News

Solid week of exports for most U.S. commodities

U.S. grain and oilseed export sales generally showed improvements during the week ending December 22^nd. The USDA says corn, soybean, wheat, soybean oil, rice, and cotton sales all moved higher, while soybean meal declined and sorghum saw a net reduction. Pork and beef sales for delivery this year were below week ago levels, but 2023 beef sales held steady and pork sales for 2023 were above 30,000 tons. Export demand is dictated by several factors including seasonal trends and currency movement. The USDA’s next set of supply and demand estimates is out January 12^th.

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 1^st for wheat, August 1^st for cotton and rice, September 1^st for beans, corn, and sorghum, and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 478,100 tons (17.6 million bushels). Japan purchased 139,000 tons and Mexico bought 101,900 tons. Just over the halfway point for the 2022/23 marketing year, wheat exports are 548.3 million bushels, compared to 581.8 million in 2021/22. Sales of 33,000 tons (1.2 million bushels) for 2023/24 delivery were to Mexico.

Corn was reported at 781,600 tons (30.8 million bushels), Mexico picked up 463,600 tons and unknown destinations purchased 102,600 tons. Early in the second quarter of the marketing year, corn exports are 843.3 million bushels, compared to 1.604 billion this time last year. Sales of 170,000 tons (6.7 million bushels) for 2023/24 delivery were to Japan.

Sorghum had a net reduction of 100 tons. Eritrea bought 33,000 tons, which were switched following a net cancellation by Sudan on 30,000 tons, while unknown destinations canceled on 10,700 tons. Sorghum exports are 14.2 million bushels, compared to 208.1 million a year ago.

Rice sales were 98,700 tons. Iraq picked up 80,000 tons and Haiti purchased 8,100 tons. Rice exports are 1,015,900 tons, compared to 1,590,900 last year.

Soybeans were pegged at 705,800 tons (25.9 million bushels). China bought 521,200 tons and the Netherlands picked up 142,600 tons, but unknown destinations canceled on 278,300 tons. So far, this marketing year, soybean exports are 1.584 billion bushels, compared to 1.518 billion a year ago.

Soybean meal came out at 264,300 tons. Colombia purchased 117,200 tons and Morocco bought 43,000 tons. Nearing the end of the first quarter of the marketing year, soybean meal exports are 6,120,600 tons, compared to 6,094,900 last year.

Soybean oil was reported at 5,400 tons. Venezuela picked up 5,200 tons and Canada purchased 200 tons. Cumulative soybean oil exports are 36,700 tons, compared to 437,800 a year ago.

Upland cotton was pegged at 82,300 bales. South Korea purchased 17,800 bales and China bought 15,400 bales. 2022/23 upland cotton exports are 8,746,700 bales, compared to 10,450,100 in 2021/22. Sales of 3,500 bales for 2023/24 delivery were to Mexico.

Net beef sales totaled 2,300 tons. The reported buyers were Japan (1,800 tons), South Korea (1,700 tons), Mexico (200 tons), and the Netherlands (100 tons), with cancellations by China (700 tons) and Vietnam (400 tons). Shipments of 16,800 tons were mainly to Japan (4,400 tons), South Korea (4,400 tons), China (2,200 tons), Mexico (1,800 tons), and Taiwan (1,300 tons). Sales of 7,200 tons for 2023 delivery were primarily to Japan (3,300 tons), China (1,300 tons), Taiwan (900 tons), Canada (500 tons), and Vietnam (400 tons), with a cancellation by South Korea (500 tons).

Net pork sales totaled 15,100 tons. The listed purchasers were Mexico (9,100 tons), Canada (1,600 tons), China (1,600 tons), Japan (1,300 tons), and the Dominican Republic (1,100 tons), with a cancellation by South Korea (300 tons). Shipments of 32,400 tons were mostly to Mexico (16,200 tons), China (4,600 tons), Japan (2,800 tons), South Korea (2,500 tons), and Canada (1,600 tons). Sales of 30,500 tons for 2023 delivery were mainly to Mexico (11,900 tons), China (10,000 tons), Canada (1,700 tons), Japan (1,700 tons), and Colombia (1,600 tons).