Combined soybean sales top 100 million bushels


Combined soybean sales top 100 million bushels

The USDA says export sales during the week ending February 10th were broadly mixed. That’s due to a combination of factors, including higher U.S. prices, global currency movement, uncertainties about crop production in South America, and the ongoing tensions in the Black Sea region. Corn, wheat, sorghum, soybean meal, and pork were all up on the week, but lower than average, while soybeans were down from the previous week, but higher than average. Beef and soybean oil were larger than the week before and greater than average, but rice and upland cotton fell short of those marks. The USDA’s next set of supply and demand estimates is out March 9th.

Physical shipments of corn and soybeans were above 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 118,100 tons (4.3 million bushels), up 39% from the week ending February 3rd, but down 61% from the four-week average. Guatemala purchased 38,300 tons and Mexico bought 28,100 tons. Well into the third quarter of the 2021/22 marketing year, wheat exports are 641.7 million bushels, compared to 859.9 million in 2020/21. Sales of 10,500 tons (400,000 bushels) for 2022/23 delivery were to Peru.

Corn was reported at 820,000 tons (32.3 million bushels), 39% higher than the previous week, but 23% lower than the four-week average. Japan picked up 600,200 tons and Mexico purchased 103,300 tons, while unknown destinations canceled on 68,900 tons. For the marketing year to date, corn exports are 1.832 billion bushels, compared to 2.305 billion a year ago. Sales of 113,500 tons (4.5 million bushels) were to Mexico (90,000 tons) and Japan (23,500 tons).

Sorghum sales were 148,400 tons (5.8 million bushels), 5% above the week before, but 42% below the four-week average. China bought 208,400 tons and Mexico picked up 5,000 tons, while unknown destinations canceled on 65,000 tons. Sorghum exports are 256.1 million bushels, compared to 233.5 million last year. A net reduction of 53,000 tons (-2.1 million bushels) followed a cancellation by China.

Rice sales were 24,000 tons, a decline of 88% from the prior week and 80% from the four-week average. Haiti purchased 7,300 tons and Mexico bought 7,00 tons. Rice exports are 2,132,400 tons, compared to 2,338,500 a year ago.

Soybeans were pegged at 1,361,800 tons (50 million bushels), a decrease of 15% on the week, but an increase of 26% from the four-week average. Unknown destinations picked up 371,700 tons and China purchased 224,500 tons. So far, this marketing year, soybean exports are 1.768 billion bushels, compared to 2.191 billion last year. Sales of 1,526,000 tons (56.1 million bushels) for 2022/23 delivery were mainly to China (876,000 tons) and unknown destinations (530,000 tons).

Soybean meal came out at 279,100 tons, 16% over the previous week, but 25% under the four-week average. The Philippines bought 95,100 tons and Ecuador picked up 68,900 tons, with a cancellation on 40,000 tons by Ireland. At this point in the marketing year, soybean meal exports are 8,001,100 tons, compared to 7,785,000 tons a year ago. Sales of 40,000 tons for 2022/23 delivery were to Ireland.

Soybean oil was reported at 35,400 tons, a solid improvement from both the week before and the four-week average. Unknown destinations purchased 30,000 tons and Mexico bought 3,300 tons. Cumulative soybean oil exports are 523,000 tons, compared to 588,100 last year.

Upland cotton was pegged at 158,500 bales, down 14% from the prior week and 46% from the four-week average. China picked up 47,800 bales and Pakistan purchased 23,900 bales. 2021/22 upland cotton exports are 12,334,400 bales, compared to 13,160,900 in 2020/21. Sales of 34,700 bales for 2022/23 delivery were primarily to Pakistan (14,100 bales) and Mexico (5,400 bales).

Net beef sales totaled 23,000 tons, up 18% on the week and 38% from the four-week average. The listed buyers were South Korea (10,100 tons), Japan (7,200 tons), Canada (1,600 tons), Mexico (1,200 tons), and China (600 tons). Shipments of 16,500 tons were 13% higher than the previous week and 10% above the four-week average, mostly to South Korea (4,900 tons), Japan (4,300 tons), China (2,400 tons), Taiwan (1,400 tons), and Mexico (1,200 tons).

Net pork sales totaled 18,300 tons, 1% more than the week before, but 46% less than the four-week average. The reported purchasers were Mexico (4,800 tons), South Korea (3,400 tons), Japan (3,300 tons), Canada (2,400 tons), and the Dominican Republic (1,600 tons). Shipments of 31,000 tons were 2% above the prior week and unchanged from the four-week average, mainly to Mexico (14,200 tons), Japan (4,900 tons), China (3,500 tons), South Korea (2,600 tons), and Canada (1,700 tons).