News

Export sales mostly down on week

U.S. export sales were mostly lower during the week ending December 21^st. The USDA says corn sales topped 1.2 million tons, an improvement from the previous week, but lower than average, while soybean meal sales were above the week before and larger than average. All other major commodities, including soybeans, beef, and pork were under both the prior week and the respective averages paces. Export business is driven by several factors, including seasonal supply and demand trends, along with the value of the dollar relative to other currencies. The USDA’s next set of supply and demand estimates is out January 12^th.

Physical shipments of corn and soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2023/24 marketing year got underway 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 276,400 tons (10.2 million bushels), down 14% from the week ending December 14^th and 60% from the four-week average. Mexico purchased 133,000 tons and unknown destinations bought 64,500 tons. Just over the halfway point in the 2023/24 marketing year, wheat exports are 556.1 million bushels, compared to 548.3 million in 2022/23. Sales of 41,600 tons (1.5 million bushels) for 2024/25 delivery were to unknown destinations (36,000 tons) and Trinidad and Tobago (5,600 tons).

Corn was reported at 1,242,100 tons (48.9 million bushels), 23% higher than the previous week, but 12% lower than the four-week average. Mexico picked up 546,400 tons and Colombia purchased 168,200 tons. Early in the second quarter of the marketing year, corn exports are 1.158 billion bushels, compared to 843.3 million a year ago. Sales of 11,200 tons (400,000 bushels) for 2024/25 delivery were to Mexico.

Sorghum sales were 11,800 tons (500,000 bushels), a drop of 95% from the week before and 92% from the four-week average. China bought 69,800 tons, while unknown destinations canceled on 58,000 tons. Sorghum exports are 154.1 million bushels, compared to 14.2 million this time last year. A net reduction of 62,400 tons (2.5 million bushels) followed a cancelation by China.

Rice sales were 56,000 tons, 43% below the prior week and 47% under the four-week average. Haiti picked up 22,800 tons and Mexico purchased 19,900 tons. Rice exports are 1,811,300 tons, compared to 1,015,900 a year ago.

Soybeans were pegged at 983,900 tons (36.2 million bushels), a decrease of 51% on the week and 38% from the four-week average. China bought 576,800 tons and the Netherlands picked up 134,300 tons, while unknown destinations canceled on 178,500 tons. So far, this marketing year, soybean exports are 1.335 billion bushels, compared to 1.576 billion last year.

Soybean meal came out at 268,500 tons, an increase of 82% from the previous week and 66% from the four-week average. Mexico purchased 74,600 tons and Colombia bought 57,000 tons, while unknown destinations canceled on 34,500 tons. For the marketing year to date, soybean meal exports are 7,066,700 tons, compared to 6,120,600 a year ago. Sales of 100 tons for 2024/25 delivery were to Canada.

Soybean oil was reported at 900 tons, 71% less than the week before, but 45% more than the four-week average, all to Canada. Cumulative soybean oil exports are 32,300 tons, compared to 36,700 last year.

Upland cotton was pegged at 369,900 bales, a solid improvement from both the prior week and the four-week average. China picked up 271,200 bales and Vietnam purchased 38,900 bales. 2023/24 upland cotton exports are 8,492,400 bales, compared to 8,746,700 in 2022/23. Sales of 2,600 bales for 2024/25 delivery were to Mexico.

Net beef sales totaled 2,100 tons, a drop of 78% on the week and 68% from the four-week average. The reported buyers were Japan (1,500 tons), South Korea (400 tons), Italy (200 tons), Mexico (200 tons), and Egypt (100 tons), with net reductions by China (400 tons), Hong Kong (200 tons), and Taiwan (100 tons). Shipments of 13,200 tons were down 22% from the previous week and 9% from the four-week average, mainly to South Korea (4,600 tons), Japan (3,400 tons), Mexico (1,400 tons), China (1,300 tons), and Hong Kong (700 tons). Sales of 11,600 tons for 2024 delivery were primarily to South Korea (4,300 tons), China (2,600 tons), Japan (2,000 tons), Taiwan (900 tons), and Hong Kong (700 tons).

Net pork sales totaled 23,800 tons, 23% lower than the week before and 10% less than the four-week average. The listed purchasers were Mexico (13,300 tons), Japan (6,500 tons), Australia (3,000 tons), Canada (1,100 tons), and the Dominican Republic, with net reductions by Nicaragua (1,100 tons) and South Korea (900 tons). Shipments of 28,900 tons were a decline of 14% from the prior week and 11% from the four-week average, mostly to Mexico (11,400 tons), Japan (3,500 tons), South Korea (3,500 tons), China (3,200 tons), and Canada (2,100 tons). Sales of 24,000 tons for 2024 delivery were mainly to Mexico (8,600 tons), South Korea (3,600 tons), Japan (2,700 tons), Canada (2,400 tons), and China (2,200 tons).