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Solid week for wheat export sales

The USDA says wheat export sales hit a marketing year high during the week ending August 3rd. Total wheat sales topped a half a million tons, mostly to the Philippines and Japan, the first and fifth biggest buyers of U.S. wheat nearly a quarter into the current marketing year. Old crop corn and soybean export sales were above a week ago, new crop corn sales were solid, and while new crop soybeans were down sharply on the week, they were still above a million tons. Beef and pork export sales also saw week-to-week improvements. The USDA’s next round of supply and demand estimates is out August 11th.

Physical shipments of soybeans were above what’s needed to meet USDA projections for the current marketing year. 2023/24 kicked off June 1st, 2023 for wheat and August 1st, 2023 for cotton and rice, while 2022/23 started September 1st, 2022 for beans, corn, and sorghum and October 1st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 567,600 tons (20.9 million bushels), up 35% from the week ending July 27th and 86% from the four-week average. The Philippines purchased 160,900 tons and Japan bought 159,100 tons. In the first quarter of the 2023/24 marketing year, wheat exports are 235.5 million bushels, compared to 316.2 million in 2022/23. A net reduction of 6,400 tons (-200,000 bushels) for 2024/25 delivery occurred after a cancellation by Panama.

Corn was reported at 150,400 tons (5.9 million bushels), 40% higher than the previous week, but 47% lower than the four-week average. Colombia picked up 57,000 tons and Saudi Arabia purchased 55,000 tons, while unknown destinations canceled on 55,000 tons. Late in the 2022/23 marketing year, corn exports are 1.587 billion bushels, compared to 2.396 billion in 2021/22. Sales of 758,400 tons (29.9 million bushels) for 2023/24 delivery were mainly to Mexico (420,100 tons) and unknown destinations (218,900 tons).

Sorghum hit a marketing year low with a net reduction of 4,100 tons (-200,000 bushels). South Africa bought 30,900 tons, but unknown destinations canceled on 35,000 tons. Sorghum exports are 110 million bushels, compared to 274.2 million a year ago. Sales of 68,000 tons (2.7 million bushels) for 2023/24 delivery were to unknown destinations (50,000 tons) and China (18,000 tons).

New crop rice sales were 95,700 tons. Iraq picked up 80,000 tons and Haiti purchased 7,100 tons. 109,500 tons of outstanding sales were carried over into the 2023/24 marketing year, putting exports at 418,700 tons, compared to 308,000 early in 2022/23. The 2022/23 total of 1,848,700 tons was 33% less than the 2021/22 total of 2,749,200 tons.

Soybeans were pegged at 406,600 tons (14.9 million bushels), a significant improvement from both the week before and the four-week average. Unknown destinations bought 119,500 tons and Germany picked up 109,600 tons. So far, this marketing year, soybean exports are 1.953 billion bushels, compared to 2.185 billion last year. Sales of 1,096,400 tons (40.3 million bushels) for 2023/24 delivery were primarily to China (753,000 tons) and unknown destinations (314,000 tons).

Soybean meal came out at 144,100 tons, a decrease of 12% from the prior week and 11% from the four-week average. The Philippines purchased 45,700 tons and Mexico bought 30,100 tons. For the marketing year to date, soybean meal exports are 12,538,400 tons, compared to 11,688,200 a year ago. Sales of 285,800 tons for 2023/24 delivery were mostly to the Philippines (229,000 tons) and the Dominican Republic (28,000 tons).

Soybean oil had a net reduction of 700 tons. Canada picked up 300 tons, but Guatemala canceled on 1,000 tons. Cumulative soybean oil exports are 127,300 tons, compared to 693,700 last year.

New crop cotton was pegged at 277,700 bales. China purchased 154,100 bales and Pakistan bought 132,800 bales, while Bangladesh canceled on 50,200 bales. 2,152,500 bales were carried over into the 2023/24 marketing year, putting exports at 4,940,200 bales, compared to 7,318,200 early in 2022/23. The 2022/23 total was 11,777,500 bales, a decline of 11% from the 2021/22 total of 13,179,100 bales. Sales of 3,000 bales for 2024/25 delivery were to El Salvador.

Net beef sales totaled 14,800 tons, an increase of 19% on the week, but a decrease of 8% from the four-week average. The reported buyers were South Korea (5,300 tons), Japan (2,600 tons), China (2,400 tons), Mexico (1,500 tons), and Hong Kong (800 tons). Shipments of 16,000 tons were down 7% from the previous week, but up 1% from the four-week average, mainly to Japan (3,700 tons), South Korea (3,700 tons), China (2,600 tons), Mexico (1,600 tons), and Taiwan (1,200 tons).

Net pork sales totaled 22,300 tons, 25% larger than the week before and 3% more than the four-week average. The listed purchasers were Mexico (6,000 tons), Japan (4,500 tons), China (3,000 tons), Colombia (2,500 tons), and South Korea (1,700 tons). Shipments of 26,800 tons were 1% lower than the prior week, but 12% higher than the four-week average, primarily to Mexico (13,000 tons), China (3,800 tons), Japan (3,100 tons), Canada (2,000 tons), and South Korea (1,500 tons).

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