Generally slow week for U.S. export sales
The USDA reports the week ending April 16th was a generally lackluster week for export sales. Corn, beef, and pork exports were all below the previous week and less than the four-week average, and while wheat and soybean sales were above the week before, they were also lower than average. China didn’t buy any U.S. beans, but was the second biggest purchaser of both pork and sorghum. The USDA’s next set of supply and demand estimates is out May 12th.
Old crop corn, soybean, soybean product, and wheat sales were towards the low end of pre-report estimates. 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 244,700 tons (9.0 million bushels), up 37% from the week ending April 9th, but down 22% from the four-week average. The Philippines purchased 64,900 tons and Vietnam bought 30,000 tons. With about a month and a half left in the 2019/20 marketing year, wheat sales are 935.7 million bushels, compared to 931.1 million in 2018/19. Sales of 155,200 tons (5.7 million bushels) for 2020/21 delivery were mainly to Thailand (55,000 tons) and Japan (53,700 tons).
Corn was reported at 726,700 tons (28.6 million bushels), 20% lower than the previous week and 49% below the four-week average. Mexico picked up 221,100 tons and Colombia purchased 123,500 tons, but unknown destinations canceled on 82,300 tons. For the marketing year to date, corn sales are 1.393 billion bushels, compared to 1.790 billion this time last year. Net reductions of 55,900 tons (-2.2 million bushels) for 2020/21 delivery occurred after sales to unknown destinations (10,000 tons) and Canada (2,400 tons) were more than offset by a cancellation from Mexico (-68,300 tons).
Sorghum sales were 113,400 tons (4.5 million bushels). Unknown destinations bought 85,000 tons and China picked up 71,400 tons, while South Korea canceled on 53,000 tons. Sorghum exports this marketing year are 127.3 million bushels, compared to 52.2 million a year ago.
Rice exports were 67,100 tons, sharply higher than the week before and 23% above the four-week average. Mexico purchased 42,200 tons and Haiti bought 15,300 tons. Rice sales are 3,101,400 tons, compared to 2,812,500 a year ago.
Soybeans were pegged at 344,900 tons (12.7 million bushels), 41% more than the prior week, but 48% less than the four-week average. Spain picked up 63,900 tons and Egypt purchased 58,300 tons. So far, this marketing year, soybean sales are 1.395 billion bushels, compared to 1.647 billion last year. Sales of 500 tons for 2020/21 delivery were to Malaysia.
Soybean meal came out at 102,900 tons, down 35% from the previous week and 44% lower than the four-week average. Mexico bought 32,700 tons and Canada picked up 21,300 tons. At this point in the marketing year, soybean meal sales are 9,241,800 tons, compared to 10,097,100 a year ago. Sales of 15,500 tons for 2020/21 delivery were to Mexico (15,000 tons) and Japan (500 tons).
Soybean oil was reported at 21,400 tons. Morocco and Tunisia each purchased 7,000 tons and Mexico bought 5,500 tons. Cumulative soybean oil sales are 966,600 tons, compared to 662,400 last year.
Upland cotton was pegged at 15,700 bales, a big drop from the week before and 73% under the four-week average. Vietnam picked up 26,000 bales and Pakistan purchased 6,800 bales, but Mexico canceled on 15,900 bales. 2019/20 upland cotton exports are 15,119,100 bales, compared to 13,633,200 in 2018/19. Sales of 46,400 bales for 2020/21 delivery were primarily to Mexico (16,000 bales) and Indonesia (9,200 bales).
Net beef sales totaled 11,200 tons, a decrease of 45% on the week and 35% from the four-week average. The reported buyers were Japan (4,200 tons), South Korea (2,800 tons), Hong Kong (1,800 tons), and Taiwan (800 tons), with a net cancellation by Mexico (600 tons). Shipments of 13,600 tons were down 19% from the prior week and 20% from the four-week average, mostly headed to Japan (5,000 tons), South Korea (4,200 tons), Canada (1,100 tons), Taiwan (1,100 tons), and Hong Kong (900 tons).
Net pork sales totaled 39,800 tons, a decline of 13% from the previous week and 11% from the four-week average. The listed purchasers were Mexico (13,700 tons), China (9,700 tons), Japan (4,400 tons), South Korea (3,400 tons), and Canada (2,500 tons), with a net cancellation by Austria (100 tons). Shipments of 40,900 tons were up 12% from the week before and unchanged from the four-week average, mainly headed to China (18,400 tons), Mexico (9,200 tons), Japan (4,100 tons), South Korea (2,700 tons), and Canada (2,100 tons).