News

Weekly wheat export sales larger than anticipated

The USDA says wheat export sales for the week ending October 25th topped most pre-report expectations, while corn and soybeans were below analysts’ estimates. Physical shipments of corn remain well ahead of the USDA’s projected pace for the 2018/19 marketing year.

Wheat came out at 582,500 tons (21.4 million bushels), up 32% from the week ending October 18th and 41% higher than the four-week average. Japan purchased 120,700 tons, while Bangladesh, Venezuela, and Vietnam all bought 60,000 tons. Nearly halfway through the 2018/19 marketing year, wheat sales are 481.5 million bushels, compared to 569.9 million in 2017/18.

Corn was reported at 394,400 tons (15.5 million bushels), 13% more than the previous week, but 50% less than the four-week average. Mexico picked up 192,200 tons and Colombia purchased 97,100 tons, while Vietnam canceled on 66,000 tons. So far, this marketing year, corn sales are 859.5 million bushels, compared to 670.4 million this time last year. Sales of 5,000 tons (200,000 bushels) for 2019/20 delivery were to Colombia.

Sorghum sales were 12,100 tons (500,000 bushels). South Africa bought 7,000 tons and Mexico picked up 5,100 tons. Cumulative sorghum sales are 8.8 million bushels, compared to 69.8 million a year ago.

Soybeans were pegged at 395,800 tons (14.5 million bushels), an 86% jump from the week before, but a 34% decline from the four-week average. Portugal purchased 142,400 tons and Argentina bought 114,100 tons, with cancellations by unknown destinations (519,000 tons) and China (62,800 tons). At this point in the marketing year, soybean sales are 788.2 million bushels, compared to 1.114 billion last year. Sales of 60,000 tons (2.2 million bushels) for 2019/20 delivery were to unknown destinations.

Soybean meal came out at 317,400 tons. The Dominican Republic picked up 85,100 tons and Thailand purchased 50,000 tons. Less than a month into the new marketing year, soybean meal sales are 4,572,500 tons, compared to 3,975,800 a year ago. Sales of 4,300 tons for 2019/20 delivery were mainly to Japan (2,700 tons) and Mexico (1,500 tons).

Soybean oil was reported at 22,200 tons. The Dominican Republic bought 10,600 tons and Colombia picked up 4,700 tons. 2018/19 soybean oil sales are 224,700 tons, compared to 167,900 in 2017/18.

Net beef sales totaled 25,300 tons, an increase of 73% on the week and 77% from the four-week average. The listed purchasers were Hong Kong (11,100 tons), South Korea (6,100 tons), Japan (5,000 tons), Taiwan (1,200 tons), and Mexico (600 tons). Net sales of 1,500 tons for 2019 delivery were primarily to Japan (700 tons), Mexico (300 tons), and Taiwan (300 tons).

Net pork sales totaled 21,800 tons, a significant rise from the prior week and 43% above the four-week average. The reported buyers were Mexico (13,500 tons), Japan (3,700 tons), South Korea (1,400 tons), Canada (1,200 tons), and Colombia (1,000 tons). Net sales of 1,800 tons for 2019 delivery were mostly to South Korea (1,000 tons), Canada (300 tons), and Colombia (300 tons).