and Mexico (100 tons).

Net pork sales totaled 14,200 tons, a decrease of 35% on the week and 34% from the four-week average. The reported purchasers were South Korea (3,000 tons), Japan (2,700 tons), Mexico (2,100 tons), Canada (1,800 tons), and Colombia (1,500 tons). Sales of 100 tons for 2020 delivery were to Australia.

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