News
Mostly better than average week for export sales
The USDA says export sales for several key commodities were above average during the week ending December 10th. China was a factor for the improved sales of corn, soybeans, wheat, sorghum, cotton, and pork, with Mexico also showing solid interest in most of those products. Beef, soybean meal, and rice sales had good week to week improvements, while it was a slow week for bean oil. The USDA’s next export sales report will be out Wednesday, December 23rd with the USDA closed on Christmas Eve. The next set of supply and demand estimates is out January 12th.
Physical shipments of sorghum and soybeans were more than what’s needed to meet 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.
Wheat came out at 540,400 tons (19.9 million bushels), down 12% from the week ending December 3rd, but up 5% from the four-week average. Mexico purchased 96,800 tons and Japan bought 85,200 tons. Just over halfway into the 2020/21 marketing year, wheat sales are 722.0 million bushels, compared to 655.0 million in 2019/20. Sales of 21,000 tons (800,000 bushels) for 2021/22 delivery were to Peru.
Corn was reported at 1,924,500 tons (75.8 million bushels), 41% higher than the previous week and 40% larger than the four-week average. Mexico picked up 714,900 tons and unknown destinations purchased 402,300 tons. Slightly more than a quarter into the marketing year, corn sales are 1.637 billion bushels, compared to 677.1 million a year ago. Sales of 10,000 tons (400,000 bushels) for 2021/22 delivery were to Japan.
Sorghum sales were 325,400 tons (12.8 million bushels), a big jump from the week before and 56% above the four-week average. China bought 325,900 tons and 5,600 tons were switched from unknown destinations to Japan. At this point in the marketing year, sorghum sales are 196.0 million bushels, compared to 41.1 million this time last year. Sales of 68,000 tons (2.7 million bushels) for 2021/22 delivery were to unknown destinations.
Rice sales were 166,300 tons, significantly more than both the prior week and the four-week average. Venezuela picked up 97,000 tons and Honduras purchased 26,300 tons. Rice exports are 1,690,900 tons, compared to 2,041,800 a year ago.
Soybeans were pegged at 922,300 tons (33.9 million bushels), an increase of 62% on the week and 20% from the four-week average. China bought 919,700 tons and Mexico picked up 225,300 tons, while unknown destinations canceled on 817,000 tons. So far, this marketing year, soybean sales are 1.978 billion bushels, compared to 1.044 billion last year. Sales of 94,000 tons (3.5 million bushels) for 2021/22 delivery were to China (66,000 tons) and Mexico (28,000 tons).
Soybean meal was reported at 261,200 tons. The Philippines purchased 135,800 tons and Mexico bought 43,700 tons. A couple of months into the marketing year, soybean meal sales are 5,526,000 tons, compared to 5,306,000 a year ago.
Soybean oil came out at 7,600 tons. India picked up 3,000 tons and Colombia purchased 2,400 tons. Cumulative soybean oil sales this year are 405,900 tons, compared to 390,200 last year.
Upland cotton was pegged at 402,900 bales, up 4% from the previous week and 44% from the four-week average. China bought 225,800 bales and Vietnam picked up 35,200 bales, while Bangladesh canceled on 32,000 bales. 2020/21 upland cotton exports are 10,689,900 bales, compared to 11,093,200 in 2019/20. Sales of 13,800 bales for 2021/22 delivery were mainly to Pakistan (8,800 bales) and Mexico (5,900 bales).
Net beef sales totaled 10,100 tons, considerably more than the week before, but 15% less than the four-week average. The reported purchasers were Japan (3,800 tons), South Korea (2,200 tons), Canada (1,700 tons), China (700 tons), and Mexico (700 tons), with net cancellations by Hong Kong (200 tons) and Colombia (100 tons). Shipments of 19,300 tons were 6% higher than the prior week and unchanged from the four-week average, primarily to South Korea (4,800 tons), Japan (4,600 tons), Mexico (2,900 tons), China (2,400 tons), and Canada (1,300 tons). Sales of 4,500 tons for 2021 delivery were mostly to South Korea (1,300 tons), Mexico (1,200 tons), Japan (800 tons), and Taiwan (500 tons).
Net pork sales totaled 39,900 tons, an increase of 51% on both the week and from the four-week average. The listed buyers were Mexico (22,400 tons), China (11,600 tons), Canada (1,900 tons), Japan (1,700 tons), and Colombia (800 tons), with a net cancellation by Australia (300 tons). Shipments of 42,000 tons were steady with the previous week and 8% above the four-week average, mainly to Mexico (14,600 tons), China (12,800 tons), Japan (4,500 tons), South Korea (3,400 tons), and Canada (1,800 tons). Sales of 44,300 tons for 2021 delivery were primarily to China (26,100 tons), Japan (8,500 tons), South Korea (4,600 tons), Colombia (1,500 tons), and Mexico (1,100 tons).
