News

Pork export sales steady on week

U.S. export sales were mixed when compared to the previous week. The USDA says pork during the week ending September 29^th held steady, with Mexico and China combining to buy about two thirds of the total. New crop soybean oil did improve slightly thanks to demand from Canada, rice was above a week ago with Japan leading the way, and cotton sales were up on the week, primarily to Pakistan and Turkey. Mexico topped the list for corn and soybeans, even as week-to-week sales declined for both, while the Philippines was the big buyer for wheat. Export demand is dictated by several factors, including currency trade and seasonal factors. The USDA’s next set of supply and demand estimates is out October 12^th.

Physical shipments of wheat were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year got underway June 1^st for wheat, August 1^st for cotton and rice, September 1^st for beans, corn, and sorghum, and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 229,400 tons (8.4 million bushels). The Philippines purchased 85,300 tons and Taiwan bought 51,800 tons, while unknown destinations canceled on 49,000 tons. At this point in the 2022/23 marketing year, wheat exports are 401.1 million bushels, compared to 419.2 million in 2021/22.

Corn was reported at 227,000 tons (8.9 million bushels). Mexico picked up 147,300 tons and Honduras purchased 28,200 tons. Just under a month into the marketing year, corn exports are 520.6 million bushels, compared to 1.047 billion this time last year.

There were no sorghum sales. Sorghum exports are 11.5 million bushels, compared to 92.7 million a year ago.

Rice sales were 38,100 tons. Japan bought 13,000 tons and Canada picked up 9,500 tons. Rice exports are 499,300 tons, compared to 937,400 last year.

Soybeans were pegged at 777,100 tons (28.6 million bushels). Mexico purchased 233,400 tons and China bought 157,100 tons. So far, this marketing year, soybean exports are 1.011 billion bushels, compared to 924.9 million a year ago.

Old crop soybean meal had a net reduction of 19,500 tons. Sales of 1,600 to 15,700 tons were more than offset by cancellations of 2,800 to 48,000 tons. Nearing the end of the 2021/22 marketing year, soybean meal exports are 12,081,300 tons, compared to 12,326,000 late in 2020/21. Sales of 139,900 tons for 2022/23 delivery were mainly to Vietnam (48,000 tons) and Canada (35,300 tons).

Old crop soybean oil was reported at 900 tons, all to Canada. Cumulative soybean oil exports are 698,800 tons, compared to 692,300 last year. Sales of 100 tons for 2022/23 delivery were to Canada.

Upland cotton was pegged at 121,200 bales. Pakistan picked up 69,400 bales and Turkey bought 14,000 bales. 2022/23 upland cotton exports are 8,140,600 bales, compared to 7,470,500 in 2021/22. Sales of 48,500 bales for 2023/24 delivery were primarily to Pakistan (22,900 bales) and Guatemala (10,100 bales).

Net beef sales totaled 16,400 tons. The listed purchasers were South Korea (6,000 tons), Japan (2,200 tons), Mexico (2,200 tons), China (2,100 tons), and Taiwan (900 tons), with a cancellation by Kuwait (100 tons). Shipments of 18,400 tons were mostly to South Korea (4,700 tons), Japan (4,400 tons), China (3,100 tons), Mexico (1,500 tons), and Taiwan (1,100 tons). Sales of 100 tons for 2023 delivery were to Japan.

Net pork sales totaled 34,300 tons. The reported buyers were Mexico (16,800 tons), China (10,100 tons), Canada (1,900 tons), South Korea (1,600 tons), and the Dominican Republic (1,200 tons), with a cancellation by Australia (100 tons). Shipments of 29,700 tons were mainly to Mexico (13,500 tons), China (5,000 tons), Japan (3,400 tons), Canada (1,700 tons), and South Korea (1,700 tons).