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Beef, pork, wheat exceptions in weekly export update

Grain and oilseed export sales were mostly lower during the week ending April 13^th. The USDA says corn and soybeans posted week-to-week declines following cancellations by unknown destinations, with soybean products, sorghum, cotton, and rice also down. Wheat was the exception, up sharply from both the previous week and the four-week average. Meats were also above a week ago, with South Korea leading the way for beef and Mexico taking the top slot on pork. Export demand is driven by several factors, including seasonal trends, currency movement, and geopolitics. The USDA’s next set of supply and demand estimates is out May 12^th.

Physical shipments of corn and 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 259,000 tons (9.5 million bushels), up 91% from the week ending April 6^th and 93% from the four-week average. South Korea purchased 83,000 tons and Taiwan bought 52,900 tons. With about a month and a half remaining in the 2022/23 marketing year, wheat exports are 681.1 million bushels, compared to 707.9 million in 2021/22. Sales of 46,100 tons (1.7 million bushels) for 2023/24 delivery were mainly to Honduras (10,000 tons) and Mexico (10,000 tons).

Corn was reported at 312,400 tons (12.3 million bushels), down 41% from the previous week and 79% from the four-week average. China picked up 420,000 tons and Saudi Arabia purchased 73,200 tons, while unknown destinations canceled on 291,800 tons. In the back half of the marketing year, corn exports are 1.498 billion bushels, compared to 2.23 billion a year ago. Sales of 422,000 tons (16.6 million bushels) for 2023/24 delivery were to China (272,000 tons) and Mexico (150,000 tons).

Sorghum sales were 30,000 tons (1.2 million bushels), 54% less than the week before, but 89% more than the four-week average, all to unknown destinations. Sorghum exports are 62.8 million bushels, compared to 263.9 million this time last year.

Rice sales were 10,500 tons, 71% lower than the prior week and 75% below the four-week average. El Salvador bought 6,300 tons and Mexico picked up 3,200 tons. Rice exports are 1,733,400 tons, compared to 2,588,500 a year ago.

Soybeans were pegged at 100,100 tons (1.2 million bushels), a decline of 73% on the week and 58% from the four-week average. The Netherlands purchased 128,300 tons and Mexico bought 45,900 tons, but unknown destinations canceled on 197,000 tons. So far, this marketing year, soybean exports are 1.851 billion bushels, compared to 2.098 billion last year. Sales of 2,900 tons (100,000 bushels) for 2023/24 delivery were to Taiwan (2,000 tons) and Japan (900 tons).

Soybean meal came out at 144,500 tons, a decrease of 43% from the previous week and 42% from the four-week average. The Philippines picked up 46,200 tons and Tunisia purchased 30,000 tons. Just over the halfway point of the marketing year, soybean meal exports are 9,409,500 tons, compared to 9,451,100 a year ago.

Soybean oil was reported at 200 tons were significantly smaller than the week before and 98% under the four-week average. Canada and Mexico each bought 100 tons. Cumulative soybean oil exports are 103,300 tons, compared to 646,900 last year.

Upland cotton was pegged at 62,100 bales, a drop of 57% from the prior week and 72% from the four-week average. Bangladesh picked up 27,700 bales and Pakistan purchased 18,200 bales. 2022/23 upland cotton exports are 11,826,100 bales, compared to 14,369,800 in 2021/22. Sales of 38,000 bales for 2023/24 delivery were primarily to Pakistan (12,300 bales) and Mexico (10,400 bales).

Net beef sales totaled 19,100 tons, a big increase on the week and 47% larger than the four-week average. The reported buyers were South Korea (5,500 tons0, Japan (4,200 tons), Mexico (2,800 tons), Taiwan (2,200 tons), and China (2,100 tons). Shipments of 16,000 tons were 1% above both the previous week and the four-week average, mostly to South Korea (4,500 tons), Japan (3,700 tons), China (2,400 tons), Mexico (1,400 tons), and Taiwan (1,200 tons).

Net pork sales totaled 36,100 tons, 33% higher than the week before, but 3% lower than the four-week average. The listed purchasers were Mexico (13,100 tons), Japan (4,600 tons), Australia (4,200 tons), South Korea (3,500 tons), and Colombia (3,000 tons), with a cancellation by Nicaragua (400 tons). Shipments of 34,100 tons were down 8% on the week, but up 4% on the year, mainly to Mexico (13,600 tons), China (5,500 tons), Japan (3,500 tons), South Korea (3,300 tons), and Canada (1,400 tons).