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Solid soybean export pace continues

The USDA says pork exports for 2019 delivery were down on the week and while beef sales improved, the weekly total was much lower than average. For the week ending December 5th, pork topped 29,000 tons, 5% less than the week before, with Mexico and China the leading buyers, and while sales for 2020 were nearly 16,000 tons with Japan buying nearly 11,000 tons, but China cancelling on 4,000 tons. 2019 beef exports fell short of 10,000 tons, significantly more than the prior week, but 36% lower than the four-week average. Corn, soybean, soybean product and wheat export sales were up from the week before. The USDA’s next set of supply, demand, and production estimates is out January 10th.

Overall, corn and wheat export sales topped pre-report expectations, while soybeans and soybean products were towards the high end of estimates. Physical shipments of soybeans were more than what’s needed weekly to meet projections for the current marketing year. The 2019/20 marketing year started 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 502,700 tons (18.4 million bushels), up sharply from the week ending November 28th and 33% higher than the four-week average. Japan purchased 100,000 tons and the Philippines bought 85,900 tons. Just over halfway through the 2019/20 marketing year, wheat sales are 623.1 million bushels, compared to 601.0 million in 2018/19.

Corn was reported at 873,500 tons (34.4 million bushels), 60% above the previous week and 28% more than the four-week average. Mexico picked up 517,200 tons and Japan purchased 176,700 tons, while unknown destinations canceled on 67,400 tons. Roughly a quarter into the marketing year, corn sales are 609.8 million bushels, compared to 1.089 billion this time last year. Sales of 2,400 tons (100,000 bushels) for 2020/21 delivery were to Canada.

Sorghum sales were 33,400 tons (1.3 million bushels). Mexico bought 23,700 tons and Japan picked up 14,800 tons, but unknown destinations canceled on 5,100 tons. At this point in the marketing year, sorghum exports are 37.8 million bushels, compared to 17.2 million a year ago.

Rice exports were 48,800 tons, an increase of 16% from the week before, but a decrease of 44% from the four-week average. Haiti purchased 15,200 tons and Mexico bought 11,100 tons. Rice sales this year are 2,004,800 tons, compared to 1,517,300 last year.

Soybeans were pegged at 1,050,100 tons (38.6 million bushels), up 54% from the prior week, but down 17% from the four-week average. Unknown destinations picked up 251,400 tons and China purchased 241,600 tons. So far, this marketing year, soybean sales are 991.9 million bushels, compared to 907.7 million a year ago. Sales of 125,000 tons (4.6 million bushels) for 2020/21 delivery were to unknown destinations.

Soybean meal came out at 238,600 tons, 32% larger than the week before and 17% more than the four-week average. Colombia bought 84,200 tons and Peru picked up 60,000 tons, while unknown destinations canceled on 16,700 tons. For the marketing year to date, soybean meal sales are 5,222,600 tons, compared to 6,016,900 last year. Sales of 19,100 tons for 2020/21 delivery were to Mexico.

Soybean oil was reported at 30,000 tons. Morocco purchased 20,000 tons and Venezuela bought 10,900 tons, but unknown destinations canceled on 11,200 tons. Cumulative soybean oil sales are 362,200 tons, compared to 338,300 a year ago. Sales of 300 tons for 2020/21 delivery were to Mexico.

Upland cotton sales of 277,100 bales were 69% above the previous week and 9% higher than the four-week average. Turkey picked up 80,100 bales and Pakistan purchased 61,300 bales. 2019/20 upland cotton exports are 10,843,700 bales, compared to 9,835,300 in 2018/19. Sales of 6,600 bales for 2020/21 delivery were mainly to Vietnam (2,600 bales) and Mexico (2,200 bales).

Net beef sales totaled 9,900 tons, significantly more than the prior week, but 36% less than the four-week average. The listed buyers were South Korea (4,500 tons), Japan (3,400 tons), Hong Kong (1,600 tons), Mexico (1,100 tons), and Taiwan (800 tons), with a cancellation by Canada (3,000 tons). Net sales of 2,000 were listed as heading to South Korea (1,000 tons), with a cancellation by Hong Kong (700 tons).

Net pork sales totaled 29,200 tons, a decrease of 5% on the week and 11% from the four-week average. The reported purchasers were Mexico (13,900 tons), China (5,600 tons), Japan (5,200 tons), Canada (1,900 tons), and South Korea (600 tons). Net sales of 15,600 tons for 2020 delivery were primarily to Japan (11,400 tons), Mexico (2,700 tons), and Australia (2,100 tons), with a cancellation by China (4,000 tons).

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