News
Export sales mostly up on week
The USDA says export sales numbers during the week ending June 17th generally improved from the previous week, but there were some exceptions. Old crop corn and soybean exports were both up noticeably from the week before, with another solid week for new crop corn against slower sales for new crop beans as buyers wait for prices to decline. Beef export sales showed a good week to week improvement, but were lower than average, while pork exports were down modestly. Wheat, rice, and soybean product sales were also higher than the week before, contrasting with cotton, which fell 33%. The USDA’s next set of supply and demand estimates is out July 12th.
Physical shipments of corn and wheat were more than what’s needed to meet USDA projections for the respective marketing years. The 2021/22 marketing year for wheat started June 1st, 2021, while 2020/21 got underway August 1st, 2020 for cotton and rice, September 1st, 2020 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 374,100 tons (13.7 million bushels). Unknown destinations purchased 110,600 tons and Mexico bought 94,500 tons. Just over two weeks into the 2021/22 marketing year, wheat sales are 226.8 million bushels, compared to 249.2 million early in 2020/21.
Corn was reported at 216,300 tons (8.5 million bushels), up solidly from the week ending June 10th, but down 33% from the four-week average. China picked up 180,100 tons and Japan purchased 149,100 tons, but unknown destinations canceled on 205,800 tons. In the final quarter of the 2020/21 marketing year, corn sales are 2.737 billion bushels, compared to 1.652 billion in 2019/20. Sales of 310,800 tons (12.2 million bushels) for 2021/22 delivery were mainly to unknown destinations (242,800 tons) and Japan (50,000 tons), with a cancellation by Mexico (30,000 tons).
There were no reported sorghum sales. Sorghum exports are 284.5 million bushels, compared to 157.9 million a year ago.
Rice sales were 78,000 tons, sharply higher than both the previous week and the four-week average. Mexico bought 31,400 tons and Venezuela picked up 26,000 tons. Rice exports are 3,309,800 tons, compared to 3,286,400 this time last year.
Soybeans were pegged at 141,700 tons (5.2 million bushels), considerably larger than both the week before and the four-week average. Japan purchased 83,700 tons and Indonesia bought 66,200 tons, but unknown destinations canceled on 103,000 tons. So far, this marketing year, soybean sales are 2.269 billion bushels, compared to 1.638 billion a year ago. Sales of 47,300 tons (1.7 million bushels) for 2021/22 delivery were primarily to Mexico (54,400 tons) and unknown destinations (52,100 tons), with a cancellation by China (66,000 tons).
Soybean meal came out at 387,600 tons, a big gain from both the prior week and the four-week average. The Philippines picked up 146,500 tons and Ecuador purchased 109,800 tons. Closing in on the final quarter of the marketing year, soybean meal sales are 11,005,900 tons, compared to 10,920,300 last year. Sales of 22,000 tons for 2021/22 delivery were to unknown destinations (19,000 tons) and the Philippines (3,000 tons).
Soybean oil was reported at 2,400 tons, an increase of 8% on the week and 17% from the four-week average. Mexico bought 1,300 tons and Canada picked up 1,000 tons. Cumulative soybean oil sales are 675,600 tons, compared to 1,186,500 a year ago.
Upland cotton was pegged at 74,700 bales, a decrease of 33% from the previous week and 48% from the four-week average. Pakistan purchased 36,500 bales and China bought 14,000 bales. 2020/21 upland cotton sales are 16,021,500 bales, compared to 16,925,700 in 2019/20. Sales of 148,900 bales for 2021/22 delivery were mostly to Pakistan (93,900 bales) and Vietnam (26,300 bales).
Net beef sales totaled 16,900 tons, 31% more than the week before, but 3% less than the four-week average. The reported purchasers were South Korea (6,700 tons), China (1,600 tons), Taiwan (1,400 tons), and Hong Kong (900 tons), with a cancellation by the Philippines (100 tons). Shipments of 18,200 tons were up 2% from the prior week and 3% from the four-week average, mainly to Japan (4,700 tons), South Korea (4,700 tons), China (4,100 tons), Mexico (1,100 tons), and Taiwan (1,100 tons). Sales of 400 tons for 2022 delivery were to Japan.
Net pork sales totaled 28,600 tons, down 2% on the week and 4% from the four-week average. The listed buyers were Mexico (11,500 tons), Canada (5,200 tons), Japan (3,200 tons), China (2,000 tons), and South Korea (1,800 tons). Shipments of 33,600 tons were 12% under the previous week and 10% below the four-week average, primarily to Mexico (15,700 tons), China (7,400 tons), Japan (3,700 tons), South Korea (1,700 tons), and Canada (1,500 tons).
