Export sales mostly down on week
The USDA says the week ending March 23rd a mixed week for U.S. export sales. Corn stayed over a million tons thanks to strong demand from China but fell sharply from the previous week’s marketing year high, with beef, pork, sorghum, soybean oil, and cotton all down on the week. Soybeans were up solidly on the week but continue to reflect Brazil’s domination of the export market, while wheat, soybean meal, and rice also saw week-to-week improvements. Export demand is influenced by several factors including currency trade and seasonal shifts in available supplies. The USDA’s next set of supply and demand estimates is out April 11th.
Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2022/23 marketing year got underway June 1st, 2022 for wheat, August 1st, 2022 for cotton and rice, September 1st, 2022 for beans, corn, and sorghum, and October 1st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.
Wheat came out at 151,700 tons (5.6 million bushels), up 21% from the week ending March 16th, but down 40% from the four-week average. Mexico purchased 67,300 tons and the Philippines bought 34,400 tons. In the final quarter of the 2022/23 marketing year, wheat exports are 662 million bushels, compared to 697.6 million in 2021/22. Sales of 37,400 tons (1.4 million bushels) for 2023/24 delivery were to the Dominican Republic (33,600 tons) and Guatemala (3,800 tons).
Corn was reported at 1,036,400 tons (40.8 million bushels), 67% lower than the previous week and 34% below the four-week average. China picked up 709,200 tons and Japan purchased 162,900 tons, while unknown destinations canceled on 231,000 tons. With just over five months left in the current marketing year, corn exports are 1.416 billion bushels, compared to 2.112 billion a year ago. Sales of 21,800 tons (900,000 bushels) for 2023/24 delivery were to Mexico.
Sorghum sales were 1,900 tons (100,000 tons), a big drop from the week before and a decline of 98% from the four-week average. China bought 56,900 tons, but unknown destinations canceled on 55,000 tons. Sorghum exports are 59 million bushels, compared to 266.1 million this time last year.
Rice sales were 16,400 tons, 10% more than the prior week, but 67% less than the four-week average. Saudi Arabia picked up 8,500 tons and El Salvador purchased 3,500 tons. Rice exports are 1,584,800 tons, compared to 2,465,400 a year ago.
Soybeans were pegged at 348,200 tons (12.8 million bushels), a solid increase on the week and 36% above the four-week average. China bought 153,000 tons and the Netherlands picked up 69,100 tons, but unknown destinations canceled on 212,900 tons. So far, this marketing year, soybean exports are 1.828 billion bushels, compared to 2.031 billion last year. Sales of 3,900 tons (100,000 bushels) for 2023/24 delivery were to Japan.
Soybean meal came out at 377,900 tons, quite a bit larger than the previous week and 81% greater than the four-week average. The Philippines purchased 95,800 tons and Colombia bought 44,900 tons. Nearing the halfway point of the marketing year, soybean meal exports are 8,764,500 tons, compared to 9,155,500 a year ago. Sales of 10,000 tons for 2023/24 delivery were to Ireland.
Soybean oil was reported at 2,000 tons, a decrease of 82% from the week before and 66% from the four-week average. Mexico picked up 1,500 tons and Canada purchased 500 tons. Cumulative soybean oil exports are 76,000 tons, compared to 633,300 last year.
Upland cotton was pegged at 281,300 bales, 9% lower than the prior week, but 37% higher than the four-week average. China bought 85,000 bales and Vietnam picked up 78,200 bales. 2022/23 upland cotton exports are 11,460,400 bales, compared to 14,197,300 in 2021/22. Sales of 12,300 bales for 2023/24 delivery were to India (8,800 bales) and Pakistan (3,500 bales).
Net beef sales totaled 11,300 tons, a decline of 40% on the week and 10% from the four-week average. The listed purchasers were Japan (2,700 tons), China (2,500 tons), Taiwan (1,700 tons), South Korea (1,600 tons), and Canada (700 tons). Shipments of 16,600 tons were up 23% from the previous week and 13% from the four-week average, mainly to South Korea (5,100 tons), Japan (3,800 tons), China (2,200 tons), Mexico (1,300 tons), and Taiwan (1,100 tons).
Net pork sales totaled 30,400 tons, 20% lower than the week before and 4% under the four-week average. The reported buyers were Mexico (14,600 tons), Japan (4,100 tons), Australia (2,200 tons), Canada (1,600 tons), and South Korea (1,500 tons). Shipments of 32,400 tons were 6% above the prior week and 7% more than the four-week average, primarily to Mexico (12,800 tons), China (4,600 tons), Japan (4,600 tons), South Korea (3,300 tons), and Canada (1,700 tons).