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Old crop corn, sorghum export sales up on week

Old crop U.S. corn export sales shot higher during the week ending July 6^th. The USDA says the total of more than 18 million bushels of U.S. corn was up 86% from the previous week, with more than half of that to Mexico. New crop sales also topped 18 million bushels, mainly to Mexico and Canada. That’s in contrast to most other major commodities posting week-to-week declines, including significant decreases in old crop soybeans, soybean meal, and cotton, along with beef and pork. Exports are driven by several factors including the value of the U.S. dollar relative to other currencies and seasonal supply and demand trends. The USDA’s next set of supply and demand estimates is out August 11^th.

Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2023/24 marketing year kicked off June 1^st, 2023, while 2022/23 got underway 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 395,700 tons (14.5 million bushels). Mexico purchased 146,600 tons and Indonesia bought 63,000 tons, but unknown destinations canceled on 123,000 tons. Just over a month into the 2023/24 marketing year, wheat exports are 184.4 million bushels, compared to 259.9 million early in 2022/23.

Corn was reported at 468,400 tons (18.4 million bushels), up 86% from the week ending June 29^th and considerably larger than the four-week average. Mexico picked up 273,300 tons and Canada purchased 111,800 tons. In the final quarter of the 2022/23 marketing year, corn exports are 1.555 billion bushels, compared to 2.379 billion in 2021/22. Sales of 470,800 tons (18.5 million bushels) for 2023/24 delivery were mainly to Mexico (267,100 tons) and Canada (131,700 tons).

Sorghum sales of 130,300 tons (5.1 million bushels) were 5% higher than the week before and 28% above the four-week average. China bought 180,300 tons, while unknown destinations canceled on 50,000 tons. Sorghum exports are 93.7 million bushels, compared to 273.8 million a year ago. Sales of 223,000 tons (8.8 million bushels) for 2023/24 delivery were to China (113,000 tons) and unknown destinations (110,000 tons).

Rice sales were 4,000 tons, a decrease of 32% from the prior week and 66% from the four-week average. Mexico picked up 2,000 tons and Canada purchased 1,700 tons. Rice exports are 1,940,600 tons, compared to 2,889,200 last year.

Soybeans were pegged at 80,600 tons (3 million bushels), a drop of 57% on the week and 76% from the four-week average. The Netherlands bought 66,900 tons and Spain picked up 61,800 tons, but unknown destinations canceled on 125,800 tons. So far, this marketing year, soybean exports are 1.933 billion bushels, compared to 2.182 billion a year ago. Sales of 209,200 tons (7.7 million bushels) for 2023/24 delivery were primarily to unknown destinations (115,000 tons) and Japan (50,000 tons).

Soybean meal came out at 54,500 tons, a drop of 63% from both the previous week and the four-week average. Colombia purchased 9,700 tons and Venezuela bought 7,600 tons. Early in the final quarter of the marketing year for soybean products, bean meal exports are 11,798,400 tons, compared to 11,273,400 last year. Sales of 118,100 tons for 2023/24 delivery were mostly to Ecuador (96,000 tons) and Canada (14,400 tons).

Soybean oil was reported at 1,200 tons, a noticeable decline from both the week before and the four-week average. Mexico picked up 1,000 tons and Canada purchased 200 tons. Cumulative soybean oil exports are 124,400 tons, compared to 686,600 a year ago.

Upland cotton was pegged at 23,100 bales, falling 79% from the prior week and 76% from the four-week average. Bangladesh bought 18,200 bales and Vietnam picked up 5,600 bales. 2022/23 upland cotton exports are 13,910,500 bales, compared to 15,650,600 in 2021/22. Sales of 51,000 bales for 2023/24 delivery were mainly to China (36,000 bales) and Honduras (9,800 bales).

Net beef sales totaled 9,900 tons, a drop of 42% on the week and 28% from the four-week average. The reported purchasers were Japan (3,200 tons), Taiwan (1,600 tons), China (1,400 tons), South Korea (1,200 tons), and Mexico (1,100 tons), with a cancellation by the United Kingdom (100 tons). Shipments of 14,000 tons were down 21% from the previous week and 41% from the four-week average, primarily to Japan (3,800 tons), South Korea (3,300 tons), China (2,400 tons), Mexico (1,300 tons), and Canada (1,100 tons).

Net pork sales totaled 24,500 tons, 6% under the week before and 9% below the four-week average. The listed buyers were China (13,700 tons), Japan (3,800 tons), Mexico (3,600 tons), South Korea (1,300 tons), and Canada (600 tons), with a cancellation by Australia (400 tons). Shipments of 19,300 tons were 46% lower than the prior week and 41% less than the four-week average, mostly to Mexico (6,800 tons), China (2,600 tons), Japan (2,600 tons), Canada (1,600 tons), and South Korea (1,600 tons).