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New marketing year high for pork exports

 

The USDA reports pork export sales for the week ending February 15th established a new marketing year high, while beef and soybeans notched new marketing year lows. Physical shipments of sorghum are ahead of what’s needed weekly to meet USDA projections for the 2017/18 marketing year, while beans, corn, and wheat trail expectations.

Wheat came out at 328,900 tons (12.1 million bushels), up 6% from the week ending February 8th, but down 7% from the four week average. The Philippines purchased 150,000 tons and Japan bought 68,600 tons. With just over a quarter left in the 2017/18 marketing year, wheat sales are 787.9 million bushels, compared to 896.0 million in 2016/17. Sales of 53,600 tons (2 million bushels) for 2018/19 delivery were mainly to Mexico (33,000 tons) and the United Kingdom (13,500 tons), with a cancellation by unknown destinations (13,500 tons).

Corn was reported at 1,555,400 tons (61.2 million bushels), 21% lower than the previous week and 12% less than the four week average. Unknown destinations picked up 373,800 tons and South Korea purchased 273,100 tons, while unknown destinations canceled on 63,000 tons. For the marketing year to date, corn sales are 1.478 billion bushels, compared to 1.682 billion this time last year. Sales of 65,500 tons (2.6 million bushels) for 2018/19 delivery were to Japan.

Sorghum had a net reduction of 56,500 tons (-2.2 million bushels). China bought 24,700 tons, but unknown destinations canceled on 66,000 tons and Mexico canceled on 15,200 tons. Cumulative sorghum sales are 209.5 million bushels, compared to 136.6 million a year ago.

Soybeans had a net reduction of 109,100 tons (-4.0 million bushels), a significant decrease from the week before and the four week average. Sales of 35,700 to 70,600 tons were more than offset by cancellations of 361,700 tons by China, 123,200 tons by unknown destinations, and 200 tons by South Korea. At this point in the marketing year, soybean sales are 1.643 billion bushels, compared to 1.913 billion last year. Sales of 222,100 tons (8.2 million bushels) for 2018/19 delivery were to unknown destinations (222,000 tons) and Japan (100 tons).

Soybean meal was pegged at 131,900 tons, 37% under the prior week and 51% below the four week average. The Philippines picked up 61,200 tons and Colombia purchased 18,200 tons, while El Salvador canceled on 2,300 tons. So far, this marketing year, soybean meal sales are 7,803,100 tons, compared to 7,320,900 a year ago.

Soybean oil came out at 42,900 tons, 76% higher than the previous week and 67% more than the four week average. South Korea bought 28,000 tons and Colombia picked up 9,400 tons. 2017/18 soybean oil sales are 496,000 tons, compared to 720,600 in 2016/17. Sales of 300 tons for 2018/19 delivery were to Mexico.

Net beef sales totaled 9,300 tons, down 10% on the week and 55% lower than the four week average. The reported purchasers were South Korea (3,700 tons), Japan (1,300 tons), Mexico (1,300 tons), Canada (900 tons), and Hong Kong (800 tons).

Net pork sales totaled 40,400 tons, up 90% from the week before and 68% larger than the four week average. The listed buyers were Mexico (12,200 tons), Japan (9,700 tons), China (9,500 tons), South Korea (5,000 tons), and Colombia (1,600 tons).