News

Another mixed week for U.S. export sales

The USDA says the week ending August 4^th was a mixed week for U.S. export sales. Export business is subject to a number of factors, including currency trade, domestic commodity prices, and seasonal factors. Old crop soybeans were a net reduction for the sixth time out of the last seven weeks following cancellations by unknown destinations and China, and while old crop corn was up sharply on the week, it failed to break 200,000 tons. Wheat and beef export sales were above a week ago, but lower than average, and pork export sales receded after last week’s big bump. The USDA’s next set of supply and demand estimates is out Friday at Noon Eastern/11 Central.

The 2021/22 marketing year started September 1^st, 2021 for beans, corn, and sorghum, and October 1^st, 2021 for soybean products, while 2022/23 got underway June 1^st, 2022 for wheat and August 1^st, 2022 for cotton and rice. The marketing year for beef and pork is the calendar year.

Wheat came out at 359,200 tons (13.2 million bushels), up 44% from the week ending July 29^th, but down 34% from the four-week average. Mexico purchased 99,400 tons and South Korea bought 62,000 tons. About two months into the 2022/23 marketing year, wheat exports are 316.2 million bushels, compared to 319.9 million in 2021/22.

Corn was reported at 191,800 tons (7.6 million bushels), considerably larger than both the previous week and the four-week average. Mexico picked up 135,100 tons and Japan purchased 62,300 tons, while unknown destinations canceled on 62,700 tons. Nearing the end of the 2021/22 marketing year, corn exports are 2.396 billion bushels, compared to 2.76 billion late in 2020/21. Sales of 191,300 tons (7.5 million bushels) for 2022/23 delivery were mainly to Italy (105,000 tons) and Honduras (47,400 tons).

Sorghum had a net reduction of 1,400 tons (-100,000 bushels) following a cancellation by China. Sorghum exports are 274.2 million bushels, compared to 283 million a year ago. Sales of 68,000 tons (2.7 million bushels) for 2022/23 delivery were to unknown destinations.

New crop rice sales were 26,800 tons. Haiti bought 18,800 tons and Mexico picked up 6,300 tons. The USDA says 216,700 tons were outstanding on July 31^st and were carried over to the new marketing year. Rice exports are 308,000 tons, compared to 522,400 early last marketing year. The 2021/22 total was 2,749,200 tons, down 14% from 2020/21.

Soybeans had a net reduction of 66,700 tons (-2.5 million bushels). Sales of 61,400 to 152,400 tons were more than offset by cancellations on 569,200 tons by unknown destinations and 66,400 tons by China. So far, this marketing year, soybean exports are 2.185 billion bushels, compared to 2.279 billion a year ago. Sales of 477,200 tons (17.5 million bushels) for 2022/23 delivery were primarily to China (195,000 tons) and unknown destinations (184,200 tons).

Soybean meal was reported at 90,900 tons, a decline of 51% from the week before, but a rise of 9% from the four-week average. Mexico purchased 35,600 tons and Colombia bought 31,400 tons. With less than two months remaining in the marketing year, soybean meal exports 11,688,200 tons, compared to 11,928,500 last year. Sales of 311,200 tons for 2022/23 delivery were mostly to Poland (135,000 tons) and the Philippines (90,000 tons).

Soybean oil came out at 600 tons, a drop of 51% from the prior week and 66% from the four-week average. The lone listed buyer was Canada. Cumulative soybean oil sales are 693,700 tons, compared to 682,900 tons a year ago.

New crop upland cotton was pegged at 102,400 bales. Vietnam picked up 36,200 bales and Honduras purchased 24,300 bales. The USDA says a total of 2,387,800 bales were carried over into the new marketing year. Upland cotton exports are 7,318,200 bales, compared to 4,976,400 early last marketing year. The 2021/22 total was 13,179,100 bales, down 11% from 2020/21.

Net beef sales totaled 14,600 tons, an increase of 22% on the week, but a decrease of 17% from the four-week average. The reported buyers were Japan (3,900 tons), South Korea (3,100 tons), Taiwan (2,000 tons), China (1,800 tons), and Mexico (1,500 tons), with cancellations by Switzerland (400 tons), Bahrain (100 tons), and Indonesia (100 tons). Shipments of 20,800 tons were 13% above the previous week and 11% more than the four-week average, mainly to Japan (6,100 tons), South Korea (5,100 tons), China (4,400 tons), Mexico (1,300 tons), and Taiwan (1,200 tons). Sales of 200 tons for 2023 delivery were to Japan.

Net pork sales totaled 21,500 tons, 13% below the week before and 6% less than the four-week average. The listed purchasers were Mexico (10,200 tons), Japan (3,800 tons), China (3,500 tons), the Dominican Republic (1,400 tons), and Colombia (800 tons), with a cancellation by South Korea (100 tons). Shipments of 27,200 tons were 4% higher than the prior week and up 6% from the four-week average, primarily to Mexico (11,900 tons), China (4,800 tons), Japan (4,800 tons), Canada (1,700 tons), and South Korea (1,600 tons).