U.S. export sales mostly up on week
Export sales for many key U.S. commodities showed big improvements during the week ending January 12th. The USDA says corn topped a million tons and sorghum hit a marketing year high, while soybeans, soybean products, wheat, beef, pork, and cotton were all above the previous week’s levels. Rice was a notable exception, notching a marketing year low. Export business is driven by several factors, including seasonal demand trends and currency trade. The USDA’s next set of supply and demand estimates is out February 8th.
Physical shipments of soybeans 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 came out at 473,100 tons (17.4 million bushels), up sharply from the week ending January 5th and 99% from the four-week average. Mexico purchased 124,100 tons and South Korea bought 112,000 tons. At this point in the 2022/23 marketing year, wheat exports are 570.8 million bushels, compared to 607.3 million in 2021/22. Sales of 35,000 tons (1.3 million bushels) for 2023/24 delivery were to Mexico (21,000 tons) and Japan (14,000 tons).
Corn was reported at 1,132,100 tons (44.6 million bushels), significantly larger than both the previous week and the four-week average. Japan picked up 340,000 tons and Mexico purchased 271,100 tons. For the marketing year to date, corn exports are 910.5 million bushels, compared to 1.675 billion this time last year. Sales of 87,000 tons (3.4 million bushels) for 2023/24 delivery were to Japan.
Sorghum sales were a marketing year high at 189,000 tons (7.4 million bushels), all to China. Sorghum exports are 21.7 million bushels, compared to 228.6 million a year ago.
Rice had a net reduction of 5,600 tons. Sales of 200 to 1,500 tons were more than offset by a cancellation on 9,400 tons by Jordan. Rice exports are 1,096,700 tons, compared to 1,682,500 last year.
Soybeans were pegged at 986,200 tons (36.2 million bushels), 38% higher than the week before and 48% above the four-week average. China bought 507,000 tons and Mexico picked up 262,300 tons, while unknown destinations canceled on 382,300 tons. So far, this marketing year, soybean exports are 1.668 billion bushels, compared to 1.584 billion a year ago.
Soybean meal came out at 362,500 tons, a big increase from both the prior week and the four-week average. The Philippines purchased 54,400 tons and Spain bought 50,000 tons. Early in the second quarter of the marketing year, soybean meal exports are 6,565,600 tons, compared to 6,545,300 last year.
Soybean oil was reported at 700 tons, up 8% on the week, but down 63% from the four-week average. Canada picked up 500 tons and Mexico purchased 200 tons. Cumulative soybean oil exports are 38,300 tons, compared to 468,500 a year ago.
Upland cotton was pegged at 209,400 bales, a huge jump from both the previous week and the four-week average. China bought 55,100 bales and Pakistan picked up 43,600 bales. 2022/23 upland cotton exports are 9,068,400 tons, compared to 11,267,300 in 2021/22. Sales of 26,900 bales for 2023/24 delivery were mainly to Turkey (21,600 bales).
Net beef exports totaled 17,300 tons. The listed purchasers were China (4,800 tons), South Korea (4,100 tons), Japan (3,900 tons), Mexico (1,700 tons), and Taiwan (1,200 tons). Shipments of 15,700 tons were primarily to Japan (5,200 tons), South Korea (3,400 tons), China (1,700 tons), Taiwan (1,600 tons), and Mexico (1,500 tons).
Net pork sales totaled 34,100 tons. The reported buyers were Mexico (11,800 tons), Canada (4,800 tons), China (4,100 tons), South Korea (3,700 tons), and Japan (3,500 tons). Shipments of 31,100 tons were mostly to Mexico (14,800 tons), China (4,100 tons), Japan (3,600 tons), South Korea (2,600 tons), and Canada (2,400 tons).