AGRIBUSINESS REPORT PODCAST – Tim Lust
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Corn sales hit a new marketing year high last week, while sorghum exports set a new high for 2021 according to the Foreign Agriculture Service, based on USDA’s Weekly Export Sales Report
There may be some growing concern in regards to crop exports and foreign demand amid higher commodity prices.
With a weaker dollar, and supply concerns around the globe, U.S. grain exports of corn, barley and sorghum are projected to break the all-time export record this marketing season.
For wheat, Net sales were down noticeably from the previous week, but up 55 percent from the prior 4-week average on increases primarily for Mexico, Taiwan, and Japan.
According to the Foreign Agriculture Service’s Weekly Export Sales Report, demand for U.S. sorghum from China is at its highest level in history.
Once every year, USDA releases their estimates on prospective plantings in the United States. For 2021, that report places the expectations for soybean plantings at 91.1 million acres, a 5 percent increase over last year.
Exports for last week eclipsed marketing year highs for corn and sorghum while sales increased for all major commodities except soybeans.
Huge demand from China is driving prices for sorghum in the U.S. higher while lower input costs and exceptional drought tolerance are increasing grower demand.
Sorghum export sales were strong again last week with China committing to purchase 4.3 million bushels of old crop sorghum and taking delivery of another 2.2 million bushels from the United States.
USDA released their latest Weekly Export Sales Report on Friday, a day later than normal due to the Martin Luther King, Jr. Holiday on Monday.
Last week was an active one for export sellers as all major commodities, except wheat, experienced an uptick from foreign buyers.
USDA end of year stocks estimate for all major crops is fairly easy to report: all are lower than in 2019. Specifically, corn stocks are slightly lower while wheat stocks are down 9 percent, soybeans are off 10 percent and sorghum stocks are down 12 percent as of December 1.
The longest-running farm program in West Texas, the AgriBusiness Report is our daily interview program with decision-makers in the world of Agriculture.
Producers of the top five field crops in the United States have struggled to cover total costs of production over the past decade.
The European Union has eliminated import duties on certain U. S. products just four months after re-introducing those duties.
China’s announcement of tariff exclusions following the Phase One agreement had an immediate impact on U.S. sorghum exports.
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