News

Big week for pork export sales

The USDA says pork export sales were up sharply on the week. Pork sales of nearly 48,000 tons for the week ending October 27^th were more than double the previous week’s total, with consistent demand from Mexico joined by improvements from China and Japan. Corn, sorghum, rice, and cotton were also above a week ago, while beef, soybeans, soybean products, and wheat sales were lower. Export business is influenced by several factors, including currency movement, seasonal shifts in demand, and geopolitical issues. The USDA’s next set of supply and demand estimates is out Wednesday, November 9^th at Noon Eastern/11 Central.

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

Wheat came out at 348,100 tons (12.8 million bushels). South Korea purchased 82,100 tons and Indonesia bought 63,000 tons, Nearing the halfway point of the 2022/23 marketing year, wheat exports are 447.2 million bushels, compared to 477.9 million in 2021/22.

Corn was reported at 372,200 tons (14.7 million bushels). Mexico picked up 193,000 tons and Japan purchased 132,100 tons, with China canceling on 65,900 tons. Late in the first quarter of the marketing year, corn exports are 569.6 million bushels, compared to 1.221 billion this time last year.

Sorghum sales were 12,200 tons (500,000 bushels), all to Mexico. Sorghum exports are 12.8 million bushels, compared to 118.8 million a year ago.

Rice sales were 119,200 tons. The Dominican Republic bought 77,300 tons and Haiti picked up 15,200 tons. Rice exports are 682,100 tons, compared to 1,107,700 last year.

Soybeans were pegged at 830,200 tons (30.5 million bushels). China purchased 745,000 tons and Spain bought 198,000 tons, but unknown destinations canceled on 525,100 tons. So far, this marketing year, soybean exports are 1.187 billion bushels, compared to 1.176 billion a year ago.

Soybean meal came out at 122,200 tons. Mexico picked up 40,400 tons and Morocco purchased 30,000 tons. For the marketing year to date, soybean meal exports are 3,970,100 tons, compared to 4,682,800 last year. Sales of 600 tons for 2023/24 delivery were to Canada.

Soybean oil had a net reduction of 2,400 tons following a cancellation by Canada. Cumulative soybean oil exports are 29,600 tons, compared to 133,800 a year ago.

Upland cotton was reported at 191,800 bales. China bought 122,000 bales and Pakistan picked up 23,200 bales. 2022/23 upland cotton exports are 8,630,100 bales, compared to 8,508,800 in 2021/22. Sales of 11,200 bales for 2023/24 delivery were to Indonesia (10,600 bales) and Japan (600 bales).

Net beef sales totaled 9,200 tons. The listed purchasers were Japan (3,000 tons), South Korea (1,900 tons), Taiwan (1,800 tons), Canada (1,100 tons), and Mexico (700 tons), with a cancellation by China (900 tons). Shipments of 18,000 tons were mainly to South Korea (5,200 tons), Japan (3,900 tons), China (2,800 tons), Mexico (1,700 tons), and Taiwan (1,300 tons).

Net pork sales totaled 47,900 tons. The reported buyers were Mexico (12,700 tons), China (11,200 tons), Japan (9,300 tons), Canada (3,900 tons), and Australia (3,600 tons), with a cancellation by the Philippines (100 tons). Shipments of 30,700 tons were primarily to Mexico (14,100 tons), China (4,700 tons), Japan (3,200 tons), South Korea (2,900 tons), and Canada (1,400 tons). Sales of 500 tons for 2023 delivery were to China.