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USDA: China buys U.S. pork, soybeans

The USDA says China did buy U.S. pork during the week ending September 26th. Beijing purchased 3,500 tons for 2020 delivery, less than what many analysts were expecting heading into the weekly numbers. China was the biggest buyer of U.S. soybeans, purchasing more than a million and a half tons. Thursday morning, the USDA announced sales of 130,000 tons of U.S. white wheat and 252,000 tons of U.S. soybeans to China, both for 2019/20 delivery. Trade negotiations between the U.S. and China are scheduled to resume this month.

Overall, weekly soybean sales were larger than expected, while corn, soybean products, and wheat fell within pre-report estimates. Physical shipments of wheat were a little bit more than what’s needed to meet USDA projections for the marketing year, but beans, corn, and sorghum were short of their respective marks. The 2019/20 marketing year started June 1st for wheat, September 1st for corn, sorghum, and soybeans, and October 1st for soybean products.

Wheat came out at 328,500 tons (12.1 million bushels), up 16% from the week ending September 19th, but down 12% from the four-week average. The Philippines purchased 61,400 tons and Japan bought 56,800 tons, but unknown destinations canceled on 76,200 tons. At this point in the 2019/20 marketing year, wheat sales are 474.2 million bushels, compared to 414.5 million in 2018/19.

Corn was reported at 562,600 tons (22.1 million bushels). Mexico picked up 361,100 tons and Japan purchased 88,000 tons, while Thailand canceled on 38,400 tons. Less than a month into the marketing year, corn sales are 382.3 million bushels, compared to 775.5 million this time last year. Sales of 2,500 tons (100,000 bushels) for 2020/21 delivery were to Canada.

Sorghum had a net reduction of 400 tons following a cancellation by Mexico. Sales this marketing year are 5.3 million bushels, compared to 3.4 million a year ago.

Rice sales were 41,600 tons, 5% higher than the previous week, but 37% lower than the four-week average. Japan bought 28,400 tons and Canada picked up 5,400 tons. Nearly two months into the marketing year, rice sales are 1,234,400 tons, compared to 821,200 last year.

Soybeans were pegged at 2,076,100 tons (76.3 million bushels). China purchased 1,557,800 tons and the Netherlands bought 125,400 tons, but unknown destinations canceled on 219,200 tons. So far, this marketing year, soybean sales are 525.2 million bushels, compared to 738.9 million a year ago.

Soybean meal came out at 21,500 tons. Morocco picked up 30,000 tons and Canada purchased 12,200 tons, while Japan canceled on 24,800 tons. Cumulative soybean meal sales are 12,243,100 tons, compared to 12,799,700 last year. Sales of 136,800 tons for 2019/20 delivery were mainly to Colombia (47,900 tons) and Canada (39,500 tons).

Soybean oil was reported at 2,500 tons, 46% less than the week before and 71% under the four-week average. Unknown destinations bought 900 tons, while Canada, the Dominican Republic, and Mexico each picked up 500 tons. Late in the marketing year, soybean oil sales are 925,900 tons, compared to 1,081,800 a year ago.

Upland cotton sales were 177,800 bales, 15% more than the prior week and 49% above the four-week average. Pakistan purchased 62,900 bales and Vietnam bought 24,000 bales. At this point in the marketing year, upland cotton exports are 8,740,300 bales, compared to 9,025,200 last year. Sales of 7,500 bales for 2020/21 delivery were primarily to Bangladesh (6,600 bales) and Indonesia (900 bales).

Net beef sales totaled 12,500 tons, a decrease of 34% on the week and 30% from the four-week average. The reported purchasers were Japan (4,700 tons), South Korea (3,700 tons), Mexico (1,300 tons), Taiwan (900 tons), and Canada (600 tons). Sales of 100 tons for 2020 delivery were mostly to Japan.

Net pork sales totaled 31,000 tons, down 4% from the previous week, but up 44% from the four-week average. The listed buyers were Mexico (10,700 tons), South Korea (8,000 tons), Japan (3,700 tons), Canada (2,900 tons), and Colombia (1,700 tons), with a cancellation by Guatemala (200 tons). Sales of 3,500 tons for 2020 delivery were to China.

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