Solid corn, soybean export pace continues
The USDA says the week ending September 24th was another strong week for corn and soybean export sales. Soybeans topped 2.5 million tons, mainly to China and unknown destinations, and corn sales were more than 2 million tons, primarily to unknown destinations and Mexico. Beef sales were above average, including 4,300 tons to China, but pork was a little below average despite solid demand from Mexico and China. Wheat exports were up on the week and rice hit a new marketing year high. The USDA’s next set of supply and demand estimates is out October 9th.
Physical shipments of soybeans and wheat were above what’s needed to meet USDA projections for the current marketing year. The 2020/21 marketing year got underway June 1st for wheat, August 1st for cotton and rice, September 1st for corn, sorghum, and soybeans, and October 1st for soybean products.
Wheat came out at 506,300 tons (18.6 million bushels), up 44% from the week ending September 17th and 15% higher than the four-week average. Mexico purchased 208,900 tons and Taiwan bought 91,500 tons. Just over a quarter into the 2020/21 marketing year, wheat sales are 514.1 million bushels, compared to 474.2 million at this stage of 2019/20. Sales of 1,300 tons for 2021/22 delivery were to Malaysia.
Corn was reported at 2,027,100 tons (79.8 million bushels). Unknown destinations picked up 701,300 tons and Mexico purchased 441,200 tons. About a month into the marketing year, corn sales are 969.3 million bushels, compared to 382.3 million this time last year.
Sorghum sales were 38,800 tons. Unknown destinations bought 35,600 tons and China picked up 3,200 tons. For the marketing year to date, sorghum exports are 110.3 million bushels, compared to 5.3 million a year ago. Sales of 136,000 tons (5.4 million bushels) for 2021/22 delivery were to unknown destinations.
Rice was a marketing year high at 127,100 tons, a significant rise from both the previous week and the four-week average. Brazil purchased 71,100 tons and South Korea bought 17,000 tons. Roughly two months into the marketing year, rice sales are 751,400 tons, compared to 1,234,400 last year.
Soybeans were pegged at 2,591,200 tons (95.2 million bushels). China picked up 1,328,700 tons and unknown destinations purchased 630,300 tons. So far, this marketing year, soybean sales are 1.401 billion bushels, compared to 520.3 million a year ago.
Soybean meal came out at 13,600 tons, down 53% from the week before and 15% lower than the four-week average. Vietnam bought 7,000 tons and Burma picked up 5,700 tons. Nearing the end of the 2019/20 marketing year, soybean meal sales are 12,122,200 tons, compared to 12,243,100 late in 2018/19. Sales of 523,100 tons for 2020/21 delivery were mainly to Colombia (110,600 tons) and unknown destinations (100,800 tons).
Soybean oil was reported at 6,300 tons, a jump of 43% from the prior week and 87% from the four-week average. South Korea purchased 8,600 tons and the Dominican Republic bought 3,200 tons, but China canceled on 8,600 tons. Cumulative soybean oil sales are 1,287,700 tons, compared to 925,900 last year. Sales of 600 tons for 2020/21 delivery were to South Korea (400 tons) and Venezuela (200 tons).
Upland cotton was pegged at 233,800 bales, a solid increase on the week and 7% above the four-week average. Turkey picked up 62,500 bales and China purchased 55,700 bales. 2020/21 upland cotton exports are 7,956,000 bales, compared to 8,740,300 in 2019/20. Sales of 20,600 bales for 2020/21 delivery were to Mexico (16,300 bales) and Indonesia (4,300 bales).
Net beef sales totaled 24,700 tons, up 37% from the previous week and 67% from the four-week average. The listed buyers were Japan (9,900 tons), South Korea (5,700 tons), China (4,300 tons), Hong Kong (2,000 tons), and Mexico (800 tons). Shipments of 16,600 tons were 5% lower than the week before, but 2% higher than the four-week average, primarily to South Korea (4,500 tons), Japan (4,000 tons), China (1,700 tons), Hong Kong (1,500 tons), and Taiwan (1,400 tons). Sales of 1,300 tons for 2021 delivery were mainly to Hong Kong (500 tons) and South Korea (500 tons).
Net pork sales totaled 39,500 tons, 5% more than the prior week, but 8% less than the four-week average. The reported purchasers were Mexico (17,900 tons), China (6,500 tons), Canada (4,400 tons), South Korea (4,000 tons), and Japan (2,800 tons). Shipments of 32,600 tons were down 9% on the week and steady with the four-week average, mostly to Mexico (10,500 tons), China (9,500 tons), Japan (4,400 tons), Canada (2,400 tons), and South Korea (1,800 tons). Sales of 1,300 tons for 2021 delivery were to Chile (1,100 tons) and Australia (200 tons).