News

Pork, soybean oil export sales up on week

Export sales for most major commodities declined during the week ending May 19th, but there were a couple of bright spots. U.S. exports continue to face several difficulties on the global market, including relative strength in the dollar against other currencies, which makes U.S. goods more expensive. Pork, rice, and soybean oil sales all saw solid week-to-week improvements, while old crop corn and wheat hit marketing year lows, sorghum had a net reduction, and soybeans, soybean meal, cotton, and beef were below a week ago. The USDA’s next set of supply and demand estimates is out June 10th.

Wheat had a net reduction of 2,300 tons (-100,000 bushels). Italy purchased 20,000 tons and Nigeria bought 8,200 tons, while Mexico canceled on 38,200 tons. Nearing the end of the 2021/22 marketing year, wheat exports are 714.2 million bushels, compared to 943.5 million in 2020/21. Sales of 246,300 tons (9 million bushels) for 2022/23 delivery were mainly to the Philippines (60,000 tons) and Japan (59,600 tons).

Corn was reported at 151,600 tons (6 million bushels), down 63% from the week ending May 12th and 73% from the four-week average. Japan picked up 112,900 tons and Colombia purchased 55,900 tons, while South Korea canceled on 57,000 tons and unknown destinations canceled on 54,900 tons. Closing in on the final quarter of the marketing year, corn exports are 2.325 billion bushels, compared to 2.7 billion this time last year. Sales of 58,300 tons (2.3 million bushels) for 2022/23 delivery were to unknown destinations (36,800 tons) and Costa Rica (32,600 tons), with a cancellation by Mexico 11,200 tons.

Sorghum had a net reduction of 4,100 tons (-200,000 tons). China canceled on 9,200 tons. Sorghum exports are 266.2 million bushels, compared to 284.9 million a year ago.

Rice sales were 29,900 tons, up solidly from the previous week and 74% from the four-week average. Haiti bought 15,200 tons and Honduras picked up 5,200 tons. Rice exports are 2,687,300 tons, compared to 3,140,000 last year.

Soybeans were pegged at 276,800 tons (10.2 million bushels), 63% lower than the week before and 48% below the four-week average. Egypt purchased 132,600 tons and Japan bought 123,600 tons, while China canceled on 108,400 tons. So far, this marketing year, soybean exports are 2.186 billion bushels, compared to 2.26 billion a year ago. Sales of 443,000 tons (16.3 million bushels) for 2022/23 delivery were primarily to unknown destinations (284,000 tons) and Mexico (95,000 tons).

Soybean meal came out at 159,600 tons, a decline of 46% from the prior week and 30% from the four-week average. Colombia picked up 60,500 tons and the Dominican Republic purchased 23,000 tons. At this point in the marketing year, soybean meal exports are 10,521,100 tons, compared to 10,087,000 last year. Sales of 24,200 tons for 2022/23 delivery were mostly to Costa Rica (14,700 tons) and Panama (7,100 tons).

Soybean oil was reported at 6,200 tons, a big jump on the week and 34% larger than the four-week average. Jamaica bought 7,000 tons, while Canada canceled on 1,700 tons. Cumulative soybean oil exports are 671,300 tons, compared to 666,800 a year ago.

Upland cotton was pegged at 37,000 bales, a drop of 67% from the previous week and 70% from the four-week average. India picked up 21,200 bales and Vietnam purchased 9,800 bales. 2021/22 upland cotton exports are 14,898,800 bales, compared to 15,546,600 in 2020/21. Sales of 24,200 bales for 2022/23 delivery were mainly to El Salvador (22,300 bales) and Turkey (19,800 bales).

Net beef sales totaled 20,000 tons, 14% less than the week before, but 3% more than the four-week average. The reported buyers were Japan (8,400 tons), South Korea (3,900 tons), China (2,500 tons), Hong Kong (1,900 tons), and Canada (700 tons). Shipments of 17,500 tons were a decrease of 12% from the prior week and 10% from the four-week average, primarily to Japan (5,200 tons), South Korea (4,500 tons), China (2,500 tons), Taiwan (1,500 tons), and Mexico (1,100 tons).

Net pork sales totaled 36,700 tons, a gain of 52% on the week and 39% from the four-week average. The listed purchasers were Mexico (15,100 tons), Canada (5,700 tons), China (5,300 tons), Japan (3,600 tons), and Colombia (2,700 tons), with a cancellation by El Salvador (100 tons). Shipments of 33,000 tons were up 6% from the previous week and 4% from the four-week average, mostly to Mexico (13,700 tons), China (5,200 tons), Japan (4,700 tons), South Korea (2,900 tons), and Canada (1,600 tons). Sales of 100 tons for 2023 delivery were to Australia.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!