News

Pork, soybean export sales down sharply on week

U.S. pork and soybean export sales dropped during the week ending October 20^th. The USDA says pork sales were about half of the previous week’s total and while there was solid demand from Mexico and China, there were cancellations by Australia, Japan, and Canada. Soybean sales were down sharply on the week with good demand from China against a big cancellation by unknown destinations. Corn, sorghum, soybean product, and cotton sales also saw week-to-week declines, while wheat, rice, and beef showed at least some improvement. Export demand is subject to several factors, including the price of the U.S. dollar relative to other currencies and seasonal shifts in demand. The USDA’s next set of supply and demand estimates is out November 9^th.

Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2022/23 marketing year started 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 533,200 tons (19.6 million bushels). South Korea purchased 109,500 tons and unknown destinations bought 91,000 tons. At this point in the 2022/23 marketing year, wheat exports are 434.4 million bushels, compared to 463.2 million in 2021/22.

Corn was reported at 264,000 tons (10.4 million bushels). China picked up 157,800 tons and Mexico purchased 109,700 tons. For the marketing year to date, corn exports are 554.9 million bushels, compared to 1.173 billion this time last year.

Sorghum sales were 1,000 tons, all to Mexico. Sorghum exports are 12.3 million bushels, compared to 108.3 million a year ago.

Rice exports were 39,500 tons. Colombia bought 16,000 tons and Nicaragua picked up 13,000 tons. Rice exports are 562,800 tons, compared to 1,077,900 last year.

Soybeans were pegged at 1,026,400 tons (37.7 million bushels). China purchased 1,115,600 tons and Japan bought 119,300 tons, while unknown destinations canceled on 487,000 tons. So far, this marketing year, soybean exports are 1.159 billion bushels, compared to 1.106 billion a year ago.

Soybean meal came out at 217,200 tons. Mexico picked up 99,900 tons and Canada purchased 40,500 tons. Early this marketing year, soybean meal exports are 3,847,900 tons, compared to 4,456,200 last year. Sales of 200 tons for 2023/24 delivery were to Canada.

Soybean oil was reported at 2,500 tons, all to Canada. Cumulative soybean oil exports are 31,900 tons, compared to 122,600 a year ago.

Upland cotton was pegged at 68,400 bales. Pakistan bought 53,200 bales and Vietnam picked up 36,200 bales, while China canceled on 49,900 bales. 2022/23 upland cotton exports are 8,438,300 bales, compared to 8,369,700 in 2021/22. Sales of 7,100 bales for 2023/24 delivery were to Pakistan (6,600 bales) and China (500 bales).

Net beef sales totaled 14,100 tons. The reported purchasers were South Korea (4,600 tons), China (2,600 tons), Mexico (1,000 tons), and Taiwan (800 tons). Shipments of 17,400 tons were mainly to Japan (4,600 tons), South Korea (4,500 tons), China (3,000 tons), Mexico (1,500 tons), and Taiwan (1,000 tons). Sales of 1,900 tons for 2023 delivery were to South Korea (1,200 tons), Japan (500 tons), Indonesia (100 tons), and Taiwan (100 tons).

Net pork sales totaled 20,300 tons. The listed buyers were Mexico (16,900 tons), China (5,600 tons), South Korea (1,400 tons), Colombia (900 tons), and the Dominican Republic (800 tons), with cancellations by Australia (3,500 tons), Japan (2,600 tons), and Canada (400 tons). Shipments of 30,700 tons were primarily to Mexico (14,300 tons), China (4,200 tons), Japan (3,500 tons), South Korea (2,500 tons), and Canada (2,100 tons).