Soybean export sales up, several others down
The USDA is reporting another mixed week for U.S. export sales. For the week ending May 25th, old crop soybean, soybean meal, cotton, and sorghum sales were up, while corn, rice, and soybean oil were down with another marketing year low for wheat. Reported new crop sales for those commodities were routine. Pork export sales fell from the previous week and beef was modestly lower. Export demand is influenced by several factors including the strength of the dollar relative to other currencies and seasonal trends in demand. The USDA’s next set of supply and demand estimates are Friday, June 9th at Noon Eastern/11 Central.
Physical shipments of corn were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year started June 1st, 2022 for wheat, August 1st, 2022 for cotton and rice, September 1st, 2022 for beans, corn, and sorghum, and October 1st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.
Wheat had a net reduction of 210,500 tons (-7.7 million bushels). Sales of 200 to 31,800 tons were more than offset by cancellations ranging from 23,200 to 91,000 tons. With just a few reporting days remaining in 2022/23, wheat exports are 684.6 million bushels, compared to 714.2 million late in 2021/22. Sales of 466,500 tons (17.1 million bushels) for 2023/24 delivery were mainly to unknown destinations (115,000 tons) and South Korea (108,000 tons).
Corn was reported at 186,700 tons (4.5 million bushels), quite a bit lower than both the week ending May 18th and the four-week average. Mexico purchased 172,400 tons and Colombia bought 76,500 tons, but unknown destinations canceled on 286,900 tons. Very close to the final quarter of the marketing year, corn exports are 1.503 billion bushels, compared to 2.332 billion a year ago. Sales of 312,600 tons (12.3 million bushels) for 2023/24 delivery were primarily to Mexico (207,000 tons) and unknown destinations (53,300 tons).
Sorghum sales were 131,000 tons (5.2 million bushels), higher than both the previous week and the four-week average. China picked up 128,000 tons and Eritrea purchased 33,000 tons, while unknown destinations canceled on 30,000 tons. Sorghum exports are 70 million bushels, compared to 267.5 million this time last year.
Rice sales were 16,800 tons, down 45% from the week before and 11% from the four-week average. Venezuela bought 5,500 tons and Honduras picked up 5,000 tons. Rice exports are 1,877,500 tons, compared to 2,707,800 a year ago.
Soybeans were pegged at 123,400 tons, up 7% on the week and 16% from the four-week average. Indonesia purchased 60,200 tons and Mexico bought 32,300 tons, while unknown destinations canceled on 52,000 tons. So far, this marketing year, soybean exports are 1.873 billion bushels, compared to 2.185 billion last year. Sales of 301,000 tons (11.1 million bushels) for 2023/24 delivery were to China (265,000 tons) and Mexico (36,000 tons).
Soybean meal came out at 405,400 tons, an increase of 19% from the previous week and 62% from the four-week average. The Philippines picked up 235,900 tons and Guatemala purchased 41,300 tons. For the marketing year to date, soybean meal exports are 10,696,600 tons, compared to 10,710,000 a year ago. Sales of 61,900 tons for 2023/24 delivery were mostly to unknown destinations (60,000 tons) and Mexico (1,000 tons).
Soybean oil was reported at 1,700 tons, a decrease of 72% from the week before and 68% from the four-week average, all to Canada. Cumulative soybean oil exports are 126,600 tons, compared to 675,600 last year. Sales of 3,200 tons for 2023/24 delivery were to Canada.
Upland cotton was pegged at 267,800 bales, a solid improvement from both the prior week and the four-week average. China bought 221,700 bales and Turkey picked up 20,800 bales. 2022/23 upland cotton exports are 13,030,600 bales, compared to 12,253,000 in 2021/22. Sales of 76,600 bales for 2023/24 delivery were mainly to Turkey (43,500 bales) and El Salvador (20,900 bales).
Net beef sales totaled 18,100 tons, a decline of 1% on the week and unchanged from the four-week average. The reported purchasers were Japan (5,700 tons), South Korea (4,700 tons), China (3,400 tons), Canada (1,200 tons), and Taiwan (1,100 tons), with a net cancellation by the United Kingdom (100 tons). Physical shipments of 15,800 tons were down 4% from the previous week and 8% from the four-week average, primarily to Japan (3,900 tons), South Korea (3,600 tons), China (2,900 tons), Taiwan (1,900 tons), and Mexico (1,100 tons).
Net pork sales totaled 22,600 tons, a drop of 23% from the week before and 36% from the four-week average. The listed buyers were Mexico (9,300 tons), Japan (3,900 tons), Canada (2,100 tons), Nicaragua (1,600 tons), and Colombia (1,200 tons). Physical shipments of 33,800 tons were mostly to Mexico (11,400 tons), Japan (5,100 tons), China (4,300 tons), South Korea (3,400 tons), and Colombia (2,400 tons).