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Corn export sales hit marketing year high

The USDA says corn export sales hit a marketing year high during the week ending November 18th. Corn sales topped 1.4 million tons, with Mexico and Canada accounting for most of the total, and included a purchase by China, which has largely been relying on Ukraine for corn over the past few months. Soybean and wheat sales also posted week to week improvements, while soybean product, sorghum, cotton, and rice all declined. Beef and pork export sales were also down on the week. The USDA’s next set of supply and demand estimates is out December 9th.

Physical shipments of sorghum and soybeans were above what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year started June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 567,500 tons (20.9 million bushels), up 42% from the week ending November 11th and 70% from the four-week average. Japan purchased 154,200 tons and Nigeria bought 102,100 tons. Nearing the end of the first half of the 2021/22 marketing year, wheat sales are 523.2 million bushels, compared to 679.5 million in 2020/21.

Corn was reported at 1,429,200 tons (56.3 million bushels), 58% higher than the previous week and 40% above the four-week average. Mexico picked up 629,600 tons and Canada purchased 306,900 tons. Just outside of the end of the first quarter of the marketing year, corn sales are 1.355 billion bushels, compared to 1.508 billion a year ago. Sales of 90,000 tons (3.5 million bushels) for 2022/23 delivery were to Mexico.

Sorghum sales were 146,900 tons (5.8 million bushels). China bought 149,900 tons, while unknown destinations canceled on 3,000 tons. Sorghum exports are 147.6 million bushels, compared to 178.4 million this time last year.

Rice sales were 74,200 tons, a decline of 27% from the week before, but a rise of 48% from the four-week average. Haiti picked up 25,200 tons and Mexico purchased 24,600 tons. Rice exports are 1,327,100 tons, compared to 1,458,700 a year ago.

Soybeans were pegged at 1,564,500 tons (57.5 million bushels), an increase of 13% from both the prior week and the four-week average. China bought 882,500 tons and Mexico picked up 168,200 tons, while unknown destinations canceled on 56,400 tons. So far, this marketing year, soybean sales are 1.329 billion bushels, compared to 1.921 billion last year. Sales of 6,000 tons (200,000 bushels) for 2022/23 delivery were to unknown destinations.

Soybean meal came out at 136,900 tons, down 25% on the week and 36% from the four-week average. Mexico purchased 65,900 tons and the Philippines bought 45,000 tons, while unknown destinations canceled on 55,000 tons. For the marketing year to date, soybean meal sales are 5,280,700 tons, compared to 5,101,300 a year ago. A net reduction of 800 tons for 2022/23 delivery followed cancellations by Japan (600 tons) and the Netherlands (200 tons).

Soybean oil was reported at 42,000 tons, 38% less than the previous week, but 62% more than the four-week average. India picked up 30,000 tons and the Dominican Republic purchased 7,000 tons, while Guatemala canceled on 6,000 tons. Cumulative soybean oil sales are 253,800 tons, compared to 390,000 last year.

Upland cotton was pegged at 196,900 bales, a jump of 44% from the week before and 3% higher than the four-week average. Mexico bought 65,900 bales and the Philippines picked up 45,000 bales, while unknown destinations canceled on 55,000 bales. 2021/22 upland cotton exports are 8,970,400 bales, compared to 9,861,000 in 2020/21. Sales of 46,200 bales were mainly to Bangladesh (19,800 bales) and Turkey (13,200 bales).

Net beef sales totaled 19,300 tons, a decrease of 24% from the prior week and 6% from the four-week average. The listed purchasers were South Korea (4,600 tons), China (4,400 tons), Canada (2,800 tons), Mexico (2,800 tons), and Japan (2,100 tons), with a cancellation by Belgium (100 tons). Shipments of 18,200 tons were steady with the week before and 6% above the four-week average, primarily to South Korea (4,800 tons), Japan (4,500 tons), China (3,600 tons), Mexico (1,500 tons), and Taiwan (1,400 tons). Sales of 5,800 tons for 2022 delivery were mostly to South Korea (3,300 tons), Canada (900 tons), Japan (700 tons), Taiwan (400 tons), and China (200 tons).

Net pork sales totaled 17,500 tons, a drop of 30% on the week and 43% from the four-week average. The reported buyers were Mexico (11,300 tons), Japan (2,400 tons), South Korea (1,600 tons), Colombia (1,100 tons), and Canada (400 tons), with cancellations by Nicaragua (300 tons), China (200 tons), and Costa Rica (100 tons). Shipments of 28,900 tons were 17% less than the previous week and 13% below the four-week average, mainly to Mexico (11,900 tons), China (4,300 tons), Japan (3,500 tons), South Korea (2,700 tons), and Colombia (1,700 tons). Sales of 15,600 tons for 2022 delivery were primarily to Japan (8,300 tons), South Korea (3,700 tons), and Canada (2,700 tons).

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