News
Soybean exports top 2 million tons, still down on week
The USDA says combined old and new crop soybean export sales during the week ending February 17th topped 2 million tons. Egypt was the biggest buyer of old crop U.S. beans, while China led the way for new crop. The recent spike in U.S. soybean sales can be linked to declining production projections for South America. Corn, wheat, pork, rice, and cotton export sales all showed week-to-week improvements. The USDA’s next set of supply and demand estimates is out March 9th.
Physical shipments of beans, corn, sorghum, and wheat were more than what’s needed to meet USDA projections for the current marketing year. 2021/22 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 516,900 tons (19 million bushels), up sharply from both the week ending February 10th and the four-week average. Mexico purchased 151,000 tons and Nigeria bought 141,600 tons, while unknown destinations canceled on 88,000 tons. Nearing the end of the third quarter of the 2021/22 marketing year, wheat exports are 660.7 million bushels, compared to 866.1 million in 2020/21. Sales of 169,200 tons (6.2 million bushels) for 2022/23 delivery were mainly to Nigeria (60,000 tons) and El Salvador (47,000 tons).
Corn was reported at 1,040,900 tons (41 million bushels), 27% higher than the previous week and 4% above the four-week average. Japan picked up 260,400 tons and Mexico purchased 178,400 tons. Late in the first half of the marketing year, corn exports are 1.873 billion bushels, compared to 2.323 billion a year ago. Sales of 117,400 tons (4.6 million bushels) for 2022/23 delivery were to Japan.
Sorghum sales were 60,500 tons (2.4 million bushels), down 59% from the previous week and 65% from the four-week average. China bought 125,500 tons, while unknown destinations canceled on 65,000 tons. Sorghum exports are 258.5 million bushels, compared to 233.5 million this time last year.
Rice sales were 84,200 tons, a solid improvement from the week before, but 25% lower than the four-week average. Mexico picked up 53,700 tons and Haiti purchased 15,200 tons. Rice exports are 2,216,500 tons, compared to 7,945,200 a year ago.
Soybeans were pegged at 1,232,500 tons (45.3 million bushels), a decline of 6% from the prior week and 1% from the four-week average. Egypt bought 379,300 tons and China picked up 291,400 tons. So far, this marketing year, soybean exports are 1.812 billion bushels, compared to 2.195 billion last year. Sales of 866,500 tons (31.8 million bushels) for 2022/23 delivery were primarily to China (601,000 tons) and unknown destinations (192,000 tons).
Soybean meal came out at 231,900 tons, a decrease of 17% on the week and 36% from the four-week average. The Philippines purchased 47,300 tons and Ireland bought 30,000 tons. At this point in the marketing year, soybean meal exports are 8,233,000 tons, compared to 7,945,200 a year ago.
Soybean oil was reported at 35,500 tons, steady with the previous week, but steep rise from the four-week average. India picked up 30,000 tons and Bangladesh purchased 18,000 tons, while unknown destinations canceled on 30,000 tons. Cumulative soybean oil exports this year are 558,500 tons, compared to 592,500 last year.
Upland cotton was pegged at 247,200 bales, 56% more than the week before, but 7% less than the four-week average. China bought 92,000 bales and Pakistan picked up 25,700 bales. 2021/22 upland cotton exports are 12,581,600 bales, compared to 13,408,600 in 2020/21. Sales of 218,200 bales for 2022/23 delivery were mostly to Pakistan (94,700 bales) and Bangladesh (43,600 bales).
Net beef sales totaled 14,500 tons, a drop of 37% from the prior week and 25% from the four-week average. The reported purchasers were Japan (4,900 tons), South Korea (2,300 tons), China (1,900 tons), Taiwan (1,500 tons), and Indonesia (1,000 tons). Shipments of 15,300 tons were down 7% on the week and 2% from the four-week average, mainly to Japan (4,400 tons), South Korea (4,200 tons), China (2,200 tons), Taiwan (1,100 tons), and Mexico (1,000 tons).
Net pork sales totaled 26,600 tons, 45% higher than the previous week, but 8% lower than the four-week average. The listed buyers were Mexico (12,800 tons), Canada (6,700 tons), Japan (3,100 tons), the Dominican Republic (1,100 tons), and Honduras (900 tons), with a cancellation by Nicaragua (100 tons). Shipments of 30,200 tons were a decline of 3% from both the week before and the four-week average, primarily to Mexico (14,000 tons), Japan (4,200 tons), China (3,700 tons), South Korea (2,700 tons), and Canada (1,400 tons).
