News

U.S. export sales mostly up on week

The USDA says export sales for several key commodities during the week ending January 11^th were up as regular business resumed after the holidays. Corn, wheat, sorghum, beef, pork, soybean meal, rice, and cotton were all above the previous week and while soybean sales were higher than the week before, they were below average. Soybean oil sales fell sharply. Export trade is driven by several factors including seasonal changes in supply and the value of the dollar relative to other currencies. The USDA’s next round of supply and demand estimates is out February 8^th.

Physical shipments of corn were above 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 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 707,600 tons (26 million bushels), a big improvement from both the week ending January 4^th and the four-week average. The Philippines purchased 154,500 tons and unknown destinations bought 147,000 tons. For the 2023/24 marketing year to date, wheat exports are 591.6 million bushels, compared to 570.8 million in 2022/23.

Corn was reported at 1,251,100 tons (49.3 million bushels), up sharply from the previous week and 61% from the four-week average. Mexico picked up 637,000 tons and Colombia purchased 107,000 tons. At this point in the marketing year, corn exports are 1.241 billion bushels, compared to 910.5 million a year ago. Sales of 20,000 tons (800,000 bushels) for 2024/25 delivery were to Japan.

Sorghum sales were 201,800 tons (7.9 million bushels), 52% higher than the week before and quite a bit above the four-week average. China bought 199,200 tons and Eritrea picked up 2,600 tons. Sorghum exports are 168 million bushels, compared to 21.7 million this time last year.

Rice sales were 110,000 tons, larger than the prior week and 85% greater than the four-week average. Mexico purchased 25,800 tons and Venezuela bought 22,000 tons. Rice exports are 2,005,300 tons, compared to 1,096,700 a year ago.

Soybeans were pegged at 781,300 tons (28.7 million bushels), a good gain on the week, but a decline of 6% from the four-week average. China picked up 465,100 tons and Germany purchased 219,300 tons, but unknown destinations canceled on 374,700 tons. So far, this marketing year, soybean exports are 1.374 billion bushels, compared to 1.665 billion last year. Sales of 1,700 tons (100,000 bushels) for 2024/25 delivery were to Japan.

Soybean meal came out at 349,200 tons, considerably more than both the previous week and the four-week average. The Philippines bought 96,700 tons and Morocco picked up 58,700 tons. Early in the second quarter of the marketing year, soybean meal exports are 7,562,700 tons, compared to 6,565,600 a year ago. Sales of 1,700 tons for 2024/25 delivery were to Japan (1,200 tons) and Canada (500 tons).

Soybean oil was reported at 100 tons, a drop from the week before and 91% lower than the four-week average, all to Honduras. Cumulative soybean oil exports are 32,200 tons, compared to 38,300 last year.

Upland cotton was pegged at 420,000 bales, an increase of 60% from the prior week and 85% from the four-week average. China purchased 277,700 bales and Vietnam bought 38,900 bales. 2023/24 upland cotton exports are 9,306,000 bales, compared to 9,068,400 in 2022/23. Sales of 17,600 bales for 2024/25 delivery were to Guatemala.

Net beef sales totaled 21,400 tons. The reported purchasers were South Korea (7,800 tons), China (5,200 tons), Japan (2,400 tons), Mexico (2,200 tons), and Taiwan (1,100 tons). Shipments of 15,200 tons were mainly to South Korea (4,600 tons), Japan (3,500 tons), China (2,200 tons), Mexico (1,700 tons), and Taiwan (800 tons).

Net pork sales totaled 33,400 tons. The listed buyers were Mexico (10,000 tons), Japan (9,000 tons), South Korea (6,300 tons), Chile (1,600 tons), and Colombia (1,600 tons). Shipments of 31,400 tons were primarily to Mexico (12,500 tons), South Korea (4,100 tons), Japan (3,800 tons), China (2,500 tons), and Colombia (2,500 tons).