Mostly quiet, bearish week for export sales
The USDA says the week ending November 24th was a generally bearish week for export sales. Corn, pork, wheat, rice, and soybean product sales were all below the previous week’s levels and while soybeans, beef, sorghum, and cotton did see improvements, they were modest. Export trade is governed by several factors, including seasonal demand shifts from one seller to another and currency movement. The USDA’s next set of supply and demand estimates is out Friday, December 9th at Noon Eastern/11 Central.
Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year kicked off June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.
Wheat came out at 155,500 tons (5.7 million bushels). Algeria purchased 58,300 tons and Mexico bought 32,800 tons. Late in the first half of the 2022/23 marketing year, wheat exports are 494.3 million bushels, compared to 526.1 million in 2021/22. Sales of 7,000 tons (300,000 bushels) for 2023/24 delivery were to Mexico.
Corn was reported at 602,700 tons (23.7 million bushels). Mexico picked up 387,100 tons and unknown destinations purchased 78,500 tons. Nearing the end of the first quarter of the marketing year, corn exports are 722.5 million bushels, compared to 1.395 billion a year ago. Sales of 30,000 tons (1.2 million bushels) for 2023/24 delivery were to Mexico.
Sorghum sales were 5,100 tons (200,000 bushels), all to Mexico. Sorghum exports are 14.1 million bushels, compared to 158.8 million this time last year.
Rice sales were 25,300 tons. Japan bought 13,000 tons and Haiti picked up 7,100 tons. Rice exports are 770,300 tons, compared to 1,340,500 a year ago.
Soybeans were pegged at 693,800 tons (25.5 million bushels). China purchased 927,400 tons and the Netherlands bought 177,900 tons, while unknown destinations canceled on 702,900 tons. So far, this marketing year, soybean exports are 1.371 billion bushels, compared to 1.366 billion last year.
Soybean meal came out at 185,200 tons. Colombia picked up 83,000 tons and Denmark purchased 45,000 tons. At this point in the marketing year, soybean meal exports are 5,109,000 tons, compared to 5,427,400 a year ago. A net reduction of 15,700 tons for 2023/24 followed a cancellation by Canada.
Soybean oil had a net reduction of 2,300 tons. Canada bought 100 tons, but Mexico canceled on 2,400 tons. Cumulative soybean oil exports are 30,300 tons, compared to 303,100 last year.
Upland cotton came out at 16,500 bales. India picked up 5,700 bales and Indonesia purchased 4,200 bales, but Turkey canceled on 8,500 bales. 2022/23 upland cotton exports are 8,701,000 bales, compared to 9,345,300 in 2021/22. Sales of 11,000 bales for 2023/24 delivery were to Turkey.
Net beef sales totaled 15,400 tons. The reported buyers were China (7,200 tons), Japan (2,600 tons), Canada (1,900 tons), South Korea (1,700 tons), and Mexico (800 tons), with a cancellation by Brazil (100 tons). Shipments of 15,800 tons were mainly to Japan (4,200 tons), South Korea (4,000 tons), China (3,000 tons), Mexico (1,400 tons), and Canada (800 tons). Sales of 2,000 tons for 2023 delivery were to Mexico (900 tons), Japan (500 tons), China (300 tons), Taiwan (200 tons), and Guatemala (100 tons).
Net pork sales totaled 20,100 tons. The listed purchasers were Mexico (11,800 tons), Japan (4,000 tons), South Korea (1,800 tons), the Dominican Republic (900 tons), and Canada (500 tons). Shipments of 29,700 tons were primarily to Mexico (14,900 tons), China (4,100 tons), Japan (3,000 tons), South Korea (1,900 tons), and Canada (1,800 tons). Sales of 3,800 tons for 2023 delivery were mostly to Canada (1,200 tons), Colombia (1,100 tons), China (500 tons), Honduras (300 tons), and South Korea (200 tons).