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Beef, pork, old crop soybean export sales up on week

Beef export sales bounced back during the week ending July 14^th. The USDA says beef sales recovered from the previous week’s marketing year low at nearly 24,000 tons, primarily to South Korea, Japan, and China. Pork export sales were also up on the week, but lower than average. Old crop soybean, soybean meal, and cotton sales saw week-to-week improvements, while corn, sorghum, and rice declined. Export sales are driven by a number of factors, including the value of the U.S. dollar and seasonal trends. The USDA’s next set of supply and demand estimates is out August 12^th.

Physical shipments of corn were more than what’s needed to meet projections for the current marketing year. The 2021/22 marketing year started August 1^st, 2021 for cotton and rice, September 1^st, 2021 for corn, sorghum, and soybeans, and October 1^st, 2021 for soybean products, while 2022/23 kicked off June 1^st, 2022 for wheat. The marketing year for beef and pork is the calendar year.

Wheat came out at 511,100 tons (18.8 million bushels), down 50% from the week ending July 7^th and 10% from the four-week average. The Philippines purchased 110,100 tons and unknown destinations bought 107,000 tons. About a month and a half into the 2022/23 marketing year, wheat exports are 278.7 million bushels, compared to 278.8 million in 2021/22.

Corn was reported at 33,900 tons (1.3 million bushels), 43% lower than the previous week and 82% below the four-week average. Japan picked up 87,300 tons and Mexico purchased 38,800 tons, but unknown destinations canceled on 94,600 tons. In the late stages of the 2021/22 marketing year, corn exports are 2.38 billion bushels, compared to 2.747 billion in 2020/21. Sales of 570,200 tons (22.4 million bushels) for 2022/23 delivery were mainly to unknown destinations (162,700 tons) and Mexico (158,700 tons).

Sorghum sales were 5,900 tons (200,000 bushels). Eritrea bought 2,400 tons and China picked up 2,100 tons. Sorghum exports are 274.1 million bushels, compared to 282.6 million a year ago.

Rice sales were 22,000 tons, a decline of 20% from the week before and 8% from the four-week average. The Dominican Republic purchased 10,000 tons and Haiti bought 7,100 tons. With about two weeks remaining in the current marketing year, rice exports are 2,911,200 tons, compared to 3,428,300 last year. Sales of 45,100 tons for 2022/23 delivery were primarily to Iraq (40,000 tons) and Honduras (5,000 tons).

Soybeans were pegged at 203,500 tons (7.5 million bushels). China picked up 146,900 tons and Indonesia purchased 72,200 tons. So far, this marketing year, soybean exports are 2.19 billion bushels, compared to 2.278 billion a year ago. Sales of 254,700 tons (9.4 million bushels) for 2022/23 delivery were to China (136,000 tons) and Egypt (52,000 tons).

Soybean meal came out at 109,300 tons, up sharply from both the prior week and the four-week average. The Philippines bought 96,500 tons and Panama picked up 11,800 tons, while the Dominican Republic canceled on 22,300 tons. Closing in on the final quarter of the marketing year, soybean meal exports are 11,382,700 tons, compared to 11,589,600 last year. Sales of 27,600 tons for 2022/23 delivery were mostly to Honduras (16,800 tons) and the Dominican Republic (6,200 tons).

Soybean oil was reported at 600 tons. Canada purchased 300 tons and Guatemala bought 300 tons. Cumulative soybean oil exports are 687,200 tons, compared to 677,200 a year ago.

Upland cotton was pegged at 54,100 bales. Vietnam picked up 64,200 bales and China purchased 3,100 bales, while Pakistan canceled on 13,500 bales. 2021/22 upland cotton exports are 15,704,600 bales, compared to 16,190,500 bales in 2020/21. Sales of 113,200 bales for 2022/23 delivery were mainly to Vietnam (37,400 bales) and Turkey (29,000 bales).

Net beef sales totaled 23,800 tons. The reported buyers were South Korea (7,700 tons), Japan (5,800 tons), China (3,100 tons), Mexico (1,900 tons), and Hong Kong (1,600 tons), with cancellations by the United Arab Emirates (200 tons) and Chile (100 tons). Shipments of 19,600 tons were an increase of 14% on the week and 3% from the four-week average, primarily to Japan (5,800 tons), South Korea (5,500 tons), China (3,300 tons), Mexico (1,200 tons), and Taiwan (1,100 tons).

Net pork sales totaled 20,600 tons, 13% more than the previous week, but 23% less than the four-week average. The listed purchasers were Mexico (10,500 tons), Japan (2,600 tons), China (2,500 tons), Canada (1,600 tons), and Colombia (1,600 tons). Shipments of 26,700 tons were 16% higher than the week before, but 5% lower than the four-week average, mostly to Mexico (11,300 tons), China (4,400 tons), Japan (4,200 tons), South Korea (2,000 tons), and Canada (1,300 tons).