Good week for pork, new crop soybean exports

News

Good week for pork, new crop soybean exports

The USDA says the week ending June 24th was a fairly quiet week for U.S. export sales. Two of the bright spots were new crop soybean sales, with China buying more than 1.1 million tons, and pork, with Mexico purchasing well over half of the weekly sales total. Old and new crop corn, wheat, sorghum, soybean products, cotton, rice, and beef sales all declined from the previous week’s levels. The USDA’s next set of supply and demand estimates is out July 12th.

The 2021/22 marketing year started June 1st, 2021 for wheat, while 2020/21 got underway 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 226,300 tons (8.3 million bushels). Japan purchased 148,700 tons and Mexico bought 31,100 tons. Less than a month into the 2021/22 marketing year, wheat sales are 235.2 million bushels, compared to 263.2 million early in 2020/21.

Corn was reported at 15,000 tons (600,000 bushels), down 93% from the week ending June 17th and 94% from the four-week average. Japan picked up 99,700 tons and Mexico purchased 94,700 tons, but unknown destinations canceled on 167,200 tons and China canceled on 75,000 tons. In the final quarter of the 2020/21 marketing year, corn sales are 2.738 billion bushels, compared to 1.666 billion in 2019/20. Sales of 67,600 tons (2.7 million bushels) for 2021/22 delivery were mainly to unknown destinations (50,000 tons) and Honduras (12,000 tons).

Sorghum sales were 4,000 tons (200,000 bushels), all to China. Sorghum exports are 284.6 million bushels, compared to 163.6 million this time last year.

Rice sales were 15,600 tons, 80% lower than the previous week and 63% under the four-week average. Mexico bought 19,700 tons and Jordan picked up 2,200 tons, while Japan canceled on 12,000 tons. Rice exports are 3,325,500 tons, compared to 3,310,300 a year ago. Sales of 20,200 tons for 2021/22 delivery were primarily to Japan (12,000 tons) and Mexico (7,000 tons).

Soybeans were pegged at 92,800 tons (3.4 million bushels), 35% less than the week before, but 62% more than the four-week average. China purchased 31,200 tons and Canada bought 19,800 tons. So far, this marketing year, soybean sales are 2.272 billion bushels, compared to 1.647 billion last year. Sales of 1,167,100 tons (61.4 million bushels) for 2021/22 delivery were mostly to China (1,147,000 tons) and unknown destinations (511,600 tons).

Soybean meal came out at 232,800 tons, a decrease of 40% from the prior week, but an increase of 1% from the four-week average. Vietnam picked up 95,000 tons and Romania purchased 45,000 tons, while unknown destinations canceled on 44,300 tons. Just outside of the final quarter of the marketing year, soybean meal sales are 11,238,800 tons, compared to 11,063,200 a year ago. Sales of 184,500 tons for 2021/22 delivery were mainly to Ecuador (90,000 tons) and Mexico (84,200 tons).

Soybean oil was reported at 2,300 tons, down 2% on the week, but up 6% on the year. Mexico bought 1,300 tons. Cumulative soybean oil sales are 677,900 tons, compared to 1,189,300 last year.

Upland cotton was pegged at 42,600 bales, 43% below the previous week and a decline of 64% from the four-week average. Vietnam picked up 10,500 bales and Pakistan purchased 7,800 bales. 2020/21 upland cotton exports are 16,064,100 bales, compared to 16,992,900 in 2019/20. Sales of 133,900 bales for 2021/22 delivery were primarily to Mexico (54,800 bales) and Bangladesh (46,800 bales).

Net beef sales totaled 12,100 tons, 28% lower than the week before and 17% less than the four-week average. The reported buyers were Japan (3,300 tons), South Korea (2,800 tons), China (2,100 tons), Taiwan (1,500 tons), and Canada (600 tons). Shipments of 18,900 tons were 4% higher than the prior week and 9% more than the four-week average, mostly to Japan (4,900 tons), South Korea (4,900 tons), China (4,200 tons), Taiwan (1,200 tons), and Mexico (1,100 tons).

Net pork sales totaled 28,600 tons, unchanged on the week and up 12% from the four-week average. The listed purchasers were Mexico (17,700 tons), Japan (2,800 tons), Canada (1,800 tons), Colombia (1,600 tons), and China (1,500 tons), with a cancellation by New Zealand (100 tons). Shipments of 32,200 tons were a decrease of 4% from the previous week and 5% from the four-week average, mainly to Mexico (13,500 tons), China (5,100 tons), Japan (4,000 tons), South Korea (3,000 tons), and Canada (2,000 tons).

.