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Beef, pork export sales up on week

U.S. meat export sales were up slightly during the week ending June 15^th. The USDA says pork export sales climbed 7% with Mexico, Canada, and South Korea topping the list, while beef sales were 4% higher, mainly to China, Japan, and South Korea. Grain and oilseed export sales were generally bearish. Old crop corn, soybean, soybean product, sorghum, and cotton sales were all below the previous week, with new crop wheat also down, and while rice sales were above a week ago, they were lower than average. Export sales are dictated by several factors including seasonal demand changes and the strength of the U.S. dollar relative to other currencies. The USDA’s next set of supply and demand estimates is out July 12^th.

Physical shipments of soybeans were more than what’s needed weekly to meet USDA projections for the current marketing year. The 2023/24 marketing year started June 1^st, 2023 for wheat, while 2022/23 got underway August 1^st, 2022 for cotton and rice, September 1^st, 2022 for beans, corn, and sorghum, and October 1^st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 109,700 tons (4 million bushels). Taiwan purchased 56,900 tons and Peru bought 33,000 tons, with a handful of cancellations, including on 20,700 tons by the Philippines. Early in the 2023/24 marketing year, wheat exports are 149.2 million bushels, compared to 193.8 million in 2022/23. Sales of 14,200 tons (500,000 bushels) for 2024/25 delivery were mainly to Peru (11,000 tons) and Ecuador (3,000 tons).

Corn was reported at 36,000 tons (1.4 million bushels), down 87% from the week ending June 8^th and 74% from the four-week average. China picked up 69,100 tons and Mexico purchased 63,300 tons, but unknown destinations canceled on 132,300 tons. In the final quarter of the 2022/23 marketing year, corn exports are 1.522 billion bushels, compared to 2.375 billion in 2021/22. Sales of 47,100 tons (1.9 million bushels) for 2023/24 delivery were primarily to Honduras (33,200 tons) and Canada (8,200 tons).

Sorghum sales were 58,800 tons (2.3 million bushels), a decline of 49% from the previous week and 26% from the four-week average. China bought 55,000 tons and Mexico picked up 3,800 tons. Sorghum exports are 79.3 million bushels, compared to 271.7 million a year ago.

Rice sales were 13,300 tons, 48% above the week before, but 21% below the four-week average. The Dominican Republic purchased 6,000 tons and Mexico bought 4,200 tons. Rice exports are 1,911,200 tons, compared to 2,813,900 last year. Sales of 14,600 tons for 2023/24 delivery were mostly to Nicaragua (10,000 tons) and Guatemala (4,400 tons).

Soybeans were pegged at 457,500 tons (16.8 million bushels), 4% lower than the prior week, but 98% higher than the four-week average. Taiwan picked up 117,900 tons and Mexico purchased 61,700 tons. So far, this marketing year, soybean exports are 1.915 billion bushels compared to 2.211 billion a year ago. Sales of 168,800 tons (6.2 million bushels) for 2023/24 delivery were mainly to Mexico (126,900 tons) and Taiwan (28,500 tons).

Soybean meal came out at 135,300 tons, a decrease of 35% on the week and 52% from the four-week average. The United Kingdom bought 27,500 tons and Venezuela picked up 21,500 tons. Nearing the final quarter of the marketing year for soybean products, meal exports are 11,490,300 tons, compared to 11,092,400 last year. Sales of 11,100 tons for 2023/24 delivery were primarily to Panama (8,000 tons) and Canada (1,100 tons).

Soybean oil was reported at 200 tons, a drop of 90% on the week and 91% from the four-week average. Canada purchased 100 tons. Cumulative soybean oil exports are 128,500 tons, compared to 684,400 a year ago.

Upland cotton was pegged at 42,700 bales, 57% under the previous week and a loss of 83% from the four-week average. Bangladesh bought 35,400 bales and China picked up 33,600 bales, while Turkey canceled on 20,300 bales. 2022/23 upland cotton exports are 13,652,600 bales, compared to 15,554,900 in 2021/22. Sales of 187,600 bales for 2023/24 delivery were mostly to China (137,300 bales) and Turkey (24,400 bales).

Net beef sales totaled 13,300 tons, up 4% from the week before, but down 14% from the four-week average. The reported purchasers were China (4,700 tons), Japan (2,900 tons), South Korea (1,900 tons), Canada (1,200 tons), and Mexico (500 tons). Shipments of 17,800 tons were an increase of 11% from the prior week and 12% from the four-week average, mainly to South Korea (4,200 tons), Japan (4,000 tons), China (3,300 tons), Mexico (1,500 tons), and Taiwan (1,500 tons).

Net pork sales totaled 28,700 tons, a gain of 7% on the week and 10% from the four-week average. The listed buyers were Mexico (12,100 tons), Canada (5,000 tons), Japan (3,100 tons), South Korea (3,100 tons), and China (1,600 tons). Shipments of 30,300 tons were a decrease of 16% from the previous week and 9% from the four-week average, primarily to Mexico (9,800 tons), China (4,900 tons), Japan (3,200 tons), South Korea (2,600 tons), and Canada (2,100 tons).