Weekly export sales larger than average
The USDA says export sales of several key U.S. commodities showed solid improvements. Soybeans, beef, pork, wheat, soybean oil, rice and cotton moved higher during the week ending January 19th, all seeing solid demand from several key trading partners and even the commodities that saw week to week declines were above average. Export demand is driven by several factors, including the price of the dollar relative to currencies of other exporting nations and while the dollar index is priced above a year ago, the trend over the last three months is lower. 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 500,400 tons (18.4 million bushels), up 6% from the week ending January 12th and 84% from the four-week average. Japan purchased 108,100 tons and Mexico bought 91,000 tons. For the 2022/23 marketing year to date, wheat exports are 589.2 million bushels, compared to 632.2 million in 2021/22. Sales of 61,000 tons (2.2 million bushels) for 2023/24 delivery were to Mexico.
Corn was reported at 910,400 tons (35.8 million bushels), 20% lower than the previous week, but 46% higher than the four-week average. Mexico picked up 407,000 tons and Colombia purchased 209,700 tons. At this point in the marketing year, corn exports are 946.4 million bushels, compared to 1.73 billion this time last year. Sales of 15,500 tons (600,000 bushels) for 2023/24 delivery were to Japan.
Sorghum sales were 70,800 tons (2.8 million bushels), 63% under the week before, but 50% over the four-week average. The lone reported buyer was China. Sorghum exports are 24.4 million bushels, compared to 241.5 million a year ago.
Rice sales were 42,700 tons. Japan picked up 13,000 tons and Haiti purchased 12,000 tons. Rice exports are 1,139,400 tons, compared to 1,758,100 last year.
Soybeans were pegged at 1,145,700 tons (42.1 million bushels), a rise of 16% from the prior week and 53% from the four-week average. China bought 940,300 tons and the Netherlands picked up 67,100 tons, while unknown destinations canceled on 213,100 tons. So far, this marketing year, soybean exports are 1.71 billion bushels, compared to 1.622 billion a year ago. Sales of 129,000 tons (4.7 million bushels) for 2023/24 delivery were to China.
Soybean meal came out at 303,900 tons, a decrease of 16% on the week, but an increase of 71% from the four-week average. Colombia purchased 96,900 tons and the Philippines bought 93,800 tons. Early in the second quarter of the marketing year, soybean meal exports are 6,869,600 tons, compared to 6,875,400 last year. Sales of 30,000 tons for 2023/24 delivery were to Ireland.
Soybean oil was reported at 2,200 tons, significantly larger than the previous week and 27% more than the four-week average. Mexico picked up 1,700 tons. Cumulative soybean oil exports are 40,600 tons, compared to 480,600 a year ago.
Upland cotton was pegged at 213,700 bales, up 2% from the previous week and significantly larger than the four-week average. China purchased 59,200 bales and Turkey bought 55,200 bales. 2022/23 upland cotton exports are 9,282,100 bales, compared to 11,658,600 in 2021/22. Sales of 6,100 bales for 2023/24 delivery were to Honduras.
Net beef sales totaled 25,100 tons. The listed purchasers were South Korea (10,000 tons), Japan (4,400 tons), China (4,200 tons), Taiwan (1,900 tons), and Hong Kong (1,500 tons). Shipments of 15,600 tons were mainly to South Korea (4,500 tons), Japan (4,200 tons), China (2,200 tons), Mexico (1,700 tons), and Taiwan (900 tons).
Net pork sales totaled 44,700 tons. The reported buyers were Mexico (17,700 tons), China (12,500 tons), Japan (3,700 tons), Canada (2,800 tons), and Colombia (2,200 tons). Physical shipments of 30,400 tons were primarily to Mexico (15,600 tons), China (4,500 tons), Japan (2,700 tons), Canada (2,600 tons), and South Korea (1,500 tons).