Sorghum, soybean exports hit marketing year lows
U.S. soybean and sorghum export sales hit marketing year lows during the week ending December 31st. The USDA says China was the biggest buyer of beans and sorghum, but those sales were either partially or totally canceled out following cancellations by unknown destinations. Corn, wheat, rice, and cotton exports were also below the previous week’s levels, due at least in part to it being a holiday week. Sales of beef and pork for 2020 delivery were net cancellations, but most of those were made up for by a good week for sales for 2021 delivery. The USDA says accumulated 2020 pork exports were 1.9 million tons, up 16% from 2019, and beef exports were more than 850,000 tons, an increase of 3% on the year. The USDA’s next set of supply and demand estimates is out next Tuesday at Noon Eastern/ 11 Central.
Physical shipments of soybeans were above 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. The marketing year for beef and pork is the calendar year.
Wheat came out at 275,300 tons (10.1 million bushels), down 47% from both the week ending December 24th and the four-week average. Taiwan purchased 82,300 tons and China bought 55,400 tons. More than halfway through 2020/21, wheat sales are 765.7 million bushels, compared to 695.7 million in 2019/20. Sales of 6,000 tons (200,000 bushels) for 2021/22 delivery were to the Philippines.
Corn was reported at 748,900 tons (29.5 million bushels), 22% lower than the previous week and 39% below the four-week average. Japan picked up 174,500 tons and unknown destinations purchased 153,000 tons. Early in the second quarter of the marketing year, corn sales are 1.730 billion bushels, compared to 729 million this time last year.
Sorghum had a net reduction of 300 tons. China bought 29,700 tons, but unknown destinations canceled on 30,000 tons. At this point in the marketing year, sorghum sales are 200.3 million bushels, compared to 43.6 million a year ago. Sales of 98,000 tons (3.9 million bushels) for 2021/22 delivery were to unknown destinations (68,000 tons) and China (30,000 tons).
Rice sales were 38,400 tons, a decline of 18% from the week before and 61% from the four-week average. Mexico picked up 23,000 tons and Haiti purchased 6,900 tons. Rice exports this year are 1,887,900 tons, compared to 2,173,300 last year.
Soybeans were pegged at 37,000 tons (1.4 million bushels), a drop of 95% from the prior week and 94% from the four-week average. China bought 369,000 tons and Germany picked up 122,700 tons, but unknown destinations canceled on 769,500 tons. So far, this marketing year, soybean sales are 2.012 billion bushels, compared to 1.094 billion a year ago. Sales of 79,800 tons (2.9 million bushels) for 2021/22 delivery were to China (63,000 tons) and Japan (16,800 tons).
Soybean meal came out at 124,100 tons, an increase of 63% on the week, but a decrease of 32% from the four-week average. Vietnam purchased 49,100 tons and Bangladesh bought 45,000 tons, while unknown destinations canceled on 43,900 tons. For the marketing year to date, soybean meal sales are 5,950,000 tons, compared to 5,612,900 last year. Sales of 700 tons for 2021/22 delivery were to Canada.
Soybean oil was reported at 3,500 tons. Mexico picked up 1,800 tons and Haiti purchased 1,500 tons, while Venezuela canceled on 500 tons. Cumulative soybean oil sales are 491,100 tons, compared to 428,300 a year ago.
Upland cotton was pegged at 153,100 bales, down 47% from the previous week and 60% from the four-week average. Pakistan bought 69,500 bales and China picked up 36,700 bales. 2020/21 upland cotton exports are 11,538,200 bales, compared to 11,626,500 in 2019/20.
2020 beef sales had a net reduction of 1,200 tons. South Korea bought 100 tons, but Japan canceled on 1,100 tons. Accumulated exports for 2020 were 851,800 tons, a 3% increase from the 2019 total of 823,500 tons. The USDA says outstanding sales of 98,000 tons on December 31st were carried over to 2021. Shipments of 12,100 tons were mainly to Japan (3,700 tons), South Korea (3,200 tons), Mexico (1,400 tons), China (1,200 tons), and Taiwan (800 tons).
2020 pork sales had a net reduction of 8,600 tons. Mexico picked up 3,500 tons and South Korea purchased 500 tons, but there were cancellations of 11,300 and 700 tons by China and Japan, respectively. Accumulated exports for 2020 were 1,938,000 tons, a jump of 16% from the 2019 total of 1,624,000 tons. The USDA says outstanding sales of 158,000 tons on December 31st were carried over to 2021. Shipments of 26,700 tons were primarily to China (9,400 tons), Mexico (7,000 tons), Japan (3,500 tons), South Korea (1,700 tons), and Australia (1,100 tons).