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Old crop corn, new crop wheat export sales up on week

Export sales for several major commodities improved during the week ending June 29^th. The USDA says old crop corn, sorghum, soybean meal, and new crop wheat sales all saw solid week-to-week increases but continue to show the effects of competitors like Brazil and Russia. Beef export sales were also above a week ago. Old crop soybeans, cotton, and rice were down and old crop soybean oil hit a marketing year low. Export business is driven by several factors, including seasonal demand trends and currency trade. The USDA’s next set of supply and demand estimates is out Wednesday, July 12^th at Noon Eastern/11 Central.

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 beans, corn, and sorghum, and October 1^st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 405,800 tons (14.9 million bushels). Mexico purchased 111,400 tons and the Philippines bought 108,400 tons. Just under a month into the 2023/24 marketing year, wheat exports are 169.8 million bushels, compared to 222.8 million in 2022/23. Net reductions of 3,000 tons (-100,000 bushels) for 2024/24 delivery followed a cancellation by Ecuador.

Corn was reported at 251,700 tons (9.9 million bushels), up 79% from the week ending June 22^nd and 62% from the four-week average. Mexico picked up 148,900 tons and Japan purchased 131,200 tons, with a cancelation by unknown destinations on 64,600 tons. Late in the fourth quarter of the 2022/23 marketing year, corn exports are 1.537 billion bushels, compared to 2.376 billion in 2021/22. Sales of 418,000 tons (16.5 million bushels) for 2023/24 delivery were mainly to Japan (172,600 tons) and Mexico (104,100 tons).

Sorghum sales were 123,600 tons (4.9 million bushels), 10% higher than the previous week and 41% larger than the four-week average. China bough 81,000 tons and unknown destinations picked up 35,000 tons. Sorghum exports are 88.6 million bushels, compared to 273.9 million a year ago.

Rice sales were 5,900 tons, 70% lower than the week before and 55% under the four-week average. Iraq purchased 4,000 tons and Canada bought 1,000 tons. Rice exports are 1,936,500 tons, compared to 2,861,800 last year. Sales of 67,300 tons for 2023/24 delivery were primarily to Iraq (40,000 tons) and Mexico (22,300 tons).

Soybeans were pegged at 187,800 tons (4.9 million bushels), down 17% from the prior week and 45% from the four-week average. Indonesia picked up 78,500 tons and the Netherlands purchased 56,600 tons, but unknown destinations canceled on 72,100 tons. So far, this marketing year, soybean exports are 1.93 billion bushels, compared to 2.196 billion a year ago. Sales of 592,800 tons (21.8 million bushels) for 2023/24 delivery were mostly to China (270,000 tons) and unknown destinations (132,000 tons).

Soybean meal came out at 148,800 tons, an increase of 42% on the week, but a decrease of 5% from the four-week average. Guatemala bought 31,600 tons and Israel picked up 30,000 tons, but unknown destinations canceled on 40,500 tons. Early in the last quarter of the marketing year, soybean meal exports are 11,743,900 tons, compared to 11,265,100 last year. Sales of 33,000 tons for 2023/24 delivery were mainly to Costa Rica (15,700 tons) and Canada (5,900 tons).

Soybean oil had a net reduction of 6,300 tons. Sales of 300 to 1,500 tons were more than offset by a cancellation on 9,000 tons by Mexico. Cumulative soybean oil exports are 123,200 tons, compared to 685,600 a year ago.

Upland cotton was pegged at 109,200 bales, a decline of 13% from the previous week and 42% from the four-week average. China purchased 61,700 bales and Mexico bought 33,100 bales. 2022/23 upland cotton exports are 13,887,400 bales, compared to 15,640,400 in 2021/22. Sales of 130,400 bales for 2023/24 delivery were primarily to China (76,100 bales) and Turkey (15,900 bales).

Net beef sales totaled 17,000 tons, a jump of 41% from the week before and 33% from the four-week average. The reported purchasers were Japan (5,100 tons), South Korea (3,700 tons), Taiwan (2,200 tons), Canada (2,100 tons), and Mexico (1,500 tons), with a cancelation by Columbia (100 tons). Shipments of 17,700 tons were 18% higher than the prior week and 11% above the four-week average, mostly to Japan (4,400 tons), South Korea (4,200 tons), China (3,200 tons), Mexico (1,700 tons), and Taiwan (1,500 tons).

Net pork sales totaled 26,000 tons, 3% under both the previous week and the four-week average. The listed buyers were Mexico (15,100 tons), Canada (4,600 tons), Japan (1,700 tons), Australia (900 tons), and South Korea (700 tons). Shipments of 35,500 tons were mainly to Mexico (17,800 tons), Japan (3,600 tons), China (3,100 tons), South Korea (2,000 tons), and Mexico (1,900 tons).