News
Beef, pork export sales up sharply on week
The USDA says the week ending July 1st was a solid week for meat exports. Pork sales of almost 44,000 tons were up 53% on the week, with China, Japan, and Mexico purchasing most of the week’s total, and beef sales of nearly 24,000 tons were 96% higher, mainly to South Korea, Japan, and China. Those sales were also up sharply from the respective four-week average and might have been buyers getting ahead of the slowdown in business for the holiday week. Old and new crop U.S. corn sales improved from the previous week, while old and new crop soybeans declined. China did buy a small amount of old crop beans but didn’t buy any new crop beans or any corn. The USDA’s next set of supply, demand, and production numbers is out Monday, July 12th at Noon Eastern/11 Central.
The 2021/22 marketing year got underway June 1st, 2021 for wheat, while 2020/21 started August 1st, 2020 for cotton and rice, September 1st, 2020 for corn, sorghum, and soybeans, and October 1st, 2020 for soybean products.
Wheat came out at 290,800 tons (10.7 million bushels). The Philippines purchased 120,000 tons and Mexico bought 85,500 tons, while Indonesia canceled on 60,000 tons and unknown destinations canceled on 49,900 tons. One month into the 2021/22 marketing year, wheat sales are 245.8 million bushels, compared to 275.2 million early in 2020/21.
Corn was reported at 173,200 tons (6.8 million bushels), up solidly from the week ending June 24th and 58% from the four-week average. Mexico picked up 136,600 tons and Japan purchased 83,000 tons, while unknown destinations canceled on 124,600 tons. With two months left in the 2020/21 marketing year, corn sales are 2.745 billion bushels, compared to 1.674 billion late in 2019/20. Sales of 198,200 tons (7.8 million bushels) for 2021/22 delivery were mainly to Mexico (65,300 tons) and South Korea (65,000 tons).
There were no reported sorghum sales.
Rice sales were 19,900 tons, 27% more than the previous week, but 51% less than the four-week average. Nicaragua bought 10,000 tons and Jordan picked up 3,200 tons. Rice exports are 3,345,400 tons, compared to 3,331,900 this time last year. Net reductions of 300 tons for 2021/22 delivery followed a cancellation by Taiwan.
Soybeans were pegged at 63,800 tons (2.3 million bushels), down 31% from the week before and 19% from the four-week average. Mexico purchased 38,000 tons and Japan bought 37,700 tons, but unknown destinations canceled on 77,500 tons. So far, this marketing year, soybean sales are 2.275 billion bushels, compared to 1.682 billion a year ago. Sales of 118,500 tons (4.4 million bushels) for 2021/22 delivery were primarily to Japan (77,800 tons) and unknown destinations (20,100 tons).
Soybean meal came out at 211,800 tons, 9% lower than both the prior week and the four-week average. Japan picked up 62,700 tons and Colombia purchased 45,100 tons. In the final quarter of the current marketing year, soybean meal sales are 11,450,500 tons, compared to 11,187,700 last year. Sales of 55,800 tons for 2021/22 delivery were mostly to Ecuador (30,000 tons) and the Philippines (25,000 tons).
Soybean oil had a net reduction of 400 tons. Canada bought 2,300 tons and Mexico picked up 300 tons, but Colombia canceled on 3,000 tons. Cumulative soybean oil sales are 677,500 tons, compared to 1,218,200 tons a year ago.
Upland cotton was reported at 52,100 bales, an increase of 22% on the week, but a decrease of 38% from the four-week average. Pakistan purchased 24,000 bales and China bought 7,400 bales. 2020/21 upland cotton exports are 16,116,300 tons, compared to 17,036,700 in 2019/20. Sales of 177,000 bales for 2021/22 delivery were mainly to Pakistan (58,500 bales) and Turkey (32,800 bales).
Net beef sales totaled 23,700 tons, a jump of 96% from the previous week and 64% from the four-week average. The listed buyers were South Korea (10,400 tons), Japan (5,800 tons), China (2,700 tons), Mexico (1,500 tons), and Canada (700 tons). Shipments of 17,800 tons were 6% below both the week before and the four-week average, primarily to Japan (5,000 tons), South Korea (4,700 tons), China (3,200 tons), Taiwan (1,100 tons), and Mexico (1,000 tons). Sales of 100 tons for 2022 delivery were to Japan.
Net pork sales were 43,800 tons, 53% larger than the prior week and 65% above the four-week average. The reported purchasers were China (16,300 tons), Mexico (13,800 tons), Japan (8,400 tons), Colombia (1,800 tons), and Canada (1,700 tons0, with cancellations of 100 tons each by Australia, New Zealand, and Nicaragua. Shipments of 30,500 tons were down 6% on the week and 7% from the four-week average, mostly to Mexico (13,000 tons), China (6,500 tons), Japan (3,100 tons), South Korea (2,400 tons), and Canada (1,500 tons).
