China passes on U.S. pork, soybeans

The USDA says export numbers during the week ending February 13th were mixed. China didn’t buy any U.S. soybeans or pork, but 15,000 tons of U.S. pork were shipped to Chinese ports, and they did purchase sorghum. Corn exports were larger than expected, but wheat and beans fell short of pre-report estimates. Soybean meal sales were also lower than anticipated and bean oil fell within the projected range. Beef exports were up on the week, mainly heading to Japan, South Korea, and Mexico. The marketing week ended before China rolled back tariffs on some U.S. ag goods and Phase One of the trade deal was fully enacted. The USDA’s next set of supply and demand estimates is out March 10th.

Physical shipments of sorghum and soybeans were above what’s needed weekly to meet expectations. The 2019/20 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.

Wheat came out at 346,300 tons (12.7 million bushels), down 46% from the week ending February 6th and 40% lower than the four-week average. Indonesia purchased 73,400 tons and Mexico bought 72,400 tons, while unknown destinations canceled on 42,600 tons. With the last quarter of the 2019/20 marketing year in sight, wheat sales are 817.7 million bushels, compared to 789.4 million in 2018/19. Sales of 60,100 tons (2.2 million bushels) for 2020/21 delivery were mainly to Colombia (29,500 tons) and the Philippines (18,500 tons).

Corn was reported at 1,249,200 tons (49.2 million bushels), up 29% from the previous week and 12% from the four-week average. Japan picked up 504,000 tons and Mexico purchased 288,100 tons. Closing in on the halfway through the marketing year, corn sales are 984.5 million bushels, compared to 1.508 billion this time last year. Sales of 1,000 tons for 2020/21 delivery were to El Salvador.

Sorghum sales were 49,600 tons. China bought 48,000 tons and New Zealand picked up 33,000 tons, but unknown destinations canceled on 63,200 tons. For the marketing year to date, sorghum sales are 48.1 million bushels, compared to 28.7 million a year ago. Sales of 33,000 tons (1.3 million bushels) for 2020/21 delivery were to New Zealand.

Rice exports were 106,600 tons, 22% less than the week before, but 32% more than the four-week average. Japan purchased 28,700 tons and Nicaragua bought 24,000 tons. Rice export sales are 2,644,800 tons, compared to 2,213,600 last year.

Soybeans were pegged at 494,300 tons (18.2 million bushels), a decline of 23% from the prior week and 22% below the four-week average. Indonesia picked up 91,300 tons and Japan purchased 89,800 tons. So far, this marketing year, soybean sales are 1.229 billion bushels, compared to 1.351 billion a year ago. Sales of 3,400 tons (100,000 bushels) for 2020/21 delivery were to Japan.

Soybean meal came out at 169,400 tons, down 28% from the previous week and 56% lower than the four-week average. Bangladesh bought 47,000 tons and the Dominican Republic picked up 40,100 tons, but unknown destinations canceled on 79,600 tons. At this point in the marketing year, soybean meal sales are 7,685,100 tons, compared to 8,378,500 last year.

Soybean oil was reported at 42,000 tons. South Korea purchased 17,400 tons and the Dominican Republic bought 10,800 tons. Cumulative soybean oil sales are 683,400 tons, compared to 498,100 a year ago.

Upland cotton was pegged at 235,300 bales, 33% below the week before and 30% under the four-week average. Vietnam picked up 57,300 bales and Pakistan purchased 57,200 bales. 2019/20 upland cotton exports are 13,432,700 bales, compared to 11,855,900 in 2018/19. Sales of 141,200 bales for 2020/21 delivery were primarily to Indonesia (90,400 bales) and Pakistan (29,900 bales).

Net beef sales totaled 19,400 tons, 11% more than the prior week, but 10% less than the four-week average. The reported buyers were Japan (8,900 tons), South Korea (3,300 tons), Mexico (2,400 tons), Canada (1,800 tons), and Taiwan (500 tons). Physical shipments of 17,900 tons were up 6% from the week before and 2% from the four-week average, mostly headed to Japan (5,900 tons), South Korea (4,800 tons), Mexico (2,100 tons), Taiwan (1,600 tons), and Canada (1,000 tons).

Net pork sales totaled 23,700 tons, a decrease of 17% on the week and 22% from the four-week average. The listed purchasers were Mexico (7,400 tons), Japan (3,300 tons), Canada (2,200 tons), Colombia (2,000 tons), and Chile (1,800 tons). Physical shipments of 42,200 tons were down 2% from the prior week and 3% from the four-week average, mainly headed to China (15,000 tons), Mexico (10,700 tons), Japan (5,200 tons), South Korea (4,300 tons), and Canada (2,400 tons).

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