News

Corn export sales notch marketing year high

U.S. corn export sales hit a marketing year high during the week ending November 23^rd. The USDA says the big corn buyer was unknown destinations, which could turn out to be China when it is time for delivery. China did buy more than 100,000 tons of U.S. corn outright last week and was also the leading purchaser of soybeans, wheat, and sorghum. Beef and pork export sales were lower than a week ago. Export demand is influenced by several factors, including the value of the U.S. dollar relative to other currencies. The USDA’s next set of supply and demand estimates is out December 8^th.

Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2023/24 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 622,800 tons (22.9 million bushels), up sharply from both the week ending November 16^th and the four-week average. China purchased 197,300 tons and unknown destinations bought 148,800 tons. Late in the first half of the 2023/24 marketing year, wheat exports are 466.2 million bushels, compared to 494.3 million in 2022/23. Sales of 12,000 tons (400,000 bushels) for 2024/25 delivery were to Peru.

Corn was reported at 1,927,800 tons (75.9 million bushels), 35% higher than the previous week and 54% above the four-week average. Unknown destinations picked up 726,600 tons and Mexico purchased 294,600 tons. At this point in the marketing year, corn exports are 962.9 million bushels, compared to 722.5 million a year ago.

Sorghum sales were 186,200 tons (7.3 million bushels), 33% larger than the week before and 1% greater than the four-week average. China bought 241,200 tons, while unknown destinations canceled on 55,000 tons. Sorghum exports are 136.5 million bushels, compared to 14.1 million this time last year.

Rice sales were 74,200 tons, down 7% from the prior week and 29% from the four-week average. Unknown destinations picked up 50,000 tons and Haiti purchased 16,400 tons. Rice exports are 1,451,100 tons, compared to 766,700 a year ago.

Soybeans were pegged at 1,895,300 tons (69.6 million bushels), an increase of 97% on the week and 10% from the four-week average. China purchased 892,300 tons and unknown destinations bought 294,900 tons. So far, this marketing year, soybean exports are 1.137 billion bushels, compared to 1.362 billion last year.

Soybean meal came out at 64,600 tons, a decrease of 68% from the previous week and 59% from the four-week average. Colombia picked up 30,000 tons and Mexico purchased 17,600 tons. For the marketing year to date, soybean meal exports are 6,214,500 tons, compared to 5,109,000 a year ago.

Soybean oil was reported at 700 tons, quite a bit more than the week before, but 64% less than the four-week average. Canada was the lone listed buyer. Cumulative soybean oil exports are 29,700 tons, compared to 30,300 last year.

Upland cotton was pegged at 217,700 bales, 32% below the week prior and 42% under the four-week average. Vietnam picked up 100,000 bales and China purchased 64,600 bales, while Turkey canceled on 23,800 bales. 2023/24 upland cotton exports are 7,801,700 bales, compared to 8,701,000 in 2022/23. Sales of 15,400 bales for 2024/25 delivery were to Turkey.

Net beef sales totaled 6,300 tons, a drop of 37% on the week and 49% from the four-week average. The reported purchasers were South Korea (3,600 tons), Japan (2,400 tons), Canada (900 tons), China (600 tons), and Mexico (600 tons), with a net cancelation by Hong Kong (2,500 tons). Shipments of 12,800 tons were down 15% from the previous week and 11% from the four-week average, mainly to South Korea (4,000 tons), Japan (3,300 tons), China (1,500 tons), Mexico (1,200 tons), and Canada (800 tons). Sales of 4,300 tons for 2024 delivery were primarily to South Korea (2,000 tons), China (1,000 tons), Hong Kong (400 tons), Japan (300 tons), and Taiwan (300 tons).

Net pork sales totaled 21,200 tons, a decline of 20% from the week before and 35% from the four-week average. The listed buyers were Mexico (7,500 tons), South Korea (3,400 tons), Japan (3,000 tons), Australia (1,600 tons), and Colombia (1,600 tons), with a net cancelation by China (100 tons). Shipments of 27,800 tons were 14% lower than the prior week and 13% below the four-week average, mostly to Mexico (9,800 tons), South Korea (4,500 tons), Japan (4,200 tons), China (2,100 tons), and Canada (1,900 tons). Sales of 5,600 tons for 2024 delivery were mainly to Japan (2,800 tons), Canada (1,100 tons), the Dominican Republic (300 tons), Mexico (300 tons), and South Korea (300 tons).