News

Soybean, wheat export sales at marketing year lows

The USDA says the week ending December 30^th was a slow week for grain and oilseed export sales. Soybeans, soybean meal, soybean oil, and wheat all notched marketing year lows, and corn, sorghum, rice, and cotton were below the previous week’s totals. Beef for 2021 delivery were a net reduction, while 2021 pork sales were up on the week, but lower than average. Sales of beef and pork for 2022 delivery were solid. The USDA’s next set of supply and demand estimates is out Wednesday, January 12^th at Noon Eastern/11 Central.

Physical shipments of soybeans were more than what’s needed to meet 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 beans, corn, and sorghum, and October 1^st, 2021 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 48,600 tons (1.8 million bushels), down 76% from the week ending December 23^rd and 87% from the four-week average. Italy purchased 15,400 tons and Mexico bought 9,600 tons. In the back half of the 2021/22 marketing year, wheat sales are 583.6 million bushels, compared to 765,700 in 2020/21. Sales of 2,500 tons (100,000 bushels) for 2022/23 delivery were to Peru.

Corn was reported at 256,100 tons (10.1 million bushels), 80% lower than the previous week and 81% below the four-week average. Canada picked up 150,500 tons and Mexico purchased 115,100 tons, while unknown destinations canceled on 212,500 tons. At this point in the marketing year, corn sales are 1.614 billion bushels, compared to 1.73 billion a year ago.

Sorghum sales were 22,800 tons (900,000 bushels), a decline of 88% from the week before and 93% from the four-week average, all to China. Sorghum exports are 209 million bushels, compared to 200.3 million this time last year.

Rice sales were 27,600 tons, 60% under the prior week and 56% less than the four-week average. Mexico bought 12,600 tons and Haiti picked up 6,900 tons, while Japan canceled on 1,900 tons. Rice exports are 1,618,500 tons, compared to 1,887,900 a year ago.

Soybeans were pegged at 382,700 tons (14.1 million bushels), a decrease of 27% on the week and 63% from the four-week average. China purchased 353,900 tons and Mexico bought 183,900 tons, but unknown destinations canceled on 625,200 tons. So far, this marketing year, soybean sales are 1.532 billion bushels, compared to 2.005 billion last year. Sales of 67,100 tons (2.5 million bushels) for 2022/23 delivery were to unknown destinations (66,000 tons) and Japan (1,100 tons).

Soybean meal came out at 31,500 tons, a loss of 55% from the previous week and 81% from the four-week average. The Dominican Republic picked up 12,000 tons and Jamaica purchased 4,000 tons, while unknown destinations canceled on 4,900 tons. For the marketing year to date, soybean meal sales are 6,126,400 tons, compared to 5,950,000 a year ago. Sales of 300 tons for 2022/23 delivery were to Japan (1,900 tons), with a cancellation by the Netherlands (1,600 tons).

Soybean oil was reported at 2,900 tons, a drop of 69% from the week before and 91% from the four-week average. Guatemala bought 1,900 tons and El Salvador picked up 1,000 tons, while Colombia canceled on 100 tons. Cumulative soybean oil sales are 440,700 tons, compared to 491,100 last year. Sales of 100 tons for 2022/23 delivery were to Canada.

Upland cotton was pegged at 143,200 bales, down 26% from the prior week and 48% from the four-week average. China purchased 47,000 bales and Pakistan bought 20,800 bales. 2021/22 upland cotton exports are 10,593,300 bales, compared to 11,538,200 in 2020/21. Sales of 44,000 bales for 2022/23 delivery were mainly to Pakistan (40,500 bales) with a cancellation by China (400 bales).

Net beef sales were a net reduction of 3,900 tons. The reported buyers were Indonesia (100 tons), Kuwait (100 tons), the Netherlands (100 tons), and Taiwan (100 tons), with cancellations by South Korea (2,300 tons), China (1,200 tons), Japan (400 tons), Chile (100 tons), and Hong Kong (100 tons). Shipments of 11,500 tons were a decrease of 33% on the week and 35% from the four-week average, primarily to South Korea (4,100 tons), Japan (2,700 tons), China (1,700 tons), Taiwan (900 tons), and Mexico (700 tons). Sales of 11,800 tons for 2022 delivery were mostly to South Korea (4,700 tons), Taiwan (4,000 tons), Japan (1,500 tons), Canada (600 tons), and Hong Kong (500 tons), with a cancellation by China (600 tons).

Net pork sales totaled 19,400 tons, higher than the previous week, but 6% lower than the four-week average. The listed purchasers were Mexico (16,100 tons), Canada (1,400 tons), China (1,200 tons), Japan (500 tons), and Costa Rica (200 tons), with a cancellation by Nicaragua (300 tons). Shipments of 22,800 tons were down 26% from the week before and 28% from the four-week average, mainly to Mexico (11,400 tons), Japan (3,000 tons), China (2,600 tons), South Korea (2,400 tons), and Canada (900 tons). Sales of 18,600 tons for 2022 delivery were primarily to Japan (5,900 tons), Mexico (5,200 tons), South Korea (2,000 tons), Colombia (1,700 tons), and Guatemala (900 tons).