Big week to week drop for corn export sales

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Big week to week drop for corn export sales

U.S. corn exports for the week ending February 4th fell back to Earth after hitting a record high during the week ending January 28th. The big difference was the lack of demand from China. The USDA says China didn’t buy any U.S. corn last week with sales at 1.5 million tons, a week to week drop of 81%. Soybean, wheat, soybean meal, soybean oil, rice, cotton, beef, and pork exports were down on the week, and while sorghum was above the previous week, sales were below average. The USDA’s next set of supply and demand estimates is out March 9th.

Physical shipments of corn 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. The marketing year for beef and pork is the calendar year.

Wheat came out at 591,000 tons (21.7 million bushels), down 8% from the week ending January 28th, but up 50% from the four-week average. Unknown destinations purchased 167,000 tons and Mexico bought 108,800 tons. Nearing the final quarter of the 2020/21 marketing year, wheat sales are 845.3 million bushels, compared to 805 million in 2019/20. Sales of 44,400 tons (1.6 million bushels) for 2021/22 delivery were mainly to the Philippines (25,000 tons) and Guatemala (9,900 tons).

Corn was reported at 1,448,600 tons (57.0 million bushels), a decline of 81% from the previous week and 52% from the four-week average. Japan picked up 517,700 tons and Mexico purchased 456,400 tons, while unknown destinations canceled on 127,100 tons. At this point in the marketing year, corn sales are 2.266 billion bushels, compared to 935.4 million a year ago. Sales of 12,200 tons (500,000 bushels) for 2021/22 delivery were primarily to Mexico.

Sorghum sales were 110,000 tons (4.3 million bushels), 73% higher than the week before, but 40% lower than the four-week average. China bought 110,000 tons. Sorghum exports are 233.5 million bushels, compared to 46.2 million a year ago.

Rice sales were 25,200 tons, 74% below the prior week and 69% under the four-week average. Haiti picked up 18,900 tons and Colombia purchased 9,000 tons, while Venezuela canceled on 21,500 tons. Just over halfway through the marketing year, rice exports are 2,238,300 tons, compared to 2,526,200 last year.

Soybeans were pegged at 804,700 tons (29.6 million bushels), a decrease of 2% on the week and 20% from the four-week average. China bought 517,000 tons and the Netherlands picked up 212,700 tons, but unknown destinations canceled on 536,800 tons. So far, this marketing year, soybean sales are 2.185 billion bushels, compared to 1.208 billion a year ago. Sales of 178,500 tons (6.6 million bushels) for 2021/22 delivery were mostly to China (66,000 tons) and unknown destinations (65,000 tons).

Soybean meal came out at 263,500 tons, down 13% on the week and 16% from the four-week average. Vietnam purchased 50,300 tons and Colombia bought 48,700 tons, while unknown destinations canceled on 50,000 tons. For the marketing year to date, soybean meal sales are 7,462,700 tons, compared to 7,515,600 last year. Sales of 1,200 tons for 2021/22 delivery were to Canada.

Soybean oil hit a marketing year low with a net reduction of 400 tons. Sales of 500 to 3,200 tons were more than offset by cancellations from Guatemala (4,400 tons) and Canada (200 tons). Cumulative soybean oil sales are 583,700 tons, compared to 641,500 a year ago.

Upland cotton was reported at 275,400 bales, 4% lower than the previous week and 10% less than the four-week average. China picked up 55,800 bales and Turkey purchased 44,600 bales. 2020/21 upland cotton exports are 13,041,300 bales, compared to 13,197,400 in 2019/20. Sales of 170,100 bales for 2021/22 delivery were mainly to Vietnam (154,000 bales) and South Korea (15,000 bales).

Net beef sales totaled 17,500 tons. The listed buyers were Japan (5,100 tons), South Korea (4,300 tons), Mexico (3,200 tons), China (1,800 tons), and Taiwan (1,200 tons), with cancellations by Vietnam (400 tons) and Colombia (100 tons). Shipments of 17,600 tons were primarily to South Korea (5,000 tons), Japan (4,900 tons), China (1,500 tons), Mexico (1,500 tons), and Hong Kong (1,400 tons).

Net pork sales totaled 36,900 tons. The reported purchasers were China (9,700 tons), South Korea (8,200 tons), Mexico (5,100 tons), Japan (4,700 tons), and Canada (2,700 tons). Shipments of 37,800 tons were mostly to China (10,700 tons), Mexico (10,000 tons), Japan (5,400 tons), South Korea (3,000 tons), and Canada (2,400 tons).

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