Solid week for beef, pork export sales
U.S. meat exports have improved every week this year. The USDA says pork export sales for the week ending January 21 topped 50,000 tons, with Mexico and China leading the way, and beef sales were nearly 30,000 tons, with Japan and South Korea topping the list. Corn export sales were more than 1.8 million tons, Japan bought about a third of the total, and wheat was up on the week, with China the biggest buyer, and rice and cotton sales were also above the previous week’s levels. 2020/21 soybean, soybean product, and sorghum sales all fell back from the previous week, but China was the leading purchaser for both beans and sorghum. The USDA’s next set of supply and demand estimates is out February 9th.
Physical shipments of 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 calendar year is the marketing year for beef and pork.
Wheat came out at 380,500 tons (14.0 million bushels), up 15% from the week ending January 14th and 13% from the four-week average. China purchased 130,000 tons and Mexico bought 67,400 tons, while unknown destinations canceled on 117,000 tons. About halfway through the third quarter of 2020/21, wheat sales are 799.9 million bushels, compared to 768.9 million in 2019/20. Sales of 216,000 tons (7.9 million bushels) for 2021/22 delivery were mainly to Nigeria (138,000 tons) and Mexico (60,000 tons).
Corn was reported at 1,850,300 tons (72.8 million bushels), 29% higher than the previous week and 61% above the four-week average. Japan picked up 695,700 tons and Mexico purchased 145,600 tons. Midway through the first half of the marketing year, corn sales are 1.916 billion bushels, compared to 848.1 million this time last year.
Sorghum sales were 185,000 tons (7.3 million bushels). China bought 253,000 tons, but unknown destinations canceled on 68,000 tons. Sorghum exports are 226.7 million bushels, compared to 44.9 million a year ago. Sales of 63,000 tons (2.5 million bushels) for 2021/22 delivery were to China.
Rice sales were 145,100 tons, larger than both the week before and the four-week average. Mexico picked up 71,600 tons and Honduras purchased 34,500 tons. Rice exports this year are 2,115,800 tons, compared to 2,313,800 last year.
Soybeans were pegged at 466,000 tons (17.1 million bushels), a drop of 74% from the prior week and 45% from the four-week average. China bought 322,500 tons and Mexico picked up 197,800 tons, but unknown destinations canceled on 620,000 tons. So far, this marketing year, soybean sales are 2.125 billion bushels, compared to 1.161 billion a year ago. Sales of 1,564,000 tons (57.5 million bushels) for 2021/22 delivery were primarily to unknown destinations (654,000 tons) and China (586,000 tons).
Soybean meal came out at 142,200 tons, down 70% on the week and 44% from the four-week average. Mexico purchased 63,300 tons and Canada bought 38,600 tons, but Morocco canceled on 88,800 tons. For the marketing year to date, soybean meal sales are 6,898,200 tons, compared to 7,068,700 last year.
Soybean oil was reported at 19,100 tons, 63% lower than the previous week and 40% under the four-week average. South Korea picked up 6,000 tons and Colombia purchased 5,000 tons. Cumulative soybean oil sales are 573,700 tons, compared to 549,300 a year ago.
Upland cotton was pegged at 322,700 bales, up 10% from the week before and 22% higher than the four-week average. Turkey bought 65,900 bales and Vietnam picked up 62,400 bales. 2020/21 upland cotton exports are 12,479,200 bales, compared to 12,514,300 in 2019/20. Sales of 53,600 bales for 2021/22 delivery were mostly to South Korea (15,800 bales) and Thailand (10,600 bales), while Guatemala canceled on 7,100 bales.
Net beef sales totaled 28,800 tons. The reported purchasers were Japan (9,100 tons), South Korea (8,100 tons), Mexico (3,800 tons), China (3,300 tons), and Taiwan (1,300 tons), with a cancellation by Kuwait (100 tons). Shipments of 17,400 tons were mainly to South Korea (5,200 tons), Japan (4,900 tons), Mexico (1,900 tons), China (1,200 tons), and Hong Kong (1,100 tons).
Net pork sales totaled 52,900 tons. The listed buyers were Mexico (18,900 tons), China (13,900 tons), the Philippines (6,000 tons), Japan (4,100 tons), and South Korea (3,100 tons), with a cancellation by El Salvador (300 tons). Shipments of 39,600 tons were primarily to China (12,500 tons), Mexico (11,900 tons), Japan (4,600 tons), South Korea (2,600 tons), and Canada (2,100 tons).