News

Beef, pork export sales up modestly on the week

U.S. meat exports sales have been up for two weeks in a row. The USDA says both beef and pork saw modest week-to-week increases during the week ending July 21^st, continuing to bounce off the recent lows, with South Korea leading the way on beef and Mexico topping the list for pork. Old crop corn export sales were up on the week thanks to Mexico, while old crop soybeans were a net reduction following cancellations by unknown destinations and China. U.S. export sales are driven by several factors, including trade in the U.S. dollar against other currencies, geopolitical issues, and seasonal trends. The USDA’s next set of supply and demand estimates is out August 12^th.

The 2021/22 marketing year started August 1^st, 2021 for cotton and rice, 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.

Wheat came out at 412,000 tons (15.1 million bushels), down 19% from the week ending July 14^th and 29% from the four-week average. The Philippines purchased 98,100 tons and Mexico bought 67,800 tons. Less than two months into the 2022/23 marketing year, wheat exports are 293.8 million bushels, compared to 297.8 million in 2021/22.

Corn was reported at 150,300 tons (5.9 million bushels), up sharply from both the previous week and the four-week average. Mexico picked up 70,000 tons and Japan purchased 41,700 tons. Entering the final full month of the 2021/22 marketing year, corn exports are 2.386 billion bushels, compared to 2.742 billion in 2020/21. Sales of 193,700 tons (7.6 million bushels) for 2022/23 delivery were mainly to Mexico (107,300 tons) and unknown destinations (59,600 tons).

Sorghum sales were 3,400 tons (100,000 bushels), 42% lower than the week before and 78% below the four-week average. China and Mexico each bought 1,700 tons. Sorghum exports are 274.2 million bushels, compared to 282.7 million this time last year. Sales of 67,000 tons (2.6 million bushels) for 2022/23 delivery were to China.

Rice sales were 22,100 tons, 1% more than the prior week, but 9% less than the four-week average. Haiti picked up 15,100 tons and Canada purchased 3,000 tons. Nearing the end of the 2021/22 marketing year, rice exports are 2,933,400 tons, compared to 3,439,100 late in 2020/21. Sales of 5,200 tons for 2022/23 delivery were primarily to Honduras (5,000 tons).

Soybeans had a net reduction of 58,600 tons (-2.2 million bushels). The Netherlands bought 57,000 tons and Egypt picked up 55,000 tons, but unknown destinations canceled on 204,200 tons. So far, this marketing year, soybean exports are 2.188 billion bushels, compared to 2.275 billion a year ago. Sales of 748,800 tons (27.5 million bushels) for 2022/23 delivery were mostly to China (538,000 tons) and unknown destinations (199,000 tons).

Soybean meal came out at 28,000 tons, a decrease of 74% on the week and 61% from the four-week average. Mexico purchased 10,800 tons and Jamaica bought 6,500 tons, with a cancellation on 5,600 tons by unknown destinations. Soybean meal exports are 11,410,700 tons, compared to 11,686,900 last year. Sales of 20,600 tons for 2022/23 delivery were mainly to Ecuador (10,000 tons) and Costa Rica (4,800 tons).

Soybean oil was reported at 4,600 tons, a big increase from both the previous week and the four-week average. Canada picked up all 4,600 tons. At this point in the marketing year, soybean oil sales are 691,800 tons, compared to 679,500 a year ago. Sales of 600 tons for 2022/23 delivery were to Canada.

Upland cotton hit a marketing year low with a net reduction of 4,000 bales. That followed sales of 200 to 6,400 bales being offset by cancellations ranging from 300 to 6,000 bales. 2021/22 upland cotton exports are 15,700,700 bales, compared to 16,189,300 late 2020/21. Sales of 55,700 bales for 2022/23 delivery were primarily to Vietnam (26,000 bales) and Turkey (8,800 bales).

Net beef sales totaled 25,300 tons, a jump of 6% from the week before and 66% from the four-week average. The reported buyers were South Korea (7,900 tons), Japan (7,000 tons), China (3,100 tons), Taiwan (2,500 tons), and Mexico (1,100 tons). Shipments of 20,300 tons were 3% higher than the prior week and 5% above the four-week average, mostly to South Korea (6,000 tons), Japan (5,600 tons), China (2,900 tons), Mexico (1,200 tons), and Taiwan (1,100 tons).

Net pork sales totaled 21,600 tons, a rise of 5% on the week, but a drop of 16% from the four-week average. The listed purchasers were Mexico (13,100 tons), Japan (3,500 tons), Canada (1,300 tons), South Korea (1,300 tons), and China (800 tons). Shipments of 27,000 tons were up 1% from the previous week, but down 2% from the four-week average, primarily to Mexico (12,000 tons), China (4,100 tons), Japan (3,600 tons), South Korea (1,800 tons), and Canada (1,600 tons).