News

Pork exports down on week

The USDA says pork exports during the week ending April 1^st backed off sharply from the previous week’s marketing year high. Sales of 33,400 tons were down 45% on the week, with Mexico buying about two thirds of the total and China picking up just over 1,000 tons. Old crop soybean and wheat export sales were marketing year lows following cancellations by China, but new crop sales were solid, with China leading the way. Old crop cotton and soybean oil were both up sharply, while beef, corn, soybean meal, and rice declined, and sorghum had a net reduction. Export demand is determined by several factors including domestic and world prices for commodities, currency trade, and political factors. The USDA’s next set of supply and demand estimates is out Friday at Noon Eastern/11 Central.

Physical shipments of corn and soybeans were more than what’s needed 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 beans, corn, sorghum, and October 1^st, 2020 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 82,000 tons (3.0 million bushels), down 67% from the week ending March 25^th and 75% from the four-week average. South Korea purchased 49,300 tons and the Philippines bought 29,300 tons, while China canceled on 56,700 tons and unknown destinations canceled on 50,000 tons. With two months left in the 2020/21 marketing year, wheat sales are 925.4 million bushels, compared to 920.1 million in 2019/20. Sales of 529,900 tons (19.5 million bushels) for 2021/22 delivery were mainly to China (260,000 tons) and unknown destinations (154,600 tons).

Corn was reported at 757,000 tons (29.8 million bushels), 5% lower than the previous week and 54% below the four-week average. Japan picked up 285,300 tons and South Korea purchased 247,600 tons, while unknown destinations canceled on 164,800 tons. Fully into the back half of the marketing year, corn sales are 2.617 billion bushels, compared to 1.329 billion a year ago. Sales of 50,000 tons (2.0 million bushels) for 2021/22 delivery were to Mexico (90,000 tons) and Guatemala (10,000 tons) with a cancellation by unknown destinations (50,000 tons).

Sorghum had a net reduction of 500 tons. China bought 54,500 tons, but unknown destinations canceled on 55,000 tons. Sorghum exports are 251.4 million bushels, compared to 119.9 million this time last year.

Rice sales were 44,000 tons, 21% less than the week before and 30% under the four-week average. Haiti picked up 14,500 tons and Panama purchased 9,700 tons. Rice exports are 2,806,400 tons, compared to 2,989,000 a year ago.

Soybeans were pegged at 92,500 tons, significant declines from both the prior week and the four-week average. Egypt bought 66,200 tons and Japan picked up 40,700 tons, but China canceled on 216,100 tons. So far, this marketing year, soybean sales are 2.232 billion bushels, compared to 1.368 billion last year. Sales of 338,600 tons (12.4 million bushels) were primarily to China (264,000 tons) and Taiwan (65,000 tons).

Soybean meal came out at 127,700 tons, down 9% on the week and 36% from the four-week average. Mexico purchased 40,900 tons and Canada bought 39,300 tons. At the halfway point in the marketing year for soybean products, meal sales are 9,064,100 tons, compared to 8,980,200 tons a year ago. Sales of 4,800 tons for 2021/22 delivery were to Mexico.

Soybean oil was reported at 15,700 tons, up sharply from the previous week and 53% from the four-week average. South Korea picked up 15,000 tons and Mexico purchased 700 tons. Cumulative soybean oil sales are 654,900 tons, compared 924,000 last year.

Upland cotton was pegged at 269,900 bales, solidly higher than the week before and 8% more than the four-week average. Vietnam bought 136,200 bales and Pakistan picked up 49,900 bales. 2020/21 upland cotton exports are 14,847,000 bales, compared to 15,287,200 bales in 2019/20. Sales of 49,000 bales for 2021/22 delivery were mostly to China (13,200 bales) and Indonesia (13,200 bales).

Net beef sales totaled 18,200 tons, a decline of 3% from the prior week and 14% from the four-week average. The reported purchasers were South Korea (9,100 tons), Japan (4,200 tons), China (1,900 tons), Mexico (1,300 tons), and Taiwan (700 tons), with cancellations by the Philippines (300 tons) and Vietnam (100 tons). Shipments of 18,800 tons were up 1% from the week before and 4% from the four-week average, mostly to South Korea (6,500 tons), Japan (4,700 tons), China (3,200 tons), Mexico (1,100 tons), and Taiwan (1,000 tons).

Net pork sales totaled 33,400 tons, a decrease of 45% on the week and 22% from the four-week average. The listed buyers were Mexico (23,000 tons), Japan (3,400 tons), Australia (1,600 tons), China (1,200 tons), and South Korea (1,200 tons). Shipments of 38,400 tons were down 5% from the previous week and 3% from the four-week average, mainly to China (13,400 tons), Mexico (7,800 tons), Japan (5,400 tons), South Korea (3,300 tons), and the Philippines (1,700 tons).