Solid week for pork, new crop soybean export sales
The USDA says China led the way for pork and soybean export sales during the week ending September 2nd. Pork exports of 33,800 tons were up 1% on the week, including 15,000 tons to China, and new crop soybean sales were nearly 1.5 million tons, with about half of that purchased by China. China is importing some pork as it continues to rebuild its domestic swine herd and has increased U.S. soybean purchases due to high prices in Brazil. New crop corn export sales topped 900,000 tons, mainly to Mexico and unknown destinations, while beef sales dropped 20% on the week. The totals for old crop corn, sorghum, and soybean export sales were up sharply from the previous marketing year but fell just short of USDA projections.
Physical shipments of major commodities were below what’s needed to meet USDA estimates, reflecting the impact of Hurricane Ida on shipping out of ports in southern Louisiana. The 2021/22 marketing year started June 1st, 2021 for wheat, August 1st, 2021 for cotton and rice, and September 1st, 2021 for beans, corn, and sorghum, while 2020/21 got underway October 1st, 2020 for soybean products. The marketing year for beef is the calendar year.
Wheat came out at 388,400 tons (14.3 million bushels), up 32% from the week ending August 26th and 54% from the four-week average. Mexico purchased 128,100 tons and the Philippines bought 63,000 tons. Just over a quarter into the 2021/22 marketing year, wheat sales are 360.5 million bushels, compared to 470.2 million in 2020/21.
New crop corn sales were 905,800 tons (35.7 million bushels). Mexico picked up 334,100 tons and unknown destinations purchased 234,900 tons. Just after the start of the marketing year, corn sales are 957.7 million bushels, compared to 742 million a year ago. 2,978,100 tons were carried over from the 2020/21 marketing year. Exports of 256,000 tons from August 27th to August 31st brought the 2020/21 total to 66,957,900 tons, up 55% from 2019/20.
New crop sorghum sales were 126,400 tons (5.0 million bushels). China bought 68,600 tons and unknown destinations picked up 55,000 tons. Early in the marketing year, sorghum sales are 76.6 million bushels, compared to 96.4 million this time last year. A total of 223,600 tons were carried over from the 2020/21 marketing year. Exports of 2,500 tons between August 27th and August 31st brought the 2020/21 total to 6,913,400 tons, up 53% from 2019/20.
Rice sales were 34,000 tons. Costa Rica purchased 22,000 tons and Honduras bought 5,500 tons. A little more than a month into the marketing year, rice exports are 728,600 tons, compared to 494,600 tons a year ago.
New crop soybean sales were 1,471,900 tons (54.1 million bushels). China picked up 764,000 tons and unknown destinations purchased 453,600 tons. 2021/22 soybean sales are 772.5 million bushels, compared to 1.096 billion bushels at the outset of 2020/21. A total of 1,805,800 tons were carried over from the previous marketing year. Exports of 283,100 tons between August 27th and August 31st brought the 2020/21 total to 60,570,500 tons, up 35% from 2019/20.
Soybean meal was reported at 60,700 tons, quite a bit more than the previous week, but 9% less than the four-week average. Mexico bought 24,100 tons and Malaysia picked up 8,500 tons, while unknown destinations canceled on 8,300 tons. Nearing the end of the 2020/21 marketing year, soybean meal sales are 12,140,600 tons, compared to 12,185,500 late in 2019/20. Sales of 48,300 tons for 2021/22 delivery were mainly to Japan (20,500 tons) and the Dominican Republic (15,000 tons), but unknown destinations canceled on 19,000 tons.
Soybean oil had a net reduction of 1,600 tons, following a cancellation by Canada. 2020/21 soybean oil sales are 689,000 tons, compared to 1,276,900 late in 2019/20. Sales of 100 tons for 2021/22 delivery were to Canada.
Upland cotton was pegged at 453,000 bales. China purchased 261,500 bales and Pakistan bought 36,500 bales. 2021/22 upland cotton exports are 6,022,100 bales, compared to 7,110,000 in 2020/21. Sales of 19,500 bales for 2022/23 delivery were to Guatemala.
Net beef sales totaled 12,400 tons, a decrease of 20% from the week before and 2% from the four-week average. The reported buyers were Japan (4,600 tons), China (2,700 tons), South Korea (900 tons), Canada (800 tons), and Taiwan (700 tons). Shipments of 18,800 tons were 4% higher than the prior week and unchanged from the four-week average, primarily to Japan (4,900 tons), South Korea (4,700 tons), China (4,000 tons), Taiwan (1,100 tons), and Mexico (1,000 tons). Sales of 400 tons for 2022 delivery were to South Korea.
Net pork sales totaled 33,800 tons, an increase of 1% on the week and 47% from the four-week average. The listed purchasers were China (15,000 tons), Mexico (8,200 tons), South Kora (3,600 tons), Colombia (3,100 tons), and Japan (1,600 tons). Shipments of 29,100 tons were up 3% from the previous week and 2% from the four-week average, mostly to Mexico (13,800 tons), China (5,000 tons), Japan (3,700 tons), Canada (1,400 tons), and South Korea (1,400 tons).