Corn, soybean exports hit marketing year highs
Several key commodities saw solid increases in export demand during the week ending December 9th. The USDA says corn exports hit a marketing year high based on the largest single day sale ever to Mexico, sorghum also notched a marketing year high thanks to a big buy from China, and wheat hit a marketing year high with Mexico and Japan leading the way. Soybean sales were down on the week, but still over a million tons. Pork sales had a week-to-week improvement, with nearly three quarters of the total to Mexico, and beef was up on the week. The USDA’s next set of supply and demand estimates is out January 12th.
Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. 2021/22 got underway June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.
Wheat came out at 650,600 tons (23.9 million bushels), up sharply from the week ending December 2nd and 74% larger than the four-week average. Mexico purchased 170,000 tons and Japan bought 162,500 tons. A little more than halfway through the 2021/22 marketing year, wheat exports are 558.9 million bushels, compared to 722 million in 2020/21.
Corn was reported at 1,948,700 tons (76.7 million bushels), a jump of 72% from the previous week and 74% from the four-week average. Mexico picked up 1,289,100 tons and Canada purchased 272,600 tons. Early in the second quarter of the marketing year, corn exports are 1.516 billion bushels, compared to 1.637 billion this time last year. Sales of 754,400 tons (29.7 million bushels) for 2022/23 delivery were to Mexico.
Sorghum sales were 331,900 tons (13.1 million bushels), 5% higher than the week before and 24% above the four-week average. China bought 385,900 tons, while unknown destinations canceled on 54,000 tons. Sorghum exports are 184.3 million bushels, compared to 196 million a year ago.
Rice sales were 51,800 tons, 6% more than the prior week, but 13% less than the four-week average. Mexico picked up 21,400 tons and Japan purchased 13,000 tons. Rice exports are 1,441,100 tons, compared to 1,690,900 last year.
Soybeans were pegged at 1,308,600 tons (48.1 million bushels), down 20% on the week and 6% from the four-week average. China bought 985,800 tons and Spain picked up 80,000 tons, while unknown destinations canceled on 387,500 tons. So far, this marketing year, soybean exports are 1.474 billion bushels, compared to 1.972 billion a year ago. Sales of 140,000 tons (5.1 million bushels) were to unknown destinations.
Soybean meal hit a marketing year low at 95,600 tons, 53% lower than the previous week and 43% below the four-week average. Thailand purchased 50,000 tons and Colombia bought 39,100 tons, with cancellations by unknown destinations, 61,900 tons, and Ecuador, 56,000 tons. For the marketing year to date, soybean meal exports are 5,725,500 tons, compared to 5,526,000 last year. Net sales of 200 tons for 2022/23 delivery were to Japan (300 tons) with a cancellation by Canada (100 tons).
Soybean oil came out at 10,600 tons, an increase of 99% from the week before, but a decrease of 74% from the four-week average. Colombia, South Korea, and Venezuela each purchased 3,000 tons, while Canada canceled on 1,800 tons. Cumulative soybean oil exports are 319,000 tons, compared to 405,900 a year ago.
Upland cotton was reported at 286,400 bales, 25% under the prior week, but 5% above the four-week average. China bought 101,700 bales and Pakistan picked up 52,200 bales. 2021/22 upland cotton exports are 10,014,400 bales, compared to 10,684,900 in 2020/21. Sales of 56,300 bales for 2022/23 delivery were mainly to Bangladesh (22,000 bales) and Turkey (13,200 bales).
Net beef sales totaled 17,100 tons, a solid rise on the week, but a decline of 3% from the four-week average. The listed purchasers were Japan (4,700 tons), South Korea (4,500 tons), China (3,700 tons), Canada (1,400 tons), and Taiwan (800 tons), with a reduction for Vietnam (200 tons). Shipments of 18,500 tons were up 11% from the previous week and 6% from the four-week average, primarily to South Korea (5,200 tons), Japan (4,400 tons), China (3,000 tons), Canada (1,700 tons), and Taiwan (1,600 tons). Sales of 5,700 tons for 2022 delivery were mostly to China (1,500 tons), South Korea (1,400 tons), Japan (1,000 tons), and Mexico (900 tons).
Net pork sales totaled 31,100 tons, 58% higher than the week before and 20% more than the four-week average. The reported buyers were Mexico (22,700 tons), Canada (2,700 tons), South Korea (1,800 tons), and Colombia (1,300 tons), with net reductions from China (700 tons), Australia (600 tons), and Nicaragua (200 tons). Shipments of 30,100 tons were 10% lower than both the prior week and the four-week average, mainly to Mexico (14,500 tons), China (4,200 tons), Japan (3,200 tons), South Korea (2,800 tons), and Canada (1,700 tons). Sales of 5,800 tons for 2022 delivery were primarily to Mexico (2,500 tons), Japan (800 tons), China (700 tons), Australia (500 tons), and Colombia (500 tons).