Soybean product export sales soar, meats dip

U.S. export sales were mixed during the week ending May 2nd. The USDA says old soybean product sales were up sharply on the week, at least partially in response to harvest delays and crop quality issues in Argentina, which is normally the world’s largest exporter of soybean meal and oil. Old crop corn, soybean, sorghum, and cotton also showed week-to-week improvements. Beef sales dropped back from last week’s marketing year high, with pork, rice, and old crop wheat sales also below a week ago. Export demand is driven by several factors, including the value of the dollar relative to other currencies.

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

Wheat came out at 41,100 tons (1.5 million bushels), above both the the net reduction during the week ending April 25th and the four-week average. South Korea purchased 22,000 tons and Brazil bought 16,500 tons, with a handful of minor cancelations. With less than a month left in the 2023/24 marketing year, wheat exports are 692.2 million bushels, compared to 695.5 million in 2022/23. Sales of 406,000 tons (14.9 million bushels) for 2024/25 delivery were mainly to Mexico (123,200 tons) and Panama (121,900 tons).

Corn was reported at 889,200 tons (35 million bushels), up 17% from the previous week and 23% from the four-week average. Mexico picked up 193,400 tons and Japan purchased 118,200 tons. Nearing the final quarter of the marketing year, corn exports are 1.875 billion bushels, compared to 1.512 billion a year ago. Sales of 49,100 tons (1.9 million bushels) were primarily to Mexico (42,200 tons).

Sorghum sales of 61,500 tons (2.4 million bushels) were a solid increase from both the week before and the four-week average. China bought 126,500 tons, while unknown destinations canceled on 65,000 tons. Sorghum exports are 202.6 million bushels, compared to 64.7 million last year.

Rice sales were 8,300 tons, down 86% from the prior week and 78% from the four-week average. Haiti picked up 14,200 tons and Canada purchased 1,000 tons. Rice exports are 3,031,100 tons, compared to 1,861,100 a year ago. Sales of 7,800 tons for 2024/25 delivery were to South Korea.

Soybeans were pegged at 428,900 tons (15.8 million bushels), a jump of 4% on the week and 21% from the four-week average. Unknown destinations bought 168,800 tons and Egypt picked up 70,800 tons. So far, this marketing year, soybean exports are 1.556 billion bushels, compared to 1.863 billion last year. Sales of 4,600 tons (200,000 bushels) for 2024/25 delivery were to Japan (2,600 tons) and Taiwan (2,000 tons).

Soybean meal came out at 209,300 tons, 60% greater than the previous week and 11% larger than the four-week average. Algeria and Saudi Arabia each purchased 30,000 tons. At this point in the marketing year, soybean meal exports are 11,364,700 tons, compared to 10,020,400 a year ago. Sales of 19,200 tons for 2024/25 delivery were to Canada (16,800 tons) and the Philippines (2,400 tons).

Soybean oil was reported at 11,600 tons, 61% higher than the week before and up 66% from the four-week average. Jamaica bought 7,000 tons and Canada picked up 3,800 tons. Cumulative soybean oil exports are 123,000 tons, compared to 117,700 last year. Sales of 4,600 tons for 2024/25 delivery were to Canada.

Upland cotton was pegged at 253,700 bales, quite a bit more than both the prior week and the four-week average. China purchased 119,000 bales and Pakistan bought 36,300 bales. 2023/24 upland cotton exports are 11,645,300 bales, compared to 12,499,200 in 2022/23. Sales of 158,900 bales for 2024/25 delivery were mostly to Honduras (44,600 bales) and South Korea (31,700 bales).

Net beef sales totaled 12,300 tons, a decline of 45% from the week before and 29% from the four-week average. The reported buyers were Japan (4,400 tons), South Korea (1,900 tons), Mexico (1,700 tons), Taiwan (900 tons), and Canada (600 tons). Shipments of 16,200 tons were up 11% on the week and 10% from the four-week average, mainly to South Korea (4,200 tons), Japan (3,600 tons), China (2,700 tons), Mexico (1,600 tons), and Taiwan (1,400 tons).

Net pork sales totaled 24,400 tons, a drop of 27% from the previous week and 26% from the four-week average. The listed purchasers were China (6,900 tons), Japan (3,900 tons), Canada (3,700 tons), Mexico (2,600 tons), and Colombia (2,100 tons). Shipments of 35,000 tons were 3% less than the week before and 9% below the four-week average, primarily to Mexico (12,900 tons), South Korea (5,400 tons), Japan (5,000 tons), China (3,300 tons), and Canada (1,800 tons).

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