Mostly slow week for U.S. export sales
The USDA says export sales for several key commodities dropped during the week ending April 14th. That’s likely because of a combination of high prices due to tight supply and recent strength in the U.S. dollar, which makes U.S. goods less competitive on the export market. Wheat, pork, sorghum, and cotton all notched marketing year lows, while sales of corn, soybeans, soybean products, and beef posted week-to-week declines. The USDA’s next set of supply and demand estimates is out May 12th.
Physical shipments of sorghum, soybeans, and wheat were more than what’s needed to meet USDA projections for the current marketing year. The 2021/22 marketing year got underway 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 26,300 tons (1 million bushels), down 73% from the week ending April 7th and 79% from the four-week average. Mexico purchased 90,500 tons and Ghana bought 26,000 tons, while Nigeria canceled on 131,000 tons. With just about a month and a half remaining in the 2021/22 marketing year, wheat exports are 707.9 million bushels, compared to 932.2 million in 2020/21. Sales of 238,400 tons (8.8 million bushels) for 2022/23 delivery were mainly to Nigeria (86,000 tons) and unknown destinations (75,000 tons).
Corn was reported at 879,200 tons (34.6 million bushels), 34% lower than the previous week and 6% below the four-week average. China picked up 675,200 tons and South Korea purchased 126,200 tons, while unknown destinations canceled on 234,000 tons. Closing in on the final quarter of the marketing year, corn exports are 2.23 billion bushels, compared to 2.646 billion a year ago. Sales of 389,600 tons (15.3 million bushels) for 2022/23 delivery were primarily to China (340,000 tons) and Colombia (40,000 tons).
Sorghum had a net reduction of 53,600 tons (-2.1 million bushels). China bought 11,400 tons, while unknown destinations canceled on 65,000 tons. Sorghum exports are 263.9 million bushels, compared to 277.6 million this time last year.
Rice sales were 64,700 tons, up 29% from the week before and 63% from the four-week average. Mexico picked up 40,100 tons and Haiti purchased 15,200 tons. Rice exports are 2,588,500 tons, compared to 2,910,500 a year ago.
Soybeans were pegged at 460,200 tons (16.9 million bushels), a decline of 16% from the prior week and 39% from the four-week average. China bought 496,400 tons and Indonesia picked up 81,000 tons, but unknown destinations canceled on 326,300 tons. So far, this marketing year, soybean exports are 2.098 billion bushels, compared to 2.235 billion last year. Sales of 1,240,000 tons (45.6 million bushels) for 2022/23 delivery were mostly to China (669,000 tons) and unknown destinations (351,000 tons).
Soybean meal came out at 101,800 tons, a decrease of 42% on the week and 33% from the four-week average. The Philippines purchased 47,200 tons and Colombia bought 25,500 tons. At this point in the marketing year, soybean meal exports are 9,498,400 tons, compared to 9,259,900 tons a year ago. Sales of 27,000 tons for 2022/23 delivery were to Colombia (15,000 tons) and Ireland (12,000 tons).
Soybean oil was reported at 1,200 tons, a drop of 81% from the previous week and 88% from the four-week average. Guatemala picked up 800 tons but Mexico canceled on 300 tons, with no other sales announced. Cumulative soybean oil exports are 646,900 tons, compared to 659,100 last year.
Upland cotton sales were pegged at 50,500 bales, 15% less than the week before and 70% under the four-week average. India purchased 19,500 bales and Peru bought 10,300 bales. Upland cotton exports are 14,369,800 bales, compared to 15,072,200 a year ago. Sales of 136,100 bales for 2022/23 delivery were mainly to Turkey (48,400 bales) and Mexico (30,100 bales).
Net beef sales totaled 15,000 tons, down 13% from the prior week and 27% from the four-week average. The reported purchasers were Japan (4,600 tons), South Korea (4,100 tons), China (2,500 tons), Canada (1,000 tons), and Taiwan (600 tons). Shipments of 21,000 tons were an increase of 13% on the week, but a decrease of 16% from the four-week average, primarily to South Korea (6,800 tons), Japan (5,200 tons), China (3,600 tons), Taiwan (1,200 tons), and Mexico (1,000 tons).
Net pork sales totaled 12,900 tons, 46% lower than the previous week and 55% below the four-week average. The listed buyers were Mexico (4,700 tons), South Korea (2,800 tons), the Philippines (1,300 tons), Canada (800 tons), and the Dominican Republic (700 tons), with a cancellation by China (100 tons). Shipments of 28,200 tons were 11% less than the week before and 6% under the four-week average, mostly to Mexico (11,600 tons), Japan (4,600 tons), China (3,800 tons), South Korea (2,700 tons), and Canada (1,300 tons).