Mexico, China big weekly buyers of U.S. pork

The USDA says pork exports for 2019 delivery topped 30,000 tons. Both Mexico and China bought more than 10,000 tons of U.S. pork during the week ending November 28th, with net sales up 20% from the week before and 5% from the four-week average, but sales for 2020 delivery were a net reduction after a cancellation by China. Beef sales for delivery this year were just 500 tons, but sales for next year were more than 11,500 tons. Sales of corn, cotton, soybeans, and wheat were all down significantly on the week, while sorghum had China as the big weekly buyer. The USDA’s next set of supply and demand estimates is out December 10th.

Overall, soybean and wheat export sales fell below pre-report estimates, while corn and soybean products were within analysts’ 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 228,100 tons, down 63% from the week ending November 21st and 45% lower than the four-week average. Unknown destinations purchased 102,000 tons and Mexico bought 45,100 tons. About halfway through the marketing year, wheat sales are 12.382 million tons, compared to 10.077 million in 2018/19.

Corn was reported at 546,100 tons, 32% less than the previous week and 18% below the four-week average. Japan picked up 236,700 tons and unknown destinations purchased 130,900 tons. For the marketing year to date, corn sales are 6.344 million tons, compared to 14.768 million this time last year. Sales of 2,400 tons for 2020/21 delivery were to Canada.

Sorghum exports were 19,000 tons. China bought 128,000 tons and Japan picked up 10,000 tons, but unknown destinations canceled on 119,000 tons. At this point in the marketing year, sorghum sales are 242,300 tons, compared to 290,100 a year ago.

Rice sales were 42,200 tons, a decline of 71% from the week before and 53% under the four-week average. Mexico purchased 28,100 tons and Japan bought 3,800 tons. Rice exports are 1.076 million tons, compared to 929,900 last year.

Soybeans were pegged at 683,800 tons, down 59% from the prior week and 55% lower than the four-week average. China picked up 298,600 tons and Thailand purchased 89,700 tons, but unknown destinations canceled on 142,500 tons. So far, this marketing year, soybean sales are 15.988 million tons, compared to 12.986 million a year ago.

Soybean meal came out at 181,100 tons, 94% more than the previous week, but 19% less than the four-week average. Mexico bought 33,800 tons, while Israel and Morocco both picked up 30,000 tons. A couple of months into the marketing year, bean meal sales are 1.804 million tons, compared to 1.861 million last year.

Soybean oil was reported at 10,800 tons, a decrease of 28% on the week and 51% from the four-week average. Guatemala purchased 6,000 tons and South Korea bought 3,000 tons. Cumulative bean oil sales are 194,800 tons, compared to 140,100 a year ago.

Upland cotton exports were 163,700 bales, 42% below the week before and 36% under the four-week average. Bangladesh picked up 65,100 bales and Vietnam purchased 34,500 bales. 2019/20 upland cotton sales are 3.099 million bales, compared to 2.686 million in 2018/19. Sales of 2,200 bales for 2020/21 delivery were mainly to Honduras (1,800 bales).

Net beef sales totaled 500 tons. The listed buyers were Japan (2,200 tons), Mexico (1,800 tons), Italy (300 tons), Canada (200 tons), and Indonesia (100 tons), with reported cancellations by South Korea (2,700 tons) and Hong Kong (1,500 tons). Sales of 11,700 tons for 2020 delivery were primarily to South Korea (7,000 tons), Hong Kong (2,600 tons), Taiwan (1,000 tons), and Japan (700 tons).

Net pork sales totaled 30,600 tons, an increase of 20% from the prior week and 5% from the four-week average. The reported purchasers were Mexico (10,900 tons), China (10,300 tons), Japan (2,900 tons), Canada (1,700 tons), and Australia (1,300 tons). The net reduction of 1,400 tons for 2020 delivery followed sales to South Korea (6,700 tons), Canada (100 tons), and Honduras (100 tons) that were more than offset by a cancellation from China (8,500 tons).

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