News

Corn exports continue hot streak

The USDA reports corn and soybean export sales for the week ending September 13th were above most pre-report estimates, while soybean products and wheat were generally within analysts’ expectations. Physical shipments of corn for 2018/19 delivery are ahead of the 2017/18 pace.

Wheat came out at 468,400 tons (17.2 million bushels), up 21% from the week ending September 6th and 32% higher than the four-week average. The Philippines purchased 80,000 tons and Indonesia bought 70,000 tons, while unknown destinations canceled on 27,200 tons. Just over a quarter into the 2018/19 marketing year, wheat sales are 375.1 million bushels, compared to 480.7 million in 2017/18.

Corn was reported at 1,383,700 tons (54.5 million bushels). Mexico picked up 344,600 tons and South Korea purchased 204,300 tons. Early this marketing year, corn sales are 651.7 million bushels, compared to 434.2 million near the start of the last marketing year. Sales of 9,700 tons (400,000 bushels) for 2019/20 delivery were to Mexico, with a cancellation of 9,000 tons by El Salvador.

Sorghum sales were 20,200 tons (800,000 bushels). Unknown destinations bought 10,200 tons and Japan picked up 10,000 tons. So far, this marketing year, sorghum sales are 2.6 million bushels, compared to 44.8 million a year ago.

Soybeans were pegged at 917,600 tons (33.7 million bushels). Mexico purchased 165,600 tons and Indonesia bought 90,500 tons, while unknown destinations canceled on 28,000 tons. A couple of weeks into the marketing year, soybean sales are 658.9 million bushels, compared to 710.3 million last year.

Soybean meal came out at 59,600 tons, 71% above the week before, but 19% below the four-week average. Canada picked up 12,300 tons and unknown destinations purchased 10,300 tons. With less than a month remaining in the 2017/18 marketing year, soybean meal sales are 12,593,500 tons, compared to 10,515,500 late in 2016/17. Sales of 77,800 tons for 2018/19 delivery were mainly to the United Kingdom (30,000 tons) and the Dominican Republic (16,000 tons), with a cancellation by unknown destinations (13,200 tons).

Soybean oil was reported at 9,600 tons, significantly more than the prior week and 27% larger than the four-week average. Guatemala bought 6,000 tons and Mexico picked up 3,300 tons. 2017/18 soybean oil sales are 1,071,600 tons, compared to 1,133,600 in 2016/17. Sales of 8,600 tons for 2018/19 delivery were to the Dominican Republic (5,900 tons) and Mexico (2,700 tons).

Net beef sales totaled 15,900 tons, an increase of 47% from the previous week, but a decrease of 16% from the four-week average. The listed purchasers were Mexico (3,600 tons), Hong Kong (3,000 tons), South Korea (2,900 tons), Japan (2,500 tons), and Taiwan (1,600 tons). Net sales of 300 tons for 2019 delivery were to Japan (200 tons) and Taiwan (200 tons), with no listed cancellation.

Net pork sales were 22,900 tons, a jump of 20% on the week, but a decline of 2% from the four-week average. The listed buyers were Mexico (7,700 tons), Colombia (4,000 tons), South Korea (3,000 tons), Japan (2,700 tons), and Hong Kong (2,000 tons). Net sales of 2,500 tons for 2019 delivery were to Australia (2,400 tons) and South Korea (100 tons).