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Wheat, soybean meal exports top expectations

 

The USDA reports wheat and soybean meal export sales for the week ending December 7th topped most pre-report expectations, while corn, soybeans, and soybean oil were within analysts’ estimates.

Wheat came out at 588,800 tons (21.6 million bushels), up 83% from the week ending November 30th and 97% higher than the four week average. Thailand purchased 96,000 tons and Morocco bought 90,000 tons, while the United Arab Emirates canceled on 30,000 tons. About halfway through the 2017/18 marketing year, wheat sales are 664.1 million bushels, compared to 731.2 million in 2016/17. Sales of 9,500 tons (300,000 bushels) for 2018/19 delivery were to Mexico.

Corn was reported at 866,900 tons (34.1 million bushels), down from both the previous week and the four week average. Japan picked up 182,900 tons and Colombia purchased 126,400 tons. Just over a quarter into the marketing year, corn sales are 935.6 million bushels, compared to 1.303 billion this time last year.

Sorghum sales were 317,400 tons (12.5 million bushels), 22% less than the week before, but 7% more than the four week average. Unknown destinations bought 198,000 tons and China picked up 119,400 tons. For the marketing year to date, sorghum exports are 141.1 million bushels, compared to 114.7 million a year ago.

Soybeans were pegged at 1,452,600 tons (53.4 million bushels), a decline of 28% from the prior week, but a rise of 20% from the four week average. China purchased 872,300 tons and Japan bought 151,800 tons, but unknown destinations canceled on 130,200 tons. At this point in the marketing year, soybean sales are 1.389 billion bushels, compared to 1.657 billion last year. Sales of 113,200 tons (4.2 million bushels) for 2018/19 delivery were to unknown destinations (111,000 tons) and Japan (2,200 tons).

Soybean meal came out at 455,400 tons, a big jump from both the previous week and the four week average. The Philippines picked up 137,500 tons and Colombia purchased 59,200 tons. A little more than two months into the marketing year, soybean meal sales are 5,530,000 tons, compared to 5,173,300 a year ago.

Soybean oil was reported at 14,500 tons, a decrease of 31% on the week, but an increase of 47% from the four week average. The Dominican Republic bought 4,000 tons and Jamaica picked up 3,500 tons. 2017/18 soybean oil sales are 237,800 tons, compared to 487.2 million in 2016/17.

Net beef sales totaled 6,100 tons, up sharply from the week before, but down 30% from the four week average. The listed purchasers were Mexico (1,400 tons), South Korea (1,100 tons), Japan (900 tons), Canada (700 tons), and Taiwan (500 tons), with a cancellation by Indonesia (100 tons). Sales of 8,600 tons for 2018 delivery were mainly to Japan (4,000 tons), South Korea (1,800 tons), and Mexico (1,200 tons).

Net pork sales totaled 17,300 tons, 24% lower than the prior week, but 3% higher than the four week average. The reported buyers were Mexico (6,000 tons), South Korea (4,900 tons), Japan (2,700 tons), China (1,100 tons), and Canada (1,000 tons). Sales of 19,800 tons for 2018 delivery were mostly to South Korea (7,300 tons), China (7,100 tons), Mexico (3,200 tons), and Japan (1,400 tons), with a cancellation by Australia (100 tons).