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Corn export sales up on week, all others down

The USDA says the week ending May 30th was a strong week for old crop corn export sales. Corn sales were up sharply on the week, driven by solid demand from Mexico, which has increased purchases due to drought impacting domestic production, along with Japan and Spain. All other major commodities saw week to week declines, including a net reduction for old crop wheat. Export demand is influenced by several factors including domestic prices, the value of the dollar relative to other currencies, and seasonal supply changes. The USDA’s next set of supply and demand estimates is out Wednesday, June 12th.

Physical shipments of corn and soybeans were more than what’s needed weekly to meet USDA projections for the current marketing year. The 2023/24 marketing year got underway 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 had a net reduction of 229,000 tons (-8.4 million bushels). Sales of 700 to 21,800 tons were more than offset by cancelations of 25,800 to 72,200 tons. With one reporting day remaining in the 2023/24 marketing year, wheat shipments are 708 million bushels, 12 million less than the USDA’s projection for the marketing year. Sales of 616,900 tons (22.7 million bushels) for 2024/25 delivery were mainly to unknown destinations (136,600 tons) and Taiwan (123,900 tons).

Corn was reported at 1,180,900 tons (46.5 million bushels), up 46% from the week ending May 23rd and 41% from the four-week average. Mexico purchased 380,200 tons and Japan bought 307,300 tons, while unknown destinations canceled on 90,400 tons. Just prior to the start of the final quarter of the 2023/24 marketing year, corn exports are 2.018 billion bushels, compared to 1.509 billion in 2022/23. Sales of 113,300 tons (4.5 million bushels) for 2024/25 delivery were to Mexico (90,600 tons) and unknown destinations (20,000 tons), with a cancelation by Costa Rica (9,900 tons).

Sorghum sales were 56,100 tons (2.2 million bushels), 9% lower than the previous week, but 61% higher than the four-week average. Unknown destinations picked up 53,000 tons. Sorghum exports are 207.8 million bushels, compared to 72.5 million a year ago. Sales of 300 tons for 2024/25 delivery were to Japan.

Rice sales were 33,500 tons, down 68% from the week before and 22% from the four-week average. Haiti purchased 15,300 tons and Nicaragua bought 7,600 tons. Rice exports are 3,228,700 tons, compared to 1,888,900 this time last year. Sales of 6,000 tons for 2024/25 delivery were to Guatemala.

Soybeans were pegged at 189,600 tons (7 million bushels), 43% below the prior week and 42% under the four-week average. The Netherlands picked up 56,700 tons and Egypt purchased 54,400 tons, while unknown destinations canceled on 51,500 tons. So far, this marketing year, soybean exports are 1.595 billion bushels, compared to 1.880 billion a year ago. Sales of 73,800 tons (2.7 million bushels) for 2024/25 delivery were primarily to unknown destinations (60,000 tons) and Indonesia (7,500 tons).

Soybean meal came out at 250,200 tons, a decline of 6% on the week, but a rise of 9% from the four-week average. Colombia bought 66,200 tons and the Philippines picked up 47,300 tons. At this point in the marketing year, soybean meal exports are 12,324,700 tons, compared to 11,147,300 last year. Sales of 4,100 tons for 2024/25 delivery were mostly to Canada (4,800 tons) and Mexico (1,900 tons) with a cancelation by Venezuela (4,000 tons).

Soybean oil was reported at 6,000 tons, a decrease of 42% from the previous week and 20% from the four-week average. Jamaica purchased 3,500 tons and Canada bought 1,700 tons. Cumulative soybean oil exports are 147,300 tons, compared to 126,200 a year ago. Sales of 3,500 tons for 2024/25 delivery were to Mexico.

Upland cotton was pegged at 138,700 bales, falling 38% from the week before and 34% from the four-week average. China picked up 71,700 bales and Pakistan purchased 28,200 bales. 2023/24 upland cotton exports are 12,366,000 bales, compared to 13,511,100 in 2022/23. Sales of 54,100 bales for 2024/25 delivery were mainly to Mexico (28,700 bales) and Vietnam (21,100 bales).

Net beef sales totaled 14,500 tons, down 8% on the week and 11% from the four-week average. The reported buyers were South Korea (6,000 tons), Japan (3,400 tons), Mexico (1,400 tons), Canada (1,000 tons), and Taiwan (900 tons). Shipments of 15,300 tons were a cut of 5% from the previous week and 6% from the four-week average, primarily to Japan (4,300 tons), South Korea (3,200 tons), China (2,300 tons), Taiwan (1,500 tons), and Canada (1,300 tons).

Net pork sales totaled 29,900 tons, 33% less than the week before, but 3% more than the four-week average. The listed purchasers were China (8,900 tons), Mexico (8,300 tons), Japan (3,400 tons), South Korea (2,800 tons), and Canada (1,800 tons), with a cancelation by Taiwan (200 tons). Shipments of 34,400 tons were 1% lower than the prior week and unchanged from the four-week average, mostly to Mexico (16,100 tons), Japan (5,100 tons), South Korea (3,600 tons), China (3,000 tons), and Canada (1,400 tons).

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