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Pork export sales up solidly on week

The USDA says pork export sales during the week ending April 29th bounced back after a couple of fairly quiet weeks. Net pork sales of just over 48,000 tons were up sharply from the four-week average, with Mexico and China buying about two-thirds of the week’s total. Beef export sales, along with old crop corn and soybeans, cotton, and soybean meal were all down on the week, with unimpressive new crop numbers. Old crop wheat established a marketing year low with a net reduction, but new crop sales were good. The USDA’s next set of supply and demand estimates is out Wednesday, May 12th at Noon Eastern/11 Central.

Physical shipments of corn and sorghum were above what’s needed to meet USDA projections for the current marketing year. The 2020/21 marketing year started June 1st, 2020 for wheat, August 1st, 2020 for cotton and rice, September 1st, 2020 for corn, sorghum, and soybeans, and October 1st, 2020 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat had a net reduction of 95,600 tons (-3.5 million bushels). Sales of 4,100 to 31,800 tons were more than offset by a cancellation on 131,500 tons by unknown destinations. With roughly a month remaining in the 2020/21 marketing year, wheat sales are 936.9 million bushels, compared to 961.8 million late in 2019/20. Sales of 399,600 tons (14.7 million bushels) for 2021/22 delivery were mainly to unknown destinations (127,400 tons) and Mexico (108,900 tons).

Corn was reported at 137,400 tons (5.4 million bushels), down 74% from the week ending April 22nd and 72% from the four-week average. Japan purchased 206,800 tons and Mexico bought 141,600 tons, but unknown destinations canceled on 559,100 tons. Nearing the final quarter of the marketing year, corn sales are 2.671 billion bushels, compared to 1.475 billion this time last year. Sales of 106,200 tons (4.2 million bushels) for 2021/22 delivery were primarily to unknown destinations (50,800 tons) and Japan (32,500 tons).

Sorghum sales were 200 tons, a big drop from both the previous week and the four-week average. China picked up 6,000 tons, with no reported cancellations. Sorghum exports are 281.8 million bushels, compared to 141.9 million a year ago. Sales of 55,000 tons (2.2 million bushels) for 2021/22 delivery were to China.

Rice sales were 37,900 tons, 18% higher than the week before, but 16% lower than the four-week average. Guatemala purchased 7,500 tons and Haiti bought 7,200 tons. Rice exports are 2,980,700 tons, compared to 3,179,700 last year.

Soybeans were pegged at 165,300 tons (6.1 million bushels), 44% less than the prior week, but 86% more than the four-week average. Unknown destinations picked up 135,500 tons and Japan purchased 55,600 tons, while Mexico canceled on 53,400 tons. So far, this marketing year, soybean sales are 2.252 billion bushels, compared to 1.453 billion a year ago. Sales of 192,900 tons (7.1 million bushels) for 2021/22 delivery were to unknown destinations (190,000 tons) and Japan (900 tons).

Soybean meal came out at 202,000 tons, a jump of 24% on the week and 66% from the four-week average. The Philippines bought 83,000 tons and Mexico picked up 44,300 tons. More than halfway into the marketing year, soybean meal sales are 9,625,500 tons, compared to 9,536,800 last year. Sales of 64,700 tons for 2021/22 delivery were to unknown destinations (50,000 tons) and Canada (14,700 tons).

Soybean oil was reported at 6,100 tons, 67% larger than the previous week and 3% above the four-week average. The Dominican Republic purchased 8,000 tons and Mexico bought 700 tons, while Colombia canceled on 3,000 tons. Cumulative soybean oil sales are 668,800 tons, compared to 1,015,300 a year ago.

Upland cotton was pegged at 63,700 bales, a decline of 17% from the week before and 56% from the four-week average. Pakistan picked up 16,200 bales and Bangladesh purchased 15,400 bales, while Vietnam canceled on 13,500 bales. 2020/21 upland cotton exports are 15,213,000 bales, compared to 15,294,200 bales in 2019/20. Sales of 61,200 bales for 2021/22 delivery were mainly to Bangladesh (21,600 bales) and Pakistan (15,400 bales). Net beef sales totaled 16,900 tons, a decrease of 28% from the prior week and 18% from the four-week average. The reported buyers were Japan (4,600 tons), Mexico (3,000 tons), Taiwan (2,900 tons), South Korea (2,300 tons), and Canada (2,100 tons). Shipments of 18,500 tons were down 1% on the week and 3% from the four-week average, primarily to Japan (5,300 tons), South Korea (5,100 tons), China (3,200 tons), Mexico (1,500 tons), and Taiwan (900 tons). Sales of 200 tons for 2022 delivery were to Canada.

Net pork sales totaled 48,200 tons, an increase of 36% from the previous week and considerably larger than the four-week average. The listed purchasers were Mexico (19,400 tons), China (15,000 tons), Japan (4,700 tons), South Korea (3,300 tons), and Canada (2,900 tons), with cancellations by Australia (300 tons) and the Philippines (200 tons). Shipments of 37,100 tons were 37% less than the week before and 18% below the four-week average, mostly to Mexico (12,100 tons), China (10,500 tons), Japan (4,600 tons), South Korea (2,500 tons), and Canada (1,500 tons).

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