Mostly solid week for U.S. export sales
The USDA says the first full business week of 2021 was generally a good week for U.S. export sales. Wheat, sorghum, soybean, soybean oil, and rice sales during the week ending January 14th were all up solidly from the previous week, soybean meal hit a marketing year high for the second week in a row, and while corn sales were unchanged, they were up 51% from the four-week average. Meat sales also improved – pork came out at more than 45,000 tons, with Mexico, China, and Canada taking the top slots, and beef was pegged at 24,500 tons, mainly to Japan, China, and South Korea. The USDA’s next set of supply and demand estimates is out February 9th.
Physical shipments of sorghum and soybeans were more than what’s needed to meet USDA 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. The marketing year for beef and pork is the calendar year.
Wheat came out at 329,600 tons (12.1 million bushels), up 49% from the week ending January 7th, but down 7% from the four-week average. Indonesia purchased 105,900 tons and Japan bought 76,900 tons, while Nigeria canceled on 49,900 tons. At this point in the 2020/21 marketing year, wheat sales are 785.9 million bushels, compared to 745.2 million in 2019/20.
Corn was reported at 1,437,600 tons (56.6 million bushels), unchanged from the previous week and 51% larger than the four-week average. Mexico picked up 588,400 tons and Japan purchased 420,600 tons, while unknown destinations canceled on 136,500 tons. Near the middle of the second quarter of the marketing year, corn sales are 1.843 billion bushels, compared to 799.5 million this time last year. Sales of 46,400 tons (1.8 million bushels) for 2021/22 delivery were to Japan.
Sorghum sales were 293,500 tons (11.6 million bushels), 54% higher than the week before and a big jump from the four-week average. China bought 268,500 tons and unknown destinations picked up 25,000 tons. Sorghum exports are 219.4 million bushels, compared to 44.9 million a year ago.
Rice sales were 69,800 tons, a good improvement from the prior week and 33% above the four-week average. Haiti purchased 17,000 tons and Mexico bought 16,700 tons. Rice exports are 1,970,600 tons, compared to 2,281,100 last year.
Soybeans were pegged at 1,817,700 tons (66.8 million bushels), a significant increase on both the week and from the four-week average. China picked up 864,100 tons and the Netherlands purchased 236,000 tons. So far, this marketing year, soybean sales are 2.108 billion bushels, compared to 1.147 billion a year ago. Sales of 831,000 tons (30.5 million bushels) were mainly to unknown destinations (452,000 tons) and China (319,000 tons).
Soybean meal came out at 468,500 tons, up 39% from the previous week and quite a bit more than the four-week average. Morocco bought 106,500 tons and Colombia picked up 69,800 tons, while unknown destinations canceled on 80,000 tons. For the marketing year to date, soybean meal sales are 6,756,000 tons, compared to 6,629,900 last year.
Soybean oil was reported at 52,300 tons, a sharp rise from both the week before and the four-week average. Guatemala purchased 22,900 tons and the Dominican Republic bought 13,400 tons. Cumulative soybean oil sales are 554,500 tons, compared to 520,000 a year ago.
Upland cotton was pegged at 292,400 bales, 10% lower than the prior week and 1% less than the four-week average. Vietnam picked up 123,700 bales and Pakistan purchased 66,100 bales, while China canceled on 22,300 bales. 2020/21 upland cotton exports are 12,156,600 bales, compared to 12,167,200 in 2019/20. Sales of 39,500 bales for 2021/22 delivery were primarily to Bangladesh (18,000 bales) and Pakistan (11,000 bales).
Net beef sales were 24,500 tons. The reported buyers were Japan (4,900 tons), China (4,300 tons), South Korea (3,500 tons), Taiwan (2,400 tons), and Indonesia (2,000 tons). Shipments of 17,600 tons were mostly to Japan (5,500 tons), South Korea (5,100 tons), Mexico (1,900 tons), China (1,200 tons), and Canada (1,000 tons).
Net pork sales totaled 45,200 tons. The listed purchasers were Mexico (13,200 tons), China (9,700 tons), Canada (5,000 tons), the Philippines (4,500 tons), and Japan (4,200 tons), with cancellations by Australia (100 tons) and El Salvador (100 tons). Shipments of 40,800 tons were mainly to Mexico (13,300 tons), China (10,600 tons), Japan (5,000 tons), South Korea (3,900 tons), and Canada (1,900 tons).