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Pork exports hit marketing year low

The USDA says pork export sales during the week ending April 8^th were a marketing year low. China didn’t buy any U.S. pork last week and overall sales dipped for the second week in a row following a marketing year high during the week ending March 25^th. Old crop soybean products and wheat hit marketing year lows, that’s the second consecutive marketing year low for wheat, while old crop sales also declined for beef, corn, soybeans, cotton, and rice. Old crop sorghum hit a marketing year high thanks to strong demand from China and also saw solid new crop sales. The USDA’s next set of supply and estimates is out May 12^th.

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

Wheat had a net reduction of 56,600 tons (-2.1 million bushels). The Philippines purchased 19,200 tons and the Dominican Republic bought 17,000 tons, while South Korea canceled on 35,600 tons and unknown destinations canceled on 31,000 tons. With less than two months left in the 2020/21 marketing year, wheat sales are 923.3 million bushels, compared to 926.7 million in 2019/20. Sales of 274,400 tons (10.1 million bushels) for 2021/22 delivery were mainly to unknown destinations (199,000 tons) and the Philippines (113,500 tons), with a cancellation by China (130,000 tons).

Corn was reported at 327,700 tons (12.9 million bushels), down 57% from the week ending April 1^st and 81% from the four-week average. Japan picked up 178,000 tons and Mexico purchased 138,900 tons, but unknown destinations canceled on 379,900 tons. In the final half of the marketing year, corn sales are 2.630 billion bushels, compared to 1.365 billion this time last year. Sales of 52,600 tons (2.1 million bushels) for 2021/22 delivery were primarily to Guatemala (25,700 tons) and El Salvador (24,400 tons).

Sorghum sales were 656,700 tons (25.9 million bushels), up sharply from both the previous week and the four-week average. China bought 601,700 tons and unknown destinations picked up 55,000 tons. Sorghum exports are 277.3 million bushels, compared to 122.9 million a year ago. Sales of 201,000 tons (7.9 million bushels) were to unknown destinations (136,000 tons) and China (65,000 tons).

Rice sales were 7,300 tons, 83% lower than the week before and 89% under the four-week average. Canada purchased 1,800 tons and Jordan bought 1,700 tons. Rice exports are 2,813,700 tons, compared to 3,022,200 last year.

Soybeans were pegged at 90,400 tons (3.3 million bushels), a noticeable decline from the prior week and 14% from the four-week average. Indonesia picked up 75,900 tons and South Korea purchased 29,600 tons, while China canceled on 55,000 tons and unknown destinations canceled on 45,000 tons. So far, this marketing year, soybean sales are 2.233 billion bushels, compared to 1.377 billion a year ago. Sales of 265,500 tons (9.8 million bushels) for 2021/22 delivery were mostly to China (264,000 tons).

Soybean meal came out at 71,500 tons, a decrease of 44% on the week and 57% from the four-week average. The Philippines bought 22,300 tons and Venezuela picked up 13,200 tons. For the marketing year to date, soybean meal sales are 9,135,600 tons, compared to 9,138,900 last year. Sales of 26,000 tons for 2021/22 delivery were to Guatemala (14,200 tons) and El Salvador (11,800 tons).

Soybean oil had a net reduction of 1,500 tons. Canada purchased 500 tons and the Dominican Republic bought 500 tons, but Colombia canceled on 2,500 tons. Cumulative soybean oil sales are 653,500 tons, compared to 945,200 a year ago.

Upland cotton was reported at 122,300 bales, down 55% from the previous week and 54% from the four-week average. Turkey picked up 29,400 bales and Pakistan purchased 21,800 bales. 2020/21 upland cotton exports are 14,969,200 bales, compared to 15,103,500 in 2019/20. Sales of 22,800 bales for 2021/22 delivery were to Guatemala (19,300 bales) and Thailand (3,500 bales).

Net beef sales totaled 15,700 tons, 14% lower than the week before and 23% less than the four-week average. The listed buyers were Japan (6,300 tons), China (3,300 tons), South Korea (2,900 tons), and Mexico (1,400 tons), with a cancellation by the Netherlands (100 tons). Shipments of 19,000 tons were 1% higher than the prior week and 3% more than the four-week average, mainly to South Korea (5,400 tons), Japan (4,900 tons), China (3,500 tons), Mexico (1,400 tons), and Taiwan (1,200 tons). Sales of 200 tons for 2022 delivery were to Canada.

Net pork sales totaled 17,200 tons, a drop of 48% on the week and 60% from the four-week average. The reported purchasers were Mexico (7,800 tons), Japan (4,300 tons), South Korea (1,300 tons), Colombia (900 tons), and the Philippines (800 tons). Shipments of 38,600 tons were steady with the previous week and 2% lower than the four-week average, primarily to China (12,500 tons), Mexico (9,900 tons), Japan (5,000 tons), South Korea (2,300 tons), and the Philippines (1,900 tons).