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Another marketing year low for pork export sales

The USDA says pork export sales during the week ending April 15^th were a marketing year low for the second consecutive week. The net reduction of more than 22,000 tons occurred the USDA found a reporting error for sales to Mexico in 2020, cancelling out an otherwise decent week of sales, including more than 13,000 tons to China. Corn, beef, wheat, soybean product, and rice all showed week to week demand improvements, while soybeans, sorghum, and cotton sales declined. The USDA’s next set of supply and demand estimates is out May 12^th.

Physical shipments of corn and sorghum were more than what’s needed to meet USDA projections for the current marketing year, while soybeans fell just short. The 2020/21 marketing year started June 1^st, 2020 for wheat, August 1^st, 2020 for cotton and rice, September 1^st, 2020 for beans, corn, and sorghum, and October 1^st, 2020 for soybean products. The calendar year is the marketing year for beef and pork.

Wheat came out at 240,200 tons (8.8 million bushels), up solidly from the marketing year low hit during the week ending April 8^th and 55% from the four-week average. Mexico purchased 137,500 tons and Taiwan bought 46,300 tons. In the final quarter of the 2020/21 marketing year, wheat sales are 932.2 million bushels, compared to 935.7 million in 2019/20. Sales of 373,800 tons (13.7 million bushels) for 2021/22 delivery were mainly to Japan (67,500 tons) and unknown destinations (65,500 tons).

Corn was reported at 387,500 tons (15.3 million bushels), higher than the previous week, but 75% lower than the four-week average. Mexico picked up 366,300 tons and South Korea purchased 134,600 tons, while unknown destinations canceled on 215,800 tons and China canceled on 123,900 tons. In the back half of the marketing year, corn sales are 2.646 billion bushels, compared to 1.391 billion a year ago. Sales of 29,500 tons (1.2 million bushels) for 2021/22 delivery were primarily to Mexico (11,200 tons), El Salvador (7,500 tons), and Nicaragua (7,500 tons).

Sorghum sales were 7,000 tons (300,000 bushels), a drop of 99% from the week before and 97% from the four-week average. China bought 130,000 tons, but unknown destinations canceled on 123,000 tons. Sorghum exports are 277.6 million bushels, compared to 127.3 million a year ago. Sales of 116,000 tons (4.6 million bushels) for 2021/22 delivery were to China.

Rice sales were 96,900 tons, considerably larger than both the prior week and the four-week average. Mexico picked up 37,600 tons and Venezuela purchased 28,600 tons. Rice exports are 2,910,500 tons, compared to 3,089,400 last year.

Soybeans were pegged at 64,300 tons (2.4 million bushels), a decrease of 29% on the week, but an increase of 25% from the four-week average. Japan bought 58,200 tons and Bangladesh picked up 55,000 tons, while China canceled on 51,200 tons. So far, this marketing year, soybean sales are 2.235 billion bushels, compared to 1.39 billion a year ago. Sales of 315,300 tons (11.6 million bushels) for 2021/22 delivery were to Pakistan (130,000 tons), unknown destinations (130,000 tons), and Bangladesh (55,000 tons).

Soybean meal came out at 124,300 tons, 75% more than the previous week, but 2% less than the four-week average. Mexico purchased 32,500 tons and Nicaragua bought 23,300 tons. At this stage of the marketing year, soybean meal sales are 9,259,900 tons, compared to 9,241,800 last year. Sales of 8,200 tons for 2021/22 delivery were to Canada (8,300 tons) with a cancellation by El Salvador (100 tons).

Soybean oil was reported at 5,700 tons. Jamaica picked up 3,500 tons and the Dominican Republic purchased 1,500 tons. Cumulative soybean oil sales are 659,100 tons, compared to 966,600 a year ago.

Upland cotton was pegged at 103,100 bales, 16% below the week before and 44% under the four-week average. China bought 38,600 bales and Vietnam picked up 22,600 bales. 2020/21 upland cotton exports are 15,072,200 bales, compared to 15,119,100 in 2019/20. Sales of 42,800 bales for 2021/22 delivery were mostly to China (15,400 bales) and South Korea (13,200 bales).

Net beef sales totaled 24,600 tons, a jump of 57% from the prior week and 38% from the four-week average. The reported purchasers were South Korea (7,800 tons), Japan (6,200 tons), China (3,100 tons), Mexico (2,100 tons), and Taiwan (1,900 tons), with a net reduction for Italy (100 tons). Shipments of 19,500 tons were up 2% on the week and 4% from the four-week average, mainly to South Korea (6,100 tons), Japan (4,900 tons), China (3,600 tons), Mexico (1,400 tons), and Taiwan (1,100 tons).

Pork had a net reduction of 22,100 tons. The listed buyers were China (13,100 tons), Japan (2,700 tons), Australia (1,500 tons), South Korea (1,500 tons), and Canada (1,100 tons), with a cancellation on 45,100 tons by Mexico, which the USDA says included 54,476 tons that were improperly reported during the 2020 marketing year. Shipments of 43,900 tons were 14% higher than the previous week and 13% above the four-week average, primarily to Mexico (13,800 tons), China (13,400 tons), Japan (3,900 tons), South Korea (2,900 tons), and the Philippines (2,000 tons).