News

Beef export sales hit marketing year low

The USDA’s reporting a mostly down week for U.S. export sales. Corn during the week ending November 30^th backed off from its marketing year high the previous week, with beef notching a marketing year low this week and soybean, wheat, sorghum, and cotton all lower than last week, and soybean oil seeing a net reduction. Pork and soybean meal were above a week ago, but lower than average, while rice topped both the prior week and the normal pace for this time of year. Export demand is driven by several factors, including the strength of the dollar relative to other currencies and seasonal trends. The USDA’s next set of supply and demand estimates is out Friday, December 8^th at Noon Eastern/11 Central.

Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2023/24 marketing year got underway June 1^st for wheat, August 1^st for cotton and rice, Septembers 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 356,400 tons (13.419 million bushels), down 43% from the week ending November 23^rd, but up 8% from the four-week average. Taiwan purchased 109,300 tons and China bought 65,000 tons, while unknown destinations canceled on 107,600 tons. At roughly the halfway point of the 2023/24 marketing year, wheat exports are 479.284 million bushels, compared to 501.228 million 2022/23. Net reductions of 9,500 tons (349,065) for 2024/25 delivery occurred after a sale to Mexico (2,500 tons) was more than offset by a cancelation from Peru (12,000 tons).

Corn was reported at 1,288,900 tons (50.741 million bushels), 33% lower than the previous week and 17% below the four-week average. Japan picked up 443,400 tons and China purchased 274,300 tons. About a quarter into the marketing year, corn exports are 1.014 billion bushels, compared to 749.724 million this time last year. Sales of 22,900 tons (901,527 bushels) for 2024/25 delivery were to Mexico.

Sorghum sales were 119,100 tons (4.689 million bushels), a decline of 36% from the week before and 12% from the four-week average. China bought 107,100 tons and Japan picked up 12,000 tons. Sorghum exports are 141.229 million bushels, compared to 14.192 million a year ago.

Rice sales were 128,400 tons, a rise of 73% from the prior week and 29% from the four-week average. South Korea purchased 40,000 tons and Venezuela bought 37,000 tons. Rice exports are 1,579,400 tons, compared to 844,300 last year.

Soybeans were pegged at 1,517,600 tons (55.762 million bushels), a decrease of 20% on the week and 21% from the four-week average. China picked up 565,200 tons and Spain purchased 240,600 tons. So far, this marketing year, soybean exports are 1.19 billion bushels, compared to 1.425 billion a year ago.

Soybean meal came out at 110,000 tons, a jump of 70% from the previous week, but a drop of 27% from the four-week average. Belgium bought 54,000 tons and Morocco picked up 35,900 tons, but unknown destinations canceled on 65,000 tons. For the marketing year to date, soybean meal exports are 6,324,500 tons, compared to 5,335,200 last year. Sales of 500 tons for 2024/25 delivery were to Mexico.

Soybean oil had a net reduction of 1,600 tons following a cancelation on 1,800 tons by Canada. Cumulative soybean oil exports are 28,100 tons, compared to 30,700 a year ago.

Upland cotton was pegged at 116,400 bales, 47% under the week before and 63% below the four-week average. China purchased 59,100 bales and Macau bought 17,900 bales, while Turkey canceled on 13,300 bales. 2023/24 upland cotton exports are 7,800,000 bales, compared to 8,548,600 in 2022/23. Sales of 29,600 bales for 2024/25 delivery were mainly to Turkey (13,200 bales) and Guatemala (8,100 bales).

Net beef sales totaled 200 tons, a 98% decrease from both the prior week and the four-week average. The reported purchasers were Japan (1,800 tons), Mexico (1,300 tons), China (900 tons), Canada (800 tons), and Taiwan (200 tons), against cancelations by South Korea (4,400 tons) and Hong Kong (1,200 tons). Shipments of 13,700 tons were up 7% on the week, but down 2% from the four-week average, primarily to South Korea (3,900 tons), Japan (3,000 tons), China (1,900 tons), Mexico (1,300 tons), and Taiwan (1,100 tons). Sales of 18,400 tons for 2024 delivery were mostly to South Korea (9,100 tons), Japan (5,300 tons), Hong Kong (1,500 tons), China (1,100 tons), and Mexico (500 tons).

Net pork sales totaled 25,900 tons, 23% higher than the previous week, but 14% lower than the four-week average. The listed buyers were South Korea (10,100 tons), Mexico (7,800 tons), Japan (2,700 tons), Colombia (1,700 tons), and Australia (1,300 tons), with cancelations by China (200 tons) and Costa Rica (200 tons). Shipments of 32,300 tons were an increase of 16% from the week before and 2% from the four-week average, mainly to Mexico (12,700 tons), South Korea (4,500 tons), Japan (3,800 tons), China (2,500 tons), and Canada (2,000 tons). Sales of 10,100 tons for 2024 delivery were primarily to Mexico (3,700 tons), South Korea (3,200 tons), Canada (1,100 tons), Colombia (700 tons), and Honduras (300 tons).