News

Big week to week decline for beef, corn exports

The USDA reports soybean and wheat export sales for the week ending November 9th were within pre-report estimates, but corn and soybean products fell below most analysts’ expectations. Physical shipments of beans, corn, and wheat were less than what’s needed weekly to meet USDA projections for the 2017/18 marketing year.

Wheat came out at 489,300 tons (18.0 million bushels), down 37% from the week ending November 9th and 7% lower than the four week average. Japan purchased 136,800 tons and Indonesia bought 105,800 tons. At this point in the 2017/18 marketing year, wheat sales are 616.6 million bushels, compared to 649.3 million slightly less than halfway through 2016/17. Sales of 30,000 tons (1.1 million bushels) for 2018/19 delivery were to Mexico.

Corn was reported at 949,500 tons (37.4 million bushels), 60% less than the previous week and 34% below the four week average. Japan picked up 543,400 tons and unknown destinations purchased 148,800 tons. Just short of a quarter into the marketing year, corn sales are 800.9 million bushels, compared to 1.088 billion this time last year. Sales of 5,000 tons (200,000 bushels) for 2018/19 delivery were to Mexico.

Sorghum sales were 129,900 tons (5.1 million bushels). China bought 239,800 tons, but unknown destinations canceled on 110,000 tons. For the marketing year to date, sorghum sales are 87.0 million bushels, compared to 84.4 million a year ago.

Soybeans were pegged at 1,104,800 tons (40.6 million bushels), down 5% from the week before and 32% lower than the four week average. China picked up 1,113,200 tons and the Netherlands purchased 163,000 tons, but unknown destinations canceled on 662,000 tons. Cumulative soybean sales are 1.197 billion bushels, compared to 1.414 billion last year. Sales of 72,100 tons (2.6 million bushels) for 2018/19 delivery were to unknown destinations.

Soybean meal came out at 163,100 tons. The Philippines bought 50,500 tons and Morocco picked up 30,000 tons, while unknown destinations canceled on 12,200 tons. Early in the marketing year, soybean meal sales are 4,351,800 tons, compared to 4,375,800 early a year ago. Sales of 6,400 tons for 2018/19 delivery were to Canada.

Soybean oil was reported at 2,700 tons. Mexico purchased 1,500 tons and El Salvador bought 800 tons. 2017/18 soybean oil sales are 186,400 tons, compared to 353,000 in 2016/17.

Net beef sales totaled 9,300 tons, a decline of 45% on the week and decrease of 42% from the four week average. The listed purchasers were Mexico (2,800 tons), Hong Kong (1,900 tons), South Korea (1,500 tons), Japan (1,000 tons), and Canada (900 tons). Sales of 2,300 tons for 2018 delivery were mainly to South Korea (900 tons), Japan (500 tons), and Taiwan (300 tons).

Net pork sales totaled 13,200 tons, 69% more than the prior week, but 16% less than the four week average. The reported buyers were Japan (4,500 tons), Mexico (3,500 tons), South Korea (2,300 tons), Canada (1,100 tons), and Panama (500 tons). Sales of 2,700 tons for 2018 delivery were primarily to Mexico (2,200 tons), South Korea (200 tons), and China (100 tons).