News

Corn export sales notch new marketing year low

The USDA says wheat export sales for the week ending October 11th were at the low end of pre-report estimates, while corn, soybeans, and soybean products were below all expectations. Physical shipments of corn remain ahead of what’s needed to meet projections for the 2018/19 marketing year.

Wheat came out at 476,000 tons (17.5 million bushels), up 40% from the week ending October 4th and steady with the four-week average. Bangladesh purchased 180,000 tons and Japan bought 78,700 tons. At this point in the 2018/19 marketing year, wheat sales 445.1 million bushels, compared to 543.9 million in 2017/18.

Corn hit a new marketing year low at 382,500 tons (15.1 million bushels). That’s down 62% from the previous week and 72% lower than the four-week average. Mexico picked up 162,500 tons and Colombia purchased 133,000 tons, but unknown destinations canceled on 326,500 tons. Just over a month into the marketing year, corn sales are 830.2 million bushels, compared to 587.7 million this time last year.

The USDA says there were no new sorghum sales. Cumulative exports are 6.2 million bushels, compared to 58.4 million a year ago.

Soybeans were reported at 293,600 tons (10.8 million bushels). Spain bought 188,000 tons and the Netherlands picked up 113,600 tons, but unknown destinations canceled on 694,400 tons. So far, this marketing year, soybean sales are 765.8 million bushels, compared to 965.9 million last year. Sales of 2,000 tons (100,000 bushels) for 2019/20 delivery were to Japan.

Soybean meal was pegged at 104,100 tons. Spain purchased 40,000 tons and Colombia bought 24,200 tons, while unknown destinations canceled on 20,900 tons. Early this marketing year, soybean meal sales are 4,052,100 tons, compared to 3,608,100 a year ago. Sales of 200 tons for 2019/20 delivery were to Canada.

Soybean oil came out at 26,600 tons. South Korea picked up 23,000 tons and Colombia purchased 3,000 tons, while Jamaica canceled on 2,000 tons. 2018/19 soybean oil sales are 176,300 tons, compared to 113,000 towards the outset of 2017/18.

Net beef sales totaled 13,100 tons, a decrease of 1% on the week and a decline of 15% from the four-week average. The reported buyers were South Korea (3,900 tons), Japan (2,100 tons), Mexico (1,900 tons), Canada (1,600 tons), and Taiwan (1,400 tons). Sales of 2,300 tons for 2019 delivery were to South Korea (1,000 tons), Hong Kong (500 tons), Japan (500 tons), and Canada (300 tons).

Net pork sales totaled 20,800 tons, an increase of 24% from the prior week and 1% more than the four-week average. The listed purchasers were Mexico (7,300 tons), Japan (4,500 tons), Hong Kong (2,800 tons), Canada (2,100 tons), and Colombia (1,200 tons), with a cancellation by Guam (100 tons).