Pork, beef export sales up on week

U.S. meat export sales bounced back during the week ending June 23rd. The USDA says both beef and pork showed solid week-to-week improvements, with South Korea and China topping the list for beef and Mexico purchasing about two thirds of the total for pork. Grain and oilseed sales were mostly down on the week, including marketing year lows for old crop corn and soybeans. The USDA’s next set of supply and demand estimates is out July 12th.

Physical shipments of corn were more than what’s needed to meet projections for the current marketing year. The 2021/22 marketing year started August 1st, 2021 for cotton and rice, September 1st, 2021 for beans, corn, and sorghum, and October 1st, 2021 for soybean products, while 2022/23 got underway June 1st, 2022 for wheat. The marketing year for beef and pork is the calendar year.

Wheat came out at 496,700 tons (18.3 million bushels). The Philippines purchased 68,000 tons and Brazil bought 57,500 tons. Less than a month into the 2022/23 marketing year, wheat exports are 212 million bushels, compared to 235.2 million in 2021/22.

Corn was reported at 88,800 tons (3.5 million bushels), down 87% from the week ending June 16th and 72% from the four-week average. Japan picked up 191,900 tons and South Korea purchased 68,600 tons, while unknown destinations canceled on 143,500 tons. In the final quarter of the 2021/22 marketing year, corn exports are 2.379 billion bushels, compared to 2.738 billion in 2020/21. Sales of 119,300 tons (4.7 million bushels) for 2022/23 delivery were mainly to Mexico (57,000 tons) and Panama (48,300 tons).

Sorghum sales were 3,600 tons (100,000 bushels), a drop of 96% from the previous week and 90% from the four-week average. China bought 2,100 tons and Mexico picked up 1,500 tons. Sorghum exports are 271.8 million bushels, compared to 284.6 million this time last year.

Rice sales were 17,500 tons, 13% below the week before and 45% under the four-week average. Honduras purchased 10,100 tons and Jordan bought 4,000 tons. Rice exports are 2,831,400 tons, compared to 3,325,500 a year ago. Sales of 1,900 tons for 2022/23 delivery were to Guatemala.

Soybeans had a net reduction of 120,200 tons (-4.4 million bushels). Sales of 16,400 to 149,000 tons were more than offset by cancellations ranging from 46,000 to 288,400 tons. So far, this marketing year, soybean exports are 2.209 billion bushels, compared to 2.272 billion last year. Sales of 127,600 tons (4.7 million bushels) for 2022/23 delivery were primarily to unknown destinations (70,000 tons) and Saudi Arabia (40,000 tons).

Soybean meal was reported at 23,900 tons, a steep decline from the prior week and 83% from the four-week average. Mexico picked up 18,000 tons and Canada purchased 6,300 tons, while Ireland canceled on 9,000 tons. Nearing the final quarter of the marketing year, soybean meal exports are 11,116,400 tons, compared to 11,238,800 a year ago. Sales of 47,900 tons for 2022/23 delivery were mostly to Guatemala (29,400 tons) and El Salvador (10,000 tons).

Soybean oil came out at 1,200 tons, a decrease of 16% on the week and 64% from the four-week average. Canada bought 1,200 tons and Trinidad and Tobago picked up 100 tons, while Mexico canceled on 100 tons. Cumulative soybean oil exports are 685,500 tons, compared to 677,900 last year.

Upland cotton was pegged at 48,100 bales, quite a bit more than the previous week, but 71% less than the four-week average. Vietnam purchased 33,900 bales and China bought 25,400 bales. 2021/22 upland cotton exports are 15,603,100 bales, compared to 16,064,100 in 2020/21. Sales of 46,300 bales for 2022/23 delivery were primarily to Turkey (25,500 bales) and Portugal (8,800 bales).

Net beef sales totaled 17,000 tons, a jump of 52% from the week before and 6% from the four-week average. The reported purchasers were South Korea (5,100 tons), China (4,500 tons), Japan (2,000 tons), Taiwan (1,700 tons), and Indonesia (1,000 tons), with a cancellation by Chile (100 tons). Shipments of 19,800 tons were 4% higher than the prior week and 5% above the four-week average, mainly to South Korea (5,700 tons), Japan (5,000 tons), China (3,800 tons), Taiwan (1,100 tons), and Canada (1,000 tons).

Net pork sales totaled 32,300 tons, an increase of 27% both on the week and from the four-week average. The listed buyers were Mexico (20,700 tons), Japan (3,700 tons), Australia (2,700 tons), Canada (1,400 tons), and South Korea (1,100 tons). Shipments of 27,700 tons were 4% lower than the previous week and 1% below the four-week average, primarily to Mexico (12,200 tons), China (4,300 tons), Japan (4,000 tons), South Korea (2,400 tons), and Canada (1,300 tons). Net reductions of 100 tons for 2023 delivery followed a cancellation by Australia.

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