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Beef, wheat export sales notch marketing year lows

The USDA says export sales for a couple of key commodities hit marketing year lows during the week ending March 7^th. Beef and wheat saw lower than average movement due to heavy competition from other exporters and the relative strength of the dollar. Corn remains one of the bright spots, with sales up on the week and ahead of what’s needed to meet projections for the current marketing year. The USDA’s next set of supply and demand estimates is out April 11^th.

Physical shipments of corn and soybeans surpassed the mark to hit USDA estimates for the 2023/24 marketing year. The current 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 83,800 tons (3.1 million bushels), down 69% from the week ending February 29^th and 71% from the four-week average. Mexico purchased 159,100 tons and the Philippines bought 49,200 tons, but unknown destinations canceled on 169,000 tons and China canceled on 120,100 tons. In the final quarter of the 2023/24 marketing year, wheat exports are 679.8 million bushels, compared to 651.8 million in 2022/23. Sales of 81,300 tons (3 million bushels) for 2024/25 delivery were mainly to the Philippines (60,000 tons) and Honduras (11,300 tons).

Corn was reported at 1,283,400 tons (50.5 million bushels), up 16% from the previous week and 19% from the four-week average. Japan picked up 346,100 tons and Mexico purchased 233,000 tons. Early in the back half of the marketing year, corn exports are 1.595 billion bushels, compared to 1.253 billion this time last year.

Sorghum sales were 5,700 tons (200,000 bushels), a drop of 93% from the week before and 96% from the four-week average, all to China. Sorghum exports are 194.3 million bushels, compared to 59.1 million a year ago.

Rice sales were 43,800 tons, 48% lower than the prior week and 46% below the four-week average. Mexico bought 37,600 tons and Saudi Arabia picked up 8,600 tons, while Jordan canceled on 14,000 tons. Rice exports are 2,555,500 tons, compared to 1,553,500 last year.

Soybeans were pegged at 376,000 tons (13.8 million bushels), a decrease of 39% on the week, but an increase of 55% from the four-week average. China purchased 256,100 tons and Germany bought 142,700 tons, but unknown destinations canceled on 310,800 tons. So far, this marketing year, soybean exports are 1.458 billion bushels, compared to 1.812 billion a year ago. Sales of 94,300 tons (3.5 million bushels) for 2024/25 delivery were to unknown destinations (60,000 tons) and Mexico (34,300 tons).

Soybean meal came out at 209,500 tons, 33% more than the previous week, but 18% less than the four-week average. Italy picked up 77,000 tons and Mexico purchased 37,500 tons, while unknown destinations canceled on 35,000 tons. Nearing the second half of the marketing year for soybean products, bean meal exports are 9,826,000 tons, compared to 8,265,400 last year. Sales of 96,300 tons for 2024/25 delivery were to unknown destinations (96,000 tons) and Canada (300 tons).

Soybean oil was reported at 11,200 tons, a decline of 62% from the week before, but a rise of 67% from the four-week average. Mexico bought 7,000 tons and Canada picked up 4,200 tons. Cumulative soybean oil exports are 72,600 tons, compared to 63,200 a year ago. Sales of 6,900 tons for 2024/25 delivery were to Mexico.

Upland cotton was pegged at 85,800 bales, 65% above the prior week, but 10% below the four-week average. Turkey purchased 30,700 bales and China bought 28,200 bales. 2023/24 upland cotton exports are 10,615,200 bales, compared to 10,868,900 in 2022/23. Sales of 112,700 bales for 2024/25 delivery were primarily to Guatemala (87,100 bales) and Honduras (25,400 bales).

Net beef sales totaled 11,200 tons, a fall of 20% on the week and 19% from the four-week average. The reported purchasers were Taiwan (2,300 tons), Japan (2,300 tons), Mexico (1,700 tons), China (1,700 tons), and Canada (1,000 tons). Shipments of 16,000 tons were unchanged from both the previous week and the four-week average, mostly to South Korea (4,800 tons), Japan (4,100 tons), China (2,500 tons), Mexico (1,800 tons), and Canada (800 tons).

Net pork sales totaled 24,900 tons, a loss of 32% from the week before and 24% from the four-week average. The listed buyers were Mexico (11,100 tons), Japan (5,700 tons), South Korea (4,100 tons), China (3,900 tons), and Colombia (1,000 tons), with a cancelation by Vietnam (4,700 tons). Shipments of 34,500 tons were up 8% from the prior week, but down 1% from the four-week average, mainly to Mexico (11,700 tons), South Korea (5,600 tons), Japan (5,300 tons), China (3,800 tons), and Canada (1,700 tons).