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Meat export sales up on week

Meat export sales moved higher during the week ending September 15^th. The USDA says pork sales were 29,000 tons, up 3,900 on the week, with Mexico buying more than half of the total, while beef sales were 15,200 tons, 100 higher, mainly to China and Japan. All the other major commodities posted week-to-week declines. Export sales are impacted by a variety of factors including seasonal demand trends, global politics, and currency movement, with recent strength in the U.S. dollar probably limiting demand to some extent. The USDA’s next set of supply and demand estimates is out October 12^th.

Physical shipments of wheat were more than what’s needed to meet projections for the current marketing year. The 2021/22 marketing year kicked off October 1^st, 2021 for soybean products, while the 2022/23 marketing year started June 1^st, 2022 for wheat, August 1^st for cotton and rice, and September 1^st for corn, sorghum, and soybeans.

Wheat came out at 183,500 tons (6.7 million bushels). Indonesia purchased 136,000 tons and China bought 143,300 tons, but unknown destinations canceled on 255,000 tons. Early in the second quarter of the 2022/23 marketing year, wheat exports are 382.4 million bushels, compared to 396.3 million in 2021/22. Sales of 1,700 tons (100,000 bushels) for 2023/24 delivery were to Mexico.

Corn was reported at 182,300 tons (7.2 million bushels). Japan picked up 82,300 tons and Egypt purchased 65,000 tons, while unknown destinations canceled on 66,300 tons. Just after the outset of the marketing year, corn exports are 491.5 million bushels, compared to 982.1 million this time last year.

There were no reported sorghum sales. Sorghum exports are 9.4 million bushels, compared to 89.5 million a year ago.

Rice sales were 30,200 tons. Honduras bought 15,500 tons and Saudi Arabia picked up 8,800 tons. Rice exports are 453,300 tons, compared to 789,000 last year.

Soybeans were pegged at 446,400 tons (16.4 million bushels). Egypt purchased 174,000 tons and China bought 152,500 tons, but unknown destinations canceled on 184,700 tons. So far, this marketing year, soybean exports are 945.3 million bushels, compared to 852.2 million a year ago.

Old crop soybean meal had a net reduction of 22,600 tons. Sales of 1,500 to 30,100 tons were more than offset by cancellations ranging from 900 to 34,900 tons. Nearing the end of the 2021/22 marketing year, soybean meal exports are 12,014,500 tons, compared to 12,280,900 late in 2020/21. Sales of 208,500 tons for 2022/23 delivery were mainly to Colombia (99,900 tons) and the Philippines (65,000 tons), but with a cancellation by Spain (75,000 tons).

Old crop soybean oil had a net reduction of 400 tons. Mexico picked up 100 tons, but Canada canceled on 500 tons. Cumulative soybean oil exports are 702,900 tons, compared to 691,600 last year. Sales of 3,000 tons for 2022/23 delivery were to Canada.

Upland cotton was pegged at 32,400 bales. Pakistan purchased 27,800 bales and El Salvador bought 8,600 bales, while China canceled on 11,400 bales. 2022/23 upland cotton exports are 7,989,200 bales, compared to 6,652,400 in 2021/22. Sales of 13,300 bales for 2023/24 delivery were to Pakistan (8,800 bales) and Guatemala (4,500 bales).

Net beef sales totaled 15,200 tons. The reported purchasers were China (6,200 tons), Japan (3,200 tons), South Korea (1,200 tons), Mexico (1,100 tons), and Canada (800 tons). Shipments of 18,600 tons were primarily to South Korea (4,600 tons), China (4,300 tons), Japan (4,300 tons), Mexico (1,500 tons), and Canada (1,000 tons). Sales of 300 tons for 2023 delivery were to Japan.

Net pork sales totaled 29,000 tons. The listed buyers were Mexico (15,500 tons), Canada (2,300 tons), China (2,200 tons), Japan (2,200 tons), and South Korea (2,100 tons). Shipments of 26,500 tons were mostly to Mexico (12,500 tons), Japan (3,200 tons), China (3,100 tons), South Korea (2,200 tons), and Canada (1,700 tons).