Big week for soybean export sales

The USDA says export sales of several key commodities showed solid improvement during the week ending November 10th. Soybean export sales topped 3 million tons with more than half of that to China, while corn climbed back over a million, most of that purchased by Mexico. Pork and cotton export sales were also up on the week, while beef, wheat, rice, sorghum, and soybean products were down. Export sales are influenced by several factors including currency trade and seasonal demand. The USDA’s next set of supply and demand estimates is out December 9th.

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

Wheat came out at 290,300 tons (10.7 million bushels). Mexico purchased 68,400 tons and Japan bought 62,600 tons. Closing in on the halfway point of 2022/23, wheat exports are 469.7 million bushels, compared to 502.4 million in 2021/22.

Corn was reported at 1,169,700 tons (46 million bushels). Mexico picked up 919,800 tons and Canada purchased 91,300 tons. Nearing the end of the first quarter of the marketing year, corn exports are 625.9 million bushels, compared to 1.298 billion a year ago.

There were no sorghum sales. Sorghum exports are 13.9 million bushels, compared to 141.8 million this time last year.

Rice sales were 16,700 tons. Saudi Arabia bought 8,500 tons and Mexico picked up 4,300 tons. Rice exports are 657,900 tons, compared to 1,253,000 a year ago.

Soybeans were pegged at 3,030,100 tons (111.3 million bushels), China purchased 1,542,400 tons and Mexico bought 455,500 tons. So far, this marketing year, soybean exports are 1.322 billion bushels, compared to 1.269 billion last year.

Soybean meal was reported at 267,100 tons. The Philippines picked up 88,100 tons and Vietnam purchased 55,800 tons, while unknown destinations canceled on 48,000 tons. For the marketing year to date, soybean meal exports are 4,407,300 tons, compared to 5,143,900 a year ago.

Soybean oil came out at 400 tons. Canada bought 300 tons and Mexico picked up 100 tons. Cumulative soybean oil exports are 32,600 tons, compared to 211,800 last year.

Upland cotton was pegged at 25,100 bales. Taiwan purchased 5,800 bales and China bought 5,700 bales. 2022/23 upland cotton exports are 8,800,900 bales, compared to 8,773,400 in 2021/22. Sales of 8,100 bales for 2023/24 delivery were to Mexico.

Net beef sales totaled 13,400 tons. The reported purchasers were Mexico (5,200 tons), Japan (2,500 tons), Canada (1,800 tons), South Korea (1,500 tons), and Hong Kong (500 tons), with a net reduction by Colombia (200 tons). Shipments of 18,200 tons were mainly to South Korea (5,500 tons), Japan (4,900 tons), China (2,600 tons), Mexico (1,400 tons), and Canada (800 tons). Net sales of 3,800 tons for 2023 delivery were primarily to South Korea (2,200 tons), China (500 tons), Mexico (400 tons), Hong Kong (200 tons), and Japan (200 tons).

Net pork sales totaled 25,200 tons. The listed buyers were Mexico (15,300 tons), Japan (4,300 tons), Canada (1,900 tons), Colombia (1,000 tons), and South Korea (700 tons), with a cancellation by Australia (200 tons). Shipments of 30,600 tons were mostly to Mexico (15,300 tons), China (4,400 tons), Japan (3,400 tons), South Korea (2,300 tons), and Canada (1,500 tons).

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