China Continues Agressive Purchases of U.S. Agricultural Commodities
WASHINGTON, DC – USDA released their latest Weekly Export Sales Report on Thursday morning, providing the markets a better idea of current trade trends. China continues to be a major buyer of wheat, corn, sorghum, soybeans, cotton and pork.
Net sales of wheat were more than a half million metric tons (540,400 MT), down 12 percent from the previous week on purchases by Mexico, Japan, and South Korea. For 2021/2022, total net sales of 21,000 MT were for Peru. Exports were down 57 percent from the previous week.
Corn sales were nearly 2 million metric tons (1,924,500 MT) and 41 percent higher than the previous week as Mexico, China, and Japan stepped up their business. Exports were up 35 percent from the previous week.
Net new sales of sorghum (325,400 MT) was noticeably higher than the previous week and up 56 percent from the prior 4-week average. Buyers were China and Japan. Exports of 330,000 metric tons set a new marketing-year high with nearly all of that on a boat to China.
Net sales of soybeans (922,300 MT) were 62 percent higher than the previous week with China representing the largest buyer and smaller, but still good purchases from Mexico, and Indonesia. Exports of 2.5 million metric tons were down 4 percent from the previous week with more than 60 percent heading to China.
Cotton sales of more than 400-thousand bales were up 4 percent from the previous week. The biggest buyers include China (225,800 RB), Pakistan, and Vietnam. Exports were down 22 percent from the previous week.
Beef sales (10,100 MT) were noticeably higher from the previous week, primarily for Japan, South Korea, and Canada. Exports were up 6 percent from the previous week.
Net pork sales were up 51 percent from the previous week and almost 40-thousand metric tons. Major buyers include Mexico, China, and Canada. Exports were split among Mexico (14,600 MT), China (12,800 MT), Japan (4,500 MT), South Korea (3,400 MT), and Canada (1,800 MT).
(SOURCE: All Ag News)