News

U.S. export sales mostly up on the week

The USDA says export sales for several major commodities improved during the week ending March 11^th. That followed a few weeks of below average sales for many of those major commodities, as buyers turned their attention to other sources because of either relatively high U.S. prices or other seasonal factors. Wheat, corn, sorghum, rice, soybean oil, cotton, beef, and pork sales were all up from the previous week and their respective average paces, while soybeans and soybean meal both saw week to week declines. China was the big weekly buyer for beans, corn, wheat, and sorghum, but that was partially canceled out by reductions for unknown destinations. The USDA’s next set of supply and demand estimates is out April 9^th.

Physical shipments of beans, corn, sorghum, and wheat were more than what’s needed to meet USDA projections for the current marketing year. The 2020/21 marketing year started June 1^st, 2020 for wheat, August 1^st, 2020 for cotton and rice, September 1^st, 2020 for beans, corn, and sorghum, and October 1^st, 2020 for soybean products.

Wheat came out at 390,100 tons (14.3 million bushels), up 18% from the week ending March 4^th and 40% from the four-week average. China purchased 132,300 tons and Mexico bought 93,000 tons, but unknown destinations canceled on 215,800 tons. With less than a quarter left in the 2020/21 marketing year, wheat sales are 900.6 million bushels, compared to 880.7 million in 2019/20. Sales of 139,000 tons (5.1 million bushels) for 2021/22 delivery were mainly to China (65,000 tons) and the Philippines (32,000 tons).

Corn was reported at 985,900 tons (38.8 million bushels), a solid improvement from both the previous week and the four-week average. China picked up 624,800 tons and Mexico purchased 285,500 tons, but unknown destinations canceled on 1,038,000 tons. Just over the halfway point for the marketing year, corn sales are 2.382 billion bushels, compared to 1.142 billion a year ago. Sales of 240,900 tons (9.5 million bushels) for 2021/22 delivery were primarily to Mexico (195,700 tons) and Guatemala (36,300 tons).

Sorghum sales were 267,200 tons (10.5 million bushels). China bought 289,200 tons, while unknown destinations canceled on 22,000 tons. Sorghum exports are 244.3 million bushels, compared to 93.1 million this time last year.

Rice sales were 112,300 tons, quite a bit above the week before and 48% larger than the four-week average. Venezuela picked up 30,000 tons and Mexico purchased 25,900 tons. Rice exports are 2,653,100 tons, compared to 2,803,900 a year ago.

Soybeans were pegged at 202,400 tons (7.4 million bushels), down 42% from the prior week and 31% from the four-week average. China bought 71,500 tons and Mexico picked up 66,000 tons, but unknown destinations canceled on 123,200 tons. So far, this marketing year, soybean sales are 2.228 billion bushels, compared to 1.280 billion this time last year.

Soybean meal came out at 234,600 tons, a decline of 10% on the week, but a gain of 1% from the four-week average. The Philippines purchased 50,300 tons and Canada bought 42,500 tons. For the marketing year to date, soybean meal sales are 8,628,800 tons, compared to 8,410,500 a year ago. Net cancellations of 300 tons for 2021/22 delivery occurred following the sale of 5,900 tons to Guatemala and the cancellation on 6,300 tons by El Salvador.

Soybean oil was reported at 19,100 tons, a significant increase from both the previous week and the four-week average. Colombia picked up 17,000 tons and the Dominican Republic purchased 1,200 tons. Cumulative soybean oil sales are 621,900 tons, compared to 776,100 last year.

Upland cotton was pegged at 437,700 bales, quite a bit higher than both the week before and the four-week average. Vietnam bought 135,300 bales and China picked up 92,700 bales. 2020/21 upland cotton exports are 14,227,400 bales, compared to 14,867,800 in 2019/20. Sales of 143,300 bales for 2021/22 delivery were mostly to Mexico (112,900 bales).

Net beef sales totaled 25,900 tons, 23% above the prior week and 39% more than the four-week average. The reported purchasers were Japan (8,100 tons), South Korea (5,400 tons), China (5,300 tons), Taiwan (2,000 tons), and Hong Kong (1,700 tons). Shipments of 17,800 tons were steady on the week and 4% higher than the four-week average, mainly to Japan (5,700 tons), South Korea (4,000 tons), China (2,700 tons), Mexico (1,300 tons), and Taiwan (1,100 tons).

Net pork sales totaled 39,700 tons, a jump of 23% from the previous week and 5% from the four-week average. The listed buyers were Mexico (18,200 tons), China (5,800 tons), Japan (4,900 tons), South Korea (4,200 tons), and Canada (3,100 tons), with a cancellation by Australia (200 tons). Shipments of 40,600 tons were up 3% from the week before and 5% from the four-week average, primarily to China (12,700 tons), Mexico (8,900 tons), Japan (5,200 tons), South Korea (3,600 tons), and the Philippines (2,200 tons).