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Corn, soybean, meat export sales up on week

The USDA’s weekly export sales numbers show solid week to week improvements for most major commodities during the week ending September 22^nd. Export sales are subject to a number of factors, including currency movement, domestic and international prices, and seasonal demand shifts. Pork topped 34,000 tons, most of that to Mexico, and beef came out at 21,500 tons, primarily to China and South Korea. Soybeans were just over a million tons, with about half of that to China, while corn was more than a half million, with Mexico leading the way. Wheat and sorghum were also up on the week, but cotton, rice, and soybean products were down. The USDA’s next set of supply and demand estimates is out October 12^th.

Physical shipments of wheat were above what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year started October 1^st, 2021 for soybean products, while 2022/23 kicked off June 1^st, 2022 for wheat, August 1^st, 2022 for cotton and rice, and September 1^st, 2022 for beans, corn, and sorghum.

Wheat came out at 279,800 tons (10.3 million bushels). Guatemala purchased 115,400 tons and Thailand bought 47,500 tons, while unknown destinations canceled on 66,300 tons. For the 2022/23 marketing year to date, wheat exports are 392.6 million bushels, compared to 406.9 million in 2021/22. There was a net reduction of 29,700 tons (-1.1 million bushels) for 2023/24, with a sale to South Korea (300 tons) more than offset by a cancellation from Brazil (30,000 tons).

Corn was reported at 512,000 tons (20.2 million bushels). Mexico picked up 321,700 tons and unknown destinations purchased 57,000 tons, while Egypt canceled on 65,000 tons. Early in the marketing year, corn exports are 511.6 million bushels, compared to 996.7 million a year ago. Sales of 160,000 tons (6.3 million bushels) for 2023/24 delivery were to Mexico.

Sorghum sales were 53,200 tons (2.1 million bushels). Unknown destinations bought 53,000 tons and Japan picked up 200 tons. Sorghum exports are 11.5 million bushels, compared to 92.6 million this time last year.

Rice sales were 7,900 tons. Guatemala purchased 4,000 tons and Canada bought 2,200 tons. Rice exports are 461,200 tons, compared to 864,000 a year ago.

Soybeans were pegged at 1,003,000 tons (36.9 million bushels). China picked up 548,700 tons and Mexico purchased 217,000 tons. So far, this marketing year, soybean exports are 982.2 million bushels, compared to 889.2 million last year. Net reductions of 30,000 tons (-1.1 million bushels) for 2023/24 delivery followed a cancellation by Tunisia.

Old crop soybean meal came out at 86,300 tons. Vietnam bought 48,300 tons and Ireland picked up 30,000 tons. Nearing the end of the 2021/22 marketing year, soybean meal exports are 12,100,800 tons, compared to 12,347,800 late in 2020/21. Sales of 150,200 tons for 2023/24 delivery were mainly to the Philippines (90,000 tons) and Mexico (26,300 tons), with a cancellation by Ireland (30,000 tons).

Old crop soybean oil had a net reduction of 5,000 tons. Canada purchased 1,400 tons, but unknown destinations canceled on 6,500 tons. Late in the marketing yar, soybean oil exports are 697,800 tons, compared to 697,600 tons a year ago. Sales of 700 tons for 2023/24 delivery were to Canada.

Upland cotton was pegged at 30,200 bales. Pakistan bought 32,400 bales and Nicaragua picked up 8,800 bales, while Turkey canceled on 12,600 bales. Cumulative upland cotton exports are 8,019,400 bales, compared to 7,223,800 last year. Sales of 41,500 bales for 2023/24 delivery were primarily to Pakistan (20,000 bales) and Thailand (16,100 bales).

Net beef sales totaled 21,500 tons. The reported purchasers were South Korea (7,300 tons), China (6,000 tons), Japan (3,500 tons), Canada (1,200 tons), and Mexico (1,100 tons). Shipments of 18,300 tons were mostly to Japan (5,100 tons0, China (4,200 tons), South Korea (4,000 tons), Mexico (1,400 tons), and Canada (800 tons). Sales of 600 tons for 2023 delivery were mainly to Japan (500 tons).

Net pork sales totaled 34,300 tons. The listed buyers were Mexico (23,700 tons), South Korea (2,900 tons), China (2,000 tons), Japan (1,800 tons), and Canada (1,400 tons). Shipments of 27,200 tons were primarily to Mexico (13,000 tons), China (4,400 tons), Japan (2,800 tons), South Korea (2,000 tons), and Canada (1,600 tons). Sales of 100 tons for 2023 delivery were to Mexico.