China made a few appearances in the USDA’s weekly export sales report. For the week ending September 19th, the USDA says China was the leading weekly buyer of U.S. soybeans that week. High-level trade negotiations between the U.S. and China resume in October.
Overall, soybean, soybean oil, and wheat sales were within analysts’ expectations, while corn and soybean meal fell short of pre-report estimates. Physical shipments of soybeans were more than what’s needed weekly to meet USDA projections for the current marketing year, but corn, sorghum, and wheat did not meet their respective marks. The 2019/20 started June 1st for wheat, September 1st for beans, corn, and sorghum, and gets underway October 1st for soybean products.
Wheat came out at 283,200 tons (10.4 million bushels), down 1% from the week ending September 12th and 40% lower than the four-week average. Japan purchased 103,500 tons and the Philippines bought 61,900 tons, but unknown destinations canceled on 114,400 tons. At this point in the 2019/20 marketing year, wheat sales are 462.1 million bushels, compared to 399.2 million in 2018/19.
Corn was reported at 494,000 tons (19.4 million bushels). Mexico picked up 196,800 tons and Japan purchased 92,900 tons. Early in the current marketing year, corn sales are 360.2 million bushels, compared to 719.2 million this time last year.
Sorghum sales were 66,100 tons (2.6 million bushels). Mexico bought 40,000 tons and Japan picked up 25,000 tons. Cumulative sorghum sales are 5.3 million bushels, compared to 2.6 million a year ago.
Rice exports were 39,600 tons, 52% less than the previous week and 55% below the four-week average. South Korea purchased 20,000 tons and Mexico bought 8,900 tons. About a month and a half into the marketing year, rice sales are 1,192,800 tons, compared to 781,500 last year.
Soybeans were pegged at 1,038,000 tons (38.1 million bushels). China picked up 391,400 tons and Indonesia purchased 95,700 tons. So far, this marketing year, soybean sales are 449.0 million bushels, compared to 685.9 million a year ago.
Soybean meal came out at 43,500 tons. Canada bought 19,000 tons and Colombia picked up 13,100 tons, but Japan canceled on 30,100 tons. Nearing the end of the 2018/19 marketing year, soybean meal sales are 12,221,600 tons, compared to 12,740,800 late in 2017/18. Sales of 120,800 tons for 2019/20 delivery were mainly to Colombia (30,500 tons) and the Philippines (30,000 tons).
Soybean oil was reported at 4,600 tons, a drop of 76% from the week before and a decline of 53% from the four-week average. Jamaica purchased 3,500 tons and the Dominican Republic bought 500 tons. 2018/19 soybean oil sales are 923,300 tons, compared to 1,074,200 in 2017/18. Sales of 29,900 tons for 2019/20 delivery were primarily to Mozambique (17,200 tons) and Pakistan (5,200 tons).
Upland cotton was pegged at 155,200 running bales, up 83% from the prior week and 33% higher than the four-week average. Pakistan picked up 35,400 bales and Guatemala purchased 30,300 bales. For the marketing year to date, upland cotton sales are 8,562,500 bales, compared to 9,003,400 last year. Sales of 12,800 bales for 2020/21 delivery were mostly to Guatemala (5,900 bales) and Honduras (3,500 bales).