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Pork exports drop as corn rises

The USDA says pork exports fell sharply during the week ending September 30th, while corn saw a big jump. Pork sales of just over 22,000 tons were down 48% on the week, with Mexico buying 16,000 tons and China completely absent. Corn export sales topped 1.25 million tons following the sale of more than 800,000 tons to Mexico. The prior week’s total for corn was just 370,400 tons. Soybean and beef exports both dipped slightly from the previous week’s levels, with China the big buyer for both. The USDA’s next set of supply and demand estimates is out Tuesday, October 12th at Noon Eastern/11 Central.

Physical shipments of wheat were above what’s needed weekly to meet USDA projections for the current marketing year. The 2021/22 marketing year kicked off 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 333,200 tons (12.2 million bushels), up 15% from the week ending September 23rd, but down 19% from the four-week average. Mexico purchased 89,100 tons and South Korea bought 82,700 tons, while unknown destinations canceled on 42,400 tons. At this point in the 2021/22 marketing year, wheat sales are 419.2 million bushels, compared to 533.5 million in 2020/21.

Corn was reported at 1,265,100 tons (49.8 million bushels). Mexico picked up 801,400 tons and Colombia purchased 192,500 tons, but unknown destinations canceled on 149,500 tons. About a month into the marketing year, corn sales are 1.047 billion bushels, compared to 1.018 billion this time last year.

Sorghum sales were 2,400 tons (100,000 bushels), all to Mexico. Sorghum exports are 92.7 million bushels, compared to 115.5 million a year ago.

Rice sales were 73,400 tons, 2% lower than the previous week, but 73% higher than the four-week average. Mexico bought 38,200 tons and Honduras picked up 16,100 tons. Rice exports are 937,400 tons, compared to 1,009,500 last year.

Soybeans were pegged at 1,041,900 tons (38.3 million bushels). China purchased 671,300 tons and Indonesia bought 128,400 tons, while unknown destinations canceled on 246,000 tons. So far, this marketing year, soybean sales are 930.7 million bushels, compared to 1.49 billion a year ago.

New crop soybean meal sales were 369,900 tons. The United Kingdom picked up 60,000 tons and Colombia purchased 55,400 tons. The 2020/21 sales total of 11,534,700 tons was down 2% from the 2019/20 total of 11,818,300 tons. The USDA says a net reduction of 21,700 tons was carried over from the previous marketing year. 2021/22 soybean meal sales are 3,689,000 tons, compared to 3,467,900 early in 2020/21.

New crop soybean oil sales were 38,500 tons. Morocco bought 19,000 tons and South Korea picked up 10,000 tons. The 2020/21 sales total of 675,600 tons was down 45% from the 2019/20 total of 1,234,600 tons. The USDA says a net reduction of 5,400 tons was carried over from the previous marketing year. 2021/22 soybean oil sales are 85,200 tons, compared to 176,800 in 2020/21.

Upland cotton came out at 246,700 bales, a decrease of 57% from the week before and 40% from the four-week average. China purchased 174,500 bales and Guatemala bought 33,000 bales, while India canceled on 20,700 bales. For the marketing year to date, upland cotton sales are 7,470,500 bales, compared to 8,134,400 last year. Sales of 55,000 bales for 2022/23 delivery were mainly to China (40,000 bales).

Net beef sales totaled 15,600 tons, 3% under the prior week, but 5% above the four-week average. The listed purchasers were China (6,000 tons), Japan (3,200 tons), South Korea (2,600 tons), Mexico (1,500 tons), and Taiwan (1,100 tons), with Chile, Colombia, and Italy each cancelling on 300 tons. Physical shipments of 15,700 tons were a decline of 15% on the week and 13% from the four-week average, primarily to Japan (4,700 tons), South Korea (3,700 tons), China (2,700 tons), Mexico (1,200 tons), and Taiwan (1,100 tons). Sales of 500 tons for 2022 delivery were to Japan (400 tons) and Mexico (100 tons).

Net pork sales totaled 22,100 tons, a drop of 48% from the previous week and 34% from the four-week average. The reported buyers were Mexico (16,000 tons), Colombia (1,700 tons), Canada (1,200 tons), South Korea (1,000 tons), and Japan (700 tons). Physical shipments of 29,000 tons were 4% less than both the week before and the four-week average, mostly to Mexico (14,600 tons), China (4,200 tons), Japan (3,200 tons), Canada (1,600 tons), and South Korea (1,500 tons).

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