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Beef export sales up on week

The USDA says beef export sales popped higher during the week ending November 4th. Sales of 20,600 tons were up 23% on the week, with China, Taiwan, and Japan taking the lead. Pork sales fell 49%, Mexico and China were the top buyers, and the USDA says South Korea bought 13,300 tons for delivery next year. Corn, soybean, wheat, sorghum, soybean oil, and cotton export sales posted week to week declines, while bean meal and rice moved higher. The USDA’s next set of supply and demand estimates is out December 9th.

Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year started 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 285,900 tons (10.5 million bushels), down 29% from both the week ending October 28th and the four-week average. The Philippines purchased 152,000 tons and Japan bought 57,400 tons, while unknown destinations canceled on 51,800 tons. About five months into the 2021/22 marketing year, wheat sales are 488.4 million bushels, compared to 626.8 million in 2020/21. Sales of 22,500 tons (800,000 bushels) for 2022/23 delivery were to unknown destinations.

Corn was reported at 1,067,300 tons (42 million bushels), 13% lower than the previous week and 4% below the four-week average. Canada picked up 357,600 tons and Colombia purchased 304,600 tons. At this point in the marketing year, corn sales are 1.263 billion bushels, compared to 1.345 billion this time last year. A net reduction of 2,500 tons (-100,000 bushels) for 2022/23 delivery followed a cancellation by Canada.

Sorghum exports of 261,100 tons (10.3 million bushels), were 2% less than the week before, but 57% more than the four-week average, all to China. Sorghum exports are 129.1 million bushels, compared to 150.3 million a year ago.

Rice sales were 43,200 tons, up 45% from the prior week and 1% from the four-week average. El Salvador bought 14,800 tons and South Korea picked up 14,200 tons, while Guatemala canceled on 13,000 tons. Rice exports are 1,150,900 tons, compared to 1,261,100 last year.

Soybeans were pegged at 1,289,400 tons (47.4 million bushels), a decline of 31% on the week and 25% from the four-week average. China purchased 939,300 tons and Germany bought 311,400 tons, while unknown destinations canceled on 847,400 tons. So far, this marketing year, soybean sales are 1.223 billion bushels, compared to 1.831 billion a year ago. Sales of 30,000 tons (1.1 million bushels) for 2022/23 delivery were to unknown destinations.

Soybean meal came out at 278,000 tons, 23% higher than the previous week and 12% above the four-week average. Mexico picked up 69,600 tons and the Philippines purchased 65,900 tons. For the marketing year to date, soybean meal sales are 4,960,900 tons, compared to 4,617,100 last year. Net reductions of 100 tons for 2022/23 delivery occurred after the sale of 500 tons to the Netherlands and a cancellation of 500 tons by Japan.

Soybean oil was reported at 10,400 tons, 8% under the week before and down 14% from the four-week average. The Dominican Republic bought 3,100 tons and Colombia picked up 2,500 tons. Cumulative soybean oil sales are 144,300 tons, compared to 316,000 a year ago.

Upland cotton was pegged at 128,000 bales, 8% below the prior week and 51% less than the four-week average. China purchased 78,800 bales and Bangladesh bought 16,800 bales, while Indonesia canceled on 12,900 bales. 2021/22 upland cotton exports are 8,636,800 bales, compared to 9,102,000 in 2020/21. Sales of 11,600 bales for 2022/23 delivery were mainly to Costa Rica (5,000 bales) and Pakistan (4,400 bales).

Net beef sales totaled 20,600 tons, a jump of 23% from the week before and 39% from the four-week average. The reported buyers were China (8,200 tons), Taiwan (4,300 tons), Japan (2,200 tons), Mexico (2,200 tons), and South Korea (1,600 tons), with cancellations by Panama (200 tons) and Colombia (100 tons). Shipments of 17,000 tons were an increase of 1% from the prior week and 3% from the four-week average, primarily to South Korea (5,000 tons), Japan (3,700 tons), China (3,200 tons), Mexico (1,300 tons), and Taiwan (1,200 tons). Net sales of 400 tons for 2022 delivery were to Japan (600 tons), China (200 tons), and Mexico (100 tons), with a cancellation by South Korea (500 tons).

Net pork sales totaled 23,300 tons, a drop of 49% on the week and 28% from the four-week average. The reported purchasers were Mexico (7,800 tons), China (5,800 tons), Japan (5,400 tons), Canada (3,700 tons), and the Dominican Republic (1,000 tons), with a cancellation by South Korea (2,400 tons). Shipments of 32,000 tons were a decrease of 5% from the previous week and 1% from the four-week average, mostly to Mexico (14,200 tons), Japan (5,400 tons), China (3,600 tons), South Korea (2,900 tons), and Colombia (2,400 tons). Sales of 13,600 tons for 2022 delivery were mainly to South Korea (13,300 tons).

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