Solid week for beef, pork export sales

U.S. meat export sales showed solid week-to-week improvement. The USDA says pork export sales for the week ending August 26th of 33,500 tons were up 39%, including sales of more than 20,000 tons to Mexico, while beef exports of 15,600 tons were 49% higher, with South Korea leading the way. Wheat export sales were sharply higher and new crop corn and soybean sales were strong. The USDA’s next set of supply and demand estimates is out September 10th.

The 2021/22 marketing year started June 1st, 2021 for wheat, August 1st, 2021 for cotton and rice, and September 1st, 2021 for corn, sorghum, and soybeans, while 2020/21 kicked off October 1st, 2020 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 295,300 tons (10.9 million bushels), up sharply from the week ending August 19th and 15% from the four-week average. Mexico purchased 103,900 tons and Japan bought 92,400 tons, while unknown destinations canceled on 100,000 tons. Nearly a quarter into the 2021/22 marketing year, wheat sales are 346.2 million bushels, compared to 452.4 million in 2020/21.

Old crop corn had a net reduction of 300,800 tons (-11.8 million bushels). Sales ranged from 1,400 to 33,000 tons, but those were offset by cancellations of 209,800 tons and 133,200 tons by Canada and China, respectively. With just a few reporting days left in the 2020/21 marketing year, corn sales are 2.757 billion bushels, compared to 1.755 billion late in 2019/20. Sales of 1,159,500 tons (45.6 million bushels) for 2021/22 delivery were mainly to Mexico (464,500 tons) and Colombia (352,000 tons).

Sorghum sales were 2,400 tons (100,000 bushels), all to China. Sorghum exports are 281.0 million bushels, compared to 182.6 million a year ago.

Rice sales were 49,500 tons. Haiti picked up 15,200 tons and Honduras purchased 15,000 tons. Rice exports are 694,700 tons, compared to 465,800 this time last year.

Soybeans were reported at 68,200 tons (2.5 million bushels), 9% less than the previous week, but 9% more than the four-week average. The Netherlands bought 86,200 tons and China picked up 26,200 tons, while unknown destinations canceled on 84,000 tons. So far, this marketing year, soybean sales are 2.287 billion bushels, compared to 1.738 billion a year ago. Sales of 2,132,500 tons (78.4 million bushels) were primarily to China (1,264,000 tons) and unknown destinations (654,000 tons).

Soybean meal was a marketing year low at 17,700 tons, a drop of 71% from the week before and 82% from the four-week average. Mexico purchased 19,600 tons and Canada bought 9,300 tons, but Romania canceled on 45,000 tons. Entering the final month of the marketing year, soybean meal sales are 12,079,900 tons, compared to 12,158,900 last year. Sales of 396,600 tons for 2021/22 delivery were mostly to Colombia (104,000 tons) and the Philippines (90,000 tons).

Soybean oil was pegged at 4,100 tons, 39% higher than the prior week and considerably larger than the four-week average. Venezuela picked up 3,000 tons and Honduras purchased 1,000 tons. Cumulative soybean oil sales are 690,600 tons, compared to 1,272,900 a year ago. Sales of 700 tons for 2021/22 delivery were to Canada.

Upland cotton came out at 105,200 bales. Pakistan bought 27,600 bales and Vietnam picked up 17,200 bales. 2021/22 upland cotton exports are 5,569,200 bales, compared to 6,983,200 in 2020/21. Sales of 23,800 bales for 2022/23 delivery were to Turkey.

Net beef sales totaled 15,600 tons, an increase of 49% on the week and 24% from the four-week average. The reported purchasers were South Korea (7,300 tons), Taiwan (3,100 tons), Japan (2,800 tons), China (600 tons), and Mexico (500 tons). Shipments of 18,100 tons were a decrease of 3% from the previous week and 6% from the four-week average, mainly to South Korea (5,200 tons), Japan (4,600 tons), China (3,900 tons), Mexico (1,200 tons), and Taiwan (1,200 tons).

Net pork sales totaled 33,500 tons, 39% above the week before and 38% greater than the four-week average. The listed buyers were Mexico (21,200 tons), Colombia (4,200 tons), Japan (3,000 tons), China (2,000 tons), and Canada (1,000 tons), with a cancellation by Vietnam (100 tons). Shipments of 28,200 tons were 6% lower than the prior week and 2% under the four-week average, primarily to Mexico (13,200 tons), China (4,700 tons), Japan (3,900 tons), South Korea (1,500 tons), and Canada (1,200 tons).

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