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Pork exports up sharply on week

 

The USDA reports corn and soybean export sales for the week ending April 19th were below analysts’ expectations. Physical shipments of sorghum remain ahead of what’s needed to meet USDA projections for the 2017/18 marketing year. The current marketing year runs through May for wheat, August for beans, corn, and sorghum, and September for soybean products.

Wheat came out at 297,200 tons (10.9 million bushels), up sharply from both the week ending April 12th and the four-week average. Japan purchased 155,600 tons and Colombia bought 45,600 tons, while unknown destinations canceled on 67,500 tons. With just over a month left in the 2018/19 marketing year, wheat sales are 855.0 million bushels, compared to 1.018 billion late in 2017/18. Sales of 280,700 tons (10.3 million bushels) for 2018/19 delivery were mainly to Japan (99,700 tons) and Thailand (45,000 tons).

Corn was reported at 697,100 tons (27.4 million bushels), down 36% from the previous week and 33% lower than the four-week average. Mexico picked up 385,200 tons and Japan purchased 227,600 tons, but unknown destinations canceled on 203,100 tons. For the marketing year to date, corn sales are 1.968 billion bushels, compared to 2.010 billion this time last year. Net reductions of 76,600 tons (-300,000 bushels) for 2018/19 delivery occurred after a sale to Mexico (600 tons) was more than offset by a cancellation by Japan (77,200 tons).

Sorghum sales were 31,500 tons (1.2 million bushels). China bought 58,000 tons and Mexico picked up 39,000 tons, but unknown destinations canceled on 66,000 tons. Cumulative soybean meal sales are 206.7 million bushels, compared to 163.4 million a year ago.

Soybeans were pegged at 371,300 tons (13.6 million bushels), 64% less than the week before and 63% below the four-week average. Indonesia purchased 133,300 tons and the Netherlands bought 82,000 tons. At this point in the marketing year, soybean sales are 1.999 billion bushels, compared to 2.071 billion last year. Sales of 166,500 tons (6.1 million bushels) for 2018/19 delivery were primarily to unknown destinations (109,000 tons) and Malaysia (47,500 tons).

Soybean meal came out at 223,700 tons, an increase of 36% from the prior week, but a decrease of 17% from the four-week average. Vietnam picked up 83,000 tons and Thailand purchased 50,000 tons. Just over halfway through the marketing year, soybean meal sales are 9,815,900 tons, compared to 8,978,800 a year ago. Sales of 40,800 tons for 2018/19 delivery were to unknown destinations (40,000 tons) and Canada (800 tons).

Soybean oil was reported at 11,200 tons, a decline of 60% from the previous week and 65% under the four-week average. Colombia bought 3,500 tons and South Korea picked up 3,000 tons. 2017/18 soybean oil sales are 754,300 tons, compared to 822,000 in 2016/17.

Net beef sales totaled 18,500 tons, down 7% on the week and 9% lower than the four-week average. The listed purchasers were South Korea (7,400 tons), Japan (2,800 tons), Taiwan (2,700 tons), Mexico (1,500 tons), and Chile (1,200 tons).

Net pork sales totaled 26,400 tons, up 47% from the prior week and 32% higher than the four-week average. The reported buyers were Mexico (15,100 tons), Canada (3,300 tons), Japan (2,400 tons), Hong Kong (1,500 tons), and Colombia (1,100 tons), with a cancellation by Guatemala (800 tons).