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Corn, soybean, wheat export sales up on week

The USDA says export sales for several commodities improved during the week ending January 6th. Corn, soybean, soybean meal, and wheat sales all showed solid week to week increases, but were still slower than average, as relatively high prices and hefty competition from other exporters limited demand. Soybean oil notched a marketing year low for the second consecutive week. Beef sales failed to break 10,000 tons, while pork was just short of 20,000 tons. The USDA’s next set of supply and demand estimates is out February 9th.

The U.S. exported more beef and less pork in 2021 than 2020. The USDA says accumulated beef exports sales were 925,100 tons, up 9% on the year, with Japan and South Korea leading the way. Pork exports of 1,791,700 million tons were down 8%, with Mexico and China topping the list. The marketing year for beef and pork is the calendar year.

Physical shipments of soybeans were above what’s needed to meet USDA projections for the current marketing year. 2021/22 got underway June 1st, 2021 for wheat, August 1st, 2021 for cotton and rice, September 1st, 2021 for beans, corn, and sorghum, and October 1st, 2021 for soybean products.

Wheat came out at 264,400 tons (9.7 million bushels), up sharply from the week ending December 30th, 2021, but down 20% from the four-week average. The Philippines purchased 50,000 tons and Mexico bought 42,300 tons. At this point in the 2021/22 marketing year, wheat sales are 593.3 million bushels, compared to 773.8 million in 2020/2021.

Corn was reported at 457,700 tons (18 million bushels), 79% higher than the previous week, but 59% lower than the four-week average. Mexico picked up 278,800 tons and Japan purchased 233,000 tons, while unknown destinations canceled on 216,300 tons. About a third of the way through the second quarter of the marketing year, corn sales are 1.632 billion bushels, compared to 1.787 billion this time last year.

Sorghum sales were 20,900 tons (800,000 bushels). China bought 143,900 tons, but unknown destinations canceled on 123,000 tons. Sorghum exports are 209.8 million bushels, compared to 207.8 million a year ago.

Rice sales of 21,300 tons were 23% below the week before and 63% under the four-week average. Haiti picked up 16,200 tons and Canada purchased 2,300 tons, Rice exports are 1,639,800 tons, compared to 1,900,800 last year.

Soybeans were pegged at 735,600 tons (27 million bushels), 92% more than the prior week, but 1% less than the four-week average, China bought 301,800 tons and Mexico picked up 187,900 tons, while unknown destinations canceled on 109,000 tons. So far, this marketing year, soybean sales are 1.559 billion bushels, compared to 2.038 billion a year ago. Sales of 183,000 tons (6.7 million bushels) for 2022/23 delivery were to unknown destinations.

Soybean meal came out at 104,200 tons, a big jump on the week, but a decline of 16% from the four-week average. Mexico purchased 26,200 tons and Morocco bought 24,000 tons, while unknown destinations canceled on 13,000 tons. For the marketing year to date, soybean meal sales are 6,230,600 tons, compared to 6,287,500 last year. A net reduction of 700 tons for the 2022/23 marketing year occurred after a sale to Canada (1,900 tons) was more than offset by cancellations from the Netherlands (2,000 tons) and Japan (700 tons).

Soybean oil had a net reduction of 2,900 tons. South Korea picked up 300 tons and the Dominican Republic purchased 200 tons, but Canada and India canceled on 3,000 and 400 tons, respectively. Cumulative soybean oil sales are 437,700 tons, compared to 502,200 a year ago. A net reduction of 100 tons for 2022/23 delivery followed a cancellation by Canada.

Upland cotton was pegged at 401,000 bales, up sharply from the previous week and 85% from the four-week average. China bought 139,500 bales and India picked up 74,700 bales. 2021/22 upland cotton exports are 10,994,200 bales, compared to 11,864,200 in 2020/21. Sales of 38,300 bales for 2022/23 delivery were mainly to Pakistan (36,500 bales).

Net beef sales were 9,700 tons. The reported purchasers were Japan (2,600 tons), Mexico (1,400 tons), South Korea (1,400 tons), China (1,100 tons), and Egypt (500 tons), with a net reduction by the United Arab Emirates. The USDA says that includes 900 tons carried over from 2021. Shipments were reported for South Korea (3,100 tons), Japan (1,900 tons), China (1,700 tons), Mexico (500 tons), and Taiwan (500 tons).

Net pork sales were 19,800 tons. The listed buyers were Mexico (10,100 tons), Japan (3,100 tons), South Korea (2,100 tons), China (1,400 tons), and Canada (1,300 tons), with cancellations by Peru (200 tons) and the Philippines (100 tons). Shipments were reported for Mexico (10,700 tons), China (2,800 tons), South Korea (1,500 tons), and Canada (900 tons).

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