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Pork export sales up sharply on the week

The USDA says the week ending June 25th was a strong week for pork export sales. Sales topped 39,000 tons, up more than 60% from the four-week average, with China buying more than 21,000 tons and Mexico purchasing more than 8,000 tons. Beef exports fell sharply, but Japan, South Korea, and Taiwan all each bought at least 1,000 tons. Old crop soybeans exports were a marketing year low, while new crop sales were strong, mainly to China and unknown destinations, and corn exports were below average. China was the biggest buyer of old crop sorghum and the second leading purchaser of new crop cotton. The USDA’s next set of supply and demand estimates is out July 10th.

Physical shipments of corn and sorghum were more than what’s needed weekly to meet USDA projections for the 2019/20 marketing year. The 2020/21 marketing year started June 1st for wheat, while 2019/20 runs through the end of July for cotton and rice, the end of August for beans, corn, and sorghum, and the end of September for soybean products.

Wheat came out at 414,300 tons (15.2 million bushels). Taiwan purchased 89,300 tons and Yemen bought 80,000 tons. Less than a month into the 2020/21 marketing year, wheat sales are 267.0 million bushels, compared to 264.7 million in 2019/20.

Corn was reported at 361,100 tons (14.2 million bushels), down 22% from the week ending June 18th and 32% lower than the four-week average. Japan picked up 240,100 tons and Mexico purchased 168,300 tons, but unknown destinations canceled on 282,600 tons. In the final quarter of 2019/20, corn exports are 1.666 billion bushels, compared to 1.926 billion in the late stages of 2018/19. Sales of 262,700 tons (10.3 million bushels) for 2020/21 delivery were mainly to unknown destinations (109,900 tons) and Japan (100,500 tons).

Sorghum sales were 144,400 tons (5.7 million bushels), up sharply from both the previous week and the four-week average. China bought 76,800 tons and unknown destinations picked up 62,800 tons. Sorghum exports are 163.6 million bushels, compared to 61.2 million this time last year. Sales of 68,000 tons (2.7 million bushels) for 2020/21 delivery were to unknown destinations.

Rice exports were 24,900 tons, significantly below the week before, but quite a bit more than the four-week average. Mexico purchased 20,500 tons and Saudi Arabia bought 2,100 tons. Rice sales are 3,311,300 tons, compared to 3,370,600 a year ago.

Soybeans were pegged at 241,700 tons (8.9 million bushels), a decline of 60% from the prior week and 63% from the four-week average. Egypt picked up 81,000 tons and Mexico purchased 45,500 tons. So far, this marketing year, soybean sales are 1.655 billion bushels, compared to 1.778 billion last year. Sales of 841,700 tons (30.9 million bushels) were primarily to China (594,000 tons) and unknown destinations (176,000 tons).

Soybean meal came out at 143,000 tons, an improvement from the previous week, but 40% less than the four-week average. Mexico bought 60,700 tons and Canada picked up 15,900 tons. For the marketing year to date, soybean meal sales are 11,063,200 tons, compared to 11,273,400 a year ago. Sales of 13,000 tons for 2020/21 delivery were mostly to the Dominican Republic (10,000 tons) and Panama (2,300 tons).

Soybean oil was reported at 2,800 tons. Colombia purchased 2,000 tons and unknown destinations bought 800 tons. Cumulative soybean oil sales this year are 1,189,300 tons, compared to 805,000 last year.

Upland cotton was pegged at 67,300 bales, down 35% from the week before and 54% lower than the four-week average. Vietnam picked up 50,200 bales and China purchased 15,700 bales. 2019/20 upland cotton sales are 16,992,900 bales, compared to 15,262,600 a year ago. Net sales of 246,200 bales for 2020/21 delivery were to China (246,500 bales) and Japan (100 bales) with a cancellation by Mexico (400 bales).

Net beef sales totaled 12,300 tons, a decrease of 49% from the prior week and 36% from the four-week average. The listed buyers were Japan (3,800 tons), South Korea (2,900 tons), Taiwan (1,700 tons), Canada (900 tons), and Mexico (900 tons). Physical shipments of 14,600 tons were 21% less than the previous week, but 23% more than the four-week average, mainly to Japan (5,000 tons), South Korea (4,800 tons), Canada (1,200 tons), Hong Kong (1,000 tons), and Taiwan (900 tons).

Net pork sales totaled 39,200 tons, an increase of 63% on the week and 61% from the four-week average. The reported purchasers were China (21,600 tons), Mexico (8,400 tons), Japan (2,200 tons), Canada (2,100 tons), and the Philippines (900 tons). Physical shipments of 31,000 tons were 5% higher than the week before, but 2% lower than the four-week average, primarily to China (11,800 tons), Mexico (9,200 tons), Japan (3,200 tons), Canada (2,400 tons), and South Korea (2,000 tons).