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Corn, soybean export sales up on week

Export sales for some key commodities popped higher during the week ending May 12^th. China was back in the market after being out the previous week for May Day celebrations, but their demand was somewhat limited by COVID lockdowns and unloading delays, along general sales limitations from relatively high U.S. prices and the recent trend in the dollar. Corn, soybean, soybean meal, and cotton sales were up on the week, while sorghum and wheat hit marketing year lows. Beef and pork export sales were below the week before, but larger than average. The USDA’s next set of supply and demand estimates is out June 10^th.

Physical shipments of corn, sorghum, and 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 8,500 tons (300,000 bushels), down 40% from the week ending May 5^th and 82% from the four-week average. Mexico purchased 37,000 tons and Venezuela bought 29,400 tons, with cancellations by Colombia (39,900 tons), unknown destinations (27,300 tons), and South Korea (25,500 tons). Nearing the end of the 2021/22 marketing year, wheat exports are 714.2 million bushels, compared to 942.4 million late in 2020/21. Sales of 325,600 tons (12 million bushels) for 2022/23 delivery were mainly to Japan (87,600 tons) and Vietnam (53,400 tons).

Corn was reported at 435,300 tons (17.1 million bushels), sharply higher than the previous week, but 36% lower than the four-week average. Taiwan picked up 64,900 tons and South Korea purchased 59,500 tons, while unknown destinations canceled on 24,700 tons. Closing in on the final quarter of the current marketing year, corn exports are 2.32 billion bushels, compared to 2.678 billion this time last year. Sales of 588,500 tons (23.2 million bushels) for 2022/23 delivery were primarily to China (544,000 tons) and Mexico (52,500 tons).

Sorghum had a net reduction of 67,300 tons (-2.6 million bushels). China bought 63,700 tons, but unknown destinations canceled on 131,000 tons. Sorghum exports are 266.3 million bushels, compared to 289.3 million a year ago.

Rice sales were 13,100 tons, a decline of 55% from the week before and 57% from the four-week average. Canada picked up 4,000 tons and Honduras purchased 3,700 tons. Rice exports are 2,657,400 tons, compared to 3,104,400 last year.

Soybeans were pegged at 752,700 tons (27.7 million bushels), a solid jump from the prior week and 65% above the four-week average. China bought 392,600 tons and the Netherland picked up 84,600 tons, while unknown destinations canceled on 110,800 tons. So far, this marketing year, soybean exports are 2.176 billion bushels, compared to 2.258 billion a year ago. Sales of 149,500 tons (5.5 million bushels) for 2022/23 delivery were mostly to unknown destinations (113,500 tons) and Taiwan (16,000 tons).

Soybean meal came out at 293,100 tons, an increase of 61% on the week and 75% from the four-week average. Mexico purchased 97,300 tons and the Philippines bought 48,200 tons. For the marketing year to date, soybean meal exports are 10,361,400 tons, compared to 9,889,500 last year.

Soybean oil had a net reduction of 500 tons. Canada picked up 100 tons and Mexico purchased 100 tons, but South Korea canceled on 700 tons. Cumulative soybean oil exports are 665,300 tons, compared to 665,000 a year ago.

Upland cotton was pegged at 110,900 bales, a steep rise from the previous week and up 3% from the four-week average. India bought 34,100 bales and Vietnam picked up 31,100 bales. 2021/22 upland cotton exports are 14,861,800 bales, compared to 15,375,400 bales in 2020/21. Sales of 25,400 bales for 2022/23 delivery were mainly to India (13,200 bales) and Peru (4,600 bales).

Net beef sales totaled 23,300 tons, 18% less than the week before, but 35% more than the four-week average. The reported purchasers were Japan (7,900 tons), South Korea (7,400 tons), China (2,900 tons), Taiwan (1,400 tons), and Canada (900 tons). Shipments of 19,800 tons were unchanged from the prior week and up 1% from the four-week average, primarily to South Korea (6,100 tons), Japan (5,300 tons), China (3,100 tons), Mexico (1,400 tons), and Taiwan (1,000 tons).

Net pork sales totaled 24,100 tons, a decrease of 8% on the week, but an increase of 2% from the four-week average. The listed buyers were Mexico (8,400 tons), South Korea (4,300 tons), Colombia (2,400 tons), China (2,100 tons), and Japan (1,900 tons). Shipments of 31,300 tons were 6% lower than the previous week, but 1% higher than the four-week average, mostly to Mexico (13,900 tons), China (4,200 tons), South Korea (3,600 tons), Japan (3,000 tons), and Canada (1,500 tons).