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Pork export sales hit marketing year high

The USDA says pork export sales during the week ending March 25^th were a marketing year high at 61,000 tons. Just under half of the total was to China, which has recently reported more cases of African swine fever, and there were also solid sales to Mexico. Rice, sorghum, and soybean exports were up on the week, while beef, corn, wheat, soybean product, and cotton sales posted week to week declines. The USDA’s next set of supply and demand estimates is out on the 9^th.

Physical shipments of corn, sorghum, and soybeans were more than what’s needed weekly to meet USDA projections for the current marketing year. The 2020/21 marketing year started June 1^st, 2020 for wheat, August 1^st, 2020 for cotton and rice, September 1^st, 2020 for beans, corn, and sorghum, and October 1^st, 2020 for soybean products.

Wheat came out at 250,100 tons (9.2 million bushels), down 27% from the week ending March 18^th and 22% from the four-week average. China purchased 130,000 tons and the Philippines bought 123,300 tons, while unknown destinations canceled on 120,000 tons and Indonesia canceled on 114,900 tons. In the final quarter of the 2020/21 marketing year, wheat sales are 922.4 million bushels, compared to 910.6 million late in 2019/20. Sales of 81,000 tons (3.0 million bushels) for 2021/22 delivery were mainly to the Philippines (52,000 tons) and South Korea (21,000 tons).

Corn was reported at 797,300 tons (31.4 million bushels), 82% lower than the previous week and 46% under the four-week average. Japan picked up 273,100 tons and Colombia purchased 245,000 tons, while unknown destinations canceled on 228,800 tons. Just over the halfway point for the marketing year, corn sales are 2.588 billion bushels, compared to 1.256 billion this time last year. Sales of 60,000 tons (2.4 million bushels) for 2021/22 delivery were to Mexico.

Sorghum sales were 121,000 tons (4.8 million bushels). China bought 176,000 tons, but unknown destinations canceled on 55,000 tons. Sorghum exports are 251.5 million bushels, compared to 105.2 million a year ago. Sales of 63,000 tons (2.5 million bushels) for 2021/22 delivery were to China.

Rice sales were 55,500 tons, up 4% from the week before, but down 23% from the four-week average. Japan picked up 25,000 tons and Guatemala purchased 10,500 tons. Rice exports are 2,762,300 tons, compared to 2,945,300 last year.

Soybeans were pegged at 105,800 tons (3.9 million bushels), 4% more than the prior week, but 54% less than the four-week average. China bought 124,000 tons and Egypt picked up 49,300 tons, but unknown destinations canceled on 216,500 tons. So far, this marketing year, soybean sales are 2.236 billion bushels, compared to 1.349 billion a year ago. Sales of 131,000 tons (4.8 million bushels) for 2021/22 delivery were primarily to Pakistan (55,000 tons) and unknown destinations (42,000 tons).

Soybean meal came out at 139,700 tons, a decline of 17% on the week and 34% from the four-week average. Colombia purchased 66,200 tons and Canada bought 19,900 tons. For the marketing year to date, soybean meal sales are 8,936,400 tons, compared to 8,786,900 last year. A net reduction of 300 tons for 2021/22 followed a cancellation by Canada.

Soybean oil was reported at 4,100 tons, a drop of 69% from the previous week and 62% from the four-week average. Nicaragua picked up 2,200 tons and the Dominican Republic purchased 1,700 tons, while Canada canceled on 900 tons. Cumulative soybean oil sales are 639,200 tons, compared to 899,000 a year ago.

Upland cotton was pegged at 78,400 bales, a decrease of 71% from both the week before and the four-week average. Vietnam bought 97,300 bales and Pakistan picked up 37,300 bales, but Indonesia canceled on 119,500 bales. 2020/21 upland cotton sales are 14,577,000 bales, compared to 15,292,400 in 2019/20. Sales of 41,400 bales for 2021/22 delivery were mostly to South Korea (19,800 bales) and Vietnam (13,200 bales).

Net beef sales totaled 18,700 tons, 1% lower than the prior week and 15% below the four-week average. The reported purchasers were Japan (6,000 tons), China (5,900 tons), South Korea (2,600 tons), Canada (1,100 tons), and Hong Kong (800 tons), with a cancellation by Kuwait (100 tons). Shipments of 18,600 tons were steady on the week and 1% above the four-week average, mainly to Japan (5,400 tons), South Korea (5,100 tons), China (2,900 tons), Mexico (1,400 tons), and Canada (800 tons).

Net pork sales totaled 61,000 tons, an increase of 58% from the previous week and 43% from the four-week average. The listed buyers were China (29,700 tons), Mexico (15,800 tons), Japan (4,600 tons), Canada (3,700 tons), and Australia (2,200 tons). Shipments of 40,400 tons were 5% higher than the week before and 2% more than the four-week average, primarily to China (11,900 tons), Mexico (9,900 tons), Japan (5,200 tons), South Korea (4,000 tons), and Colombia (1,800 tons).