Mostly mixed week for U.S. export sales
The USDA says the week ending April 22nd was a mixed week overall for U.S. export sales. Corn and soybean sales were both up from the previous week, with Mexico leading the way for old crop corn and beans, and both featured solid new crop sales. Old crop wheat was down on the week, but quite a bit larger than average, while sorghum sales were higher than the week before, but below average. Beef export sales were slightly less than the prior week, but pork bounced back from the previous week’s net cancellation and both had routine sales to China. The USDA’s next set of supply and demand estimates is out May 12th.
Physical shipments of beans, corn, and sorghum were more than what’s needed to meet projections for the current marketing year. The 2020/21 marketing year started June 1st, 2020 for wheat, August 1st, 2020 for cotton and rice, September 1st, 2020 for beans, corn, and sorghum, and October 1st, 2020 for soybean products. The marketing year for beef and pork is the calendar year.
Wheat came out at 223,600 tons (8.2 million bushels), down 7% from the week ending April 15th, but up 73% from the four-week average. Mexico purchased 65,400 tons and Indonesia bought 58,300 tons. With just over a month remaining in the 2020/21 marketing year, wheat sales are 940.4 million bushels, compared to 952.8 million in 2019/20. Sales of 237,700 tons (8.7 million bushels) for 2021/22 delivery were mainly to the Philippines (92,500 tons) and Mexico (54,800 tons).
Corn was reported at 521,300 tons (20.5 million bushels), 35% higher than the previous week, but 8% lower than the four-week average. Mexico picked up 296,900 tons and South Korea purchased 117,100 tons, but unknown destinations canceled on 318,500 tons. In the back half of the marketing year, corn sales are 2.666 billion bushels, compared to 1.444 billion a year ago. Sales of 553,400 tons (21.8 million bushels) for 2021/22 delivery were primarily to unknown destinations (361,400 tons) and Guatemala (136,700 tons).
Sorghum sales were 107,200 tons (4.2 million bushels), quite a bit above the week before, but 45% below the four-week average. China bought 243,200 tons, while unknown destinations canceled on 136,000 tons. Sorghum exports are 281.8 million bushels, compared to 139.4 million this time last year.
Rice sales were 32,200 tons, a decline of 67% from the prior week and 37% from the four-week average. Costa Rica picked up 17,500 tons and El Salvador purchased 5,000 tons. Rice exports are 2,942,700 tons, compared to 3,118,100 a year ago.
Soybeans were pegged at 292,500 tons (10.7 million bushels), a solid increase on the week and from the four-week average. Mexico bought 115,300 tons and China picked up 62,500 tons, while unknown destinations canceled on 53,000 tons. So far, this marketing year, soybean sales are 2.246 billion bushels, compared to 1.429 billion last year. Sales of 439,000 tons (16.1 million bushels) for 2021/22 delivery were mostly to China (198,000 tons) and unknown destinations (186,000 tons).
Soybean meal came out at 163,500 tons, up 32% from the previous week and 41% from the four-week average. The Philippines purchased 95,400 tons and the Dominican Republic bought 24,700 tons. More than halfway through the marketing year, soybean meal sales are 9,423,500 tons, compared to 9,405,400 a year ago. Sales of 96,900 tons for 2021/22 delivery were to Guatemala (66,000 tons) and Canada (30,900 tons).
Soybean oil was reported at 3,600 tons, down 36% from the week before and 40% from the four-week average. Venezuela picked up 3,000 tons and Canada purchased 1,600 tons, while Guatemala canceled on 1,700 tons. For the marketing year to date, soybean oil sales are 662,800 tons, compared to 996,400 last year.
Upland cotton was pegged at 77,100 bales, 25% lower than the prior week and 46% less than the four-week average. Turkey bought 20,900 bales and China picked up 15,900 bales. Closing in on the final quarter of the 2020/21 marketing year, upland cotton exports are 15,149,400 bales, compared to 15,553,900 in 2019/20. Sales of 16,300 bales for 2021/22 delivery were mainly to Mexico (11,900 bales) and Pakistan (4,400 bales).
Net beef sales totaled 23,600 tons. The listed purchasers were South Korea (11,700 tons), Japan (4,900 tons), Mexico (2,000 tons), China (1,900 tons), and Hong Kong (600 tons). Shipments of 18,700 tons were a decline of 4% on the week and 2% from the four-week average, primarily to South Korea (5,900 tons), Japan (4,800 tons), China (3,100 tons), Mexico (1,300 tons), and Taiwan (1,000 tons).
Net pork sales totaled 35,600 tons. The reported buyers were Mexico (16,700 tons), Japan (6,800 tons), South Korea (5,000 tons), China (2,000 tons), and Honduras (800 tons). Shipments of 58,800 tons were an increase of 34% from the previous week and 46% from the four-week average, mostly to Mexico (30,300 tons), China (13,900 tons), Japan (4,100 tons), South Korea (2,300 tons), and Canada (1,900 tons).