Soybean export sales notch marketing year low


Soybean export sales notch marketing year low

The USDA says soybean export sales hit a marketing year low during the week ending December 16th. Sales of just over 800,000 tons fell 38% from the previous week and while China was the biggest buyer, there was a significant cancellation by unknown destinations. Sorghum sales were a marketing year high for the second week in a row and soybean oil also notched a marketing year high. Corn, wheat, cotton, beef, and pork export sales were all below a week ago. The USDA’s next set of supply and demand estimates is out January 12th.

Physical shipments of sorghum and 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 425,400 tons (15.6 million bushels), down 35% from the week ending December 9th, but up 11% from the four-week average. Japan purchased 130,500 tons and the Philippines bought 105,500 tons. Just over the halfway point of the 2021/22 marketing year, wheat exports are 574.5 million bushels, compared to 736.4 million in 2020/21. Sales of 33,000 tons (1.2 million bushels) for 2022/23 delivery were to unknown destinations.

Corn was reported at 982,900 tons (38.7 million bushels), 50% lower than the previous week and 29% under the four-week average. Japan picked up 345,700 tons and Mexico purchased 258,000 tons. Early in the second quarter of the marketing year, corn exports are 1.555 billion bushels, compared to 1.663 billion this time last year. Sales of 132,500 tons (5.2 million bushels) for 2022/23 delivery were mainly to Japan (76,700 tons) and Mexico (60,000 tons), with a cancellation by Costa Rica (4,200 tons).

Sorghum sales were 422,100 tons (16.6 million bushels), a jump of 27% from the week before and 57% from the four-week average. China bought 412,100 tons and unknown destinations picked up 10,000 tons. Sorghum exports are 200.9 million bushels, compared to 198.6 million a year ago.

Rice sales were 80,200 tons, rising 55% from the prior week and 70% from the four-week average. Haiti purchased 36,700 tons and Japan bought 13,000 tons. Rice exports are 1,521,300 tons, compared to 1,802,500 last year.

Soybeans were pegged at 811,500 tons, a decline of 38% on the week and 42% from the four-week average. China picked up 730,400 tons and Mexico purchased 95,100 tons, while unknown destinations canceled on 571,800 tons. So far, this marketing year, soybean exports are 1.504 billion bushels, compared to 1.98 billion a year ago. Sales of 1,000 tons for 2022/23 delivery were to Japan.

Soybean meal came out at 300,000 tons, a solid improvement from both the previous week and the four-week average. The Philippines bought 186,400 tons and Thailand picked up 50,000 tons. For the marketing year to date, soybean meal exports are 6,025,400 tons, compared to 5,749,700 last year. Net reductions of 1,900 tons for 2022/23 followed cancellations by Canada (800 tons), Japan (700 tons), and the Netherlands (400 tons).

Soybean oil was reported at 109,500 tons, a significant increase from both the week before and the four-week average. India purchased 53,000 tons and South Korea bought 17,000 tons. Cumulative soybean oil exports are 428,500 tons, compared to 426,800 a year ago.

Upland cotton was pegged at 243,900 bales, 15% below the prior week and down 21% from the four-week average. China picked up 68,700 bales and Vietnam purchased 32,700 bales. 2021/22 upland cotton exports are 10,258,300 bales, compared to 11,097,300 in 2020/21. Sales of 49,400 bales for 2022/23 delivery were mostly to Mexico (42,900 bales).

Net beef sales totaled 12,000 tons, down 30% on the week and 23% from the four-week average. The listed buyers were China (3,800 tons), Japan (3,700 tons), South Korea (2,800 tons), Mexico (700 tons), and Taiwan (500 tons), with cancellations by Hong Kong (300 tons) and Chile (100 tons). Shipments of 17,900 tons were 3% less than the previous week, but 3% more than the four-week average, mainly to South Korea (5,400 tons), Japan (4,600 tons), China (3,100 tons), Mexico (1,800 tons), and Taiwan (1,300 tons). Sales of 8,100 tons for 2022 delivery were primarily to South Korea (3,200 tons), China (2,400 tons), Taiwan (900 tons), Japan (700 tons), and Hong Kong (500 tons), with a cancellation by Vietnam (200 tons).

Net pork sales totaled 28,800 tons, 8% lower than the week before, but 5% higher than the four-week average. The reported purchasers were Mexico (14,000 tons), South Korea (7,100 tons), Japan (3,800 tons), Canada (1,600 tons), and Nicaragua (900 tons), with cancellations by China (300 tons), Australia (200 tons), and Chile (100 tons). Shipments of 32,000 tons were up 6% from the prior week, but down 1% from the four-week average, mostly to Mexico (14,500 tons), Japan (5,100 tons), China (4,500 tons), South Korea (2,000 tons), and Canada (1,700 tons). Sales of 7,000 tons for 2022 delivery were mainly to Japan (2,800 tons), Canada (1,600 tons), Mexico (1,600 tons), Colombia (1,300 tons), and the Philippines (600 tons), with a cancellation by South Korea (2,300 tons).