News

Mostly mixed week for U.S. export sales

The USDA says export sales for the major commodities during the week ending November 16^th were mixed. Soybeans, soybean oil, wheat, cotton, and rice were all down on the week and lower than average, and while beef, pork, soybean meal, and sorghum were above the previous week, they were all below their respective averages. Corn sales were lower than the week before, but higher than its four-week average. Export trade is driven by several factors including the strength of the dollar relative to other currencies and seasonal changes in supply and demand. The USDA’s next set of supply and demand estimates is out December 8^th.

Wheat came out at 171,800 tons (6.3 million bushels), down 3% from the week ending November 9^th and 41% from the four-week average. Japan purchased 58,800 tons and Egypt bought 35,000 tons. Late in the first half of the 2023/24 marketing year, wheat exports are 443.3 million bushels, compared to 488.5 million in 2022/23. Sales of 25,500 tons (900,000 bushels) for 2024/25 delivery were to Panama.

Corn was reported at 1,432,400 tons (56.4 million bushels), 21% lower than the previous week, but 16% higher than the four-week average. Mexico picked up 746,200 tons and Japan purchased 335,800 tons, while unknown destinations canceled on 140,300 tons. At this point in the marketing year, corn exports are 887 million bushels, compared to 698.8 million this time last year.

Sorghum sales were 139,800 tons (5.5 million bushels), 83% above the week before, but 29% below the four-week average. China bought 194,800 tons, while unknown destinations canceled on 55,000 tons. Sorghum exports are 129.2 million bushels, compared to 13.9 million a year ago.

Rice sales were 79,800 tons, a decline of 62% from the prior week and 21% from the four-week average. Mexico picked up 30,200 tons and Honduras purchased 24,000 tons. Rice exports are 1,376,800 tons, compared to 741,400 last year.

Soybeans were pegged at 961,300 tons (35.3 million bushels), a decrease of 75% on the week and 47% from the four-week average. China bought 757,400 tons and Spain picked up 167,900 tons, but unknown destinations canceled on 475,700 tons. So far, this marketing year, soybean exports are 1.068 billion bushels, compared to 1.34 billion a year ago. Sales of 9,000 tons (300,000 bushels) for 2024/25 delivery were to Japan.

Soybean meal came out at 203,600 tons, 41% more than the previous week, but 13% less than the four-week average. Mexico purchased 42,600 tons and Colombia bought 32,600 tons. For the marketing year to date, soybean meal exports are 6,149,900 tons, compared to 4,923,800 last year.

Soybean oil was reported at 300 tons, a drop of 92% from the week before and 85% from the four-week average. Canada picked up 200 tons. Cumulative soybean oil exports are 29,000 tons, compared to 32,600 a year ago. Sales of 400 tons for 2024/25 delivery were to Canada.

Upland cotton was pegged at 322,200 bales, a loss of 2% from the prior week and 6% from the four-week average. China purchased 237,300 bales and Mexico bought 29,400 bales. 2023/24 upland cotton exports are 7,584,000 bales, compared to 8,684,500 in 2022/23. Sales of 5,700 bales for 2024/25 delivery were mainly to South Korea (3,500 bales) and Japan (1,200 bales).

Net beef sales totaled 10,000 tons, an increase of 12% on the week, but a decrease of 30% from the four-week average. The reported purchasers were China (2,600 tons), Hong Kong (2,500 tons), South Korea (1,300 tons), Japan (1,200 tons), and Mexico (1,100 ton), with Singapore and Taiwan both canceling on 100 tons. Shipments of 15,100 tons were 12% greater than the previous week and 8% larger than the four-week average, primarily to South Korea (4,200 tons), Japan (3,700 tons), China (2,500 tons), Mexico (1,600 tons), and Taiwan (800 tons). Sales of 4,400 tons for 2024 delivery were mostly to Japan (2,300 tons), China (700 tons), Hong Kong (500 tons), Guatemala (200 tons), and the Philippines (200 tons).

Net pork sales totaled 26,300 tons, 8% higher than the week before, but 21% lower than the four-week average. The listed buyers were Mexico (13,300 tons), Japan (3,300 tons), China (2,900 tons), South Korea (2,000 tons), and Colombia (1,200 tons). Shipments of 32,200 tons were up 4% on the week and 5% from the four-week average, mainly to Mexico (10,300 tons), Japan (4,800 tons), South Korea (4,800 tons), China (2,800 tons), and Colombia (2,200 tons). Sales of 600 tons for 2024 delivery were primarily to South Korea (500 tons).