News

Corn, soybean exports up on week

The USDA reports corn, soybean, and wheat export sales for the week ending March 3rd were generally within analysts’ expectations. Several cancellations by unknown destinations were a factor.

Wheat came out at 330,600 tons (12.1 million bushels), down 4% from the week ending February 25th, but up 6% from the four week average. Japan purchased 127,200 tons and Taiwan bought 103,400 tons, but unknown destinations canceled on 62,800 tons. At this point in the 2015/16 marketing year, wheat sales are 674.5 million bushels, compared to 817.7 million in 2014/15. Sales of 102,900 tons (3.8 million bushels) for 2016/17 delivery were mainly to South Korea (27,400 tons), Italy (20,100 tons), and Mexico (16,500 tons).

Corn was reported at 1,172,300 tons (46.2 million bushels), 7% higher than the previous week and 37% more than the four week average. Mexico picked up 339,100 tons and Japan purchased 306,900 tons, while unknown destinations canceled on 161,000 tons. For the marketing year to date, corn sales are 1.135 billion bushels, compared to 1.419 billion this time last year. Sales of 20,000 tons (800,000 bushels) for 2016/17 delivery were to El Salvador (10,000 tons) and Peru (10,000 tons).

Sorghum sales were 54,400 tons, an increase of 39% from the week before, but a decrease of 53% from the four week average. China bought 154,900 tons and Mexico picked up 2,500 tons, but unknown destinations canceled on 103,000 tons. Sorghum sales for the current marketing year are 253,600 tons, compared to 308,700 a year ago.

Soybeans were pegged at 475,200 tons (17.5 million bushels), 8% above the prior week and up 2% from the four week average. The Netherlands purchased 140,000 tons and Indonesia bought 96,400 tons, but unknown destinations canceled on 105,900 tons. So far this marketing year, soybean sales are 1.575 billion bushels, compared to 1.749 billion last year. Sales of 3,300 tons (100,000 bushels) for 2016/17 delivery were to Japan.

Soybean meal came out at 46,600 tons, 65% less than the previous week and 69% lower than the four week average. Thailand picked up 31,100 tons and Colombia purchased 12,000 tons, while unknown destinations canceled on 43,000 tons. Cumulative soybean meal sales are 7,505,400 tons, compared to 9,079,400 a year ago. Sales of 300 tons for 2016/17 delivery were to Canada.

Soybean oil was reported at 35,100 tons, considerably larger than both the week before and the four week average. Peru bought 15,000 tons and South Korea picked up 11,500 tons. 2015/16 soybean oil sales are 688,100 tons, compared to 583,700 in 2014/15.

Net beef sales totaled 7,900 tons, a decline of 23% from the week prior and the four week average. The listed purchasers were Japan (2,100 tons), Hong Kong (1,600 tons), Mexico (1,500 tons), Canada (1,000 tons), and South Korea (800 tons).

Net pork sales totaled 15,900 tons, down 21% on the week and also 21% lower than the four week average. The reported buyers were Japan (3,000 tons), Mexico (2,800 tons), Australia (2,300 tons), South Korea (1,900 tons), and China (1,700 tons).