Combined soybean sales top 90 million bushels

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Combined soybean sales top 90 million bushels

U.S. soybean export sales shot higher during the week ending February 3rd. The USDA says old crop soybean sales of 1.6 million tons were 81% larger than average, mainly to unknown destinations, with the recent spike likely tied to lower South American production estimates. Rice hit a marketing year high for the second week in a row and sorghum and wheat both had solid week-to-week improvements, while corn, cotton, and soybean products all saw declines. Pork and beef export sales were also down on the week. The USDA’s next set of supply and demand estimates is out March 9th.

Physical shipments of 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 84,800 tons (3.1 million bushels), up 48% from the week ending January 27th, but down 75% from the four-week average. The Philippines purchased 34,600 tons and Mexico bought 33,100 tons, while Japan canceled on 23,500 tons. At this point in the 2021/22 marketing year, wheat exports are 637.4 million bushels, compared to 845.3 million in 2020/21. Sales of 48,400 tons (1.8 million bushels) for 2022/23 delivery were mainly to Japan (25,000 tons) and Guatemala (14,400 tons).

Corn was reported at 589,100 tons (23.2 million bushels), 50% lower than the previous week and 43% below the four-week average. Mexico picked up 370,600 tons and Japan purchased 347,500 tons, while China canceled on 375,200 tons and unknown destinations canceled on 144,500 tons. In the second quarter of the marketing year, corn exports are 1.8 billion bushels, compared to 2.266 billion this time last year.

Sorghum sales were 140,700 tons (5.5 million bushels), 74% greater than the week before, but 38% lesser than the four-week average. China bought 248,700 tons and Eritrea picked up 3,000 tons, while unknown destinations canceled on 111,000 tons. Sorghum exports are 250.3 million bushels, compared to 233.5 million a year ago.

Rice sales were 193,000 tons, 23% higher than the prior week and quite a bit above the four-week average. Colombia purchased 120,000 tons and Haiti bought 41,500 tons. Rice exports are 2,108,300 tons, compared to 2,238,300 last year.

Soybeans were pegged at 1,596,200 tons (58.7 million bushels), a jump of 46% on the week and 81% from the four-week average. Unknown destinations picked up 804,400 tons and China purchased 298,100 tons. So far, this marketing year, soybean exports are 1.721 billion bushels, compared to 2.175 billion a year ago. Sales of 894,600 tons (32.9 million bushels) for 2022/23 delivery were primarily to unknown destinations (433,000 tons) and China (316,000 tons).

Soybean meal came out at 241,400 tons, a decline of 60% from the previous week and 29% from the four-week average. Venezuela bought 50,000 tons and the Philippines picked up 47,000 tons, while Slovenia canceled on 45,000 tons. For the marketing year to date, soybean meal exports are 7,722,000 tons, compared to 7,462,700 last year. A net reduction of 2,200 tons for 2022/23 occurred after a sale to Canada (1,700 tons) was offset by a cancellation from Spain (3,900 tons).

Soybean oil was reported at 2,900 tons, a drop of 31% from the week before and 74% from the four-week average. Venezuela purchased 2,500 tons and Canada bought 400 tons. Cumulative soybean oil sales are 487,600 tons, compared to 583,700 a year ago. A net reduction of 200 tons for 2022/23 followed a cancellation by Canada.

Upland cotton was pegged at 185,200 bales, a decrease of 44% from the prior week and 47% from the four-week average. China picked up 100,800 bales and Pakistan purchased 20,600 bales. 2021/22 upland cotton exports are 12,176,000 bales, compared to 13,041,300 in 2020/21. Sales of 96,100 bales for 2022/23 delivery were mostly to Pakistan (43,100 bales) and Mexico (28,300 bales).

Net beef sales totaled 19,500 tons, down 3% on the week end 63% from the four-week average. The reported buyers were Japan (8,600 tons), South Korea (7,300 tons), Canada (1,000 tons), Taiwan (900 tons), and Mexico (800 tons), with cancellations by China (300 tons), Chile (100 tons), and Panama (100 tons). Shipments of 14,600 tons were 14% less than the previous week, but 2% more than the four-week average, mainly to South Korea (4,500 tons), Japan (3,500 tons), China (2,400 tons), Mexico (1,100 tons), and Taiwan (1,100 tons).

Net pork sales totaled 18,100 tons, 40% below the week before and 71% lower than the four-week average. The listed purchasers were Mexico (10,500 tons), Japan (2,000 tons), Canada (1,400 tons), Colombia (1,200 tons), and South Korea (1,000 tons). Shipments of 30,400 tons were a decrease of 6% from the prior week, but an increase of 3% from the four-week average, primarily to Mexico (14,500 tons), Japan (4,600 tons), China (4,300 tons), South Korea (2,200 tons), and Canada (1,600 tons).

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