Soybean, pork exports hit marketing year lows
The USDA says soybean and pork export sales totals for the week ending March 5th were marketing year lows, both following cancellations of previous purchases by China. Soybean sales were just over 300,000 tons, China canceled on more than 90,000 tons, and pork exports were 26,600 tons, with China cancelling on 45,200 tons. China was active in other areas, with cotton exports hitting a marketing year high, including more than 90,000 bales bought by Beijing, and China also purchased 175,000 tons of sorghum. Corn and beef exports both showed significant week to week improvements, while wheat and soybean meal sales were down on the week. The USDA’s next set of supply and demand estimates is out April 9th.
Corn export sales topped analysts’ estimates, soybean products and wheat were within the respective anticipated ranges, and soybeans were short of all expectations. Physical shipments of corn, sorghum, soybeans, and wheat fell below what’s needed to meet projections for the current marketing year. The 2019/20 marketing year got underway 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 452,300 tons (16.6 million bushels), down 17% from the week ending February 27th and 6% lower than the four-week average. South Korea purchased 144,600 tons and the Philippines bought 111,900 tons. With less than a quarter remaining in the 2019/20 marketing year, wheat sales are 868.3 million bushels, compared to 839.4 million in 2018/19. Sales of 28,500 tons (1 million bushels) for 2020/21 delivery were mainly to Honduras (23,500 tons).
Corn was reported at 1,471,200 tons (57.9 million bushels), up 91% from the previous week and 53% higher than the four-week average. Japan picked up 750,500 tons and South Korea purchased 198,400 tons. Just over halfway through the marketing year, corn sales are 1.107 billion bushels, compared to 1.610 billion this time last year. Sales of 128,100 tons (5 million bushels) for 2020/21 delivery were to Mexico (90,000 tons) and Japan (38,100 tons).
Sorghum sales were 260,200 tons (10.2 million bushels), a big jump from the week before and 78% larger than the four-week average. China bought 175,000 tons and unknown destinations picked up 71,000 tons. Sorghum exports are 78.7 million bushels, compared to 34.7 million a year ago.
Rice exports were 42,500 tons, 11% more than the prior week, but 47% less than the four-week average. Japan purchased 27,600 tons and Mexico bought 8,700 tons. At this point in the marketing year, rice sales are 2,767,900 tons, compared to 2,393,700 last year.
Soybeans were pegged at 302,800 tons (11.1 million bushels), 12% below the previous week and 34% under the four-week average. Japan picked up 120,000 tons and Indonesia purchased 95,400 tons, while China canceled on 90,300 tons. So far, this marketing year, soybean sales are 1.263 billion bushels, compared to 1.510 billion a year ago. Sales of 1,400 tons (100,000 bushels) for 2020/21 delivery were to Japan.
Soybean meal came out at 171,800 tons, down 46% from the week before and 22% lower than the four-week average. Vietnam bought 41,000 tons and Canada picked up 38,700 tons. For the marketing year to date, soybean meal sales are 8,330,900 tons, compared to 8,948,500 last year. Sales of 100 tons for 2020/21 delivery were to Canada.
Soybean oil was reported at 24,700 tons. Morocco purchased 20,000 tons and South Korea bought 10,000 tons, while unknown destinations canceled on 20,000 tons. Cumulative soybean oil sales are 757,200 tons, compared to 530,800 a year ago.
Upland cotton was pegged at 484,200 bales, up 22% from the prior week and 62% higher than the four-week average. Pakistan picked up 161,600 bales and China purchased 90,900 bales. 2019/20 upland cotton sales are 14,527,100 bales, compared to 12,221,600 in 2018/19. Sales of 160,400 bales for 2020/21 delivery were primarily to Mexico (91,600 bales) and Turkey (20,100 bales).
Net beef sales totaled 17,700 tons, an increase of 38% on the week and 11% from the four-week average. The reported buyers were Japan (5,000 tons), South Korea (4,300 tons), Taiwan (2,300 tons), Mexico (1,500 tons), and Hong Kong (1,100 tons), with a cancellation by Honduras (100 tons). Shipments of 16,200 tons were down 2% from the previous week and 6% from the four-week average, mostly to Japan (5,300 tons), South Korea (4,500 tons), Mexico (1,600 tons), Taiwan (1,400 tons), and Canada (1,000 tons).
Net pork sales totaled 26,600 tons, a sharp decrease from both the week before and the four-week average. The listed purchasers were Canada (6,700 tons), Mexico (5,800 tons), Japan (4,200 tons), Australia (700 tons), and Colombia (600 tons), with a cancellation by China (45,200 tons). Shipments were a marketing year high at 44,500 tons, up 2% from the week prior week and 4% from the four-week average, primarily to China (16,100 tons), Mexico (10,700 tons), Japan (5,300 tons), South Korea (4,100 tons), and Canada (2,600 tons).