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Corn, soybean export sales up on week

 

The USDA reports combined old and new crop export sales of corn, soybeans, and wheat for the week ending April 26th were at the high end of pre-report estimates, while old crop soybean product sales topped most analysts’ expectations. Physical shipments of sorghum were more than what’s needed to meet USDA projections for the 2017/18 marketing year, but beans, corn, and wheat all fell short of their respective marks. The 2017/18 marketing year runs through May for wheat, August for beans, corn, and sorghum, and September for soybean products.

Wheat came out at 234,800 tons (8.6 million bushels), down 21% from the week ending April 19th, but up sharply from the four-week average. Mexico purchased 70,000 tons and unknown destinations bought 64,200 tons, while the Philippines canceled on 47,000 tons. With just over one reporting month left in the 2017/18 marketing year, wheat sales are 863.6 million bushels, compared to 1.028 billion late in 2016/17. Sales of 210,300 tons (7.7 million bushels) for 2018/19 delivery were mainly to Mexico (60,900 tons) and Iraq (50,000 tons), with cancellations by South Korea (39,700 tons) and the Dominican Republic (18,000 tons).

Corn was reported at 1,019,900 tons (40.2 million bushels), 46% higher than the previous week and 16% more than the four-week average. Mexico picked up 310,100 tons and Colombia purchased 148,200 tons, but unknown destinations canceled on 127,400 tons. For the 2017/18 marketing year to date, corn sales are 2.008 billion bushels, compared to 2.040 billion this time last year. Sales of 49,300 tons (1.9 million bushels) for 2018/19 delivery were to Mexico.

Sorghum sales were 15,200 tons (1.1 million bushels), with sales of 4,400 to 49,500 tons partially offset by cancellations of 5,500 and 53,100 tons. Cumulative sorghum sales are 207.8 million bushels, compared to 167.4 million a year ago.

Soybeans were pegged at 416,300 tons (15.3 million bushels), 12% above the week before, but 58% below the four-week average. Mexico bought 126,200 tons and Vietnam picked up 74,200 tons, but China canceled on 133,700 tons. So far, this marketing year, soybean sales are 2.013 billion bushels, compared to 2.083 billion last year. Sales of 469,900 tons (17.3 million bushels) for 2018/19 delivery were primarily to Argentina (190,000 tons) and unknown destinations (129,000 tons).

Soybean meal came out at 246,000 tons, up 10% from the previous week, but down 12% from the four-week average. Vietnam purchased 130,400 tons and Italy bought 40,000 tons, while unknown destinations canceled on 45,000 tons. At this point in the marketing year, soybean meal sales are 10,060,800 tons, compared to 9,082,500 a year ago. Sales of 61,200 tons for 2018/19 delivery were mostly to Spain (40,000 tons) and unknown destinations (20,000 tons).

Soybean oil was reported at 44,500 tons, considerably more than the prior week and 70% higher than the four-week average. Guatemala picked up 17,100 tons and the Dominican Republic purchased 10,900 tons. 2017/18 soybean oil sales are 798,800 tons, compared to 832,500 in 2016/17.

Net beef sales totaled 16,200 tons, 13% lower than the previous week and 15% less than the four-week average. The listed buyers were Japan (8,700 tons), Canada (2,400 tons), South Korea (2,400 tons), Mexico (800 tons), and Taiwan (800 tons).

Net pork sales totaled 17,400 tons, a decrease of 34% on the week and 20% from the four-week average. The reported purchasers were Mexico (6,900 tons), Japan (3,400 tons), Australia (2,100 tons), Canada (1,600 tons), and Colombia (1,600 tons), with a cancellation by China (800 tons).