Beef, pork exports fall as corn, soybeans climb
The USDA says beef and pork export sales dropped during the week ending December 2nd. Beef hit a marketing year low following a cancellation by South Korea, but on the positive side, sales for 2022 delivery topped 10,000 tons. Pork sales were less than half of last week with a net reduction for China. China was the biggest buyer of U.S. soybeans and sorghum, also purchasing more than 200,000 tons of U.S. corn, and while wheat recovered from the prior week’s marketing year low, sales were below average. Last week marked the halfway point in the marketing year for wheat and the end of the first quarter for corn, sorghum, and soybeans.
Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. 2021/22 got underway June 1st for wheat, August 1st for cotton and rice, September 1st 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 239,900 tons (8.8 million bushels), up sharply from the week ending November 25th, but down 27% from the four-week average. Guatemala purchased 68,700 tons and Thailand bought 60,000 tons, while unknown destinations canceled on 53,000 tons. Just over the halfway point in the 2021/22 marketing year, wheat sales are 535 million bushels, compared to 702.1 million in 2020/21.
Corn was reported at 1,132,500 tons (44.6 million bushels), 11% higher than the previous week and 2% above the four-week average. Canada picked up 258,400 tons and Colombia purchased 244,800 tons. Starting the second quarter of the marketing year, corn sales are 1.439 billion bushels, compared to 1.561 billion this time last year.
Sorghum sales were 315,100 tons (12.4 million bushels). China bought 370,100 tons, while unknown destinations canceled on 55,000 tons. Sorghum exports are 171.2 million bushels, compared to 183.2 million a year ago.
Rice sales of 48,800 tons were 51% larger than the week before, but 22% smaller than the four-week average. Honduras picked up 18,500 tons and Guatemala purchased 13,100 tons. Rice exports are 1,408,400 tons, compared to 1,524,600 last year.
Soybeans were pegged at 1,637,900 tons (60.2 million bushels), a jump of 54% from the prior week and 27% from the four-week average. China bought 893,400 tons and Egypt picked up 226,800 tons, while unknown destinations canceled on 306,400 tons. So far, this marketing year, soybean sales are 1.426 billion bushels, compared to 1.941 billion a year ago.
Soybean meal came out at 202,500 tons, a gain of 38% on the week and 9% from the four-week average. Colombia purchased 83,100 tons and Venezuela bought 29,100 tons. At this point in the marketing year, soybean meal sales are 5,629,900 tons, compared to 5,264,800 last year. Sales of 2,800 tons for 2022/23 delivery were to Japan (1,200 tons), Canada (800 tons), and the Netherlands (800 tons).
Soybean oil was reported at 5,300 tons, a drop of 89% from the previous week and 87% from the four-week average. Mexico picked up 2,200 tons and Honduras purchased 2,000 tons. Cumulative soybean oil sales are 308,400 tons, compared to 398,400 a year ago. Sales of 100 tons for 2022/23 delivery were to Canada.
Upland cotton was pegged at 382,600 bales, up 2% from the week before and 83% from the four-week average. China bought 147,700 bales and Turkey picked up 96,100 bales. 2021/22 upland cotton exports are 9,727,900 bales, compared to 10,264,000 in 2020/21. Sales of 18,100 bales for 2022/23 delivery were mainly to Pakistan (15,000 bales).
Net beef sales totaled 4,200 tons, a decrease of 80% from the prior week and 81% from the four-week average. The reported purchasers were Canada (2,100 tons), China (2,000 tons), Japan (1,800 tons), Mexico (700 tons), and Taiwan (700 tons), with a cancellation by South Korea (4,300 tons). Shipments of 16,700 tons were up 1% on the week, but down 5% from the four-week average, primarily to South Korea (4,400 tons), Japan (4,000 tons), China (3,300 tons), Taiwan (1,600 tons), and Mexico (1,200 tons). Sales of 10,400 tons for 2022 delivery were mostly to South Korea (8,200 tons), Taiwan (500 tons), Mexico (400 tons), China (300 tons), and Japan (300 tons).
Net pork sales totaled 19,800 tons, a decline of 52% from the previous week and 26% from the four-week average. The listed buyers were Mexico (11,700 tons), Japan (3,700 tons), South Korea (1,400 tons), the Dominican Republic (700 tons), and Colombia (500 tons), with cancellations by Australia (200 tons), China (100 tons), and Peru (100 tons). Shipments of 33,500 tons were 8% less than the week before, but 2% more than the four-week average, mainly to Mexico (17,000 tons), Japan (5,000 tons), China (3,600 tons), South Korea (2,900 tons), and Colombia (1,500 tons). Sales of 700 tons for 2022 delivery were primarily to Colombia (400 tons), Japan (300 tons), Australia (200 tons), and South Korea (100 tons), with a cancellation by Canada (300 tons).