Beef export sales establish marketing year high
The USDA says beef export sales hit a marketing year high during the week ending May 5th. Beef nearly doubled the previous week’s total thanks to strong sales to South Korea and Japan, with Mexico, Canada, and Indonesia rounding out the list of buyers. That’s in contrast to several other key commodities, with corn, soybeans, wheat, and cotton all notching marketing year lows and sorghum and soybean product sales also down on the week. Those were hit hard by a combination of China being out of the market for a holiday, global currency movement, and relatively high U.S. prices.
Physical shipments of corn and sorghum 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 14,100 tons (500,000 bushels), a drop of 88% from the week ending April 28th and 79% from the four-week average. Colombia purchased 40,000 tons and unknown destinations bought 11,500 tons, while Nigeria canceled on 36,300 tons. With less than a month remaining in the 2021/22 marketing year, wheat exports are 713.9 million bushels, compared to 938 million late in 2020/21. Sales of 124,300 tons (4.6 million bushels) for 2022/23 delivery were mainly to Mexico (63,000 tons) and unknown destinations (26,800 tons).
Corn was reported at 192,700 tons (7.6 million bushels), down 75% from the previous week and 80% from the four-week average. Japan picked up 132,600 tons and South Korea purchased 131,700 tons, but unknown destinations canceled on 304,000 tons. Nearing the final quarter of the marketing year, corn exports are 2.303 billion bushels, compared to 2.667 billion this time last year. Sales of 46,600 tons (1.8 million bushels) for 2022/23 delivery were primarily to Mexico (22,400 tons) and unknown destinations (22,000 tons).
Sorghum sales were 27,800 tons (1.1 million bushels), 69% lower than the week before, but sharply higher than the four-week average. China bought 80,800 tons and Mexico picked up 15,000 tons, while unknown destinations canceled on 68,000 tons. Sorghum exports are 269 million bushels, compared to 284.6 million a year ago.
Rice sales were 29,200 tons, quite a bit more than the prior week, but 18% less than the four-week average. Haiti purchased 13,500 tons and Canada bought 3,700 tons. Rice exports are 2,644,200 tons, compared to 3,008,300 last year. Sales of 2,000 tons for 2022/23 delivery were to Guatemala.
Soybeans were pegged at 143,700 tons (5.3 million bushels), a decrease of 80% on the week and 74% from the four-week average. Indonesia picked up 66,200 tons and Japan purchased 61,200 tons. So far, this marketing year, soybean exports are 2.148 billion bushels, compared to 2.255 billion a year ago. Sales of 77,300 tons (2.8 million bushels) for 2022/23 delivery were mostly to unknown destinations (66,000 tons) and Panama (6,300 tons).
Soybean meal came out at 181,900 tons, a loss of 22% from the previous week, but a gain of 10% from the four-week average. Mexico bought 55,200 tons and Ecuador picked up 32,300 tons. At this point in the marketing year, soybean meal exports are 10,068,300 tons, compared to 9,700,000 last year. Sales of 16,100 tons for 2022/23 delivery were to Panama (16,500 tons) with a cancellation by Canada (400 tons).
Soybean oil was reported at 600 tons, 96% under the week before and 90% below the four-week average. Canada purchased 500 tons. Cumulative soybean oil exports are 665,700 tons, compared to 669,600 a year ago.
Upland cotton was pegged at 27,500 bales, 88% less than the week before and down 76% from the four-week average. India bought 19,800 bales and Peru picked up 3,100 bales, while China canceled on 3,300 bales. 2021/22 upland cotton exports are 14,750,900 bales, compared to 15,267,400 in 2020/21. Sales of 90,600 bales for 2022/23 delivery were mostly to El Salvador (28,400 bales) and Guatemala (25,300 bales).
Net beef sales totaled 28,400 tons, a jump of 95% from both the prior and the four-week average. The reported buyers were South Dakota (12,000 tons), Japan (7,200 tons), Mexico (3,600 tons), Canada (1,100 tons), and Indonesia (900 tons). Shipments of 19,700 tons were down 3% on the week, but up 2% from the four-week average, mainly to South Korea (6,000 tons), Japan (5,800 tons), China (2,500 tons), Taiwan (1,300 tons), and Mexico (1,200 tons).
Net pork sales totaled 26,300 tons, 10% higher than the previous week and 14% above the four-week average. The listed purchasers were Mexico (9,600 tons), China (4,700 tons), South Korea (3,800 tons), Japan (3,000 tons), and Colombia (2,600 tons). Shipments were a marketing year high at 33,100 tons, an increase of 3% from the week before and 9% from the four-week average, primarily to Mexico (14,600 tons), China (4,300 tons), South Korea (4,000 tons), Japan (3,900 tons), and Colombia (1,500 tons).