News

Soybean exports top estimates, but overall pace stays slow

 

The USDA reports soybean export sales for the week ending February 1st were a little bit above what many were expecting, while corn and wheat fell within pre-report estimates. Physical shipments of corn, soybeans, and wheat remain behind what’s needed to meet USDA projections for the 2017/18 marketing year.

Wheat came out at 393,400 tons (14.5 million bushels), up 36% from the week ending January 25th and 67% higher than the four week average. Mexico purchased 106,400 tons and South Korea bought 79,400 tons, while unknown destinations canceled on 57,400 tons. Entering the final third of the 2017/18 marketing year, wheat sales are 764.4 million bushels, compared to 860.2 million in 2016/17. Sales of 22,100 tons (800,000 bushels) for 2018/19 delivery were mainly to unknown destinations (20,000 tons).

Corn was reported at 1,769,600 tons (69.7 million bushels), 4% less than the previous week, but 27% more than the four week average. Unknown destinations picked up 426,600 tons and South Korea purchased 330,200 tons. At this point in the marketing year, corn sales are 1.339 billion bushels, compared to 1.622 billion this time last year.

Sorghum sales were 73,600 tons (2.9 million bushels), with sales ranging from 3,200 to 179,700 tons partially offset by a cancellation on 135,000 tons by unknown destinations. So far, this marketing year, sorghum sales are 206.8 million bushels, compared to 127.9 million a year ago.

Soybeans were pegged at 743,200 tons (27.3 million bushels), a big increase from the week before and 11% above the four week average. Mexico bought 194,200 tons and China picked up 164,400 tons, but unknown destinations canceled on 205,700 tons. For the marketing year to date, soybean sales are 1.626 billion bushels, compared to 1.868 billion last year. Sales of 8,400 tons (300,000 bushels) for 2018/19 delivery were to Japan.

Soybean meal came out at 160,800 tons, down 66% from the prior week’s marketing year high and 46% lower than the four week average. Vietnam purchased 67,300 tons and Colombia bought 61,400 tons, while unknown destinations canceled on 64,300 tons. Cumulative soybean meal sales are 7,461,200 tons, compared to 7,026,100 a year ago.

Soybean oil was reported at 7,800 tons, a drop of 87% from the previous week’s marketing year high and 68% below the four week average. Mexico picked up 3,900 tons and Nicaragua purchased 1,500 tons. 2017/18 soybean oil sales are 428,700 tons, compared to 697,900 in 2016/17.

Net beef sales totaled 18,500 tons. The listed buyers were Japan (7,600 tons), Taiwan (3,400 tons), South Korea (2,300 tons), Canada (1,900 tons), and Mexico (1,000 tons).

Net pork sales totaled 12,700 tons. The reported purchasers were Mexico (2,400 tons), Japan (2,100 tons), Canada (2,000 tons), and South Korea (1,700 tons).