Big week for corn export sales, others lag - brownfieldagnews.com

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Big week for corn export sales, others lag

March 25, 2021 By John Perkins Filed Under: Ag Exports, Beef, Cattle, Corn, Crops, Crops, Grains, Livestock, News, Pork, Soybeans, Trade, USDA, Wheat

Last week was a strong week for U.S. corn export sales. The USDA says old crop corn sales of nearly 4.5 million tons during the week ending March 18^th were mainly to China, which purchased almost 4 million tons of the total due to competitive U.S. prices and despite feed demand concerns because of increased cases of African swine fever. The numbers were much less impressive for the other major reported commodities, as beef, pork, soybean, soybean product, sorghum, cotton, and rice sales all fell below the previous week’s levels. The USDA’s next set of supply and demand estimates is out April 9^th.

Physical shipments of corn, soybeans, and wheat were above 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 calendar year is the marketing year for beef and pork.

Wheat came out at 343,600 tons (12.6 million bushels), down 12% from the week ending March 11^th, but up 24% from the four-week average. Japan purchased 118,800 tons and South Korea bought 116,400 tons, but unknown destinations canceled on 215,200 tons. In the final quarter of the 2020/21 marketing year, wheat sales are 913.2 million bushels, compared to 907.9 million in 2019/20. Sales of 70,500 tons (2.6 million bushels) for 2021/22 delivery were mainly to the Philippines (58,000 tons) and Mexico (10,000 tons).

Corn was reported at 4,481,900 tons (176.4 million bushels), significant increases from both the previous week and the four-week average. China picked up 3,890,600 tons and South Korea purchased 353,300 tons, while unknown destinations canceled on 461,800 tons. Just over the halfway point of the marketing year, corn sales are 2.558 billion bushels, compared to 1.214 billion this time last year. Sales of 144,600 tons (5.7 million bushels) for 2021/22 delivery were primarily to Mexico (90,000 tons) and unknown destinations (50,000 tons).

Sorghum sales were 60,800 tons (2.4 million bushels). China bought 60,500 tons. Sorghum exports are 246.7 million bushels, compared to 97.3 million a year ago.

Rice sales of 53,700 tons were 52% lower than the week before and 32% below the four-week average. Mexico picked up 30,300 tons and Japan purchased 12,000 tons. Rice exports are 2,706,800 tons, compared to 2,877,000 last year.

Soybeans were pegged at 101,800 tons (3.7 million bushels), decreases of 50% from the prior week and 56% from the four-week average. Egypt bought 109,700 tons and Indonesia picked up 63,100 tons, but unknown destinations canceled on 152,500 tons. So far, this marketing year, soybean sales are 2.232 billion bushels, compared to 1.314 billion a year ago. Sales of 65,000 tons (2.4 million bushels) for 2021/22 delivery were to unknown destinations.

Soybean meal came out at 167,800 tons, a decline of 29% on the week and 20% from the four-week average. Mexico purchased 60,800 tons and Ecuador bought 45,000 tons, while Honduras and unknown destinations each canceled on 10,000 tons. For the marketing year to date, soybean meal sales are 8,796,700 tons, compared to 8,661,700 last year. Sales of 17,200 tons for 2021/22 delivery were to Mexico (16,900 tons) and Canada (300 tons).

Soybean oil was reported at 13,200 tons, 31% less than the previous week, but 56% more than the four-week average. Venezuela picked up 5,000 tons and the Dominican Republic purchased 4,000 tons. Cumulative soybean oil sales are 635,100 tons, compared to 832,000 a year ago.

Upland cotton was pegged at 271,200 bales, down 38% from the week before, but up 2% from the four-week average. Vietnam bought 135,500 bales and Turkey picked up 77,000 bales. 2020/21 upland cotton exports are 14,498,600 bales, compared to 15,144,900 in 2019/20. Sales of 69,400 bales for 2021/22 delivery were mostly to China (41,400 bales) and Pakistan (8,800 bales).

Net beef sales totaled 18,900 tons, a decrease of 27% from the prior week and 3% from the four-week average. The listed purchasers were Japan (5,800 tons), South Korea (4,400 tons), China (3,600 tons), Taiwan (1,600 tons), and Chile (800 tons). Shipments of 18,500 tons were an increase of 4% on the week and 5% from the four-week average, mainly to Japan (5,700 tons), South Korea (4,400 tons), China (3,200 tons), Mexico (1,300 tons), and Taiwan (1,300 tons).

Net pork sales totaled 38,700 tons, down 3% from the previous week and 2% from the four-week average. The reported buyers were Mexico (17,300 tons), China (10,500 tons), Japan (3,000 tons), Canada (2,700 tons), and South Korea (2,200 tons), with a cancellation by Australia (100 tons). Shipments of 38,500 tons were 5% less than the week before and 1% under the four-week average, primarily to China (12,000 tons), Mexico (9,600 tons), Japan (4,800 tons), the Philippines (2,300 tons), and South Korea (2,300 tons).

Tags: African Swine Fever, ASF, Australia, Cattle/Beef, Chile, China, Commodities, Corn, Cotton, Crops, Ecuador, Egypt, Exports, feed demand, Grains/Oilseeds, Hogs/Pork, Honduras, Indonesia, Japan, Livestock, livestock feed, Mexico, Pakistan, Rice, sorghum, South Korea, soybean meal, soybean oil, soybean products, Soybeans, Taiwan, The Dominican Republic, the Philippines, Turkey, unknown destinations, Upland cotton, USDA, Venezuela, Vietnam, Wheat

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March 25, 2021 at 09:25PM
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Big week for corn export sales, others lag - brownfieldagnews.com

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