Solid week for corn export sales
The USDA says corn export sales were strong during the week ending October 22nd, while the pace for soybeans pulled back. Weekly corn exports topped 2 million tons, mainly to unknown destinations and Mexico, and while soybeans were above 1.6 million tons, primarily to China and Mexico, sales were below the four-week average. China also bought U.S. wheat, sorghum, and cotton, but canceled on previously purchased U.S. soybean meal. Meat sales were lower than average, with China, Japan, and South Korea leading the way for beef and Mexico, Japan, and South Korea taking the top spots in pork. China bought U.S. pork both for delivery this year and next year. 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 the USDA’s pace for the current marketing year. 2020/21 got underway 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 743,200 tons (27.3 million bushels), up sharply from the week ending October 15th and 54% higher than the four-week average. South Korea purchased 195,000 tons and Mexico bought 111,400 tons. About five months into the 2020/21 marketing year, wheat sales are 593.8 million bushels, compared to 535.6 million in 2019/20. Sales of 60,000 tons (2.2 million bushels) for 2021/22 delivery were to the Philippines.
Corn was reported at 2,243,700 tons (88.3 million bushels), 23% above the previous week and 56% larger than the four-week average. Unknown destinations picked up 763,700 tons and Mexico purchased 496,800 tons. Nearly two months into the marketing year, corn sales are 1.204 billion bushels, compared to 449.0 million this time last year.
Sorghum sales were 60,800 tons. China bought 118,800 tons, but unknown destinations canceled on 58,000 tons. Sorghum exports are 129.0 million bushels, compared to 12.7 million a year ago. Sales of 68,000 tons (2.7 million bushels) for 2021/22 delivery were to China.
Rice sales were 121,500 tons, a surge of 99% from the week before and up 7% from the four-week average. Haiti picked up 52,600 tons and Japan purchased 39,000 tons. Rice exports are 1,202,000 tons, compared to 1,555,400 last year.
Soybeans were pegged at 1,620,700 tons (59.6 million bushels), down 27% from the prior week and 35% lower than the four-week average. China bought 1,073,900 tons and Mexico picked up 178,700 tons, but unknown destinations canceled on 350,500 tons. So far, this marketing year, soybean sales are 1.726 billion bushels, compared to 703.6 million a year ago. Sales of 9,000 tons (300,000 bushels) for 2021/22 delivery were to Japan.
Soybean meal came out at 199,300 tons. Mexico purchased 84,200 tons and Colombia bought 44,400 tons, but China canceled on 20,000 tons. Less than a month into the marketing year, soybean meal sales are 4,140,500 tons, compared to 3,905,500 last year.
Soybean oil was reported at 6,000 tons. Canada picked up 2,200 tons and El Salvador purchased 2,000 tons, but Nicaragua canceled on 2,000 tons. Cumulative soybean oil sales are 221,200 tons, compared to 223,200 a year ago.
Upland cotton was pegged at 288,700 bales, an increase of 27% on the week and 56% from the four-week average. Pakistan bought 125,900 bales and China picked up 81,400 bales, while Turkey canceled on 40,300 bales. 2020/21 upland cotton exports are 8,749,700 bales, compared to 9,384,200 in 2019/20. Net sales of 900 bales for 2021/22 delivery were to Mexico (3,100 bales) and Brazil (400 bales), with a cancellation by China (2,600 bales).
Net beef sales totaled 18,900 tons, a decrease of 13% from the previous week and 6% from the four-week average. The listed purchasers were China (4,300 tons), Japan (4,200 tons), South Korea (4,200 tons), Mexico (2,200 tons), and Taiwan (1,400 tons), with Chile and Colombia each canceling on 100 tons. Physical shipments of 16,900 tons were 5% below the week before and unchanged from the four-week average. Mainly to Japan (4,300 tons), South Korea (3,700 tons), Mexico (1,900 tons), Hong Kong (1,700 tons), and China (1,600 tons). Sales of 4,600 tons for 2021 delivery were primarily to Japan (2,700 tons), South Korea (1,100 tons), Hong Kong (500 tons), and Guatemala (200 tons).
Net pork sales totaled 29,000 tons, 8% more than the prior week, but 24% less than the four-week average. The reported buyers were Mexico (8,400 tons), Japan (6,400 tons), South Korea (2,900 tons), China (2,500 tons), and Australia (2,200 tons). Physical shipments of 37,100 tons were up 2% on the week and 5% from the four-week average, mostly to China (12,900 tons), Mexico (11,000 tons), Japan (4,500 tons), Canada (2,400 tons), and South Korea (2,100 tons). Sales of 7,000 tons for 2021 delivery were mainly to Australia (5,500 tons) and China (1,300 tons).