BEEF SALES HIT MARKETING YEAR LOW, PORK UP ON WEEK
U.S. beef export sales hit a marketing year low during the week ending October 12th. The USDA says beef sales were considerably below the previous week and the four-week average following a few lackluster sales and several small cancelations by key customers. Pork was sharply higher with solid sales to Mexico and Japan. Soybean sales were strong thanks to good demand from China, with sorghum and cotton also up on the week. Wheat backed off slightly from its marketing year high the week before, while holding above average, with corn also below a week ago. The USDA’s next set of supply and demand estimates is out November 9th.
Physical shipments of soybeans and wheat were more than what’s needed to meet projections for the current marketing year. The 2023/24 marketing year started June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.
Wheat came out at 632,800 tons (23.3 million bushels), down 3% from the week ending October 5th, but up 42% from the four-week average. China purchased 181,500 tons and the Philippines bought 125,000 tons. At this point in the 2023/24 marketing year, wheat exports are 394 million bushels, compared to 414.8 million in 2022/23. Sales of 30,000 tons (1.1 million bushels) for 2024/25 delivery were to unknown destinations.
Corn was reported at 881,300 tons (34.7 million bushels), 3% lower than the previous week and 15% below the four-week average. Mexico picked up 260,300 tons and Guatemala purchased 147,000 tons. For the marketing year to date, corn exports are 636.8 million bushels, compared to 544.4 million this time last year. Sales of 10,100 tons (400,000 bushels) for 2024/25 delivery were to Mexico.
Sorghum sales were 60,000 tons (2.4 million bushels), a solid improvement from the week before, but 20% under the four-week average. China bought 130,100 tons, while unknown destinations canceled on 68,000 tons. Sorghum exports are 92.8 million bushels, compared to 12.2 million a year ago.
Rice sales were 25,600 tons, a drop of 61% from the prior week and 52% from the four-week average. Mexico picked up 13,700 tons and Haiti purchased 7,000 tons. Rice exports are 894,600 tons, compared to 521,200 last year.
Soybeans were pegged at 1,371,900 tons (50.4 million bushels), an increase of 30% from the prior week and 92% from the four-week average. China bought 946,700 tons and Spain picked up 192,100 tons, while unknown destinations canceled on 85,500 tons. So far, this marketing year, soybean exports are 767.2 million bushels, compared to 1.119 billion a year ago.
Soybean meal came out at 434,700 tons. Canada purchased 166,100 tons and unknown destinations bought 90,000 tons. Very early in the marketing year, soybean meal exports are 5,014,100 tons, compared to 3,630,700 last year. Sales of 2,700 tons for 2024/25 delivery were to Canada.
Soybean oil was reported at 3,800 tons. Canada picked up 3,500 tons. Cumulative soybean oil exports are 20,900 tons, compared to 29,300 a year ago. Sales of 600 tons for 2024/25 delivery were to Canada.
Upland cotton was pegged at 71,300 bales, an increase of 64% on the week, but a decrease of 36% from the four-week average. Guatemala purchased 21,100 bales and China bought 20,700 bales. 2023/24 upland cotton exports are 5,895,100 bales, compared to 8,369,900 in 2022/23. Sales of 7,500 bales for 2024/25 delivery were to Thailand (5,300 bales) and Turkey (2,200 bales).
Net beef sales totaled 400 tons, a drop of 95% from the previous week and 97% from the four-week average. The reported buyers were South Korea (2,800 tons), Japan (1,500 tons), Egypt (100 tons), Hong Kong (100 tons), the Netherlands (100 tons), and Peru (100 tons), with net reductions by China (1,200 tons), Mexico (1,100 tons), Canada (800 tons), Guatemala (400 tons), Indonesia (200 tons), Taiwan (200 tons), Chile (100 tons), Colombia (100 tons), El Salvador (100 tons), Italy (100 tons), Honduras (100 tons), and the United Kingdom (100 tons). Shipments of 13,700 tons were 12% less than the week before and 11% lower than the four-week average, mainly to Japan (3,600 tons), South Korea (3,100 tons), China (2,300 tons), Mexico (1,200 tons), and Canada (1,100 tons). Sales of 200 tons for 2024 delivery were to Canada (100 tons) and South Korea (100 tons).
Net pork sales totaled 30,700 tons, a jump of 46% from the prior week and 10% from the four-week average. The listed purchasers were Mexico (9,100 tons), Japan (6,200 tons), South Korea (4,000 tons), China (2,000 tons), and Colombia (1,900 tons). Shipments of 25,800 tons were down 8% on the week and from the four-week average, primarily to Mexico (8,700 tons), Japan (3,800 tons), China (2,800 tons), South Korea (2,200 tons), and Canada (2,100 tons). Sales of 900 tons for 2024 delivery were to South Korea.