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Beef, soybean meal export sales up on week

Beef is one of the few bright spots in the export sales numbers for the week ending July 13^th. The USDA says beef export sales were up sharply and larger than average thanks to solid purchases from South Korea, Mexico, and China. Soybean meal was also above a week ago with more than a third of the weekly total to Colombia. Old crop soybean and cotton sales were higher than the previous week, but lower than average. Export demand is influenced by a number of factors including the value of the U.S. dollar relative to other currencies and seasonal trends. The USDA’s next set of supply and demand estimates is out August 11^th.

The 2022/23 marketing year got underway June 1^st, 2023 for wheat, while 2021/22 kicked off 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 came out at 170,700 tons (6.3 million bushels). Chile purchased 78,200 tons and Japan bought 49,300 tons, while unknown destinations canceled on 66,000 tons. About a month and a half into the 2023/24 marketing year, wheat exports are 190.6 million bushels, compared to 278.7 million in 2022/23.

Corn was reported at 236,800 tons (9.3 million bushels), down 49% from the week ending July 6^th, but up 6% from the four-week average. Colombia picked up 110,400 tons and unknown destinations purchased 58,800 tons. With about a month and a half remaining in the 2022/23 marketing year, corn exports are 1.565 billion bushels, compared to 2.38 billion in 2021/22. Sales of 491,600 tons (19.4 million bushels), mainly to Mexico (386,500 tons) and Canada (55,400 tons).

Sorghum sales were 238,300 tons (9.4 million bushels), 83% higher than the previous week and considerably larger than the four-week average. China bought 306,300 tons, while unknown destinations canceled on 68,000 tons. Sorghum exports are 103.1 million bushels, compared to 274.1 million a year ago. Sales of 414,000 tons (16.3 million bushels) for 2023/24 delivery were to China.

Rice sales were 2,800 tons, 32% lower than the week before and 74% below the four-week average. Canada picked up 1,400 tons and Mexico purchased 1,300 tons. Rice exports are 1,943,400 tons, compared to 2,911,200 last year. Sales of 200 tons for 2023/24 delivery were to the Bahamas (100 tons) and the Leeward and Windward Islands (100 tons).

Soybeans were pegged at 127,000 tons (4.7 million bushels), 58% more than the prior week, but 43% less than the four-week average. The Netherlands bought 65,400 tons and Germany picked up 56,600 tons, but unknown destinations canceled on 78,800 tons. So far, this marketing year, soybean exports are 1.935 billion bushels, compared to 2.19 billion a year ago. Sales of 760,300 tons (27.9 million bushels) for 2023/24 delivery were primarily to Mexico (339,100 tons) and unknown destinations (229,000 tons).

Soybean meal came out at 272,500 tons, a solid increase on the week and from the four-week average. Colombia purchased 100,100 tons and the Philippines bought 51,500 tons. At this point in the marketing year, soybean meal exports are 12,070,900 tons, compared to 11,382,700 last year. Sales of 135,300 tons for 2023/24 delivery were mostly to unknown destinations (105,000 tons).

Soybean oil had a net reduction of 800 tons following a cancelation by Canada. Cumulative soybean oil exports are 123,600 tons, compared to 687,200 a year ago.

Upland cotton was pegged at 67,100 bales, a big jump from the previous week, but a decline of 11% from the four-week average. China picked up 32,400 bales and Vietnam purchased 16,000 bales. Sales of 86,100 bales for 2023/24 delivery were mainly to China (49,200 bales) and Pakistan (17,900 bales).

Net beef sales totaled 20,900 tons, a significant improvement from the week before and 60% above the four-week average. The reported buyers were South Korea (7,800 tons), Mexico (4,100 tons), China (2,900 tons), Japan (1,900 tons), and Canada (1,800 tons). Shipments of 16,200 tons were up 16% from the prior week and 1% from the four-week average, primarily to Japan (4,200 tons), South Korea (3,600 tons), China (3,000 tons), Mexico (1,500 tons), and Taiwan (1,300 tons).

Net pork sales totaled 19,200 tons, a decrease of 22% on the week and 28% from the four-week average. The listed purchasers were China (5,300 tons), Mexico (5,000 tons), Japan (4,100 tons), Canada (900 tons), and South Korea (900 tons). Shipments of 25,300 tons were 31% more than the previous week, but 12% less than the four-week average, mostly to Mexico (8,000 tons), China (4,400 tons), Japan (4,300 tons), Canada (1,900 tons), and Colombia (1,700 tons).