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Pork, corn export sales hit marketing year highs
Corn and pork export sales notched marketing year highs during the week ending April 2nd. Old crop corn sales were nearly 1.9 million tons, mainly to Japan and South Korea, with new crop sales of more than 600,000 tons, primarily to China. China was the biggest buyer of U.S. pork last week, buying about two thirds of the more than 55,000-ton total. Beef and soybean sales were down on the week, wheat was below average, and cotton exports were a marketing year low.
Corn sales topped pre-report estimates, while soybeans, soybean products, and wheat fell within analysts’ expectations. Physical shipments of corn were more than what’s needed to meet 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 258,600 tons (9.5 million bushels), up sharply from the week ending March 26th, but down 36% from the four-week average. Taiwan purchased 98,300 tons and Mexico bought 84,300 tons, but unknown destinations canceled on 163,800 tons. With about two months left in the 2019/20 marketing year, wheat sales are 920.1 million bushels, compared to 903.8 million in 2018/19. Sales of 117,400 tons (4.3 million bushels) for 2020/21 delivery were mainly to the Philippines (54,500 tons) and Chile (35,000 tons).
Corn was reported at 1,848,900 tons (72.8 million bushels), a jump of 72% from the previous week and 41% higher than the four-week average. Japan picked up 702,600 tons and South Korea purchased 331,900 tons. Just inside the final quarter of the marketing year, corn sales are 1.329 billion bushels, compared to 1.722 billion this time last year. Sales of 608,800 tons (24.0 million bushels) for 2020/21 delivery were primarily to China (504,000 tons) and Mexico (99,500 tons).
Sorghum sales were 373,800 tons (14.7 million bushels). Unknown destinations bought 187,000 tons and China picked up 186,000 tons. Sorghum exports are 119.9 million bushels, compared to 40.8 million a year ago.
Rice exports were 43,700 tons, a decline of 36% from the week before and 25% from the four-week average. Honduras purchased 25,600 tons and Japan bought 12,300 tons. Rice sales are 3,001,000 tons, compared to 2,647,800 last year.
Soybeans were pegged at 523,500 tons (19.2 million bushels), 45% lower than the prior week and 25% less than the four-week average. China picked up 143,500 tons and Mexico purchased 102,700 tons. So far, this marketing year, soybean sales are 1.374 billion bushels, compared to 1.611 billion a year ago. Sales of 353,400 tons (13.0 million bushels) for 2020/21 delivery were mostly to Mexico (285,000 tons) and China (66,000 tons).
Soybean meal came out at 193,300 tons, 55% more than the previous week and 23% above the four-week average. Canada bought 54,300 tons and Guatemala picked up 52,100 tons. For the marketing year to date, soybean meal sales are 8,980,200 tons, compared to 9,472,700 last year.
Soybean oil was reported at 25,100 tons. Venezuela purchased 7,000 tons and the Dominican Republic bought 6,500 tons. Cumulative soybean oil sales are 924,000 tons, compared to 618,500 a year ago.
Upland cotton had a net reduction of 5,200 bales, with sales of 800 to 90,800 bales more than offset by cancellations ranging from 3,800 to 101,000 bales. 2019/20 upland cotton exports are 15,287,200 bales, compared to 13,176,700 in 2018/19. Sales of 107,400 bales for 2020/21 delivery were mainly to Indonesia (23,100 bales) and China (21,100 bales).
Net beef sales totaled 15,800 tons, a decrease of 13% on the week and 12% from the four-week average. The listed buyers were South Korea (5,500 tons), Japan (4,100 tons), Hong Kong (3,300 tons), Taiwan (1,200 tons), and Canada (600 tons). Shipments of 17,700 tons were up 4% from the previous week and 6% from the four-week average, primarily to Japan (7,100 tons), South Korea (4,600 tons), Canada (1,300 tons), Taiwan (1,300 tons), and Mexico (1,200 tons).
Net pork sales totaled 55,900 tons, an increase of 47% from the week before and a big jump from the four-week average. The reported purchasers were China (38,700 tons), Mexico (6,600 tons), Japan (3,900 tons), Australia (2,300 tons), and South Korea (2,300 tons), with cancellations by Canada (900 tons) and Nicaragua (400 tons). Shipments of 38,300 were down 5% from the prior week and 13% less than the four-week average, mainly to China (16,300 tons), Mexico (8,500 tons), Japan (4,900 tons), South Korea (2,700 tons), and Canada (2,200 tons).
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