News

Wheat exports hit new marketing year low

 

The USDA reports old crop wheat export sales for the week ending April 12th were a new marketing year low, while combined old and new crop corn and soybean sales were within expectations. Physical shipments of sorghum remain ahead of what’s needed weekly to meet USDA projections for the 2017/18 marketing year, while beans, corn, and wheat were short of their respective marks. The current marketing year runs through May for wheat, August for beans, corn, and sorghum, and September for soybean products.

Wheat had a net reduction of 66,900 tons (-2.5 million bushels), down sharply from both the week ending April 5th and the four-week average. The Philippines purchased 48,300 tons and Chile bought 33,000 tons, but Japan canceled on 65,000 tons and unknown destinations canceled on 63,700 tons. Nearing the end of the 2017/18 marketing year, wheat sales are 844.1 million bushels, compared to 1.016 billion late in 2016/17. Sales of 240,400 tons (8.8 million bushels) for 2018/19 delivery were mainly to the Philippines (65,000 tons) and Indonesia (50,000 tons).

Corn was reported at 1,091,700 tons (43.0 million bushels), 30% higher than the previous week, but 4% lower than the four-week average. Colombia picked up 246,300 tons and Taiwan purchased 175,700 tons, but unknown destinations canceled on 180,900 tons. More than halfway through the marketing year, corn sales are 1.940 billion bushels, compared to 1.971 billion late last year. Sales of 112,200 tons (4.4 million bushels) for 2018/19 delivery were to Japan (65,000 tons) and Mexico (47,200 tons).

Sorghum had a net reduction of 1,300 tons (-100,000 bushels). China bought 61,200 tons, but unknown destinations canceled on 49,500 tons and Japan canceled on 13,000 tons. Cumulative sorghum sales are 205.4 million bushels, compared to 160.9 million a year ago.

Soybeans were pegged at 1,040,700 tons (38.2 million bushels), 31% less than the week before, but 12% more than the four-week average. Unknown destinations picked up 581,000 tons and Mexico purchased 129,900 tons, while China canceled on 52,900 tons. At this point in the marketing year, soybean sales are 1.986 billion bushels, compared to 2.044 billion last year. Sales of 1,090,700 tons (40.1 million bushels) for 2018/19 delivery were primarily to China (321,000 tons) and Mexico (271,800 tons).

Soybean meal came out at 164,900 tons, a decline of 48% from the prior week and 41% under the four-week average. Indonesia bought 70,000 tons and Ireland picked up 15,000 tons. For the marketing year to date, soybean meal sales are 9,591,200 tons, compared to 8,866,900 tons a year ago. Sales of 6,800 tons for 2018/19 delivery were to Mexico.

Soybean oil was reported at 28,000 tons, up 27% from the previous week, but down 18% from the four-week average. Peru purchased 12,000 tons and Guatemala bought 4,100 tons. 2017/18 soybean oil sales are 743,100 tons, compared to 824,000 in 2016/17.

Net beef sales totaled 19,900 tons, a decrease of 9% on the week, but an increase of 18% from the four-week average. The listed purchasers were Japan (8,600 tons), Mexico (3,600 tons), South Korea (2,700 tons), Canada (2,200 tons), and Hong Kong (1,600 tons).

Net pork sales totaled 17,900, 18% less than the week before and 12% lower than the four-week average. The reported buyers were South Korea (4,700 tons), Mexico (4,500 tons), Japan (2,900 tons), Canada (1,900 tons), and Colombia (1,100 tons).