News

Solid week for soybean export sales

The USDA reports soybean export sales for the week ending September 27th were above pre-report expectations, while corn and wheat fell within most analysts’ estimates. Physical shipments of corn continue to trend ahead of the previous marketing year’s pace, but beans and wheat trail. The 2018/19 marketing year got underway June 1st for wheat, September 1st for beans, corn, and sorghum, and started October 1st for soybean products.

Wheat came out at 435,300 tons (16.0 million bushels), down 34% from the week ending September 20th and 8% lower than the four-week average. Brazil purchased 90,000 tons and Saudi Arabia bought 65,000 tons. Nearly a third of the way through the 2018/19 marketing year, wheat sales are 415.2 million bushels, compared to 514.8 million in 2017/18.

Corn was reported at 1,431,000 tons (56.3 million bushels). Mexico picked up 527,400 tons and Canada purchased 199,700 tons, while unknown destinations canceled on 62,700 tons. Early in the marketing year, corn sales are 775.5 million bushels, compared to 476.2 million this time last year.

Sorghum exports were 20,300 tons (800,000 bushels), all to Mexico. Cumulative sales are 3.4 million bushels, compared to 51.7 million a year ago.

Soybeans were pegged at 1,521,200 tons (55.9 million bushels). Mexico bought 730,400 tons and unknown destinations picked up 274,000 tons, but China canceled on 124,100 tons. So far, this marketing year, soybean sales are 741.8 million bushels, compared to 854.8 million last year. Sales of 4,000 tons (100,000 bushels) for 2019/20 delivery were to Japan.

Soybean meal came out at 58,900 tons, a drop of 60% from the previous week and 24% less than the four-week average. Colombia purchased 24,400 tons and the Philippines bought 20,000 tons, while the Dominican Republic canceled on 13,400 tons. With a handful of days officially left in 2017/18, soybean meal sales are 12,799,700 tons, compared to 10,440,900 late in 2016/17. Sales of 411,700 tons for 2018/19 delivery were mainly to unknown destinations (194,000 tons) and Mexico (93,000 tons).

Soybean oil was reported at 7,600 tons, up sharply from both the week before and the four-week average. South Korea picked up 5,000 tons and El Salvador purchased 1,500 tons. 2017/18 soybean oil sales are 1,081,800 tons, compared to 1,141,700 towards the end of 2016/17. Sales of 9,700 tons for 2018/19 delivery were primarily to the Dominican Republic (8,800 tons) and Canada (800 tons).

Net beef sales totaled 16,200 tons, 1% higher than the prior week, but 3% lower than the four-week average. The listed buyers were Hong Kong (9,200 tons), South Korea (3,100 tons), Japan (1,600 tons), Canada (700 tons), and Taiwan (600 tons), with a cancellation by Vietnam (200 tons). Net reductions of 100 tons for 2019 delivery followed a cancellation by Japan.

Net pork sales totaled 14,700 tons, a decrease of 48% on the week and 34% from the four-week average. The reported purchasers were Mexico (7,600 tons), Japan (1,800 tons), Canada (1,300 tons), South Korea (1,300 tons), and Colombia (800 tons), with a cancellation by Australia (300 tons). Net sales of 400 tons for 2019 delivery were to Australia (300 tons) and Canada (100 tons).