Beef, pork export sales up solidly on week

The USDA says export sales of several key U.S. commodities showed solid week-to-week improvements during the week ending February 9th, 2023. Pork sales were up sharply on the week led by Mexico and Japan, while beef was above a week ago thanks to Japan, South Korea, and China. Soybean exports moved higher with about half of the total purchased by China but were still lower than average following a cancellation by unknown destinations. Wheat, soybean product, and sorghum sales were all also larger than the previous week. Export demand is influenced by several factors, including seasonal demand trends and currency prices. The USDA’s next supply and demand report is out March 8th.

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

Wheat came out at 209,800 tons (7.7 million bushels), up 60% from the week ending February 2nd, but down 32% from the four-week average. Taiwan purchased 39,500 tons and Japan bought 35,600 tons. For the 2022/23 marketing year to date, wheat exports are 606.7 million bushels, compared to 641.7 million in 2021/22. Sales of 23,000 tons (800,000 bushels) for 2023/24 delivery were to Guatemala.

Corn was reported at 1,024,500 tons (40.3 million bushels), 12% lower than the previous week and 15% below the four-week average. Mexico picked up 269,000 tons and unknown destinations purchased 247,300 tons. Approaching the second half of the marketing year, corn exports are 1.095 billion bushels, compared to 1.832 billion this time last year. Sales of 100,000 tons (3.9 million bushels) for 2023/24 delivery were to Mexico.

Sorghum sales were 113,000 tons (4.4 million bushels), larger than the week before and 7% greater than the four-week average, all to China. Sorghum exports are 35.3 million bushels, compared to 256.1 million a year ago.

Rice sales were 59,400 tons, 47% below the prior week’s marketing year high, but 36% above the four-week average. Mexico bought 51,200 tons and Guatemala picked up 5,000 tons. Rice exports are 1,336,000 tons, compared to 2,132,400 last year.

Soybeans were pegged at 512,800 tons (18.8 million bushels), an increase of 37% on the week, but a decrease of 35% from the four-week average. China purchased 283,600 tons and Mexico bought 198,100 tons, but unknown destinations canceled on 509,000 tons. So far, this marketing year, soybean exports are 1.767 billion bushels, compared to 1.767 billion a year ago. Sales of 259,100 tons (9.5 million bushels) for 2023/24 delivery were mainly to China (189,000 tons) and unknown destinations (66,000 tons).

Soybean meal came out at 270,900 tons, a jump of 49% from the previous week and 7% from the four-week average. The Philippines picked up 56,200 tons and Vietnam purchased 50,000 tons. Soybean meal exports are 7,487,600 tons, compared to 8,001,100 last year. Sales of 25,000 tons for 2023/24 delivery were to Ireland.

Soybean oil was reported at 8,300 tons, up sharply from both the week before and the four-week average. Colombia bought 5,000 tons and Canada picked up 3,300 tons. Cumulative soybean oil exports are 51,600 tons, compared to 523,000 a year ago.

Upland cotton exports were pegged at 216,900 bales, 18% less than the prior week, but 1% more than the four-week average. Vietnam purchased 67,700 bales and China bought 61,600 bales. 2022/23 upland cotton exports are 9,932,900 bales, compared to 12,334,400 in 2021/22. Sales of 23,900 bales for 2023/24 delivery were to Portugal (22,000 bales) and Thailand (1,900 bales).

Net beef sales totaled 28,100 tons, an increase of 72% on the week and 34% from the four-week average. The reported purchasers were Japan (8,600 tons), South Korea (6,800 tons), China (6,100 tons), Mexico (2,200 tons), and Hong Kong (1,000 tons). Shipments of 16,700 tons were 8% higher than the previous week and 2% above the four-week average, primarily to Japan (4,300 tons), South Korea (4,300 tons), China (3,100 tons), Mexico (1,700 tons), and Taiwan (1,300 tons).

Net pork sales totaled 45,000 tons, a rise of 56% from the week before and 30% from the four-week average. The listed buyers were Mexico (18,800 tons), Japan (11,500 tons), South Korea (4,400 tons), China (4,100 tons), and Colombia (1,200 tons), with a net reduction for Nicaragua (100 tons). Shipments of 30,500 tons were unchanged from the prior week and 4% less than the four-week average, mostly to Mexico (13,400 tons), China (4,100 tons), Japan (3,500 tons), South Korea (2,600 tons), and Canada (2,300 tons).

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