Export sales of pork, corn and wheat rose for the week
The USDA reports for the week ending November 17th it was a big week for corn and pork export sales. Corn sales for this marketing year topped 1.8 million tonnes, the second week in a row above one million, almost all to Mexico, with more than 600,000 tonnes also sold for the next marketing year. Pork was reported at 45,800 tonnes, up more than 20,000 last week, mainly to Mexico and Japan. Wheat, rice and soybean meal also rose sharply on the week. Soybeans fell sharply on much lower demand from China and beef was down a week ago, while sorghum, soybean oil and cotton posted net declines. Export trade is affected by several factors, including currency movements and seasonal changes in demand. The next set of USDA supply and demand estimates is released on December 9th.
Physical shipments of soybeans were more than what is needed to meet forecasts for the current marketing year. The 2022/23 marketing year started on 1 JuneSt for wheat, August 1St for cotton and rice, September 1St for beans, corn and sorghum and October 1St for soy products. The marketing year for beef and pork is the calendar year.
Wheat came out at 511,800 tons (18.8 million bushels). Iraq bought 200,000 tons and the Philippines 58,000 tons. Near the start of the second half of the 2022/23 marketing year, wheat exports are at 488.5 million bushels, up from 523.2 million in 2021/22.
Corn was reported at 1,850,300 tons (72.8 million bushels). Mexico picked up 1,704,700 tons and Saudi Arabia bought 49,800 tons. Near the end of the first quarter of the marketing year, corn exports are at 698.8 million bushels, up from 1.355 billion this time last year. Sales of 628,100 tonnes (24.7 million bushels) for 2023/24 delivery were to Mexico.
Sorghum had a net reduction of 2,100 tons (-100,000 bushels), China bought 51,100 tons and Mexico lifted 200 tons, but unknown destinations canceled 53,000 tons. Sorghum exports are 13.9 million bushels, compared to 147.6 million a year ago.
Rice sales were 87,100 tons. Nicaragua bought 25,000 tons and Honduras bought 20,000 tons. Rice exports are 745,000 tons, compared to 1,327,100 last year.
Soybeans were pegged at 690,100 tons (25.4 million bushels). China lifted 715,200 tonnes and the Netherlands purchased 177,500 tonnes, while unknown destinations canceled 563,300 tonnes. So far this marketing year, soybean exports are at 1.345 billion bushels, up from 1.327 billion a year ago. Sales of 10,000 tonnes (400,000 bushels) for 2023/24 delivery were to Japan.
Soybean meal came out at 516,400 tons. The Philippines bought 99,200 tons and Ecuador picked up 90,800 tons. For the marketing year to date, soybean meal exports are 4,923,800 tonnes, compared to 5,280,700 last year. Sales of 17,100 tonnes for 2023/24 delivery were to Canada.
Soybean oil had a net reduction of 100 tonnes. Mexico purchased 1,100 tons, but Canada canceled 1,100 tons. Cumulative soybean oil exports are 32,600 tonnes, compared to 253,800 a year ago.
Upland cotton had a net reduction of 116,400 bales. Sales of 400 to 7,500 bales were more than offset by cancellations of 400 to 109,500 bales. Upland cotton exports in 2022/23 are 8,684,500 bales, compared to 8,970,400 in 2021/22. Sales of 12,300 bales for 2023/24 delivery were to Turkey (11,000 bales) and Pakistan (1,300 bales).
Net beef sales totaled 12,900 tonnes. Reported buyers were South Korea (4,600 tonnes), China (4,100 tonnes), Japan (1,700 tonnes), Mexico (900 tonnes) and Canada (800 tonnes), with cancellations by Taiwan (300 tonnes) and Indonesia (100 tonnes ). . Shipments of 17,300 tonnes were mainly to South Korea (4,700 tonnes), Japan (4,200 tonnes), China (3,100 tonnes), Mexico (1,600 tonnes) and Canada (1,300 tonnes). Sales of 4,000 tonnes for delivery in 2023 were mainly to South Korea (1,800 tonnes), Taiwan (700 tonnes), Japan (500 tonnes), Mexico (500 tonnes) and China (300 tonnes) .
Net sales of pork totaled 45,800 tons. Listed buyers were Mexico (18,200 tons), Japan (10,200 tons), Canada (4,100 tons), Australia (3,900 tons) and South Korea (3,300 tons). Shipments of 33,200 tonnes were mostly to Mexico (16,300 tonnes), China (5,000 tonnes), Japan (3,300 tonnes), Canada (2,400 tonnes) and South Korea (2,200 tonnes). Sales of 4,400 tonnes for delivery in 2023 were mainly to Canada (2,900 tonnes), Mexico (600 tonnes), Australia (400 tonnes), Japan (200 tonnes) and the Dominican Republic (100 tonnes).
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