Weekly soybean exports top 72 million bushels
The USDA reports soybean export sales for the week ending October 26th were above most pre-report estimates, while corn, soybean products, and wheat were within analysts’ expectations. Physical shipments of corn, soybeans, and wheat all remain slower than what’s needed to meet USDA projections for the 2017/18 marketing year.
Wheat came out at 347,800 tons (12.8 million bushels), down 4% from the week ending October 19th and 15% lower than the four week average. South Korea purchased 100,200 tons and Mexico bought 69,100 tons, while unknown destinations canceled on 54,600 tons. At this point in the 2017/18 marketing year, wheat sales are 569.9 million bushels, compared to 599.0 million in 2016/17. For 2018/19 delivery, the sale of 1,500 tons to Panama was canceled out by a cancellation on 1,500 tons by unknown destinations.
Corn was reported at 811,400 tons (31.9 million bushels), 37% less than the previous week and 33% below the four week average. Japan picked up 222,700 tons and Spain purchased 198,000 tons. Nearly two months into the marketing year, corn sales are 670.4 million bushels, compared to 974.4 million this time last year. Sales of 90,000 tons (3.5 million bushels) for 2018/19 delivery were to Mexico.
Sorghum sales were 284,000 tons (11.2 million bushels), a big increase from both the week before and the four week average. China bought 208,000 tons and unknown destinations picked up 66,000 tons. Cumulative sorghum sales are 69.8 million bushels, compared to 57.5 million a year ago.
Soybeans were pegged at 1,967,000 tons (72.3 million bushels), down 8% from the prior week, but up 29% from the four week average. China purchased 1,531,400 tons and the Netherlands bought 140,900 tons, but unknown destinations canceled on 211,000 tons. Soybean sales this marketing year are 1.116 billion bushels, compared to 1.327 billion last year. Sales of 15,200 tons (600,000 bushels) for 2018/19 delivery were to Japan.
Soybean meal came out at 225,000 tons. Mexico picked up 93,400 tons and Vietnam purchased 40,000 tons. Less than a month into the 2017/18 marketing year, soybean meal sales are 3,975,800 tons, compared to 3,788,500 towards the outset of 2016/17. The USDA says a net reduction of 500 tons for 2018/19 delivery occurred after a cancellation by Nicaragua.
Soybean oil was reported at 27,000 tons. South Korea bought 13,000 tons and the Dominican Republic picked up 6,000 tons. 2017/18 soybean oil sales are 167,900 tons, compared to 322,300 in 2016/17.
Net beef sales totaled 16,500 tons, 2% lower than the previous week, but 3% higher than the four week average. The listed purchasers were South Korea (8,600 tons), Japan (2,200 tons), Hong Kong (1,400 tons), Mexico (1,100 tons), and Canada (900 tons). Sales of 3,500 tons for 2018 delivery were to Taiwan (1,300 tons), Hong Kong (900 tons), South Korea (800 tons), and Japan (500 tons).
Net pork sales totaled 25,800 tons, a jump of 42% on the week and increase of 55% from the four week average. The reported buyers were Mexico (9,100 tons), Hong Kong (5,700 tons), South Korea (3,100 tons), and Canada (1,500 tons). Sales of 500 tons for 2018 delivery were mainly to Chile (200 tons) and Colombia (200 tons).