Tridge summary
The USDA says pork and beef export sales showed improvements during the week ending October 21st. Pork sales of 29,500 tons were up more than 40% on the week with more than half of that to Mexico, while beef topped 19,000 tons, sharply higher than a week ago, mainly to South Korea and China. Soybean, corn, wheat, and cotton exports were all below the previous week’s levels as was rice, which hit a marketing year low the week after hitting a marketing year high. The USDA’s next set of supply and demand estimates is out Tuesday, November 9th.Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2021/22 marketing year got underway June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products.Wheat came out at 269,300 tons (9.9 million bushels), down 26% from the week ending October 14th and 31% from the four-week average. Mexico purchased 140,800 tons and Ecuador bought 24,700 tons. At this point in the 2021/22 marketing year, wheat sales are 463.2 million bushels, compared to 593.8 million in 2020/21.Corn was reported at 890,400 tons (35.1 million bushels), 30% lower than the previous week and 10% under the four-week average. Mexico picked up 492,900 tons and Japan purchased 193,600 tons. Just over a month and a half into the marketing year, corn sales are 1.173 billion bushels, compared to 1.204 billion this time last year.Sorghum sales were 133,000 tons, 49% less than the week before, but 54% more than the four-week average, all to unknown destinations. Sorghum exports are 108.3 million bushels, compared to 129 million a year ago.Rice sales were 25,200 tons, a decline of 69% from the prior week and 62% from the four-week average. Haiti bought 15,300 tons and Mexico picked up 4,100 tons. Rice exports are 1,077,900 tons, compared to 1,201,000 last year.Soybeans were pegged at 1,183,400 tons (43.5 million bushels), a decrease of 59% on the week and 22% from the four-week average. China purchased 1,081,000 tons and the Netherlands bought 117,800 tons, while unknown destinations canceled on 469,300 tons. So far, this marketing year, soybean sales are 1.119 billion bushels, compared to 1.723 billion a year ago.Soybean meal came out at 161,500 tons. The Philippines picked up 134,000 tons and Canada purchased 70,400 tons, with a handful of cancellations ranging from 45,000 to 59,300 tons. Early this marketing year, soybean meal sales are 4,456,200 tons, compared to 4,140,500 last year.Soybean oil was reported at 14,600 tons. South Korea bought 9,000 tons and the Dominican Republic picked up 2,800 tons. Cumulative soybean oil sales are 122,600 tons, compared to 221,200 a year ago.Upland cotton was pegged at 360,800 bales, 8% below the previous week, but 6% above the four-week average. China purchased 186,700 bales and Turkey bought 149,200 bales. 2021/22 upland cotton exports are 8,369,700 bales, compared to 8,749,700 in 2020/21. Net sales of 20,000 bales for 2022/23 were to China.Net beef sales totaled 19,200 tons, a solid improvement from the week before and 39% larger than the four-week average. The reported buyers were South Korea (6,200 tons), China (4,500 tons), Japan (2,800 tons), Mexico (2,100 tons), and Taiwan (1,700 tons). Shipments of 16,700 tons were down 2% from the prior week and unchanged from the four-week average, mainly to South Korea (4,700 tons), Japan (4,000 tons), China (3,500 tons), Mexico (1,200 tons), and Taiwan (1,000 tons). Sales of 5,000 tons for 2022 delivery were primarily to South Korea (4,100 tons), Indonesia (500 tons), and Japan (200 tons).Net pork sales totaled 29,500 tons, an increase of 41% on the week, but a decrease of 1% from the four-week average. The listed purchasers were Mexico (16,900 tons), Japan (3,300 tons), Canada (2,800 tons), South Korea (2,600 tons), and Colombia (2,300 tons), with a cancellation by China (1,400 tons). Shipments of 32,800 tons were steady with the previous week and 8% more than the four-week average, mostly to Mexico (16,400 tons), Japan (4,400 tons), China (3,500 tons), Colombia (2,100 tons), and Canada (1,700 tons).