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Pork, soybean oil export sales hit marketing year highs

The USDA says the week ending March 30^th was a solid week for meat export sales. Pork was a marketing year high at more than 53,000 tons, mainly to China and Mexico, while beef was up on the week at 13,500 tons. Soybean oil also hit a marketing year high and corn, wheat, and rice sales saw good week-to-week improvements, while soybeans, soybean meal, and cotton sales were down. Export demand is governed by several factors including currency trade and seasonal factors. The USDA’s next set of supply and demand estimates is out Wednesday, April 11^th 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 started 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 193,600 tons (7.1 million bushels), up sharply from the week ending March 23^rd, but down 5% from the four-week average. China purchased 69,300 tons and Taiwan bought 56,300 tons. With about two months remaining in the 2022/23 marketing year, wheat exports are 666.6 million bushels, compared to 703.4 million in 2021/22. A net reduction of 10,200 tons (-400,000 bushels) for 2023/24 delivery followed a cancellation by unknown destinations (30,000 tons).

Corn was reported at 1,246,600 tons (49.1 million bushels), 20% higher than the previous week, but 26% lower than the four-week average. China picked up 568,100 tons and unknown destinations purchased 164,500 tons. In the back half of the marketing year, corn exports are 1.465 billion bushels, compared to 2.143 billion this time last year. Sales of 26,200 tons (1 million bushels) for 2023/24 delivery were to Japan.

There were no sorghum sales. Sorghum exports are 59 million bushels, compared to 265.7 million a year ago.

Rice sales were 102,400 tons, a solid improvement from both the week before and the four-week average. Iraq bought 80,000 tons and Haiti picked up 7,300 tons. Rice exports are 1,687,200 tons, compared to 2,473,700 last year.

Soybeans were pegged at 155,300 tons (5.7 million bushels), a drop of 55% from the prior week and 42% from the four-week average. China purchased 162,000 tons and Germany bought 69,100 tons, but unknown destinations canceled on 183,200 tons. So far, this marketing year, soybean exports are 1.834 billion bushels, compared to 2.061 billion a year ago. A net reduction of 48,300 tons (-1.8 million bushels) for 2023/24 delivery followed a cancellation by China (66,000 tons).

Soybean meal was reported at 245,500 tons, a decline of 35% on the week and 6% from the four-week average. Morocco picked up 55,200 tons and Colombia purchased 47,100 tons. Just about halfway through the marketing year, soybean meal exports of 9,009,900 tons, compared to 9,221,600 last year. Sales of 32,000 tons for 2023/24 delivery were to Ecuador.

Soybean oil came out at 27,600 tons, considerably larger than both the previous week and the four-week average. Unknown destinations bought 20,000 tons and Jamaica picked up 7,000 tons. Cumulative soybean oil exports are 103,600 tons, compared to 639,600 a year ago.

Upland cotton was pegged at 160,500 bales, down 43% from the week before and 31% from the four-week average. China purchased 64,400 bales and Vietnam bought 52,500 bales. 2022/23 upland cotton exports are 11,620,900 bales, compared to 14,260,100 in 2021/22. Sales of 15,900 bales for 2023/24 delivery were mainly to Pakistan (10,000 bales) and Mexico (3,600 bales).

Net beef sales totaled 13,500 tons, up 20% from the prior week and 1% from the four-week average. The reported buyers were South Korea (4,900 tons), Japan (2,600 tons), Canada (1,300 tons), Mexico (1,100 tons), and Taiwan (700 tons). Shipments of 17,300 tons were an increase of 5% on the week and 17% from the four-week average, primarily to Japan (5,000 tons), South Korea (4,500 tons), China (2,200 tons), Mexico (1,400 tons), and Taiwan (1,300 tons). Sales of 100 tons for 2024 delivery were to China.

Net pork sales totaled 53,200 tons, a surge of 75% from the previous week and 69% from the four-week average. The listed purchasers were China (20,200 tons), Mexico (14,300 tons), Japan (3,800 tons), South Korea (3,200 tons), and Colombia (2,500 tons). Shipments of 31,500 tons were 3% less than the week before, but 3% more than the four-week average, mostly to Mexico (12,500 tons), China (4,900 tons), Japan (4,600 tons), South Korea (2,600 tons), and Canada (1,700 tons).