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Soybean, pork export sales down on week

Soybean export sales declined slightly during the week ending September 9^th. The USDA says sales of 1.264 million tons were down 207,700 tons on the week, mainly to China and unknown destinations, which could turn out to be China when it’s time for delivery. Pork exports fell 25%, Mexico was the top buyer, while beef sales were up just over 20%, with Japan leading the way. Corn sales dropped, possibly due to the shipping issues out of the Gulf following Hurricane Ida, and wheat hit a marketing year high. The USDA’s next set of supply and demand estimates is out October 12^th.

Physical shipments of wheat were more than what’s needed to meet USDA expectations for the current marketing year. The 2021/22 marketing year started June 1^st, 2021 for wheat, August 1^st, 2021 for cotton and rice, and September 1^st, 2021 for beans, corn, and sorghum, while 2020/21 got underway October 1^st, 2020 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 617,100 tons (22.7 million bushels), up 59% from the week ending September 2^nd and considerably larger than the four-week average. Nigeria purchased 328,900 tons and Mexico bought 78,300 tons. Just over a quarter into the 2021/22 marketing year, wheat sales are 383.2 million bushels, compared to 482.5 million in 2020/21.

Corn was reported at 246,600 tons (9.7 million bushels). Mexico picked up 154,300 tons and unknown destinations purchased 75,200 tons. Early in the marketing year, corn sales are 967.4 million bushels, compared to 805.3 million this time last year. Sales of 2,300 tons (100,000 bushels) for 2022/23 delivery were to Canada.

Sorghum sales were 204,600 tons (8.1 million bushels). China bought 115,500 tons and unknown destinations picked up 53,000 tons. Sorghum exports are 84.6 million bushels, compared to 101.2 million a year ago.

Rice sales were 31,500 tons, down 7% from the previous week and 39% from the four-week average. Haiti purchased 15,200 tons and Mexico bought 8,900 tons, while Guatemala canceled on 5,700 tons. Rice exports are 760,100 tons, compared to 573,300 last year.

Soybeans were pegged at 1,264,200 tons (46.5 million bushels). China picked up 945,200 tons and unknown destinations purchased 163,000 tons. So far, this marketing year, soybean sales are 819.0 million bushels, compared to 1.184 billion a year ago. Sales of 2,000 tons (100,000 bushels) for 2022/23 delivery were to Indonesia.

Soybean meal came out at 95,400 tons, 57% higher than the week before and 80% above the four-week average. Mexico bought 54,700 tons and Canada picked up 26,000 tons. Nearing the end of the 2020/21 marketing year, soybean meal sales are 12,236,000 tons, compared to 12,080,100 late in 2019/20. Sales of 42,400 tons for 2021/22 delivery were mainly to the Philippines (20,000 tons) and Canada (13,500 tons).

Soybean oil had a net reduction of 1,700 tons. Mexico purchased 100 tons, but Canada canceled on 1,800 tons. Cumulative soybean oil sales are 687,400 tons, compared to 1,277,000 last year. Sales of 6,100 tons for 2021/22 delivery were to Canada (6,000 tons) and Mexico (100 tons).

Upland cotton was pegged at 284,800 bales, 37% less than the prior week, but 9% more than the four-week average. China bought 183,900 bales and Pakistan picked up 17,600 bales. 2021/22 upland cotton exports are 6,307,000 bales, compared to 7,629,500 in 2020/21.

Net beef sales totaled 15,300 tons, an increase of 23% on the week and 24% from the four-week average. The reported purchasers were Japan (6,000 tons), South Korea (5,000 tons), China (1,400 tons), Mexico (700 tons), and Canada (500 tons), with a cancellation by Panama (100 tons). Shipments of 16,900 tons were a decrease of 10% from both the previous week and the four-week average, primarily to Japan (6,500 tons), South Korea (4,000 tons), China (2,300 tons), Taiwan (1,000 tons), and Hong Kong (700 tons). Sales of 3,900 tons for 2022 delivery were to South Korea (3,700 tons) and Japan (200 tons).

Net pork sales totaled 25,300 tons, 25% lower than the week before and 9% under the four-week average. The listed buyers were Mexico (5,800 tons), the Dominican Republic (3,500 tons), Japan (3,100 tons), Canada (2,700 tons), and China (1,800 tons). Shipments of 25,800 tons were a decline of 11% from both the prior week and the four-week average, mostly to Mexico (8,400 tons), China (3,700 tons), Japan (2,600 tons), the Dominican Republic (2,300 tons), and Chile (2,000 tons).