Solid week for pork, soybean export sales
The USDA’s says pork and soybean export sales for the week ending October 13th were strong. Pork came out at 40,800 tons, mainly to Mexico and Japan, while soybeans topped 2.3 million tons, driven by strong demand from China. Beef, corn, sorghum, and soybean product sales also saw week-to-week increases, while wheat, rice, and cotton were down. Export business is impacted by several factors, including currency trade and seasonal shifts in suppliers, while U.S. shipments out of some ports are being hampered by interior movement delays caused by low river levels. The USDA’s next set of supply and demand estimates is out November 9th.
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 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 163,100 tons (6 million bushels). Mexico purchased 93,500 tons and Nigeria bought 36,000 tons, while Italy canceled on 60,000 tons. At this point in the 2022/23 marketing year, wheat exports are 414.8 million bushels, compared to 453.3 million in 2021/22. Sales of 22,000 tons (800,000 bushels) for 2023/24 delivery were to Panama.
Corn was reported at 408,300 tons (16.1 million bushels). Mexico picked up 183,700 tons and Japan purchased 77,600 tons. For the marketing year to date, corn exports are 544.5 million bushels, compared to 1.138 billion this time last year.
Sorghum sales were 11,900 tons. Unknown destinations bought 10,700 tons and Mexico picked up 1,600 tons, while China canceled on 400 tons. Sorghum exports are 12.2 million bushels, compared to 103.1 million a year ago.
Rice sales were 11,200 tons. Colombia purchased 10,400 tons and Canada bought 400 tons. Rice exports are 523,300 tons, compared to 1,052,700 last year.
Soybeans were pegged at 2,335,600 tons (85.8 million bushels). China picked up 1,976,200 tons and the Netherlands purchased 82,800 tons. So far, this marketing year, soybean exports are 1.122 billion bushels, compared to 1.068 billion a year ago.
Soybean meal came out at 542,300 tons. The Philippines bought 190,200 tons and unknown destinations picked up 88,000 tons. Very early in the marketing year, soybean meal exports are 3,630,700 tons, compared to 4,294,800 last year.
Soybean oil was reported at 9,300 tons, all to Canada. Cumulative soybean oil exports are 29,300 tons, compared to 108,000 a year ago. Sales of 400 tons for 2023/24 delivery were to Canada.
Upland cotton was pegged at 84,500 bales. Pakistan purchased 27,600 bales and Egypt bought 22,000 bales. 2022/23 upland cotton exports are 8,369,900 bales, compared to 8,008,900 in 2021/22. Sales of 4,400 bales for 2023/24 delivery were to Pakistan (2,200 bales) and Portugal (2,200 bales).
Net beef sales totaled 16,600 tons. The reported buyers were South Korea (7,100 tons), Japan (3,600 tons), China (2,000 tons), Mexico (1,600 tons), and Canada (800 tons), with a cancellation by Colombia (100 tons). Shipments of 17,600 tons were mainly to South Korea (4,400 tons), Japan (4,000 tons), China (3,900 tons), Mexico (1,400 tons), and Canada (1,000 tons). Sales of 2,800 tons for 2023 delivery were primarily to Japan (1,600 tons).
Net pork sales totaled 40,800 tons. The listed purchasers were Mexico (14,800 tons), Japan (11,000 tons), Australia (3,500 tons), Canada (3,100 tons), and China (3,000 tons). Shipments of 28,400 tons for 2023 delivery were mostly to Mexico (13,700 tons), China (4,100 tons), Canada (2,100 tons), Japan (2,100 tons), and South Korea (2,000 tons).