News

U.S. export sales mostly down on the week

The USDA’s most recent export sales report shows few week-to-week improvements with minimal involvement from China at least partially because of Lunar New Year celebrations. During the week ending February 11^th, beef and rice sales move higher, while corn, soybeans, sorghum, cotton, and pork declined. Still, beans, corn, and sorghum all remain on pace to meet or exceed USDA projections for the current marketing year and pork has started 2021 with solid demand, and higher prices have led to greater value for those sales. The USDA’s next set of supply and demand estimates is out March 9^th.

The 2020/21 marketing year started 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 399,100 tons (14.7 million bushels), down 33% from the week ending February 4^th and 18% from the four-week average. Nigeria purchased 138,000 tons and China bought 131,700 tons. Nearing the fourth quarter of the 2020/21 marketing year, wheat sales are 859.9 million bushels, compared to 817.7 million in 2019/20. Sales of 214,400 tons (7.9 million bushels) for 2021/22 delivery were mainly to the Philippines (70,000 tons) and the United Arab Emirates (40,000 tons).

Corn was reported at 999,200 tons (39.3 million bushels), 31% lower than the previous week and 67% below the four-week average. Mexico picked up 226,500 tons and Costa Rica purchased 183,300 tons, but unknown destinations canceled on 242,500 tons. Almost halfway through the marketing year, corn sales are 2.305 billion bushels, compared to 984.5 million this time last year. Sales of 182,600 tons (7.2 million bushels) for 2021/22 delivery were primarily to Mexico (90,000 tons) and Costa Rica (59,700 tons).

Sorghum sales were 100 tons, all to China, but that did include 55,000 tons of cancellations. Sorghum exports are 233.5 million bushels, compared to 48.1 million a year ago. Sales of 109,000 tons (4.3 million bushels) for 2021/22 delivery were to China (55,000 tons) and unknown destinations (54,000 tons).

Rice sales were 102,000 tons, up solidly from the week before and 19% higher than the four-week average. South Korea bought 46,000 tons and Mexico picked up 20,300 tons. Rice exports are 2,338,500 tons, compared to 2,622,800 last year.

Soybeans were pegged at 445,900 tons, a decline of 43% from the prior week and 53% from the four-week average. Indonesia purchased 92,900 tons and the Netherlands bought 85,700 tons. So far, this marketing year, soybean sales are 2.2 billion bushels, compared to 1.226 billion a year ago. Sales of 168,000 tons (6.2 million bushels) for 2021/22 delivery were mostly to Taiwan (68,000 tons) and China (63,000 tons).

Soybean meal came out at 322,200 tons, an increase of 22% on the week and 10% from the four-week average. The Philippines picked up 92,800 tons and Guatemala purchased 58,000 tons. For the marketing year to date, soybean meal sales are 7,785,000 tons, compared to 7,685,100 last year.

Soybean oil was reported at 4,400 tons, quite a bit more than the previous week, but 79% less than the four-week average. Guatemala bought 4,000 tons and Venezuela picked up 500 tons, while Peru canceled on 600 tons. Cumulative soybean oil sales are 588,100 tons, compared to 683,400 a year ago.

Upland cotton was pegged at 119,500 bales, a decrease of 57% from the week before and 59% from the four-week average. China purchased 44,100 bales and Vietnam bought 27,200 bales. 2020/21 upland cotton exports are 13,160,900 bales, compared to 13,432,700 bales. Net sales of 2,100 bales for 2021/22 delivery occurred as Turkey picked up 11,000 bales and Bangladesh canceled on 8,900 bales.

Net beef sales totaled 22,900 tons. The listed purchasers were South Korea (9,600 tons), Japan (3,500 tons), Canada (3,100 tons), China (2,400 tons), and Mexico (1,200 tons). Shipments of 15,500 tons were mostly to Japan (5,100 tons), South Korea (3,900 tons), China (1,800 tons), Mexico (1,400 tons), and Taiwan (1,100 tons).

Net pork sales totaled 33,300 tons, down 10% from the prior week and 27% from the four-week average. The reported buyers were Japan (9,500 tons), Mexico (8,400 tons), South Korea (3,000 tons, China (2,500 tons), and the Philippines (2,500 tons). Shipments of 39,800 tons were up 5% on the week and 2% from the four-week average, primarily to China (13,100 tons), Mexico (10,000 tons), Japan (5,300 tons), Canada (2,600 tons), and South Korea (2,300 tons).