News

Solid week for upland cotton export sales

U.S. export sales were mostly up during the week ending April 28^th. The USDA says several key commodities saw week-to-week improvements in sales, with the biggest jump coming in cotton, which surged 92%, led by China. Soybean, soybean product, wheat, sorghum, and beef sales were all above the previous week, while corn, pork, and rice moved lower. Weekly export numbers are impacted by a variety of factors including daily currency movement, available transportation, port capacity, and the global economy. The USDA’s next set of supply and demand estimates is out on the 12^th.

Physical shipments of corn and sorghum were more than what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year started June 1^st, 2021 for wheat, August 1^st, 2021 for cotton and rice, September 1^st, 2021 for corn, sorghum, and soybeans, and October 1^st, 2021 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 118,800 tons (4.4 million bushels), up sharply from the week ending April 21^st and 53% from the four-week average. Mexico purchased 88,400 tons and the Philippines bought 58,300 tons, while Nigeria canceled on 46,000 tons. Closing in on the end of the 2021/22 marketing year, wheat exports are 713.4 million bushels, compared to 936.9 million late in 2020/21. Sales of 42,400 tons (1.6 million bushels) for 2022/23 delivery were mainly to Mexico (15,900 tons) and the Dominican Republic (13,500 tons).

Corn was reported at 782,500 tons (30.8 million bushels), down 10% from the previous week and 19% from the four-week average. China picked up 465,900 tons and Colombia purchased 191,600 tons, while unknown destinations canceled on 375,500 tons. With about a quarter left in the marketing year, corn exports are 2.295 billion bushels, compared to 2.671 billion this time last year. Sales of 737,900 tons (29 million bushels) for 2022/23 delivery were primarily to China (612,000 tons) and Japan (50,600 tons).

Sorghum sales were 88,100 tons, a solid improvement from the week before, but a significant decline from the four-week average. Spain bought 86,900 tons, while unknown destinations canceled on 12,000 tons. Sorghum exports are 267.9 million bushels, compared to 281.8 million a year ago.

Rice sales were 10,100 tons, a drop of 38% from the prior week and 71% from the four-week average. Honduras picked up 8,700 tons and Canada purchased 4,100 tons, while Jordan canceled on 5,800 tons. Rice exports are 2,615,100 tons, compared to 2,980,700 last year.

Soybeans were pegged at 734,600 tons (27 million bushels), a jump of 53% on the week and 28% from the four-week average. Unknown destinations bought 316,700 tons and China picked up 200,800 tons. So far, this marketing year, soybean exports are 2.143 billion bushels, compared to 2.252 million a year ago. Sales of 407,000 tons (15 million bushels) for 2022/23 delivery were mostly to China (268,000 tons) and unknown destinations (121,000 tons).

Soybean meal came out at 232,200 tons, an increase of 14% from the previous week and 86% from the four-week average. Colombia purchased 121,100 tons and Guatemala bought 43,400 tons. For the marketing year to date, soybean meal exports are 9,886,300 tons, compared to 9,625,500 last year. Sales of 400 tons for 2022/23 delivery were to Canada.

Soybean oil was reported at 14,700 tons, quite a bit higher than both the week before and four-week average. South Korea picked up 12,000 tons. Cumulative soybean oil sales are 665,100 tons, compared to 668,800 a year ago.

Upland cotton was pegged at 232,400 bales, 92% more than the prior week and quite a bit above the four-week average. China purchased 99,700 bales and Vietnam bought 65,800 bales. 2021/22 upland cotton exports are 14,723,300 bales, compared to 15,213,000 in 2020/21. Sales of 93,200 bales for 2022/23 delivery were mainly to Turkey (36,300 bales) and Pakistan (19,800 bales).

Net beef sales totaled 14,600 tons, up 28% on the week and 1% from the four-week average. The reported purchasers were Japan (4,100 tons), South Korea (3,200 tons), Taiwan (1,800 tons), China (1,600 tons), and Canada (1,200 tons). Shipments of 20,300 tons were 16% larger than the previous week and 7% greater than the four-week average, primarily to Japan (6,600 tons), South Korea (5,000 tons), China (3,200 tons), Taiwan (1,300 tons), and Mexico (1,100 tons). Sales of 100 tons for 2023 delivery were to Japan.

Net pork sales totaled 23,800 tons, a decrease of 24% from the week before and 13% from the four-week average. The listed buyers were Mexico (11,300 tons), South Korea (3,700 tons), Japan (3,400 tons), Colombia (1,300 tons), and Canada (900 tons), with cancellations by the Netherlands (600 tons) and New Zealand (100 tons). Shipments of 32,200 tons were 8% higher than both the prior week and the four-week average, mostly to Mexico (15,600 tons), Japan (4,100 tons), Canada (3,600 tons), South Korea (2,600 tons), and Canada (1,500 tons).