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Beef, pork, soybean export sales up on week

The week ending March 9^th was a mixed week for U.S. export sales. Both beef and pork bounced back from the previous week, wheat and cotton sales improved, and soybeans rebounded from their marketing year low. Sorghum exports this week hit a marketing year high with strong sales to unknown destinations and China. Corn, soybean product, and rice sales saw week-to-week declines. Export demand is driven by several factors, primarily seasonal trends in suppliers and currency movement. The USDA’s next round of supply and demand estimates is out April 11^th.

Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2022/23 marketing year got underway June 1^st, 2022 for wheat, 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 336,700 tons (12.4 million bushels), up 26% from the week ending March 2^nd and 23% from the four-week average. The Philippines purchased 121,900 tons and Japan bought 81,400 tons. Early in the final quarter of the 2022/23 marketing year, wheat exports are 651.8 million bushels, compared to 688.4 million in 2021/22. Sales of 155,900 tons (5.7 million bushels) for 2023/24 delivery were mainly to unknown destinations (136,000 tons).

Corn was reported at 1,236,200 tons (48.7 million bushels), 13% lower than the previous week, but 28% higher than the four-week average. Japan picked up 499,500 tons and Colombia purchased 209,800 tons. In the back half of the marketing year, corn exports are 1.255 billion bushels, compared to 2.049 billion a year ago. Sales of 183,500 tons (7.2 million bushels) for 2023/24 delivery were to Japan (143,500 tons) and Mexico (40,000 tons).

Sorghum sales were 293,300 tons (11.5 million bushels), a jump of 89% from the week before and quite a bit larger than the four-week average. Unknown destinations bought 178,000 tons and China picked up 115,300 tons. Sorghum exports are 59.1 million bushels, compared to 267 million last year.

Rice sales were 25,800 tons, a decline of 82% from the prior week and 59% from the four-week average. Japan purchased 13,000 tons and Mexico bought 10,200 tons. Rice exports are 1,553,500 tons, compared to 2,364,600 a year ago. Sales of 13,000 tons for 2023/24 delivery were to Japan.

Soybeans were pegged at 665,000 tons (24.4 million bushels), a big increase on the week and from the four-week average. China picked up 208,100 tons and Germany purchased 121,500 tons. So far, this marketing year, soybean exports are 1.813 billion bushels, compared to 1.97 billion last year. Sales for 2023/24 delivery were 66,100 tons were to unknown destinations (66,000 tons) and South Korea (100 tons).

Soybean meal came out at 220,100 tons, 31% less than the previous week, but 6% more than the four-week average. The Philippines bought 44,100 tons and the Dominican Republic picked up 39,100 tons. At this point in the marketing year, soybean meal exports are 8,265,400 tons, compared to 8,791,800 a year ago. Sales of 35,000 tons for 2023/24 delivery were to Ireland.

Soybean oil was reported at 3,900 tons, 47% below the week before and 3% from the four-week average. Mexico purchased 2,500 tons. Cumulative soybean oil exports are 63,200 tons, compared to 604,400 last year.

Upland cotton was pegged at 225,500 bales, up 97% from the prior week, but down 3% from the four-week average. Vietnam bought 120,200 bales and China picked up 35,800 bales. 2022/23 upland cotton exports are 10,868,900 bales, compared to 13,655,700 in 2021/22. Sales of 12,800 bales for 2023/24 delivery were primarily to Pakistan (4,400 bales) and Turkey (4,400 bales).

Net beef sales totaled 17,700 tons, a steep increase on the week and 24% above the four-week average. The reported purchasers were South Korea (5,300 tons), Japan (3,200 tons), Taiwan (2,600 tons), Hong Kong (1,900 tons), and China (1,600 tons), with a cancellation by Chile (100 tons). Shipments of 15,900 tons were 22% higher than the previous week and 2% more than the four-week average, mostly to South Korea (4,400 tons), Japan (3,900 tons), China (2,600 tons), Mexico (1,300 tons), and Taiwan (1,000 tons).

Net pork sales totaled 35,600 tons, 62% higher than the week before, but 5% lower than the four-week average. The listed buyers were Mexico (9,900 tons), Japan (6,400 tons), China (5,000 tons), South Korea (4,100 tons), and Canada (2,800 tons). Shipments of 29,800 tons were 2% lower than the prior week and down 1% from the four-week average, mainly to Mexico (13,500 tons), Japan (3,800 tons), China (3,500 tons), South Korea (2,700 tons), and Canada (1,600 tons).