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Soybean, corn, pork export sales up on week

The USDA’s reporting a mixed week for export sales. Soybeans, corn, and soybean meal during the week ending June 8^th saw solid improvements even as sales of those commodities continue to show the effects of relatively high prices and competition, especially from Brazil. Pork was up on the week and beef was unchanged, but both were lower than average. Cotton backed off from the previous week’s marketing year high, with wheat, rice, and soybean oil also seeing week to week declines. The USDA’s next round of supply and demand estimates is out July 12^th.

Physical shipments of corn were more than what’s needed to meet USDA projections for the current marketing year. The 2023/24 marketing year started June 1^st, 2023 for wheat, 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 165,000 tons (6.1 million bushels). Mexico purchased 47,600 tons and Vietnam bought 42,000 tons. Early in the 2023/24 marketing year, wheat exports are 145.2 million bushels, compared to 176.2 million in 2022/23.

Corn was reported at 273,300 tons (10.8 million bushels), up 58% from the week ending June 1^st and considerably larger than the four-week average. Japan picked up 173,300 tons and Mexico purchased 157,700 tons, but unknown destinations canceled on 279,500 tons. Just after the start of the final quarter of the 2022/23 marketing year, corn exports are 1.52 billion bushels, compared to 2.349 billion in 2021/22. Sales of 21,100 tons (800,000 bushels) for 2023/24 delivery were mainly to Honduras (9,800 tons) and Canada (8,200 tons).

Sorghum sales were 114,200 tons (4.5 million bushels), 75% higher than the previous week and quite a bit above the four-week average. China bought 109,200 tons and Mexico picked up 5,000 tons. Sorghum exports are 77 million bushels, compared to 268 million a year ago.

Rice sales were 9,000 tons, 21% less than the week before, but 34% more than the four-week average. Haiti purchased 7,000 tons and Mexico bought 1,900 tons, while Colombia canceled on 1,400 tons. Rice exports are 1,897,900 tons, compared to 2,793,800 last year. Sales of 1,400 tons for 2023/24 delivery were to Honduras.

Soybeans were pegged at 478,400 tons (17.6 million bushels), a big improvement from both the prior week and the four-week average. Spain picked up 218,700 tons and Mexico purchased 86,500 tons. So far, this marketing year, soybean exports are 1.898 billion bushels, compared to 2.21 billion a year ago. Sales of 48,500 tons (1.8 million bushels) for 2023/24 delivery were to Mexico (43,500 tons) and Taiwan (5,000 tons).

Soybean meal came out at 207,700 tons, an increase of 17% on the week, but a decrease of 26% from the four-week average. Mexico bought 51,700 tons and Canada picked up 33,200 tons. Nearing the final quarter of the marketing year, soybean meal exports are 11,354,900 tons, compared to 11,100,600 last year. Sales of 18,200 tons for 2023/24 delivery were to Canada.

Soybean oil was reported at 2,000 tons, a steep decline from the previous week and 6% below the four-week average. Mexico purchased 1,100 tons and Canada bought 1,000 tons, while Sri Lanka canceled on 100 tons. Cumulative soybean oil exports are 128,300 tons, compared to 683,000 a year ago. A net reduction of 100 tons for 2023/24 delivery followed a cancellation by Mexico.

Upland cotton was pegged at 98,900 bales, down 79% from the week before and 61% from the four-week average. China picked up 70,500 bales and Bangladesh purchased 11,700 bales. 2022/23 upland cotton exports are 13,610,000 bales, compared to 15,538,700 in 2021/22. Sales of 65,700 bales for 2023/24 delivery were primarily to China (63,800 bales) and Turkey (1,800 bales).

Net beef sales totaled 12,800 tons, steady with the prior week and 23% lower than the four-week average. The reported buyers were China (4,700 tons), Japan (3,200 tons), Mexico (1,200 tons), Taiwan (1,200 tons), and South Korea (1,100 tons), with a cancellation by the United Kingdom (100 tons). Shipments of 16,000 tons were up 4% on the week, but down 3% from the four-week average, mostly to South Korea (4,200 tons), Japan (4,000 tons), China (2,200 tons), Mexico (1,300 tons), and Taiwan (1,300 tons). Sales of 200 tons for 2024 delivery were to Japan.

Net pork sales totaled 26,700 tons, a gain of 5% from the previous week, but a loss of 2% from the four-week average. The listed purchasers were Mexico (10,700 tons), Japan (4,700 tons), Australia (1,900 tons), China (1,900 tons), and Canada (1,600 tons). Shipments of 36,000 tons were an increase of 44% from the week before and 7% from the four-week average, mainly to Mexico (14,400 tons), China (5,100 tons), Japan (3,900 tons), South Korea (3,200 tons), and Canada (1,800 tons).