Above average week for beef, pork export sales
The USDA says meat export sales during the week ending June 11th were better than average. Pork sale were up sharply from both the previous week and the four-week average, mainly to Mexico and China, and while beef exports were below the previous week, they were above average, primarily to South Korea, Japan, and Hong Kong. Old crop grain and oilseed exports were all less than the week before and their respective averages, including a net reduction for sorghum following a big cancellation by unknown destinations. It was another strong week for new crop soybean sales, with China buying more than a million tons. The USDA’s next set of supply and demand estimates is out July 10th.
Physical shipments of sorghum and wheat were more than what’s needed to meet USDA projections for the current respective marketing years. The 2020/21 marketing year got underway June 1st for wheat, while 2019/20 runs through the end of July for cotton and rice, the end of August for corn, sorghum, and soybeans, and the end of September for soybean products.
Wheat came out at 504,800 tons (18.5 million bushels). Guatemala purchased 128,500 tons and Mexico bought 102,200 tons. Early in the 2020/21 marketing year, wheat sales are 232.7 million bushels, compared to 232.8 million in 2019/20.
Corn was reported at 357,800 tons (14.1 million bushels), down 46% from the week ending June 11th and 45% lower than the four-week average. Unknown destinations picked up 81,700 tons and South Korea purchased 72,600 tons. In the final quarter of the 2019/20 marketing year, corn sales are 1.633 billion bushels, compared to 1.907 billion in 2018/19. Sales of 114,800 tons (4.5 million bushels) for 2020/21 delivery were mainly to Guatemala (74,800 tons) and Jamaica (20,700 tons).
Sorghum had a net reduction of 3,300 tons (-100,000 bushels). China bought 116,500 tons and New Zealand picked up 1,700 tons, but unknown destinations canceled on 121,000 tons. For the marketing year to date, sorghum sales are 158.0 million bushels, compared to 61.5 million a year ago. Sales of 110,000 tons (4.3 million bushels) for 2020/21 delivery were to China.
Rice exports were 14,800 tons were significantly smaller than the previous week and 24% under the four-week average. Haiti purchased 15,300 tons, while Canada and Saudi Arabia each bought 2,200 tons. With less than two months left in the marketing year, rice sales are 3,300,300 tons, compared to 3,232,300 this time last year. Sales of 5,700 tons for 2020/21 delivery were to Mexico.
Soybeans were pegged at 538,100 tons (1.624 billion bushels), a decline of 46% from the week before and 36% from the four-week average. China picked up 320,000 tons and Egypt purchased 100,800 tons. So far, this marketing year, soybean sales are 1.624 billion bushels, compared to 1.743 billion a year ago. Sales of 1,382,100 tons (50.8 million bushels) for 2020/21 delivery were primarily to China (1,033,000 tons) and unknown destinations (253,000 tons).
Soybean meal came out at 124,000 tons, 40% below the prior week and 54% less than the four-week average. Morocco bought 24,100 tons and Canada picked up 23,200 tons, while unknown destinations canceled on 12,000 tons. At this point in the marketing year, soybean meal sales are 10,850,100 tons, compared to 11,228,000 last year. Sales of 58,000 tons for 2020/21 delivery were mostly to Morocco (30,000 tons) and Ecuador (20,000 tons).
Soybean oil was reported at 6,400 tons. Colombia purchased 2,800 tons and Mexico bought 2,300 tons. Cumulative soybean oil sales are 1,166,000 tons, compared to 766,100 a year ago.
Upland cotton sales were 97,600 bales, down 76% from the previous week and 31% lower than the four-week average. China picked up 90,700 bales and Vietnam purchased 19,000 bales. 2019/20 upland cotton exports are 16,822,900 bales, compared to 15,049,000 bales in 2018/19. Sales of 148,400 bales for 2020/21 delivery were mainly to Vietnam (100,300 bales) and China (24,200 bales).
Net beef sales totaled 20,100 tons, 1% less than the week before, but 67% more than the four-week average. The reported buyers were South Korea (8,800 tons), Japan (3,500 tons), Hong Kong (2,500 tons), Taiwan (2,000 tons), and Canada (1,300 tons). Shipments of 8,500 tons were a decrease of 23% on the week and 21% from the four-week average, mostly to Japan (3,400 tons), South Korea (2,200 tons), Hong Kong (700 tons), Mexico (700 tons), and Taiwan (600 tons). Sales of 100 tons for 2021 delivery were to Japan.
Net pork sales totaled 38,600 tons, a big increase from both the prior week and the four-week average. The listed purchasers were Mexico (13,600 tons), China (10,100 tons), Canada (3,600 tons), Japan (2,200 tons), and Taiwan (1,700 tons). Shipments of 33,500 tons were 6% higher than the previous week, but 9% lower than the four-week average, primarily to China (13,700 tons), Mexico (9,200 tons), Japan (3,200 tons), Canada (1,800 tons), and South Korea (1,800 tons).