News

Solid week for soybean export sales

U.S. soybean export sales during the week ending December 8^th were nearly 3 million tons. The USDA says that was mainly to China and unknown destinations, which could turn out to be China when it’s time for delivery. Demand for U.S. beans from China has picked up this month as Beijing relaxed its zero-COVID restrictions. Beef, pork, corn, and wheat export sales also saw week-to-week improvements. The USDA’s next set of supply and demand estimates is out January 12^th.

Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 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 469,000 tons (17.2 million bushels). Unknown destinations purchased 164,000 tons and South Korea bought 89,400 tons, while China canceled on 65,000 tons. Just over the halfway point of the 2022/23 marketing year, wheat exports are 518.5 million bushels, compared to 558.9 million in 2021/22.

Corn was reported at 958,900 tons (37.8 million bushels). Guatemala picked up 196,400 tons and Mexico purchased 170,800 tons. Early in the second quarter of the marketing year, corn exports are 787.5 million bushels, compared to 1.516 billion this time last year.

There were no sorghum sales. Sorghum exports are 14.2 million bushels, compared to 184.3 million a year ago.

Rice sales were 5,700 tons. Guatemala bought 12,500 tons and Haiti picked up 7,100 tons, but Jordan canceled on 21,000 tons. Rice exports are 850,000 tons, compared to 1,441,100 last year.

Soybeans were pegged at 2,943,400 tons (108.2 million bushels). China bought 1,252,600 tons and unknown destinations picked up 1,031,500 tons. So far, this marketing year, soybean exports are 1.537 billion bushels, compared to 1.472 billion a year ago.

Soybean meal came out at 209,600 tons. Chile and Saudi Arabia each purchased 45,000 tons, but Poland canceled on 45,000 tons. For the marketing year to date, soybean meal exports are 5,544,900 tons, compared to 5,725,500 last year.

Soybean oil had a net reduction of 200 tons following a cancellation by Canada. Cumulative soybean oil exports are 30,400 tons, compared to 319,000 a year ago.

Upland cotton was pegged at 18,600 bales. South Korea bought 17,900 bales and China picked up 10,900 bales, while Turkey canceled on 14,200 bales. 2022/23 upland cotton exports are 8,752,300 bales, compared to 10,014,400 in 2021/22. Sales of 28,200 bales for 2023/24 delivery were to Turkey (23,800 bales) and Pakistan (4,400 bales).

Net beef sales totaled 10,900 tons. The reported purchasers were South Korea (4,100 tons), Japan (3,700 tons), Mexico (1,600 tons), Taiwan (800 tons), and Canada (700 tons), with a cancellation by China (1,000 tons). Shipments of 16,500 tons were mainly to South Korea (4,900 tons), Japan (4,700 tons), Mexico (1,700 tons), Taiwan (1,400 tons), and China (1,300 tons). Sales of 2,900 tons for 2023 delivery were primarily to Japan (1,100 tons) and Mexico (1,100 tons), with cancellations by China (100 tons) and Hong Kong (100 tons).

Net pork sales totaled 14,400 tons. The listed buyers were Mexico (9,600 tons), China (2,500 tons), Japan (1,600 tons), Honduras (500 tons), and Canada (400 tons), with cancellations by Colombia (400 tons) and South Korea (300 tons). Shipments of 34,200 tons were mostly to Mexico (17,400 tons), China (4,700 tons), Japan (3,200 tons), South Korea (3,000 tons), and Canada (1,700 tons). Sales of 7,700 tons for 2023 delivery were mainly to South Korea (4,400 tons), Japan (2,100 tons), the Dominican Republic (600 tons), Colombia (300 tons), and Mexico (300 tons), with a cancellation by China (200 tons).