News

Meat export sales up on week, above average

The USDA says beef and pork export sales showed solid improvements during the week ending July 20^th. Pork topped 25,000 tons, with most of the weekly total to Mexico, and beef sales were above 21,000 tons, mainly to South Korea, Japan, and China. Weekly grain and oilseed export sales were mixed, including net reductions for old crop cotton and rice with just a few days remaining in the current marketing year. Export business is driven by several factors, including seasonal trends and currency trade. The USDA’s next set of supply and demand estimates is out August 11^th.

The 2023/24 marketing year got underway June 1^st, 2023 for wheat, while 2022/23 started August 1^st, 2022 for cotton and rice, September 1^st, 2022 for corn, sorghum, and soybeans, and October 1^st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 233,200 tons (8.6 million bushels), up 37% from the week ending July 13^th, but down 17% from the four-week average. The Philippines purchased 72,400 tons and Nigeria bought 25,100 tons. About two months into the 2023/24 marketing year, wheat exports are 199.2 million bushels, compared to 293.8 million in 2022/23.

Corn was reported at 314,200 tons (12.4 million bushels), 33% higher than the previous week and 15% above the four-week average. Mexico picked up 161,100 tons and Japan purchased 109,700 tons, while unknown destinations canceled on 48,900 tons. With just over a month left in the 2022/23 marketing year, corn exports are 1.577 billion bushels, compared to 2.386 billion in 2021/22. Sales of 335,800 tons (13.2 million bushels) for 2023/24 delivery were mainly to Canada (164,800 tons) and Mexico (141,300 tons).

Sorghum sales were 38,300 tons (1.5 million bushels), 84% lower than the week before and 75% below the four-week average. China bought 91,300 tons, but unknown destinations canceled on 53,000 tons. Sorghum exports are 104.6 million bushels, compared to 274.2 million a year ago. Sales of 121,000 tons (4.8 million bushels) for 2023/24 delivery were to unknown destinations (68,000 tons) and China (53,000 tons).

Rice had a net reduction of 500 tons with a handful of sales of 100 to 200 tons more than offset by cancelations from Canada (900 tons) and Honduras (100 tons). Rice exports are 1,942,800 tons, compared to 2,933,400 last year. Sales of 15,600 tons for 2023/24 delivery were primarily to Guatemala (11,000 tons) and Mexico (2,300 tons).

Soybeans were pegged at 198,500 tons, a solid improvement from the prior week and 73% larger than the four-week average. The Netherlands picked up 110,300 tons and Germany purchased 106,400 tons, but unknown destinations canceled on 112,800 tons. So far, this marketing year, soybean exports are 1.939 billion bushels, compared to 2.188 billion a year ago. Sales of 544,600 tons (20 million bushels) for 2023/24 delivery were mostly to China (275,000 tons) and Mexico (70,300 tons).

Soybean meal came out at 159,800 tons, a decrease of 41% on the week, but an increase of 10% from the four-week average. The Dominican Republic bought 48,600 tons and Mexico picked up 42,600 tons. For the marketing year to date, soybean meal exports are 12,230,700 tons, compared to 11,410,700 last year. Sales of 114,000 tons for 2023/24 delivery were mainly to the Philippines (45,000 tons) and Canada (39,000 tons).

Soybean oil was reported at 2,100 tons, a steep decline from both the previous week and the four-week average. Mexico purchased 1,500 tons and Canada bought 600 tons. Cumulative soybean oil exports are 125,800 tons, compared to 691,800 a year ago.

Upland cotton had a net reduction of 18,700 bales with sales to China (2,700 bales) and Vietnam (2,600 bales) more than offset by cancellations of 400 to 19,800 bales. With just a few days remaining in the 2022/23 marketing year, cotton exports are 13,958,800 bales, compared to 15,700,700 in 2021/22. Sales of 80,600 bales for 2023/24 delivery were primarily to China (63,300 bales) and Mexico (11,500 bales).

Net beef sales totaled 21,400 tons, up 2% from the week before and 43% from the four-week average. The listed buyers were South Korea (7,400 tons), Japan (5,500 tons), China (2,800 tons), Mexico (1,700 tons), and Canada (1,200 tons). Shipments of 16,100 tons were 1% less than the prior week, but 2% more than the four-week average, mostly to Japan (4,200 tons), South Korea (3,400 tons), China (2,400 tons), Mexico (1,600 tons), and Canada (1,500 tons). Sales of 200 tons for 2024 delivery were to Japan.

Net pork sales totaled 25,500 tons, a jump of 33% on the week and 6% from the four-week average. The reported purchasers were Mexico (17,900 tons), Japan (2,600 tons), Canada (1,100 tons), Colombia (1,100 tons), and the Dominican Republic (800 tons), with a net reduction by Nicaragua (100 tons). Shipments of 23,800 tons were mainly to Mexico (8,300 tons), China (2,400 tons), Japan (3,700 tons), Canada (1,900 tons), and South Korea (1,400 tons).