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Beef, soybean product export sales up on week

Beef and soybean product export sales for the week ending May 18^th were the highlights of the USDA’s weekly numbers. Beef sales were up on the week and above average, with Japan, South Korea, and China topping the list. Soybean meal and oil were both considerably larger than last week, with the U.S. filling some of the void left by a much smaller crop in Argentina. Old crop soybean sales were higher than the previous week, but lower than average, wheat hit another marketing year low, and pork, corn, sorghum, cotton, and rice all posted week-to-week declines. The USDA’s next set of supply and demand estimates is out June 9^th.

Physical shipments of corn were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year started June 1^st, 2022 for wheat, August 1^st, 2022 for cotton and rice, September 1^st, 2022 for beans, corn, and sorghum, and October 1^st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat had a net reduction of 45,100 tons (-1.7 million bushels). Sales ranging from 700 to 68,000 tons were more than offset by cancellations of 16,000 to 63,100 tons. Nearing the end of the 2022/23 marketing year, wheat exports are 692.3 million bushels, compared to 714.2 million in 2021/22. Sales of 245,100 tons (9 million bushels) for 2023/24 delivery were mainly to Japan (143,900 tons) and Guatemala (45,700 tons).

Corn had a net reduction of 75,200 tons (-3 million bushels). Sales of 10,900 to 216,100 tons were more than offset by a handful of cancellations led by China, 331,600 tons, and unknown destinations, 216,700 tons. Closing in on the final quarter of the marketing year, corn exports are 1.495 billion bushels, compared to 2.325 billion a year ago. Sales of 52,100 tons (2.1 million bushels) for 2023/24 delivery were primarily to Canada (25,400 tons) and Honduras (23,400 tons).

Sorghum sales were 5,700 tons (200,000 bushels), down sharply from the week ending May 11^th and 50% below the four-week average. China purchased 115,700 tons, but unknown destinations canceled on 110,000 tons. Sorghum exports are 64.8 million bushels, compared to 226.2 million last year.

Rice sales were 30,300 tons, quite a bit less than the previous week, but 25% more than the four-week average. Haiti bought 15,100 tons and the United Kingdom picked up 6,900 tons. Rice exports are 1,860,700 tons, compared to 2,687,300 a year ago.

Soybeans were pegged at 115,000 tons (4.2 million bushels), considerably higher than the week before, but 26% lower than the four-week average. Germany purchased 57,700 tons and China bought 25,000 tons, while unknown destinations canceled on 37,700 tons. So far, this marketing year, soybean exports are 1.868 billion bushels, compared to 2.183 billion last year. Sales of 1,100 tons for 2023/24 were to Mexico (4,000 tons) and Taiwan (200 tons), with a cancellation by Japan (3,100 tons).

Soybean meal came out at 341,300 tons, an increase of 69% from the prior week and 68% from the four-week average. Poland picked up 100,000 tons and unknown destinations purchased 46,500 tons. At this point in the marketing year, soybean meal exports are 10,564,300 tons, compared to 10,521,100 a year ago. Sales of 50,600 tons for 2023/24 delivery were mostly to Canada (30,500 tons) and Guatemala (12,200 tons).

Soybean oil was reported at 6,200 tons, a solid rise on the week and 62% greater than the four-week average. Jamaica bought 3,500 tons and Mexico picked up 2,500 tons. Cumulative soybean oil exports are 124,800 tons, compared to 671,300 last year.

Upland cotton was pegged at 131,200 bales, a decrease of 1% from the previous week and 35% from the four-week average. China purchased 64,800 bales and Vietnam bought 30,400 bales. 2022/23 upland cotton exports are 12,762,900 bales, compared to 14,898,800 in 2021/22. Sales of 84,300 bales for 2023/24 delivery were mainly to Turkey (54,600 bales) and Mexico (24,000 bales).

Net beef sales totaled 18,300 tons, up 5% from the week before and 15% from the four-week average. The reported purchasers were Japan (5,500 tons), South Korea (3,800 tons), China (2,500 tons), Mexico (2,200 tons), and Taiwan (1,200 tons). Shipments of 16,500 tons were 10% lower than the prior week and 3% less than the four-week average, primarily to South Korea (4,700 tons), Japan (4,100 tons), China (2,300 tons), Mexico (1,400 tons), and Canada (1,300 tons).

Net pork sales totaled 29,200 tons, a decline of 8% on the week and 29% from the four-week average. The listed buyers were Mexico (14,400 tons), Japan (4,400 tons), South Korea (4,400 tons), Colombia (1,200 tons), and the Dominican Republic (1,100 tons). Shipments of 38,500 tons were 5% higher than the previous week and 3% more than the four-week average, mostly to Mexico (16,900 tons), China (4,600 tons), Japan (4,300 tons), South Korea (3,200 tons), and Australia (2,100 tons).