News

Quiet week for export sales

The USDA says that during the week ending March 14th, China purchased more than 140,000 tons of U.S. beans, along with 65,000 tons of sorghum and 3,000 tons of pork, all for delivery during the current marketing year. Trade talks between the U.S. and China are ongoing, with face to face meetings scheduled for next week.

Weekly sales of soybeans and soybean products were below pre-report expectations, while corn and wheat exports were within analysts’ estimates. Physical shipments of corn for 2018/19 remain ahead of last marketing year’s pace, but beans, sorghum, and wheat trail 2017/18. The current marketing year runs through the end of May for wheat, the end of August for beans, corn, and sorghum, and the end of September for soybean products.

Wheat came out at 298,600 tons (11.0 million bushels). South Korea purchased 75,500 tons and Sri Lanka bought 65,000 tons, while Singapore canceled on 45,000 tons. With less than a quarter left in the 2018/19 marketing year, wheat sales are 850.4 million bushels, compared to 825.1 million in 2017/18. Sales of 138,800 tons (5.1 million bushels) for 2019/20 delivery were mainly to the Philippines (43,500 tons) and Colombia (27,000 tons).

Corn was reported at 855,900 tons (33.7 million bushels). Japan picked up 346,800 tons and South Korea purchased 193,500 tons, while unknown destinations canceled on 47,800 tons. Just over halfway through the marketing year, corn sales are 1.644 billion bushels, compared to 1.776 billion this time last year. Sales of 60,000 tons (2.4 million bushels) for 2019/20 delivery were to Japan.

Sorghum sales were 64,900 tons (2.6 million bushels). China bought 65,000 tons, but Japan canceled on 100 tons. At this point in the marketing year, sorghum sales are 37.3 million bushels, compared to 201.9 million a year ago.

Soybeans were pegged at 399,500 tons (14.7 million bushels). Germany picked up 155,900 tons and China purchased 142,600 tons, but unknown destinations canceled on 237,500 tons. So far, this marketing year, soybean sales are 1.525 billion bushels, compared to 1.838 billion last year. Net reductions of 64,400 tons (-2.4 million bushels) for 2019/20 followed a sale to Japan (500 tons) being offset by a cancellation from China (65,000 tons).

Soybean meal came out at 97,400 tons. Colombia bought 38,500 tons and Mexico picked up 19,500 tons, while unknown destinations canceled on 37,500 tons. Cumulative soybean meal sales are 9,045,900 tons, compared to 8,510,600 a year ago.

Soybean oil was reported at 5,500 tons. The Dominican Republic purchased 5,200 tons and Mexico bought 900 tons, while Canada canceled on 1,000 tons. 2018/19 soybean oil sales are 536,300 tons, compared to 614,800 in 2017/18.

Net beef sales totaled 18,600 tons. The listed purchasers were Hong Kong (6,300 tons), South Korea (4,000 tons), Japan (2,900 tons), Mexico (2,900 tons), and Taiwan (900 tons), with a cancellation by Indonesia (200 tons).

Net pork sales totaled 29,300 tons. The reported buyers were Mexico (15,500 tons), China (3,000 tons), Japan (2,300 tons), South Korea (1,700 tons), and Hong Kong (1,400 tons).