Sorghum exports hit marketing year high
The USDA says sorghum exports notched a marketing year high during the week ending February 20th. Most of the weekly total was to unknown destinations, which will be switched to a known destination for delivery, with part of that probably going to China, who was the second biggest weekly buyer. Corn and soybean sales were both down 31% on the week and while China did buy U.S. beans, it was a routine amount. China also bought almost 40,000 bales of upland cotton. Pork exports were up 64% from the previous with Mexico, South Korea, and China the top purchasers, and nearly 16,000 tons of U.S. pork were shipped to China, with close to another 11,000 tons headed to Mexico. Beef export sales were down 28% from both the week before and the four-week average. The USDA’s next set of supply and demand estimates is out March 10th.
Soybean, soybean oil, and wheat export sales were below analysts’ expectations while corn and soybean meal were towards the low end of estimates. Physical shipments of corn, sorghum, soybeans, and wheat were all less than what’s needed to meet USDA projections for the current marketing year. The 2019/20 marketing year started June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products.
Wheat came out at 381,800 tons (14.0 million bushels), up 10% from the week ending February 13th, but down 23% from the four-week average. Japan purchased 116,800 tons and the Philippines bought 76,000 tons, while unknown destinations canceled on 22,500 tons. Nearing the final quarter of the 2019/20 marketing year, wheat sales are 831.8 million bushels, compared to 806.9 million in 2018/19. Sales of 68,100 tons (2.5 million bushels) for 2020/21 delivery were mainly to unknown destinations (50,000 tons) and Japan (16,600 tons).
Corn was reported at 864,600 tons (34.0 million bushels), 31% lower than the previous week and 26% less than the four-week average. Japan picked up 316,700 tons and Mexico purchased 162,300 tons, but unknown destinations canceled on 111,500 tons. With about half of the marketing year left, corn sales are 1.019 billion bushels, compared to 1.557 billion this time last year. Sales of 113,600 tons (4.5 million bushels) for 2020/21 delivery were primarily to Mexico (97,600 tons) and unknown destinations (13,000 tons).
Sorghum sales were 444,500 tons (17.5 million bushels), a significant jump from both the week before and the four-week average. Unknown destinations bought 324,200 tons and China picked up 119,000 tons. At this point in the marketing year, sorghum exports are 65.6 million bushels, compared to 29.2 million a year ago.
Rice exports were 52,300 tons, a decline of 46% from the prior week and 39% below the four-week average. Japan purchased 39,200 tons and Israel bought 4,100 tons. Rice sales are 2,687,100 tons, compared to 2,232,700 last year.
Soybeans were pegged at 339,300 tons (12.5 million bushels), down 31% from the previous week and 38% lower than the four-week average. Japan picked up 108,200 tons and China purchased 71,700 tons, but unknown destinations canceled on 176,400 tons. So far, this marketing year, soybean sales are 1.239 billion bushels, compared to 1.429 billion a year ago. Sales of 22,100 tons (800,000 bushels) for 2020/21 delivery were to Mexico (21,000 tons) and Japan (1,100 tons).
Soybean meal came out at 157,500 tons, 7% less than the week before and 40% under the four-week average. Colombia bought 64,400 tons and the Philippines picked up 24,300 tons, while unknown destinations canceled on 11,600 tons. For the marketing year to date, soybean meal sales are 7,842,500 tons, compared to 8,492,000 last year. Sales of 8,600 tons for 2020/21 delivery were to Costa Rica.
Soybean oil was reported at 5,600 tons. Guatemala purchased 3,200 tons and Morocco bought 3,000 tons. Cumulative soybean oil sales are 689,000 tons, compared to 508,700 a year ago.
Upland cotton sales were 214,600 bales, a decline of 9% from the week before and 40% from the four-week average. Vietnam picked up 70,200 bales and China purchased 39,600 bales. 2019/20 upland cotton exports are 13,647,400 tons, compared to 11,941,400 in 2018/19. Sales of 198,900 bales for 2020/21 delivery were mainly to Vietnam (176,000 bales) and Indonesia (9,700 bales).
Net beef sales totaled 13,900 tons, a decrease of 28% from both the prior week and the four-week average. The reported buyers were Japan (5,300 tons), South Korea (2,100 tons), Mexico (1,600 tons), Canada (1,300 tons), and Taiwan (1,100 tons). Shipments of 17,800 tons were down 1% from the previous week, but up 2% from the four-week average. The main destinations were Japan (5,700 tons), South Korea (5,000 tons), Mexico (2,100 tons), Canada (1,400 tons), and Taiwan (1,400 tons).
Net pork sales totaled 38,900 tons, an increase of 64% on the week and 34% from the four-week average. The listed purchasers were Mexico (11,800 tons), South Korea (8,800 tons), China (7,200 tons), Japan (3,300 tons), and Canada (1,600 tons). Shipments of 42,500 tons were 1% more than the week before, but 1% less than the four-week average. The primary destinations were China (15,700 tons), Mexico (10,900 tons), Japan (5,800 tons), South Korea (3,300 tons), and Canada (2,500 tons).