Solid week for corn, pork export sales

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Solid week for corn, pork export sales

The USDA says pork export sales showed a solid improvement during the week ending October 29th. Exports topped 42,000 tons, an increase of almost 20% from the four-week average, with Mexico and China leading the way.

China was also the week’s biggest buyer of sorghum, soybeans, and cotton, and made notable purchases of corn and beef. The USDA’s next set of supply and demand estimates is out November 10th.

Physical shipments of soybeans were above what’s needed to meet projections for the current marketing year. The 2020/21 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 597,100 tons (21.9 million bushels), down 20% from the week ending October 22nd, but up 10% from the four-week average. Unknown destinations purchased 138,500 tons and Taiwan bought 88,600 tons. Just about five months into the 2020/21 marketing year, wheat sales are 615.7 million bushels, compared to 548.9 million in 2019/20.

Corn was reported at 2,610,900 tons (102.8 million bushels), 16% higher than the previous week and 75% larger than the four-week average. Mexico picked up 1,062,600 tons and unknown destinations purchased 781,600 tons. At this point in the marketing year, corn sales are 1.037 billion bushels, compared to 468.2 million this time last year. sales of 541,000 tons (21.3 million bushels) for 2021/22 delivery were to Mexico.

Sorghum sales were 365,000 tons (14.4 million bushels). China bought 340,500 tons and unknown destinations picked up 25,000 tons. Sorghum exports are 143.4 million bushels, compared to 21.2 million a year ago. Sales of 55,000 tons (2.2 million bushels) for 2021/22 delivery were to unknown destinations.

Rice sales were 28,300 tons, a decline of 77% from the week before and 75% from the four-week average. Jordan purchased 6,600 tons and Mexico bought 6,100 tons. Rice exports are 1,230,400 tons, compared to 1,608,600 last year.

Soybeans were pegged at 1,530,500 tons (56.2 million bushels), 6% lower than the prior week and 32% below the four-week average. China picked up 810,700 tons and Egypt purchased 283,800 tons. So far, this marketing year, soybean sales are 1.782 billion bushels, compared to 767.9 million a year ago.

Soybean meal came out at 331,400 tons. The Philippines bought 138,800 tons and Italy picked up 45,000 tons. Less than a month into the marketing year, bean meal sales are 4,471,900 tons, compared to 4,168,000 last year.

Soybean oil was reported at 6,800 tons. Mexico purchased 4,400 tons and Canada bought 1,200 tons. Cumulative soybean oil sales are 228,000 tons, compared to 236,900 a year ago.

Upland cotton was pegged at 115,600 bales, a drop of 60% from the previous week and 42% from the four-week average. China picked up 47,300 bales and Pakistan purchased 25,200 bales, while Bangladesh canceled on 44,100 bales. 2020/21 upland cotton sales are 8,865,300 bales, compared to 9,548,700 in 2019/20.

Net beef sales totaled 20,400 tons, up 8% from the week before and 9% from the four-week average. The reported buyers were Japan (4,700 tons), South Korea (4,600 tons), China (3,600 tons), Mexico (2,500 tons), and Taiwan (1,900 tons), with a cancellation by Colombia (100 tons). Shipments of 21,400 tons were a marketing year high, an increase of 26% from both the prior week and the four-week average, mainly to South Korea (5,600 tons), Japan (5,000 tons), China (2,700 tons), Mexico (2,300 tons), and Hong Kong (1,800 tons). Sales of 4,500 tons for 2021 delivery were primarily to South Korea (4,000 tons), Hong Kong (200 tons), and Japan (200 tons).

Net pork sales totaled 42,200 tons, an increase of 46% on the week and 18% from the four-week average. The listed purchasers were Mexico (14,700 tons), China (10,300 tons), South Korea (5,100 tons), Japan (3,300 tons), and Colombia (2,400 tons). Shipments of 37,700 tons were 1% higher than the previous week and 3% more than the four-week average, mostly to China (14,600 tons), Mexico (10,000 tons), Japan (4,500 tons), Canada (2,100 tons), and South Korea (1,600 tons). Sales of 800 tons for 2021 delivery were mainly to Chile (400 tons), Australia (200 tons), and Japan (100 tons).