News

Pork, soybean export sales up sharply on week

The USDA says several major commodities saw improved export demand during the week ending October 28^th. Pork export sales shot higher as the consistent demand from Mexico was bolstered by a big return by China and soybean and sorghum were both up sharply on the week, also aided by strong sales to China. Mexico was the biggest buyer for U.S. corn and wheat, pushing those totals well above week ago levels. Beef and upland cotton sales posted week to week declines. The USDA’s updated supply and demand outlook is out Tuesday, November 9^th at Noon Eastern/11 Central.

Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year kicked off 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. The marketing year for beef and pork is the calendar year.

Wheat came out at 400,100 tons (14.7 million bushels), up 49% from the week ending October 21^st and 4% from the four-week average. Mexico purchased 101,400 tons and South Korea bought 50,000 tons. At this point in the 2021/22 marketing year, wheat sales are 477.9 million bushels, compared to 615.7 million in 2020/21.

Corn was reported at 1,223,800 tons (48.2 million bushels), 37% higher than the previous week and 10% above the four-week average. Mexico picked up 666,300 tons and Japan purchased 114,900 tons. For the marketing year to date, corn sales are 1.221 billion bushels, compared to 1.307 billion this time last year.

Sorghum sales were 265,600 tons (10.5 million bushels). China bought 268,500 tons and Japan picked up 100 tons, while unknown destinations canceled on 300 tons. Sorghum exports are 118.8 million bushels, compared to 143.4 million a year ago.

Rice sales were 29,100 tons, 19% more than the week before, but 44% less than the four-week average. Japan purchased 13,000 tons and Guatemala bought 10,200 tons. Rice exports are 1,107,700 tons, compared to 1,229,300 last year.

Soybeans were pegged at 1,863,900 tons (68.5 million bushels), an increase of 58% from the prior week and 195 from the four-week average. China picked up 1,207,300 tons and Mexico purchased 157,400 tons, while unknown destinations canceled on 137,600 tons. So far, this marketing year, soybean sales are 1.187 billion bushels, compared to 1.78 billion a year ago.

Soybean meal came out at 226,600 tons. Mexico bought 71,000 tons and Guatemala picked up 44,200 tons, while unknown destinations canceled on 18,600 tons. Nearly a month into the marketing year, soybean meal sales are 4,682,800 tons, compared to 4,471,900 last year. Net reductions of 200 tons for 2022/23 delivery followed a cancellation by Japan.

Soybean oil was reported at 11,200 tons. Mexico purchased 6,500 tons and Costa Rica bought 4,000 tons. Cumulative soybean oil sales are 133,800 tons, compared to 228,000 a year ago.

Upland cotton was pegged at 139,100 bales, down 61% on the week and 51% from the four-week average. China picked up 44,800 bales and India purchased 24,300 bales. 2021/22 upland cotton exports are 8,508,800 bales, compared to 8,865,200 in 2020/21. Sales of 20,600 bales for 2022/23 delivery were to Turkey (13,200 bales) and Pakistan (8,800 bales), with a cancellation by China (1,400 bales).

Net beef sales totaled 16,700 tons, 13% lower than the previous week, but 15% higher than the four-week average. The reported buyers were South Korea (6,700 tons), China (2,800 tons), Japan (2,200 tons), Taiwan (1,600 tons), and Canada (1,000 tons). Shipments of 16,800 tons were steady with the week before and 3% above the four-week average, mainly to South Korea (4,600 tons), Japan (4,500 tons), China (3,100 tons), Mexico (1,100 tons), and Taiwan (1,100 tons). Sales of 3,500 tons for 2022 delivery were primarily to South Korea (2,700 tons) and Japan (700 tons).

Net pork sales totaled 45,700 tons, a jump of 55% from the prior week and 72% from the four-week average. The listed purchasers were Mexico (18,500 tons), China (16,000 tons), Japan (3,500 tons), Canada (2,500 tons), and South Korea (2,000 tons), with a cancellation by Chile (700 tons). Shipments of 33,800 tons were up 3% on the week and 9% from the four-week average, mostly to Mexico (15,800 tons), China (4,400 tons), Japan (4,300 tons), Colombia (2,800 tons), and South Korea (2,300 tons). Sales of 400 tons for 2022 delivery were to Japan.