China big weekly buyer for soybeans, pork
China showed up in a couple of significant spots in the USDA’s weekly export sales report. During the week ending March 7, China bought more than 1.7 million tons of U.S. soybeans and 23,800 tons of U.S. pork, making it the top weekly buyer for both commodities. No date has been announced for the resumption of face to face trade talks between the U.S. and China.
Combined old and new crop export sales for beans, corn, soybean products, and wheat were within most pre-report expectations. The 2018/19 marketing year runs through the end of May for wheat, the end of August for beans, corn, and sorghum, and the end of September for soybean products.
Wheat came out at 263,000 tons (9.7 million bushels). Nigeria purchased 106,300 tons and Japan bought 62,500 tons, but unknown destinations canceled on 96,000 tons. With less than a quarter remaining in 2018/19, wheat sales are 839.4 million bushels, compared to 815.3 million in 2017/18. Sales of 83,000 tons (3.0 million bushels) for 2019/20 delivery were mainly to Nigeria (48,000 tons) and Mexico (12,200 tons).
Corn was reported at 372,000 tons (14.6 million bushels). South Korea picked up 120,200 tons and Japan purchased 110,600 tons, while unknown destinations canceled on 53,200 tons. Just over halfway through the marketing year, corn sales are 1.610 billion bushels, compared to 1.718 billion this time last year. Sales of 474,600 tons (18.7 million bushels) for 2019/20 delivery were primarily to Mexico (269,600 tons) and Japan (202,000 tons).
Sorghum sales were 9,500 tons (400,000 bushels), all to Japan, which also canceled on 500 tons. At this point in the marketing year, sorghum sales are 34,700 tons, compared to 205,600 a year ago. Soybeans were pegged at 1,911,900 tons (70.3 million bushels). China bought 1,707,600 tons and Mexico picked up 67,500 tons. So far, this marketing year, soybean sales are 1.513 billion bushels, compared to 1.811 billion last year. Sales of 3,000 tons (100,000 bushels) were to Japan.
Soybean meal came out at 226,000 tons. Mexico purchased 70,400 tons and Israel bought 34,000 tons. Cumulative soybean meal sales are 8,948,500 tons, compared to 8,315,900 a year ago. Sales of 100 tons for 2019/20 delivery were to Mexico.
Soybean oil was reported at 14,000 tons. The Dominican Republic purchased 5,300 tons and Guatemala bought 4,500 tons. 2018/19 soybean oil sales are 530,800 tons, compared to 578,300 in 2017/18.
Net beef sales totaled 12,800 tons. The listed purchasers were Japan (6,500 tons), South Korea (1,700 tons), Taiwan (1,500 tons), Hong Kong (1,100 tons), and Canada (1,000 tons).
Net pork sales totaled 50,300 tons. The reported buyers were China (23,800 tons), Mexico (8,900 tons), Japan (4,500 tons), Canada (2,900 tons), and Colombia (2,100 tons), with a cancellation by Nicaragua (200 tons).