News

Corn, wheat export sales hit marketing year lows

China was the leading buyer of U.S. pork during the week ending January 2nd. The USDA says Beijing bought more than 7,000 tons of U.S. pork, less than a quarter of the weekly total, just ahead of Mexico, and more than 135,000 tons outstanding at the end of 2019 were carried over into 2020. Weekly beef sales were just over 8,000 tons with more than 75,000 tons carried over from last year to this year. Exports of corn, rice, soybean meal, and wheat were new marketing year lows and soybean and cotton sales were below average. The report was delayed a day by inclement weather in Washington D.C.

Overall, soybean oil sales were towards the low end of estimates, while beans, corn, soybean meal, and wheat fell below analysts’ expectations. Physical shipments of sorghum and soybeans were more than what’s needed weekly to meet USDA projections for the marketing year. The 2019/20 marketing year 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.

Wheat came out at 80,600 tons (3.0 million bushels), down 74% from the week ending December 26th and 87% lower than the four-week average. Nigeria purchased 45,500 tons and Mexico bought 20,100 tons, but unknown destinations canceled on 70,000 tons. More than halfway through the 2019/20 marketing year, wheat sales are 695.7 million bushels, compared to 658.0 million in 2018/19. Sales of 50,000 tons (1.8 million bushels) for 2020/21 delivery were to the Philippines.

Corn was reported at 161,900 tons (6.4 million bushels), a drop of 70% from the previous week and 83% from the four-week average. Unknown destinations picked up 89,700 tons and Japan purchased 61,400 tons, while Mexico canceled on 41,500 tons. Just over a quarter into the marketing year, corn sales are 729.0 million bushels, compared to 1.271 billion this time last year.

Sorghum sales were 20,100 tons (800,000 bushels). Mexico bought 11,400 tons and unknown destinations picked up 5,000 tons. Net sorghum exports are 43.6 million bushels, compared to 18.8 million a year ago.

Rice exports were 35,400 tons, 23% less than the week before and 27% below the four-week average. South Korea purchased 17,000 tons and Saudi Arabia bought 9,500 tons. U.S. rice sales are 2,185,300 tons, compared to 1,907,500 last year.

Soybeans were pegged at 355,500 tons (13.1 million bushels), up 8% from the prior week, but down 59% from the four-week average. Indonesia picked up 78,600 tons and Germany purchased 75,800 tons, while unknown destinations canceled on 73,000 tons. So far, this marketing year, soybean sales are 1.094 billion bushels, compared to 1.116 billion a year ago. Sales of 3,400 tons (100,000 bushels) for 2020/21 delivery were to Japan.

Soybean meal came out at 74,200 tons, a decline 22% from the previous week and 47% from the four-week average. Ecuador bought 35,500 tons and Canada picked up 7,400 tons. For the marketing year to date, soybean meal sales are 5,612,900 tons, compared to 6,909,700 last year.

Soybean oil was reported at 2,600 tons. Mexico purchased 2,300 tons and Colombia bought 300 tons. Cumulative soybean oil sales are 428,300 tons, compared to 405,900 a year ago.

Upland cotton sales were 152,000 bales, a decrease of 38% from the week before and 33% from the four-week average. Vietnam picked up 97,600 bales and Pakistan purchased 24,400 bales, while India canceled on 18,000 bales. 2019/20 upland cotton exports are 11,626,500 bales, compared to 10,878,800 in 2018/19. Sales of 5,500 bales for 2020/21 delivery were to Turkey (4,400 bales) and Vietnam (1,100 bales).

Net beef sales for 2020 delivery totaled 8,100 tons. The listed buyers were Japan (1,700 tons), the Philippines (1,600 tons), South Korea (1,000 tons), Taiwan (1,000 tons), and Mexico (900 tons). Outstanding sales of 74,600 tons on December 31st were carried over into 2020.

Net pork sales for 2020 delivery were 26,800 tons. The reported purchasers were China (7,200 tons), Mexico (7,100 tons), South Korea (5,500 tons), Japan (4,100 tons), and Vietnam (1,000 tons). Outstanding sales of 137,400 tons on December 31st were carried over into 2020.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!