2022 U.S. meat exports down sharply on week
Last week was a dismal week for 2022 U.S. meat export sales. The USDA says beef exports for the week ending December 1st were 1,600 tons with good sales to a few key customers, including China, canceled out by a reduction from South Korea, while sales for 2023 delivery were more than 16,000 tons, with most of that to South Korea. Pork had a net reduction of nearly 8,000 tons following reductions or outright cancellations by a number of major buyers, with a modest week for new 2023 sales. The other major commodities generally fared well, with week to week increases for corn, soybeans, soybean products, wheat, and cotton, but overall sales paces mostly remain slower than last marketing year due to relatively high U.S. prices. The USDA’s next set of supply and demand estimates is out Friday at Noon Eastern/11 Central.
Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year started June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.
Wheat came out at 189,900 tons (7 million bushels). China purchased 65,000 tons and Iraq bought 50,000 tons. At the halfway point of the 2022/23 marketing year, wheat exports are 501.2 million bushels, compared to 535 million in 2021/22.
Corn was reported at 691,600 tons (27.2 million bushels). Mexico picked up 333,100 tons and China purchased 204,900 tons, while unknown destinations canceled on 108,700 tons. As the second quarter of the marketing year gets underway, corn exports are 749.7 million bushels, compared to 1.439 billion this time last year.
Sorghum sales were 3,500 tons (100,000 bushels). China bought 71,400 tons, while unknown destinations canceled on 68,000 tons. Sorghum exports are 14.2 million bushels, compared to 171.2 million a year ago.
Rice sales were 77,700 tons. Jordan picked up 27,400 tons and Panama purchased 27,000 tons. Rice exports are 844,300 tons, compared to 1,389,400 last year.
Soybeans were pegged at 1,716,200 tons (63.1 million bushels). China bought 839,600 tons and Mexico picked up 143,300 tons. So far, this marketing year, soybean exports are 1.428 billion bushels, compared to 1.424 billion a year ago. Sales of 30,000 tons (1.1 million bushels) for 2023/24 delivery were to China.
Soybean meal came out at 226,200 tons. Mexico purchased 104,800 tons and Japan bought 24,300 tons. At this point in the marketing year, soybean meal exports are 5,335,200 tons, compared to 5,269,900 last year. Sales of 15,000 tons for 2023/24 delivery were to Mexico.
Soybean oil was reported at 500 tons, all to Canada. Cumulative soybean oil exports are 30,700 tons, compared to 308,400 a year ago.
Upland cotton was pegged at 32,600 bales. China picked up 11,000 bales and Bangladesh purchased 7,300 bales. 2022/23 upland cotton exports are 8,733,600 bales, compared to 9,727,900 in 2021/22. Sales of 26,400 bales for 2023/24 delivery were to Pakistan (22,000 bales) and Turkey (4,400 bales).
Net beef sales were 1,600 tons. The reported buyers were China (4,800 tons), Japan (1,600 tons), Mexico (900 tons), Canada (500 tons), and Taiwan (400 tons), but with a net reduction by South Korea (7,900 tons). Shipments of 16,900 tons were mainly to South Korea (5,100 tons), Japan (4,300 tons), Mexico (1,900 tons), China (1,600 tons), and Taiwan (1,300 tons). Sales of 16,300 tons for 2023 delivery were primarily to South Korea (13,100 tons), Japan (1,300 tons), Hong Kong (700 tons), China (300 tons), and Guatemala (300 tons).
Pork had a net reduction of 7,900 tons. The listed purchasers were Mexico (3,100 tons), China (900 tons), the Dominican Republic (200 tons), Honduras (200 tons), and Chile (100 tons), with full cancellations by Japan (4,400 tons), Australia (3,400 tons), South Korea (2,300 tons), and Canada (2,200 tons). Shipments of 32,500 tons were mostly to Mexico (15,900 tons), China (4,700 tons), Japan (3,300 tons), South Korea (2,100 tons), and Canada (1,900 tons). Sales of 2,400 tons for 2023 tons for 2023 delivery were mainly to Colombia (1,300 tons), Japan (500 tons), Nicaragua (200 tons), and South Korea (200 tons).