Pork exports surge, despite slowdown in Chinese buying
USDA reported a net-sales reduction for old-crop corn exports the week ending July 22, which marked a new low for the marketing year. But new-crop sales were quite a bit stronger than expected and exports of 1.361 MMT were up 21% from the prior four-week average, with China accounting for nearly half of the business.
Despite elevated price levels, wheat sales climbed 46% from the four-week average to 515,200 MT, with China topping the list of buyers. The tally was near the upper end of expectations. USDA did report a minor net sales reduction for 2021-22.
Soybean sales were in line with expectations, with a net sales reduction for 2020-21 countered by a decent 2021-22 sales tally. Exports of beans were up 34% from the prior four-week average. Sales of soymeal and soyoil aligned with expectations.
USDA reported a small net sales reduction for cotton, but new-crop sales were decent, and exports were just 5% under the prior four-week average.
Pork exports surged 43% from the prior four-week average with other countries scooping up pork now that Chinese buying has faded. Mexico was the lead buyer. Pork sales were also solid, with South Korea as the lead buyer and China buying 4,500 MT.
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USDA Weekly Export Sales Report Week Ended July 22, 2021 |
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Corn |
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Actual Sales (in MT) |
Combined: 414,100 |
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Expectations (in MT) |
2020-21: -100,000-300,000 |
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Weekly Sales Details |
Net sales reductions of 115,200 MT for 2020-21--a marketing-year low--were up 30% from the previous week, but down noticeably from the prior 4-week average. Increases primarily for Japan (36,300 MT, including 39,900 MT switched from unknown destinations and decreases of 16,100 MT), Venezuela (30,000 MT switched from unknown destinations), Barbados (6,300 MT), Canada (5,200 MT, including decreases of 700 MT), and Taiwan (2,500 MT), were more than offset by reductions primarily for China (119,300 MT) and unknown destinations (71,600 MT). For 2021-22, net sales of 529,300 MT were primarily for Mexico (172,000 MT), unknown destinations (150,000 MT), Colombia (129,100 MT), and Japan (50,000 MT). |
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Exports of 1,361,000 MT were up 36% from the previous week and 21% from the prior 4-week average. The destinations were primarily to China (698,700 MT), Japan (308,500 MT), Mexico (256,900 MT), Venezuela (30,000 MT), and Jamaica (19,000 MT). |
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Comments and Performance Indicators |
Export commitments are 59% ahead of year-ago compared with 60% ahead last week. USDA projects exports in 2020-21 at 2.850 billion bu., up 60.4% from the previous marketing year. |
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Wheat |
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Actual Sales (in MT) |
Combined: 510,200 |
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Expectations (in MT) |
2021-22: 350,000-600,000 |
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Weekly Sales Details |
Net sales of 515,200 metric tons (MT) for 2021-22 were up 9% from the previous week and 46% from the prior 4-week average. Increases primarily for China (128,900 MT, including 130,000 MT switched from unknown destinations and decreases of 1,100 MT), Mexico (85,600 MT, including decreases of 11,100 MT), the Philippines (59,100 MT), Taiwan (52,100 MT), and Thailand (47,000 MT), were offset by reductions primarily for unknown destinations (5,000 MT) and Indonesia (1,600 MT). Total net sales reductions for 2022-23 of 5,000 MT were for unknown destinations. |
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Weekly Export Details |
Exports of 345,000 MT were down 27% from the previous week, but up 2% from the prior 4-week average. The destinations were primarily to Mexico (84,600 MT), China (65,300 MT), the Philippines (57,200 MT), Nigeria (51,000 MT), and Taiwan (44,600 MT). |
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Comments and Performance Indicators |
Export commitments are 15% behind year-ago, compared with 14% behind last week. USDA projects exports in 2021-22 at 875 million bu., down 11.8% from the previous marketing year. |
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Soybeans |
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Actual Sales (in MT) |
Combined: 233,500 |
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Expectations (in MT) |
2020-21: -100,000-300,000 |
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Weekly Sales Details |
Net sales reductions of 79,300 MT for 2020-21 were down noticeably from the previous week and from the prior 4-week average. Increases primarily for Taiwan (12,800 MT), Mexico (6,100 MT, including decreases of 100 MT), Vietnam (5,800 MT, including decreases of 100 MT), South Korea (4,800 MT), and Bangladesh (4,500 MT), were offset by reductions for Japan (74,800 MT) and unknown destinations (51,500 MT). For 2021-22, net sales of 312,800 MT primarily for Mexico (160,500 MT), China (121,000 MT), Pakistan (66,000 MT), and Taiwan (21,500 MT), were offset by reductions for unknown destinations (64,000 MT). |
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Weekly Export Details |
Exports of 244,200 MT were up 49% from the previous week and 34% from the prior 4-week average. The destinations were primarily to Mexico (106,700 MT), Bangladesh (59,500 MT), Canada (33,200 MT), Japan (20,600 MT), and Indonesia (13,000 MT). |
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Comments and Performance Indicators |
Export commitments are 33% ahead of year-ago, compared with 34% ahead of year-ago last week. USDA projects exports in 2020-21 at 2.270 billion bu., up 35.2% from year-ago. |
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Soymeal |
