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Pork, corn, soybean export sales up on week

The USDA’s export sales report for the week ending October 7^th shows a larger than average week for pork. Pork sales were 9% above that average, with Japan, Mexico, and China leading the way, while beef matched the recent pace with Japan, China, and South Korea topping the list. Both corn and soybean export sales topped a million tons for the second consecutive week and wheat sales were up sharply from the four-week average. The USDA’s next set of supply and demand estimates is out Tuesday, November 9^th.

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 1^st for wheat, August 1^st for cotton and rice, September 1^st for beans, corn, and sorghum, and October 1^st for soybean products.

Wheat came out at 567,600 tons (20.9 million bushels), up 70% from the week ending September 30^th and 42% from the four-week average. The Philippines purchased 142,000 tons and Mexico bought 127,800 tons. For the 2021/22 marketing year to date, wheat sales are 440 million bushels, compared to 553 million in 2020/21.

Corn was reported at 1,039,900 tons (40.9 million bushels), 18% less than the previous week, but 85% more than the four-week average. Mexico picked up 790,200 tons and Guatemala purchased 102,600 tons, while unknown destinations canceled on 53,100 tons. Just over a month into the marketing year, corn sales are 1.087 billion bushels, compared to 1.043 billion a year ago. Net sales of 3,600 tons (100,000 bushels) for 2022/23 delivery occurred with the sale of 3,900 tons to Costa Rica and the cancellation of 400 tons by Canada.

Sorghum sales were 2,500 tons (100,000 bushels), 6% higher than the week before, but 98% lower than the four-week average, all to China. Sorghum exports are 92.8 million bushels, compared to 115.6 million last year.

Rice sales were 33,900 tons, a decline of 54% from the previous week and 35% from the four-week average. Mexico bought 29,600 tons and Canada picked up 3,600 tons. Rice export sales are 971,300 tons, compared to 1,018,500 a year ago.

Soybeans were pegged at 1,147,800 tons (42.2 million bushels), an increase of 10% on the week and 9% from the four-week average. China purchased 640,000 tons and Mexico bought 273,800 tons, while unknown destinations canceled on 186,400 tons. So far, this marketing year, soybean sales are 969.7 million bushels, compared to 1.585 billion last year.

Soybean meal came out at 365,400 tons. Ecuador picked up 127,800 tons and Canada purchased 74,600 tons, while the United Kingdom canceled on 60,000 tons. A few days into the current marketing year, soybean meal sales are 4,054,400 tons, compared to 3,619,200 a year ago. Sales of 700 tons for 2022/23 delivery were to Canada.

Soybean oil was reported at 19,800 tons. Guatemala bought 15,100 tons and Costa Rica picked up 4,200 tons. Cumulative soybean oil sales are 105,000 tons, compared to 178,200 last year.

Upland cotton was pegged at 146,700 bales, a drop of 41% from the previous week and 60% from the four-week average. Turkey purchased 62,000 bales and Mexico bought 52,900 bales. 2021/22 upland cotton exports are 7,617,200 bales, compared to 8,233,200 in 2020/21. Sales of 10,600 bales for 2022/23 delivery were to Mexico (15,000 bales) with a cancellation by Turkey (4,400 bales).

Net beef sales totaled 15,700 tons, up 1% from the week before and unchanged from the four-week average. The reported purchasers were Japan (4,400 tons), China (3,400 tons), South Korea (2,400 tons), Taiwan (1,900 tons), and Mexico (1,700 tons). Shipments of 15,500 tons were down 1% from the prior week and 11% from the four-week average, primarily to Japan (4,400 tons), South Korea (3,800 tons), China (2,400 tons), Taiwan (1,200 tons), and Mexico (1,100 tons). A net reduction of 300 tons for 2022 delivery occurred after sales to Chile (500 tons) and Taiwan (300 tons) were offset by a cancellation from South Korea (1,000 tons).

Net pork sales totaled 33,500 tons, a jump of 51% on the week and 9% above the four-week average. The listed buyers were Japan (11,800 tons), Mexico (8,200 tons), China (4,300 tons), South Korea (3,900 tons), and Canada (2,400 tons), with a cancellation by El Salvador (100 tons). Shipments of 29,700 tons were 2% higher than the previous week, but 2% lower than the four-week average, mostly to Mexico (13,900 tons), China (4,000 tons), Japan (3,600 tons), Colombia (1,900 tons), and South Korea (1,800 tons).