News

Solid week for new crop corn, soybean export sales

The USDA says new crop corn and soybean export sales were strong during the week ending August 11^th. Soybeans topped 1.3 million tons, mostly to China and unknown destinations, while corn came out at 750,000 tons, primarily to unknown destinations and Mexico. That might be a sign of the seasonal shift away from Brazilian corn and soybeans to U.S. supplies. Beef export sales did improve from the previous week, but pork fell and wheat sales hit a marketing year low. The USDA’s next set of supply and demand estimates is out September 12^th.

The 2021/22 marketing year started September 1^st, 2021 for beans, corn, and sorghum, and October 1^st, 2021 for soybean products, while 2022/23 kicked off June 1^st, 2022 for wheat and August 1^st, 2022 for cotton and rice. The marketing year for beef and pork is the calendar year.

Wheat came out at 207,200 tons (7.6 million bushels), down 42% from the week ending August 4^th and 46% from the four-week average. Mexico purchased 85,300 tons and the Philippines bought 64,800 tons. About two and a half months into the 2022/23 marketing year, wheat exports are 323.8 million bushels, compared to 331.1 million in 2021/22.

Corn was reported at 99,300 tons (3.9 million bushels), 48% lower than the previous week and 8% below the four-week average. China picked up 71,500 tons and Colombia purchased 13,600 tons. Closing in on the end of the 2021/22 marketing year, corn exports are 2.4 billion bushels, compared to 2.768 billion late in 2020/21. Sales of 750,000 tons (29.5 million bushels) for 2022/23 delivery were mainly to unknown destinations (286,000 tons) and Mexico (216,400 tons).

Sorghum sales were 11,500 tons (500,000 bushels). China bought 51,300 tons and Mexico picked up 10,200 tons, while unknown destinations canceled on 50,000 tons. Sorghum exports are 274.6 million bushels, compared to 278.8 million a year ago. Sales of 200 tons for 2022/23 delivery were to Japan.

Rice sales were 6,500 tons. Canada purchased 3,900 tons and Mexico bought 1,600 tons. Rice exports are 314,600 tons, compared to 565,700 this time last year.

Soybeans were pegged at 96,900 tons (3.6 million bushels). China picked up 80,800 tons and the Netherlands purchased 66,100 tons, but unknown destinations canceled on 133,000 tons. So far, this marketing year, soybean exports are 2.188 billion bushels, compared to 2.281 billion a year ago. Sales of 1,302,800 tons (47.9 million bushels) for 2022/23 delivery were primarily to China (779,000 tons) and unknown destinations (273,000 tons).

Soybean meal came out at 66,600 tons, a decline of 27% from the week before and 36% from the four-week average. Mexico bought 29,600 tons and Canada picked up 19,600 tons. Nearing the final month of the marketing year, soybean meal exports are 11,754,800 tons, compared to 12,000,500 last year. Sales of 296,700 tons for 2022/23 delivery were mostly to Mexico (123,000 tons) and the Philippines (88,000 tons).

Soybean oil was reported at 1,600 tons, quite a bit more than the prior week, but 12% less than the four-week average. Guatemala purchased 3,500 tons, while Canada canceled on 1,900 tons. Cumulative soybean oil exports are 695,300 tons, compared to 683,500 a year ago.

Upland cotton was pegged at 49,500 bales. China bought 30,000 bales and Turkey picked up 14,600 bales, but Vietnam canceled on 32,100 bales. 2022/23 upland cotton exports are 7,367,700 bales, compared to 5,218,800 early in 2021/22. Sales of 10,600 bales for 2023/24 delivery were to Bangladesh (5,500 bales) and Mexico (5,100 bales).

Net beef sales totaled 18,900 tons, an increase of 29% on the week and steady with the four-week average. The reported purchasers were China (7,400 tons), Japan (5,300 tons), South Korea (1,900 tons), Mexico (1,300 tons), and Indonesia (900 tons), with a cancellation by Chile (100 tons). Shipments of 19,000 tons were down 9% from the previous week and 4% from the four-week average, mainly to South Korea (5,600 tons), Japan (4,700 tons), China (3,800 tons), Mexico (1,100 tons), and Taiwan (1,100 tons). Sales of 100 tons for 2023 delivery were to Japan.

Net pork sales totaled 13,600 tons, a drop of 37% from the week before and 43% from the four-week average. The listed buyers were Mexico (7,100 tons), Japan (2,600 tons), South Korea (900 tons), Colombia (700 tons), and Canada (600 tons), with cancellations by Honduras (200 tons), Guatemala (100 tons), and Indonesia (100 tons). Shipments of 25,600 tons were 6% lower than the prior week and 4% below the four-week average, primarily to Mexico (11,600 tons), China (5,000 tons), Japan (3,400 tons), South Korea (1,700 tons), and Canada (1,500 tons).