News

Beef, pork exports up sharply on week

The USDA reports combined old and new crop corn and soybean export sales for the week ending June 7th were at the high end of pre-report estimates. The 2018/19 marketing year for wheat got underway June 1st, while 2017/18 continues through the end of August for beans, corn, and sorghum and through the end of September for soybean products.

Wheat came out at 302,300 tons (11.1 million bushels). The Philippines purchased 94,600 tons and Japan bought 48,700 tons, while unknown destinations canceled on 12,000 tons. A week into the 2018/19 marketing year, wheat sales are 166.3 million bushels, compared to 256.6 million at the start of 2017/18.

Corn was reported at 936,400 tons (36.9 million bushels), up 12% from the week ending May 31th and 2% higher than the four-week average. South Korea picked up 402,000 tons and Vietnam purchased 138,000 tons, but unknown destinations canceled on 247,600 tons. With about a quarter left in 2017/18, corn sales are 2.214 billion bushels, compared to 2.150 billion at this stage of 2016/17. sales of 240,200 tons (9.5 million bushels) for 2018/19 delivery were mainly to South Korea (68,000 tons) and Taiwan (65,000 tons).

The USDA says there were no reported sales of sorghum. For the marketing year to date, sorghum sales are 201.0 million bushels, compared to 171.9 million this time last year.

Soybeans were pegged at 519,600 tons (19.1 million bushels), significantly more than both the previous week and the four-week average. Indonesia bought 133,100 tons and unknown destinations picked up 73,500 tons. At this point in the marketing year, soybean sales are 2.063 billion bushels, compared to 2.166 billion a year ago. Sales of 291,000 tons (10.7 million bushels) for 2018/19 delivery were to Mexico (154,600 tons) and unknown destinations (123,000 tons), with a cancellation by Japan (100 tons).

Soybean meal hit a marketing year low at 74,600 tons; that’s down 43% from the week before and 66% lower than the four-week average. Libya purchased 26,500 tons and Colombia bought 13,100 tons, while unknown destinations canceled on 11,600 tons. So far, this marketing year, soybean meal sales are 11,113,700 tons, compared to 9,833,300 last year. Sales of 23,300 tons for 2018/19 delivery were primarily to Panama (14,500 tons) and El Salvador (8,400 tons).

Soybean oil had a net reduction of 200 tons after sales ranging from 2,500 to 16,000 tons were more than offset by cancellations of 2,600 to 16,000 tons. 2017/18 soybean oil sales are 887,800 tons, compared to 957,100 in 2016/17. Sales of 8,000 tons for 2018/19 delivery were to South Korea.

Net beef sales totaled 22,200 tons, an increase of 43% on the week and 32% from the four-week average. The listed buyers were Japan (11,200 tons), South Korea (4,900 tons), Mexico (1,900 tons), Hong Kong (1,600 tons), and Taiwan (1,100 tons). Net sales of 300 tons for 2019 delivery were to Japan.

Net pork sales totaled 14,700 tons, 70% more than the prior week, but 20% less than the four-week average. The reported purchasers were Japan (4,200 tons), Hong Kong (3,600 tons), South Korea (2,400 tons), Mexico (1,300 tons), and Canada (1,000 tons), with a cancellation by Guatemala (100 tons).