News

Pork, soybean export sales decline

U.S. pork export sales fell back to Earth during the week ending November 3^rd. The USDA says pork sales were about a quarter of the previous week’s total, with solid sales to Mexico, South Korea, and China offset by a few cancellations. It was a similar story with soybeans as continued strong demand from China against a big cancellation by unknown destinations. Corn, wheat, rice, and cotton also saw week-to-week declines, while the USDA reported improved sales for beef, sorghum, and soybean products. Export demand is governed by several factors including currency trade and seasonal shifts in demand. The USDA’s next set of supply and demand estimates is out December 9^th.

Physical shipments of soybeans were more than what’s needed to meet USDA projections for the 2022/23 marketing year. The current 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 322,500 tons (11.8 million bushels). Unknown destinations purchased 77,500 tons and South Korea bought 60,600 tons. Nearing the end of the first half of the 2022/23 marketing year, wheat exports are 459.1 million bushels, compared to 487.7 million in 2021/22.

Corn was reported at 265,300 tons (10.4 million bushels). Mexico picked up 157,500 tons and Canada purchased 48,800 tons. Late in the first quarter of the marketing year, corn exports are 579.9 million bushels, compared to 1.263 billion a year ago.

Sorghum sales were 30,000 tons (1.2 million bushels), all to Sudan. Sorghum exports are 13.9 million bushels, compared to 129.1 million this time last year.

Rice sales were 37,500 tons. Canada bought 17,700 tons and the United Kingdom picked up 10,400 tons. Rice exports are 641,200 tons, compared to 1,150,900 a year ago.

Soybeans were pegged at 794,800 tons (29.2 million bushels). China purchased 927,100 tons and Japan bought 164,700 tons, but unknown destinations canceled on 767,000 tons. So far, this marketing year, soybean exports are 1.216 billion bushels, compared to 1.221 billion last year.

Soybean meal came out at 170,200 tons. Mexico picked up 54,000 tons and Japan purchased 50,400 tons, but unknown destinations canceled on 60,000 tons. At this point in the marketing year, soybean meal exports are 4,140,200 tons, compared to 4,960,900 a year ago. A net reduction of 200 tons for 2023/24 delivery followed a cancellation by Canada.

Soybean oil was reported at 2,700 tons, all to Canada. Cumulative soybean oil exports are 32,300 tons, compared to 144,300 last year.

Upland cotton was pegged at 145,800 bales. China bought 57,300 bales and Pakistan picked up 40,500 bales. 2022/23 upland cotton exports are 8,775,900 bales, compared to 8,636,800 in 2021/22. Sales of 11,400 bales for 2023/24 delivery were to Turkey (6,600 bales) and Pakistan (4,800 bales).

Net beef sales totaled 13,700 tons. The reported purchasers were South Korea (7,100 tons), Japan (4,700 tons), Taiwan (1,800 tons), Mexico (800 tons), and Canada (700 tons), with cancellations by China (2,600 tons) and Vietnam (100 tons). Shipments of 18,100 tons were mainly to Japan (5,300 tons), South Korea (5,100 tons), China (2,600 tons), Mexico (1,200 tons), and Canada (1,000 tons). Sales of 700 tons for 2023 delivery were to Japan (300 tons), South Korea (300 tons), and Canada (100 tons).

Net pork sales totaled 10,800 tons. The listed buyers were Mexico (9,100 tons), South Korea (3,500 tons), China (2,400 tons), the Dominican Republic (900 tons), and Colombia (600 tons), with cancellations by Australia (3,500 tons), Japan (2,300 tons), and Canada (900 tons). Shipments of 28,400 tons were primarily to Mexico (13,500 tons), China (3,900 tons), Japan (3,000 tons), South Korea (2,000 tons), and the Dominican Republic (1,500 tons). Sales of 700 tons for 2023 delivery were to South Korea (600 tons) and Australia (100 tons).