Another mixed week for the export numbers
China made several appearances in the weekly export sales numbers, even as tensions between Beijing and Washington D.C. continue to cloud the picture on trade. During the week ending May 21st, China was the biggest purchaser of U.S. cotton, sorghum, and old and new crop soybeans, was the second leading buyer of U.S. pork, and also picked up U.S. beef. Corn and wheat export sales were below average and rice hit a marketing year low. The USDA’s next set of supply and demand estimates is out June 11th.
Physical shipments of wheat were more than what’s needed to meet projections for the current marketing year. 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 209,800 tons (7.7 million bushels), up 19% from the week ending May 14th, but down 23% from the four-week average. Vietnam purchased 60,000 tons and Venezuela bought 33,000 tons. With just a few reporting days left in the 2019/20 marketing year, wheat sales are 983.5 million bushels, compared to 950.5 million late in 2018/19. Sales of 496,500 tons (18.2 million bushels) for 2020/21 delivery were mainly to Japan (96,700 tons) and South Korea (90,200 tons).
Corn was reported at 427,200 tons (16.8 million bushels), 52% lower than the previous week and 58% less than the four-week average. Japan picked up 171,300 tons and Israel purchased 87,700 tons, but unknown destinations canceled on 164,800 tons. Nearing the final quarter of the marketing year, corn sales are 1.568 billion bushels, compared to 1.899 billion this time last year. Sales of 46,500 tons for 2020/21 delivery were primarily to unknown destinations (30,000 tons) and El Salvador (15,000 tons).
Sorghum sales of 180,900 tons (7.1 million bushels) were sharply higher than the week before and 65% more than the four-week average. China bought 180,900 tons and unknown destinations picked up 800 tons. At this point in the marketing year, sorghum sales are 151.7 million bushels, compared to 61.4 million a year ago.
Rice exports of 8,500 tons were 93% below the prior week and 85% under the four-week average. Mexico purchased 4,400 tons and Canada bought 1,700 tons. Rice sales are 3,329,600 tons, compared to 3,011,900 last year.
Soybeans were pegged at 644,300 tons (23.7 million bushels), a decline of 47% from the previous week and 27% from the four-week average. China picked up 192,400 tons and Mexico purchased 175,000 tons. So far, this marketing year, soybean sales are 1.549 billion bushels, compared to 1.697 billion a year ago. Sales of 203,000 tons for 2020/21 delivery were to China (200,000 tons) and Japan (3,000 tons).
Soybean meal came out at 127,200 tons, down 36% from the week before and 15% lower than the four-week average. Colombia bought 54,000 tons and Mexico picked up 31,900 tons. For the marketing year to date, soybean meal sales are 9,964,300 tons, compared to 10,895,100 last year. Sales of 44,700 tons for 2020/21 delivery were mostly to unknown destinations (33,200 tons) and Japan (6,400 tons), with a cancellation by Colombia (9,000 tons).
Soybean oil was reported at 56,600 tons. Colombia purchased 26,000 tons and South Korea bought 19,500 tons. Cumulative soybean oil sales are 1,140,700 tons, compared to 741,100 a year ago.
Upland cotton sales were 44,600 bales, 65% less than the prior week and 85% below the four-week average. China picked up 58,600 bales and Vietnam purchased 34,000 bales, but there were several cancellations, ranging from 6,400 to 12,100 bales. 2019/20 upland cotton exports are 16,335,800 bales, compared to 14,910,900 in 2018/19. Sales of 171,900 bales for 2020/21 delivery were primarily to China (113,200 bales) and Turkey (24,600 bales).
Net beef sales totaled 11,500 tons, a big increase from both the previous week and the four-week average. The listed buyers were South Korea (5,400 tons), Japan (3,000 tons), China (1,600 tons), Taiwan (600 tons), and Canada (500 tons), with net cancellations by Mexico (300 tons) and Chile (100 tons). Shipments of 11,300 tons were up 3% from the week before, but down 10% from the four-week average, mainly to Japan (4,500 tons), South Korea (3,100 tons), Hong Kong (1,200 tons), Taiwan (900 tons), and Canada (400 tons).
Net pork sales totaled 20,600 tons. The reported purchasers were Mexico (9,000 tons), China (6,100 tons), Canada (2,200 tons), Japan (2,200 tons), and Albania (400 tons). Shipments of 34,500 tons were a decrease of 31% on the week and 11% from the four-week average, mostly to China (15,200 tons), Mexico (8,400 tons), Japan (2,800 tons), South Korea (2,000 tons), and Canada (1,800 tons).