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Sorghum export sales hit marketing year high

The USDA says the week ending February 22^nd was another mixed week for U.S. export sales. Business continues to show the impact on trade from the strength of the dollar relative to other currencies, which limits U.S. competition on the global market. Sorghum hit a marketing year high, and corn, soybeans, soybean meal, wheat, rice, and pork all saw week-to-week improvements, while beef and soybean meal were below the week before. Export trade is also impacted by seasonal changes in supply, geopolitical issues, and shipping costs. The USDA’s next round of supply and demand estimates is out Friday, March 8^th.

Physical shipments of corn, soybeans, and wheat were more than what’s needed to meet USDA projections for the current marketing year. The 2023/24 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 327,300 tons (12 million bushels), up 40% from the week ending February 15^th and 2% from the four-week average. Japan purchased 88,700 tons and unknown destinations bought 65,000 tons. Approaching the final quarter of the 2023/24 marketing year, wheat exports are 667.4 million bushels, compared to 629.6 million in 2022/23. A net reduction of 5,200 tons (-200,000 bushels) for 2024/25 followed a cancelation by Mexico.

Corn was reported at 1,082,300 tons (42.6 million bushels), 32% higher than the previous week, but 5% lower than the four-week average. Mexico picked up 423,700 tons and Japan purchased 326,800 tons. Closing in on the back half of the marketing year, corn exports are 1.501 billion bushels, compared to 1.151 billion this time last year. Sales of 165,000 tons (6.5 million bushels) for 2024/25 delivery were to Japan.

Sorghum sales were 445,500 tons (17.5 million bushels). China bought 380,500 tons and unknown destinations picked up 65,000 tons. Sorghum exports are 191 million bushels, compared to 41.4 million a year ago.

Rice sales were 60,900 tons, considerably more than the week before, but 27% less than the four-week average. Mexico purchased 21,400 tons and Haiti bought 15,300 tons. Rice exports are 2,427,100 tons, compared to 1,385,900 last year.

Soybeans were pegged at 159,700 tons (5.9 million bushels), a solid increase on the week, but a decrease of 30% from the four-week average. China picked up 154,800 tons and the Netherlands purchased 142,700 tons, but unknown destinations canceled on 392,600 tons. So far, this marketing year, soybean exports are 1.434 billion bushels, compared to 1.789 billion a year ago.

Soybean meal came out at 456,200 tons, a big rise from the previous week and 54% above the four-week average. The Philippines bought 235,100 tons and Mexico picked up 99,300 tons. At this point in the marketing year, soybean meal exports are 9,458,800 tons, compared to 7,725,400 last year. Sales of 6,400 tons for 2024/25 delivery were to Canada (5,200 tons) and Japan (1,200 tons).

Soybean oil was reported at 3,000 tons, a drop from both the week before and the four-week average. Canada purchased 2,400 tons and Mexico bought 600 tons. Cumulative soybean oil exports are 32,200 tons, compared to 52,000 a year ago.

Upland cotton was pegged at 40,000 bales, a decline of 69% on the week and 83% from the four-week average. Turkey picked up 15,100 bales and Ecuador purchased 10,700 bales. 2023/24 upland cotton exports are 10,477,300 bales, compared to 10,528,800 in 2022/23. Sales of 13,400 bales for 2024/25 delivery were mainly to South Korea (7,900 bales) and Turkey (4,400 bales).

Net beef sales totaled 12,200 tons, down 3% from the previous week and 26% from the four-week average. The reported buyers were Japan (4,300 tons), South Korea (2,000 tons), Mexico (1,300 tons), Hong Kong (900 tons), and Taiwan (800 tons). Shipments of 15,900 tons were up 1% from the week before and unchanged from the four-week average, primarily to Japan (4,000 tons), South Korea (3,900 tons), China (2,600 tons), Mexico (2,000 tons), and Taiwan (1,000 tons).

Net pork sales totaled 32,400 tons, 12% larger than the prior week, but 11% below the four-week average. The listed purchasers were Mexico (14,500 tons), South Korea (5,200 tons), Canada (3,500 tons), Japan (3,500 tons), and Colombia (2,200 tons), with a net cancelation by Chile (1,400 tons). Shipments of 33,200 tons fell 10% on the week and 9% from the four-week average, mostly to Mexico (11,500 tons), Japan (4,800 tons), South Korea (4,800 tons), China (2,900 tons), and Colombia (1,900 tons).