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Mixed week for U.S. export sales

U.S. export sales were mixed during the week ending January 5^th. The USDA says wheat, cotton, soybean oil, rice, and beef all saw good week-to-week improvements, while corn, soybeans, and pork declined, and soybean meal hit a marketing year low. The report includes the New Year period, which can disrupt business. Exports are affected by several factors including seasonal demand trends and currency movement. The USDA’s next set of supply and demand estimates is out February 9^th.

Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year got underway June 1^st, 2022 for wheat, August 1^st, 2022 for cotton and rice, September 1^st, 2022 for beans, corn, and sorghum, and October 1^st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 90,800 tons (3.3 million bushels), up 93% from the week ending December 29^th, but down 73% from the four-week average. China purchased 66,000 tons and the Philippines bought 23,200 tons, while unknown destinations canceled on 43,000 tons. For the 2022/23 marketing year to date, wheat exports are 553.4 million bushels, compared to 593.3 million in 2021/22. Sales of 1,500 tons for 2023/24 delivery were to Panama.

Corn was reported at 255,700 tons (10.1 million bushels), 20% lower than the previous week and 62% below the four-week average. Mexico picked up 223,500 tons and China purchased 138,600 tons, while unknown destinations canceled on 110,600 tons. At this point in the marketing year, corn exports are 866 million bushels, compared to 1.632 billion a year ago. Sales of 22,400 tons (900,000 bushels) for 2023/24 delivery were to Mexico.

There were no sorghum sales. Sorghum exports are 14.2 million bushels, compared to 209.8 million last year.

Rice sales were 62,700 tons, considerably higher than the week before and 29% above the four-week average. South Korea bought 34,100 tons and Haiti picked up 13,400 tons. Rice exports are 1,102,300 tons, compared to 1,639,800 a year ago.

Soybeans were pegged at 717,400 tons (26.4 million bushels), 1% less than the prior week and 41% lower than the four-week average. China purchased 676,600 tons and Germany bought 142,600 tons, but unknown destinations canceled on 348,800 tons. So far, this marketing year, soybean exports are 1.632 billion bushels, compared to 1.559 billion last year. Sales of 66,000 tons (2.4 million bushels) for 2023/24 delivery were to Pakistan.

Soybean meal sales were a marketing year low 3,300 tons, a drop of 96% on the week and 99% from the four-week average. France picked up 64,700 tons and Venezuela purchased 11,000 tons, but unknown destinations canceled on 80,000 tons. Just over the halfway point of the marketing year, soybean meal exports are 6,203,200 tons, compared to 6,230,400 a year ago.

Soybean oil came out at 600 tons, an increase of 74% from the previous week, but a decrease of 61% from the four-week average. Canada bought 400 tons and Mexico picked up 200 tons. Cumulative soybean oil exports are 37,700 tons, compared to 437,700 last year.

Upland cotton was pegged at 72,600 bales, a jump of 83% from the week before and quite a bit larger than the four-week average. Turkey purchased 19,600 bales and China bought 16,400 bales. 2022/23 upland cotton exports are 8,859,000 bales, compared to 10,994,200 in 2021/22.

Net beef sales totaled 13,300 tons. The reported buyers were Japan (4,800 tons), China (3,400 tons), South Korea (1,700 tons), Mexico (900 tons), and Taiwan (700 tons), with a cancellation by Chile (100 tons). There were 600 tons carried over from 2022, which, along with sales of 4,300 tons from December 30 and 31, brough the total to 942,100 tons, up 2% from 2021.

Net pork sales totaled 13,100 tons. The listed purchasers were Mexico (4,700 tons), Japan (3,500 tons), South Korea (1,400 tons), Canada (800 tons), and the Dominican Republic (600 tons). There were 4,000 tons carried over from 2022, which, along with sales of 9,700 tons from December 30 and 31, brough the total to 1,502,900 tons, down 16% from 2021.