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Weekly corn, wheat export sales top expectations

The USDA says corn and wheat export sales for the week ending November 29th were above pre-report estimates. Physical shipments of corn remain ahead of the pace needed to meet USDA projections for the 2018/19 marketing year.

Wheat came out at 711,800 tons (26.2 million bushels), up 89% from the week ending November 22nd and 58% higher than the four-week average. Egypt purchased 120,000 tons and Mexico bought 118,100 tons. Nearly halfway through the 2018/19 marketing year, wheat sales are 573.3 million bushels, compared to 642.5 million in 2017/18.

Corn was reported at 1,177,500 tons (46.4 million bushels), 7% less than the previous week, but 26% more than the four-week average. Mexico picked up 302,700 tons and Japan purchased 292,600 tons. About a quarter into the marketing year, corn sales are 1.053 billion bushels, compared to 901.5 million this time last year.

Sorghum sales were 65,000 tons (2.6 million bushels). Spain bought 91,500 tons and Mexico picked up 400 tons. Cumulative sorghum exports are 17.1 million bushels, compared to 128.6 million a year ago.

Soybeans were pegged at 890,900 tons (32.7 million bushels), 42% larger than the week before and 87% above the four-week average. Argentina purchased 169,500 tons and Indonesia bought 149,600 tons, but unknown destinations canceled on 166,300 tons. So far, this marketing year, soybean sales are 887.3 million bushels, compared to 1.333 billion last year. Sales of 4,100 tons (200,000 bushels) for 2019/20 delivery were to Japan.

Soybean meal came out at 287,300 tons, an increase of 52% from the prior week and up 4% from the four-week average. Unknown destinations picked up 85,800 tons and Vietnam purchased 52,100 tons. Roughly two months into the marketing year, soybean meal sales are 5,966,300 tons, compared to 5,074,600 a year ago.

Soybean oil was reported at 21,000 tons, much higher than the previous week, but 3% lower than the four-week average. South Korea bought 9,000 tons and Guatemala picked up 6,500 tons. 2018/19 soybean oil sales are 332,500 tons, compared to 223,300 in 2017/18.

2018 beef had a net reduction of 100 tons. Sales to Japan (2,900 tons), Mexico (1,300 tons), Canada (400 tons), Indonesia (300 tons), and Italy (300 tons) were offset by cancellations from South Korea (4,800 tons) and Hong Kong (1,100 tons). Sales of 12,900 tons for 2019 delivery were primarily to South Korea (7,600 tons), Hong Kong (1,700 tons), the Philippines (1,500 tons), and Japan (1,100 tons).

Net pork sales were 20,000 tons, down 5% on the week, but up 4% from the four-week average. The reported buyers were Japan (6,300 tons), Mexico (3,300 tons), South Korea (3,200 tons), China (2,400 tons), and Australia (900 tons). Sales of 8,600 tons for 2019 delivery were mainly to South Korea (4,200 tons), Mexico (2,600 tons), Australia (900 tons), and Taiwan (400 tons), with cancellations by China (100 tons) and Colombia (100 tons).