News

Weekly soybean exports top 70 million bushels

The USDA reports corn and soybean export sales for the week ending October 13th were above most pre-report estimates and wheat sales were generally within expectations. Physical shipments of soybeans were above what’s needed to meet USDA projections for the 2016/17 marketing year, while corn and wheat were short of their respective marks.

Wheat came out at 513,800 tons (18.9 million bushels), up 5% from the week ending October 6th and 3% higher than the four week average. Mexico purchased 98,900 tons and Japan bought 80,400 tons. For the 2016/17 marketing year to date, wheat sales are 566.7 million bushels, compared to 446.9 million in 2015/16.

Corn was reported at 1,023,000 tons (40.3 million bushels), 17% more than the previous week, but 8% less than the four week average. Unknown destinations picked up 226,600 tons and Colombia purchased 197,100 tons. Just over a month into the marketing year, corn sales are 885.8 million bushels, compared to 467.7 million this time last year.

Sorghum sales of 200 tons were to Indonesia. Sales this marketing year are 41.6 million bushels, compared to 137.1 million last marketing year.

Soybeans were pegged at 2,008,500 tons (73.8 million bushels), 42% larger than the week before and 30% above the four week average. China bought 2,118,300 tons and the Netherlands picked up 184,100 tons. At this point in the marketing year, soybean sales are 1.166 billion bushels, compared to 925.6 million a year ago. Sales of 300 tons for 2017/18 delivery were to Japan.

Soybean meal came out at 398,000 tons. Unknown destinations purchased 140,800 tons and the Philippines bought 76,500 tons. Just after the start of the marketing year, soybean meal sales are 3,341,300 tons, compared to 4,177,000 a year ago.

Soybean oil was reported at 300 tons, with sales of 100 to 3,300 tons partially offset by a cancellation on 4,300 tons. 2016/17 soybean oil sales are 276,600 tons, compared to 285,200 in 2015/16.

Net beef sales totaled 16,000 tons, up 27% from the prior week and 40% higher than the four week average. The listed buyers were South Korea (7,200 tons), Hong Kong (2,600 tons), Mexico (2,000 tons), and Taiwan (1,300 tons). Sales of 600 tons for 2017 delivery were to Hong Kong (400 tons) and South Korea (200 tons).

Net pork sales totaled 19,400 tons, 8% more than both the previous week and the four week average. The reported purchasers were South Korea (6,800 tons), Mexico (5,900 tons), Japan (2,100 tons), Colombia (1,300 tons) and Canada (1,000 tons), with a reduction for China (500 tons). Sales of 1,000 tons for 2017 delivery were mainly to South Korea (600 tons) and Colombia (300 tons).