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Another marketing year low for soybean export sales

Soybean export sales established a marketing year low for the fourth consecutive week. The USDA says bean sales during the week ending November 26th were barely over 400,000 tons and while China was the leading buyer, overall, demand has died back because of higher U.S. prices and generally improved planting and development conditions in South America. Pork exports were up sharply on the week, but a little bit below average, and beef, corn, wheat, and sorghum, exports were also lower than their respective average paces, while cotton and rice were both above average. The USDA’s next set of supply and demand estimates is out on the 10th.

Physical shipments of sorghum and soybeans were more than what’s needed to meet projections for the current marketing year. 2020/21 started June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products.

Wheat came out at 446,400 tons (16.4 million bushels), down 44% from the week ending November 19th and 5% lower than the four-week average. Mexico purchased 89,400 tons and Taiwan bought 83,100 tons. Nearing the halfway point of the 2020/21 marketing year, wheat sales are 679.5 million bushels, compared to 604.6 million in 2019/20.

Corn was reported at 1,371,400 tons (54.0 million bushels), 18% less than the previous week and 14% below the four-week average. Mexico picked up 656,900 tons and unknown destinations purchased 351,400 tons. Almost a quarter into the marketing year, corn sales are 1.508 billion bushels, compared to 575.4 million this time last year.

Sorghum sales were 238,600 tons (9.4 million bushels), a decline of 33% from the week before and 6% from the four-week average. China bought 276,600 tons, while unknown destinations canceled on 38,000 tons. For the marketing year to date, sorghum sales are 178.4 million bushels, compared to 36.5 million a year ago.

Rice sales were 71,700 tons, up 3% from the prior week and 54% higher than the four-week average. Mexico picked up 36,700 tons and Haiti purchased 14,600 tons. At this point in the marketing year, rice sales are 1,459,700 tons, compared to 1,956,100 last year.

Soybeans were pegged at 406,900 tons (15.0 million bushels), a drop of 47% on the week and 68% below the four-week average. China bought 476,900 tons and Thailand picked up 82,400 tons, but unknown destinations canceled on 539,100 tons. So far, this marketing year, soybean sales are 1.923 billion bushels, compared to 953.3 million a year ago.

Soybean meal came out at 163,800 tons. Mexico purchased 56,100 tons and Bangladesh bought 45,000 tons, while unknown destinations canceled on 27,000 tons and Canada canceled on 25,400 tons. A couple of months into the marketing year, soybean meal sales are 5,101,300 tons, compared to 4,983,900 last year.

Soybean oil was reported at 2,500 tons. Costa Rica picked up 2,000 tons and Nicaragua purchased 1,100 tons, while Canada canceled on 1,700 tons. Cumulative soybean oil sales are 390,000 tons, compared to 332,300 a year ago.

Upland cotton was pegged at 277,900 bales, down 22% from the previous week, but up 33% from the four-week average. China bought 130,800 bales and Vietnam picked up 46,000 bales. 2020/21 upland cotton sales are 9,866,000 bales, compared to 10,566,600 in 2019/20. Sales of 21,800 bales for 2021/22 delivery were to Vietnam (15,400 bales) and Mexico (6,400 bales).

Net beef sales totaled 13,700 tons, a significant decrease from the week before and 16% lower than the four-week average. The reported purchasers were Japan (7,200 tons), South Korea (3,800 tons), Mexico (1,000 tons), China (800 tons), and Canada (400 tons), with net cancellations by Hong Kong (300 tons) and Colombia (100 tons). Shipments of 16,600 tons were 18% under the prior week and 15% below the four-week average, mainly to South Korea (4,000 tons), Japan (3,900 tons), China (2,100 tons), Mexico (2,000 tons), and Hong Kong (1,200 tons). Sales of 3,200 tons for 2021 delivery were primarily to South Korea (1,600 tons), Hong Kong (500 tons), Japan (400 tons), and Taiwan (400 tons).

Net pork sales totaled 31,300 tons, a jump of 66% on the week, but a loss of 6% from the four-week average. The listed buyers were Mexico (12,900 tons), China (7,400 tons), Japan (4,200 tons), Canada (1,700 tons, and South Korea (1,500 tons), with net cancellations for Costa Rica (100 tons) and Vietnam (100 tons). Shipments of 34,100 tons were 17% less than the previous week and down 12% from the four-week average, mostly to Mexico (11,500 tons), China (9,000 tons), Japan (4,700 tons), South Korea (3,000 tons), and Canada (2,000 tons). Sales of 4,200 tons for 2021 delivery were mainly to China (1,400 tons), Colombia (700 tons), Australia (600 tons), Canada (400 tons), and Mexico (300 tons).

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