Japan buys significant amount of U.S. pork

The USDA says Japan bought a lot of U.S. pork during the week ending January 13th. Japan purchased nearly 22,000 tons of U.S. pork, more than half of the weekly sales total, with Mexico picking up almost 10,000 tons. Beef sales were up on the week, mainly to China, Japan, and South Korea. Strong demand from Japan and Mexico pulled corn sales back above a million tons, while sorghum hit a marketing year high thanks to unknown destinations and China. The USDA’s next of supply and demand estimates is out February 9th.

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

Wheat came out at 380,600 tons (14 million bushels), up 44% from the week ending January 6th and 62% from the four-week average. Nigeria purchased 101,300 tons and Guatemala bought 66,600 tons, while unknown destinations canceled on 51,800 tons. In the back half of the 2021/22 marketing year, wheat sales are 607.3 million bushels, compared to 785.9 million in 2020/21. Sales of 72,000 tons (2.6 million bushels) for 2022/23 delivery were mainly to Thailand (54,500 tons).

Corn was reported at 1,091,300 tons (43 million bushels), considerably larger than the previous week and 48% higher than the four-week average. Japan picked up 370,900 tons and Mexico purchased 246,100 tons. For the marketing year to date, corn sales are 1.675 billion bushels, compared to 1.843 billion this time last year. Sales of 105,000 tons (4.1 million bushels) for 2022/23 delivery were to Mexico (55,000 tons) and Japan (50,000 tons).

Sorghum sales were 477,500 tons (18.8 million bushels), steep rises from both the week before and the four-week average. Unknown destinations bought 264,000 tons and China picked up 183,500 tons. Sorghum exports are 228.6 million bushels, compared to 219.4 million a year ago. Sales of 53,000 tons (2.1 million bushels) for 2022/23 delivery were to China.

Rice sales were 42,700 tons, above the prior week, but 14% below the four-week average. Haiti purchased 15,300 tons and Mexico bought 10,200 tons. Rice exports are 1,682,500 tons, compared to 1,970,600 last year.

Soybeans were pegged at 671,000 tons (24.7 million bushels), a cut of 9% on the week, but a gain of 12% from the four-week average. China picked up 797,000 tons and Mexico purchased 353,700 tons, but unknown destinations canceled on 984,200 tons. So far, this marketing year, soybean sales are 1.584 billion bushels, compared to 2.105 billion a year ago. Sales of 528,000 tons (19.4 million bushels) for 2022/23 delivery were to China (462,000 tons) and unknown destinations (66,000 tons).

Soybean meal came out at 314,900 tons, big improvements from both the previous week and the four-week average. Ecuador bought 54,000 tons and Canada picked up 46,100 tons. At this point in the marketing year, soybean meal sales are 6,545,500 tons, compared to 6,756,000 last year. Sales of 201,700 tons for 2022/23 delivery were primarily to Spain (200,000 tons).

Soybean oil was reported at 30,700 tons, down quite a bit from the week before, but up 4% from the four-week average. South Korea purchased 13,000 tons and the Dominican Republic bought 12,200 tons. Early in the second quarter of the marketing year, cumulative soybean oil sales are 468,500 tons, compared to 554,500 a year ago.

Upland cotton was pegged at 273,000 bales, 32% less than the prior week, but 12% more than the four-week average. Pakistan picked up 62,600 bales and China purchased 62,200 bales. 2021/22 upland cotton exports are 11,267,300 bales, compared to 12,156,600 in 2020/21. Sales of 139,200 bales for 2022/23 delivery were mostly to Pakistan (95,000 bales) and Honduras (22,200 bales).

Net beef sales totaled 12,800 tons. The reported buyers were China (3,900 tons), Japan (2,100 tons), South Korea (1,800 tons), Mexico (1,200 tons), and Taiwan (1,000 tons). Shipments of 14,100 tons were mainly to South Korea (4,500 tons), Japan (3,400 tons), China (1,900 tons), Mexico (1,200 tons), and Taiwan (900 tons).

Net pork sales totaled 38,700 tons. The listed purchasers were Japan (21,800 tons), Mexico (9,700 tons), South Korea (1,900 tons), Colombia (1,400 tons), and Canada (900 tons), with a cancellation by Trinidad and Tobago (100 tons). Shipments of 31,000 tons were primarily to Mexico (17,100 tons), Japan (3,700 tons), China (3,600 tons), South Korea (2,200 tons), and Canada (1,500 tons).

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