News

Corn export sales top 1.5 million tons

Corn export sales were solid during the week ending January 26^th. The USDA says corn sales of nearly 1.6 million tons were significantly larger than average, driven by demand from unknown destinations, Mexico, and China. Global corn demand is turning to the U.S. with Brazil nearly out of old crop and reduced movement out of Ukraine due to slower inspections by Russian officials under the Black Sea Grain Initiative. Beef and sorghum sales also saw week-to-week improvements. The USDA’s next set of supply and demand estimates is out February 8^th.

Physical shipments of soybeans and wheat were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year started 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 136,400 tons (5 million bushels), down 73% from the week ending January 19^th and 51% from the four-week average. Egypt purchased 60,000 tons and Jamaica bought 22,000 tons, with a handful of cancellations ranged from 1,500 to 19,600 tons. For the 2022/23 marketing year to date, wheat exports are 594.2 million bushels, compared to 634.3 million in 2021/22. Sales of 32,500 tons (1.2 million bushels) for 2023/24 delivery were primarily to Mexico (23,000 tons) and Japan (9,100 tons).

Corn was reported at 1,593,200 tons (62.7 million bushels), up 75% from the previous week and significantly larger than the four-week average. Unknown destinations picked up 423,100 tons and Mexico purchased 323,600 tons. In the late stages of the second quarter of the marketing year, corn exports are 1.009 billion bushels, compared to 1.776 billion this time last year. Sales of 163,200 tons (6.4 million bushels) were to Mexico (152,200 tons) and Japan (11,000 tons).

Sorghum sales were 110,500 tons (4.4 million bushels), 56% higher than the week before and 70% above the four-week average. Unknown destinations bought 57,500 tons and China picked up 53,000 tons. Sorghum exports are 28.8 million bushels, compared to 244.7 million a year ago.

Rice sales were 24,400 tons, 53% lower than the prior week and 21% under the four-week average. Haiti purchased 15,100 tons and Honduras bought 5,600 tons. Rice exports are 1,163,800 tons, compared to 1,915,400 last year.

Soybeans were pegged at 736,000 tons (27 million bushels), a decline of 36% on the week and 18% from the four-week average. China picked up 782,400 tons and Japan purchased 96,300 tons, while unknown destinations canceled on 523,200 tons. So far this marketing year, soybean exports are 1.737 billion bushels, compared to 1.66 billion a year ago. Sales of 192,000 tons (7.1 million bushel) for 2023/24 delivery were to unknown destinations (132,000 tons) and China (60,000 tons).

Soybean meal came out at 165,400 tons, a decrease of 46% from the previous week and 12% from the four-week average. The United Kingdom bought 30,000 tons and Panama picked up 29,500 tons, while Ireland canceled on 30,000 tons. At this point in the marketing year, soybean meal exports are 7,035,000 tons, compared to 7,480,500 last year. Sales of 4,200 tons for 2023/24 delivery were to Canada.

Soybean oil was reported at 900 tons, a drop of 62% from the week before and 12% from the four-week average. Mexico purchased 700 tons. Cumulative soybean oil exports are 41,400 tons, compared to 484,800 a year ago.

Upland cotton was pegged at 171,200 bales, 20% less than the prior week, but 28% more than the four-week average. China bought 119,800 bales and Turkey picked up 44,000 bales. 2022/23 upland cotton exports are 9,453,200 bales, compared to 11,990,700 in 2021/22. Sales of 20,200 bales for 2023/24 delivery were to Turkey (18,000 bales) and Thailand (2,200 bales).

Net beef sales totaled 25,200 tons. The reported purchasers were South Korea (7,100 tons), Japan (6,800 tons), China (4,300 tons), Mexico (3,300 tons), and Canada (2,100 tons). Shipments of 18,900 tons were primarily to South Korea (5,300 tons), Japan (4,900 tons), China (3,500 tons), Mexico (1,800 tons), and Taiwan (1,000 tons).

Net pork sales totaled 30,900 tons. The listed buyers were Mexico (15,100 tons), Japan (3,700 tons), Canada (3,100 tons), Australia (2,200 tons), and Colombia (2,200 tons), with a cancellation by Vietnam (100 tons). Shipments of 35,500 tons were mostly to Mexico (16,400 tons), China (5,700 tons), Japan (3,800 tons), South Korea (2,800 tons), and Canada (2,400 tons).