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Weekly new crop corn exports top 5 million tons

The USDA says the week ending May 20^th was a strong week for new crop U.S. corn export sales. That was the second consecutive week of strong new crop corn sales, with a two-week total of more than 9.7 million tons, nearly all of that to China. Old crop corn sales were up on the week, with China the second biggest buyer, after Mexico. Pork sales were nearly 46,000 tons, also led by Mexico and China, with beef at almost 28,000 tons, with solid sales to China, Japan, and South Korea. There were week to week declines for old crop soybeans, sorghum, wheat, soybean oil, and rice, against increases in soybean meal and cotton. The USDA’s next set of supply and demand estimates is out June 10^th.

Physical shipments of corn, sorghum, and soybeans 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. The marketing year for beef and pork is the calendar year.

Wheat came out at 29,500 tons (1.1 million bushels), down 76% from the week ending May 13^th and 58% from the four-week average. Canada purchased 10,400 tons and Burma bought 7,000 tons, which the USDA says were switched from Malaysia. Nearing the end of the 2020/21 marketing year, wheat sales are 943.5 million bushels, compared to 983.5 million late in 2019/20. Sales of 373,800 tons (13.7 million bushels) for 2021/22 delivery were mainly to Nigeria (78,000 tons) and Japan (65,000 tons).

Corn was reported at 555,900 tons (21.9 million bushels), up solidly from both the previous week and the four-week average. Mexico picked up 378,200 tons and China purchased 168,000 tons. Entering the final quarter of the marketing year, corn sales are 2.7 billion bushels, compared to 1.568 billion this time last year. Sales of 5,691,300 tons (224.1 million bushels) for 2021/22 delivery were primarily to China (5,664,100 tons) and Panama (131,900 tons), with a cancellation by Mexico (178,000 tons).

Sorghum had a net reduction of 81,000 tons (-3.2 million bushels). Eritrea bought 30,100 tons and unknown destinations picked up 100 tons, but China canceled on 111,200 tons. Sorghum exports are 286.1 million bushels, compared to 151.7 million a year ago. Sales of 166,000 tons (6.5 million bushels) for 2021/22 delivery were to China (113,000 tons) and unknown destinations (53,000 tons).

Rice sales were 35,500 tons, 63% lower than the week before and 27% below the four-week average. Haiti purchased 15,300 tons and Honduras bought 6,500 tons. Rice exports are 3,140,000 tons, compared to 3,274,400 tons last year. Net reductions of 700 tons for the 2021/22 marketing year occurred after a cancellation by Guatemala.

Soybeans were pegged at 55,900 tons (2.1 million bushels), 4% higher than the prior week and 26% above the four-week average. Indonesia picked up 74,900 tons and Egypt purchased 52,000 tons, but unknown destinations canceled on 168,100 tons. So far, this marketing year, soybean sales are 2.260 billion bushels, compared to 1.541 billion a year ago. Sales of 248,300 tons (9.1 million bushels) for 2021/22 delivery were mostly to Mexico (162,500 tons) and unknown destinations (45,000 tons).

Soybean meal came out at 197,400 tons, up 4% on the week and 26% from the four-week average. Unknown destinations bought 53,500 tons and the Philippines picked up 48,600 tons. For the marketing year to date, soybean meal sales are 10,087,000 tons, compared to 9,964,300 last year. Sales of 76,900 tons for 2021/22 delivery were to Panama (46,900 tons) and Canada (30,000 tons).

Soybean oil was reported at 1,700 tons, quite a bit less than the previous week, but 14% more than the four-week average. Canada purchased 1,400 tons. Cumulative soybean oil sales are 666,800 tons, compared to 1,140,700 a year ago.

Upland cotton was pegged at 171,200 bales, 59% higher than the week before and much larger than the four-week average. China bought 42,800 bales and Pakistan picked up 39,500 bales. 2020/21 upland cotton exports are 15,546,600 bales, compared to 16,335,800 in 2019/20. Sales of 92,400 bales for 2021/22 delivery were mainly to Turkey (37,000 bales) and Mexico (35,200 bales).

Net beef sales totaled 27,900 tons, an increase of 19% from the prior week and 45% from the four-week average. The reported purchasers were China (9,000 tons), Japan (8,800 tons), South Korea (6,000 tons), Indonesia (1,100 tons), and Taiwan (1,000 tons). Shipments of 19,400 tons were down 1% on the week, but up 4% from the four-week average, primarily to Japan (5,400 tons), South Korea (4,900 tons), China (3,500 tons), Mexico (1,300 tons), and Taiwan (1,300 tons).

Net pork sales totaled 45,900 tons, a big jump from the previous week and 56% above the four-week average. The listed buyers were Mexico (21,800 tons), China (9,600 tons), Japan (7,700 tons), Canada (3,000 tons), and Columbia (1,100 tons), with a cancellation by Peru (100 tons). Shipments of 47,800 tons were 38% larger than the week before and 11% more than the four-week average, mostly to Mexico (16,800 tons), China (13,500 tons), Japan (4,800 tons), South Korea (3,000 tons), and Canada (2,200 tons).