Corn, cotton export sales hit marketing year lows
The USDA reports another mixed week for U.S. export sales. That’s due to several different factors including performance in the U.S. dollar against other major currencies, seasonal marketing trends, and competition from other exporters. For the week ending June 9th, pork, soybean product, and rice sales all saw week-to-week improvements, while beef sales dipped and old crop corn and soybeans fell below last week’s levels. The USDA’s next set of supply and demand estimates is out July 12th.
Physical shipments of beans, corn, sorghum, and wheat were all above what’s needed to meet projections for the current marketing year. The 2021/22 marketing year got started August 1st, 2021 for cotton and rice, September 1st, 2021 for beans, corn, and sorghum, and October 1st, 2021 for soybean products, while 2022/23 started June 1st, 2022 for wheat. The marketing year for beef and pork is the calendar year.
Wheat came out at 236,900 tons (8.7 million bushels). Brazil purchased 78,000 tons and Mexico bought 58,800 tons, while unknown destinations canceled on 56,300 tons. Early in the 2022/23 marketing year, wheat exports are 176.2 million bushels, compared to 213.1 million in 2021/22.
Corn hit a marketing year low at 140,900 tons (5.5 million bushels), down 50% from the week ending June 2nd and 45% from the four-week average. Mexico picked up 124,500 tons and Japan purchased 117,200 tons, but unknown destinations canceled on 189,400 tons. In the final quarter of the 2021/22 marketing year, corn exports are 2.349 billion bushels, compared to 2.729 billion in 2020/21. Sales of 138,900 tons (5.5 million bushels) were mainly to Mexico (77,000 tons) and Japan (50,000 tons).
Sorghum sales were 2,100 tons (100,000 bushels), a drop of 79% on the week and considerably smaller than the four-week average. China bought 67,100 tons, but unknown destinations canceled on 65,000 tons. Sorghum exports are 268 million bushels, compared to 284.5 million a year ago.
Rice sales were 78,400 tons, a big jump from both the week before and the four-week average. Mexico picked up 24,400 tons and Haiti purchased 22,400 tons. Rice exports are 2,793,800 tons, compared to 3,231,900 this time last year.
Soybeans were pegged at 317,200 tons (11.7 million bushels), 26% lower than the prior week and 16% below the four-week average. China bought 135,400 tons and Japan picked up 83,000 tons, but unknown destinations canceled on 191,500 tons. So far, this marketing year, soybean exports are 2.215 billion bushels, compared to 2.264 billion a year ago. Sales of 407,600 tons (15 million bushels) for 2022/23 delivery were primarily to unknown destinations (196,500 tons) and China (132,000 tons).
Soybean meal came out at 256,300 tons, up 91% on the week and 32% from the four-week average. Colombia purchased 65,900 tons and the Philippines bought 47,000 tons. At this point in the marketing year, soybean meal exports are 11,100,600 tons, compared to 10,618,300 last year. Net sales of 35,600 tons for 2022/23 delivery were to the Philippines (44,000 tons), with a cancellation by Costa Rica (8,700 tons).
Soybean oil was reported at 6,200 tons, a steep increase from both the previous week and the four-week average. Venezuela picked up 6,400 tons, while Canada canceled on 200 tons. Cumulative soybean oil sales are 683,000 tons, compared to 673,200 a year ago.
Upland cotton hit a marketing year low at 26,500 bales, a decrease of 90% from the week before and 86% from the four-week average. China purchased 7,300 bales and Pakistan bought 4,900 bales. 2021/22 upland cotton exports are 15,538,700 bales, compared to 15,946,900 in 2020/21. Sales of 380,200 bales for 2022/23 delivery were mainly to China (363,700 bales) and Vietnam (11,400 bales).
Net beef sales totaled 17,400 tons, 2% under the prior week and 12% lower than the four-week average. The reported buyers were Japan (5,200 tons), China (4,600 tons), South Korea (3,500 tons), Mexico (1,900 tons), and the Netherlands (400 tons). Shipments of 19,800 tons were an increase of 14% on the week and 7% from the four-week average, primarily to Japan (5,100 tons), South Korea (5,000 tons), China (4,000 tons), Taiwan (1,100 tons), and Canada (1,000 tons).
Net pork sales totaled 27,600 tons, a surge of 63% from the previous week and 1% higher than the four-week average. The listed purchasers were Mexico (14,700 tons), China (3,800 tons), Japan (3,700 tons), Colombia (2,400 tons), and South Korea (1,700 tons). Shipments of 27,800 tons were 14% more than the week before, but 7% less than the four-week average, mostly to Mexico (12,800 tons), China (3,700 tons), Japan (3,500 tons), South Korea (2,700 tons), and Colombia (1,500 tons).