Mixed week for export sales
U.S. export sales were mixed during the week ending April 21st. The USDA says soybeans, wheat, and pork all bounced back last week, while corn and beef posted week-to-week declines, with all of those below average, seeing some impact from the recent rally in the dollar. A higher dollar makes U.S. goods more expensive to foreign buyers and less competitive on the export market. The USDA’s next set of supply and demand estimates is out May 12th.
Physical shipments of corn and soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year started 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. The marketing year for beef and pork is the calendar year.
Wheat came out at 32,300 tons (1.2 million bushels), up 23% from the week ending April 14th, but down 65% from the four-week average. Mexico purchased 42,400 tons and Taiwan bought 33,000 tons, but Nigeria canceled on 37,500 tons. Closing in on the final month of the 2021/22 marketing year, wheat exports are 709 million bushels, compared to 940.4 million in 2020/21. Sales of 124,300 tons (4.6 million bushels) for 2022/23 delivery were mainly to the Philippines (60,000 tons) and Japan (33,700 tons), with a cancellation by Nigeria (41,000 tons).
Corn was reported at 866,800 tons (34.1 million bushels), 1% lower than the previous week and 5% below the four-week average. China picked up 729,200 tons and Mexico purchased 144,900 tons, while unknown destinations canceled on 376,700 tons. Nearing the final quarter of the marketing year, corn exports are 2.264 billion bushels, compared to 2.666 billion this time last year. Sales of 843,400 tons (33.2 million bushels) for 2022/23 delivery were primarily to China (612,000 tons) and Mexico (190,800 tons).
Sorghum sales were 12,500 tons (500,000 bushels). China bought 41,600 tons and Mexico picked up 800 tons, while unknown destinations canceled on 30,000 tons. Sorghum exports are 264.4 million bushels, compared to 281.8 million a year ago.
Rice sales were 16,400 tons, a decline of 75% from the week before and 53% from the four-week average. Japan purchased 12,000 tons and Canada bought 1,400 tons. Rice exports are 2,604,900 tons, compared to 2,942,700 last year.
Soybeans were pegged at 481,300 tons (17.7 million bushels), 5% more than the prior week, but 37% less than the four-week average. China picked up 165,100 tons and Mexico purchased 88,100 tons. So far, this marketing year, soybean exports are 2.116 billion bushels, compared to 2.246 billion a year ago. Sales of 580,000 tons (21.3 million bushels) for 2022/23 delivery were to China (468,000 tons) and Mexico (112,000 tons).
Soybean meal came out at 203,000 tons, a solid increase on the week and from the four-week average. Colombia bought 49,400 tons and the Philippines picked up 45,500 tons. For the marketing year to date, soybean meal exports are 9,654,100 tons, compared to 9,423,500 last year.
Soybean oil was reported at 3,500 tons, up sharply from the previous week, but down 69% from the four-week average. Costa Rica purchased 2,300 tons and Canada bought 1,100 tons. Cumulative soybean oil exports are 650,400 tons, compared to 662,800 a year ago.
Upland cotton was pegged at 121,100 bales, quite a bit more than the prior week and 19% greater than the four-week average. China picked up 61,400 bales and Vietnam purchased 25,300 bales. 2021/22 upland cotton exports are 14,491,000 bales, compared to 15,149,400 in 2020/21. Sales of 49,500 bales for 2022/23 delivery were mostly to El Salvador (28,800 bales) and Honduras (11,400 bales).
Net beef sales totaled 11,400 tons, a drop of 24% from the week before and 34% from the four-week average. The listed purchasers were Japan (4,100 tons), China (1,500 tons), South Korea (1,300 tons), Mexico (1,000 tons), and Taiwan (1,000 tons), with a cancellation by the United Arab Emirates (100 tons). Shipments of 17,600 tons were 16% lower than the prior week and 11% below the four-week average, mainly to South Korea (4,400 tons), Japan (4,300 tons), China (3,200 tons), Mexico (1,300 tons), and Taiwan (1,300 tons). Sales of 100 tons for 2023 delivery were to Japan.
Net pork sales totaled 31,500 tons, a big jump on the week and 19% larger than the four-week average. The reported buyers were Mexico (21,600 tons), Japan (3,600 tons), Canada (2,100 tons), South Korea (1,500 tons), and Colombia (1,100 tons). Shipments of 29,900 tons were up 6% from the previous week and unchanged from the four-week average, primarily to Mexico (13,200 tons), China (3,800 tons), Japan (3,200 tons), South Korea (2,900 tons), and Colombia (2,000 tons).