News

U.S. export sales mixed on week

The USDA’s reporting another mixed week for U.S. export sales. The USDA says soybeans and wheat sales during the week ending February 1^st were up on the week, but lower than average, with cumulative sales for both of those commodities reflecting just how much increased global competition and relatively high U.S. prices have impacted demand. Corn remained a bright spot, above the previous week and larger than average, while beef sales were higher than last week and pork was lower, but still solid. Export business is driven by several factors including the value of the dollar relative to other currencies and seasonal changes in supply. The USDA’s next round of weekly export sales data is out on the 15^th.

Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2023/24 marketing year started June 1^st for wheat, August 1^st for cotton and rice, September 1^st for corn, sorghum, and soybeans, and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 378,400 tons (13.9 million bushels), up 17% from the week ending January 25^th, but down 6% from the four-week average. South Korea purchased 87,900 tons and the Philippines bought 84,000 tons, but unknown destinations canceled on 133,000 tons. Nearing the final quarter of the 2023/24 marketing year, wheat exports are 633.9 million bushels, compared to 599 million in 2022/23. Sales of 8,100 tons (300,000 bushels) for 2024/25 delivery were to Mexico (5,000 tons) and Honduras (3,100 tons).

Corn was reported at 1,219,300 tons (48 million bushels), 1% higher than the previous week and 25% larger than the four-week average. Unknown destinations picked up 341,200 tons and Japan purchased 274,700 tons. Approaching the back half of the marketing year, corn exports are 1.374 billion bushels, compared to 1.055 billion a year ago.

Sorghum sales were 60,900 tons (2.4 million bushels), 15% lower than the week before and 40% smaller than the four-week average. China bought 120,900 tons and unknown destinations canceled on 60,000 tons. Sorghum exports are 173.2 million bushels, compared to 30.9 million this time last year.

Rice sales were 110,600 tons, a big improvement from the prior week and 89% greater than the four-week average. Nicaragua picked up 25,000 tons and Canada purchased 20,300 tons. Rice exports are 2,187,000 tons, compared to 1,276,600 a year ago.

Soybeans were pegged at 340,800 tons (12.5 million bushels), a solid increase on the week, but a decrease of 24% from the four-week average. China bought 307,800 tons and Mexico picked up 240,000 tons, but unknown destinations canceled on 494,900 tons. So far, this marketing year, soybean exports are 1.413 billion bushels, compared to 1.746 billion last year. Sales of 9,200 tons (300,000 bushels) for 2024/25 delivery were to Japan.

Soybean meal came out at 284,400 tons, 43% below the previous week and 2% under the four-week average. Ecuador purchased 89,800 tons and Mexico bought 58,800 tons, while unknown destinations canceled on 51,900 tons. For the marketing year to date, soybean meal exports are 8,597,200 tons, compared to 7,216,700 a year ago. Sales of 400 tons for 2024/25 delivery were to Canada.

Soybean oil was reported at 1,200 tons, 16% more than the week before, but quite a bit less than the four-week average. Mexico picked up 1,000 tons and Canada purchased 100 tons. Cumulative soybean oil exports are 34,500 tons, compared to 43,300 last year. Sales of 100 tons for 2024/25 delivery were to Canada.

Upland cotton was pegged at 284,100 bales, a decline of 19% from the prior week and 8% from the four-week average. China bought 118,800 bales and Turkey picked up 57,100 bales. 2023/24 upland cotton exports are 10,146,500 bales, compared to 9,716,000 in 2022/23. Sales of 34,600 bales for 2024/25 delivery were mainly to Costa Rica (15,000 bales) and Vietnam (5,100 bales).

Net beef sales totaled 20,600 tons. The reported purchasers were South Korea (8,500 tons), China (3,400 tons), Japan (3,000 tons), Mexico (1,800 tons), and Taiwan (1,800 tons). Shipments of 16,100 tons were primarily to Japan (4,400 tons), South Korea (4,000 tons), China (2,400 tons), Mexico (1,800 tons), and Taiwan (1,200 tons).

Net pork sales totaled 39,200 tons. The listed buyers were China (10,900 tons), Mexico (10,200 tons), South Korea (6,900 tons), Japan (2,100 tons), and Colombia (1,800 tons), with a cancelation by Nicaragua (500 tons). Shipments of 41,800 tons were mostly to Mexico (14,300 tons), China (10,200 tons), South Korea (4,500 tons), Japan (4,400 tons), and Canada (2,000 tons).