Generally solid week for export sales
The USDA says export sales for several commodities showed solid week-to-week improvements during the week ending January 20th. Corn sales were up on the week, with Mexico and Japan leading the way, and soybeans moved back over a million tons, with more than half to China. Wheat hit a marketing year high with the Philippines and Nigeria topping the list. Pork was above a week ago, Mexico and China were the biggest buyers, while beef edged a little higher thanks to South Korea and Japan. The USDA’s next set of supply and demand estimates is out February 9th.
Physical shipments of corn and soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year started June 1st, 2021 for wheat, August 1st, 2021 for cotton and rice, September 1st, 2021 for beans, corn, and sorghum, and October 1st, 2021 for soybean products. The marketing year for beef and pork is the calendar year.
Wheat came out at 676,700 tons (24.9 million bushels), up 78% from the week ending January 13th and sharply from the four-week average. The Philippines purchased 111,100 tons and Nigeria bought 110,300 tons. In the third quarter of the 2021/22 marketing year, wheat exports are 632.2 million bushels, compared to 799.9 million in 2020/21. Sales of 60,000 tons (2.2 million bushels) for 2022/23 delivery were mainly to Honduras (29,000 tons) and Japan (21,000 tons).
Corn was reported at 1,402,300 tons (55.2 million bushels), 29% higher than the previous week and 84% above the four-week average. Japan picked up 563,700 tons and Mexico purchased 266,000 tons. At this point in the marketing year, corn exports are 1.73 billion bushels, compared to 1.916 billion a year ago. Net reductions of 165,000 tons (-6.5 million bushels) for 2022/23 delivery followed cancellations by Japan (110,000 tons) and Mexico (55,000 tons).
Sorghum sales were 328,500 tons (12.9 million bushels), 31% less than the week before, but 87% more than the four-week average. China bought 202,500 tons and unknown destinations picked up 126,000 tons. Sorghum exports are 241.5 million bushels, compared to 226.7 million this time last year.
Rice sales were 75,700 tons, an increase of 77% from the prior week and 88% from the four-week average. Mexico purchased 25,500 tons and Haiti bought 15,100 tons. Rice exports are 1,758,100 tons, compared to 2,115,800 a year ago.
Soybeans were pegged at 1,025,500 tons (37.7 million bushels), a rise of 53% on the week and 77% from the four-week average. China picked up 540,200 tons and Mexico purchased 345,300 tons, while unknown destinations canceled on 405,800 tons. So far, this marketing year, soybean exports are 1.622 billion bushels, compared to 2.122 billion last year. Sales of 202,800 tons (7.5 million bushels) for 2022/23 delivery were to China (198,000 tons) and Japan (4,800 tons).
Soybean meal came out ta 330,100 tons, a jump of 5% from the previous week and significantly larger than the four-week average. Ecuador bought 70,900 tons and Vietnam picked up 50,000 tons, but there were cancellations by Thailand, 53,000 tons, and Mexico, 44,300 tons. Early in the second quarter of the marketing year, soybean meal exports are 6,876,600 tons, compared to 6,898,200 a year ago. Net reductions of 99,000 tons for 2022/23 delivery occurred after sales to Canada (600 tons) and Japan (400 tons) were more than offset by a cancellation from Spain (100,000 tons).
Soybean oil was reported at 12,200 tons, down 61% from the week before, but up 22% from the four-week average. Mexico purchased 5,000 tons and Venezuela bought 3,000 tons. Cumulative soybean oil exports are 480,600 tons, compared to 573,700 last year. Net reductions of 100 tons for 2022/23 delivery followed a cancellation by Canada.
Upland cotton was pegged at 391,300 bales, 43% higher than the prior week and 55% larger than the four-week average. Vietnam picked up 132,900 bales and India purchased 62,400 bales. 2021/22 upland cotton exports are 11,658,600 bales, compared to 12,479,200 in 2020/21. Sales of 106,800 bales for 2022/23 delivery were primarily to Indonesia (33,900 bales) and Pakistan (22,900 bales).
Net beef sales totaled 14,300 tons. The reported buyers were South Korea (6,200 tons), Japan (3,900 tons), China (600 tons), Indonesia (600 tons), and Mexico (600 tons). Shipments of 14,300 tons were mostly to Japan (4,100 tons), South Korea (3,900 tons), China (1,900 tons), Taiwan (1,300 tons), and Mexico (900 tons).
Net pork sales totaled 49,100 tons. The listed purchasers were Mexico (17,300 tons), China (16,900 tons), Canada (3,000 tons), Japan (2,700 tons), and South Korea (2,600 tons), with cancellations by Australia (100 tons), Guatemala (100 tons), and Trinidad and Tobago (100 tons). Shipments of 30,700 tons were mainly to Mexico (16,000 tons), China (3,600 tons), Japan (3,600 tons), South Korea (2,000 tons), and Canada (1,400 tons).