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Actual Sales (in MT) |
Combined: 160,400 |
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Expectations |
2020-21: 50,000-200,000 |
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Weekly Sales Details |
Net sales of 87,300 MT for 2020-21 were up 28% from the previous week, but down 40% from the prior 4-week average. Increases primarily for the Dominican Republic (32,800 MT), Mexico (25,500 MT, including decreases of 4,000 MT), Colombia (18,000 MT), unknown destinations (18,000 MT), and Canada (11,700 MT, including decreases of 1,400 MT), were offset by reductions for Slovenia (42,000 MT), Panama (5,100 MT), and Belgium (800 MT). For 2021-22, net sales of 73,100 MT were reported for Slovenia (42,000 MT), Canada (19,100 MT), Panama (7,100 MT), Honduras (3,600 MT), and Guatemala (1,300 MT). |
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Exports of 242,200 MT were up 66% from the previous week and 49% from the prior 4-week average. The destinations were primarily to the Philippines (48,500 MT), Ireland (44,000 MT), the Dominican Republic (32,700 MT), Mexico (32,600 MT), and Ecuador (29,100 MT). |
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Comments and Performance Indicators |
Export commitments are steady with year-ago vs. 2% ahead of year-ago the week prior. USDA projects exports in 2020-21 will climb 3.0% from the previous marketing year. |
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Soyoil |
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Actual Sales (in MT) |
2020-21: 2,200 |
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Expectations |
2020-21: 0-10,000 |
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Weekly Sales Details |
Net sales of 2,200 MT for 2020-21 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Canada (1,300 MT) and Mexico (900 MT). |
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Weekly Export Details |
Exports of 1,200 MT were down 58% from the previous week and 48% from the prior 4-week average. The destinations were to Mexico (900 MT) and Canada (300 MT). |
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Comments and Performance Indicators |
Export commitments for 2020-21 are 45% behind year-ago compared with 46% behind last week. USDA projects exports will fall 37.4% this season. |
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Cotton |
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Actual Sales (in RB) |
Combined: 191,000 |
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Net sales reductions of 1,200 RB for 2020-21--a marketing-year low were--down noticeably from the previous week and from the prior 4-week average. Increases reported for Mexico (2,400 RB), Pakistan (900 RB), Peru (500 RB), South Korea (400 RB), and Egypt (100 RB), were more than offset by reductions for Indonesia (2,200 RB), Vietnam (2,000 RB), China (900 RB), and Japan (400 RB). For 2021-22, net sales of 192,200 RB primarily for Bangladesh (55,000 RB), Mexico (39,600 RB), Pakistan (33,700 RB), Vietnam (25,300 RB), and Turkey (14,300 RB), were offset by reductions for Guatemala (200 RB). |
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Weekly Export Details |
Exports of 238,300 RB were down 3% from the previous week and 5% from the prior 4-week average. Exports were primarily to Turkey (54,200 RB), Pakistan (48,800 RB), Vietnam (29,300 RB), China (27,500 RB), and Indonesia (18,500 RB). |
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Comments and Performance Indicators |
Export commitments are 5% behind 2019-20, which compares to 5% behind the week prior. USDA forecasts total cotton exports will rise 5.7% from year-ago to 16.40 million bales this marketing year. |
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Beef |
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Actual Sales (in MT) |
2021: 22,500 |
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Weekly Sales Details |
Net sales of 22,500 MT reported for 2021 were down 11% from the previous week, but up 28% from the prior 4-week average. Increases were primarily for South Korea (8,200 MT, including decreases of 500 MT), Japan (6,100 MT, including decreases of 600 MT), and China (4,500 MT, including decreases of 100 MT). |
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Weekly Export Details |
Exports of 19,100 MT were down 11% from the previous week, but up 4% from the prior 4-week average. The destinations were primarily to South Korea (5,100 MT), Japan (4,400 MT), China (3,100 MT), Taiwan (1,700 MT), and Mexico (1,500 MT). |
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Comments and Performance Indicators |
USDA reported sales totaling 25,100 MT last week. USDA projects 2021 exports will climb 16.0% from year-ago levels. |
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Pork |
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Actual Sales (in MT) |
Combined: 38,900 |
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Weekly Sales Details |
Net sales of 38,500 MT reported for 2021 were up 57% from the previous week and 43% from the prior 4-week average. Increases were primarily for Mexico (25,100 MT, including decreases of 800 MT), Chile (3,300 MT, including decreases of 100 MT), Japan (3,200 MT, including decreases of 200 MT), Honduras (2,300 MT), and Colombia (2,000 MT, including decreases of 100 MT). Total net sales for 2022 of 400 MT were for Chile. |
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Weekly Export Details |
Exports of 29,900 MT were down 3% from the previous week, but up 1% from the prior 4-week average. The destinations were primarily to Mexico (12,300 MT), China (5,700 MT), Japan (4,000 MT), South Korea (2,100 MT), and Canada (1,700 MT). |
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Comments and Performance Indicators |
USDA reported net sales of 24,500 MT last week. USDA projects exports in 2021 will climb 3.7% from last year’s strong tally. |
