15
Sep

MEAT EXPORT SALES DOWN ON WEEK

U.S. meat export sales fell during the week ending September 7th. The USDA says beef exports were nearly half of the previous week and pork was down, as U.S. exports in general continue to see the impacts of heavy global competition and the relative strength in the dollar. Corn and soybean export sales for the first full week of the marketing year were within analysts’ expectations. Old crop soybean meal and oil both saw net reductions as that marketing year draws to a close. The USDA’s next set of supply, demand, and production estimates is out October 12th.

Physical shipments of wheat were above what’s needed to meet projections for the current marketing year. The 2023/24 marketing year got underway June 1st for wheat, August 1st for cotton and rice, and September 1st for beans, corn, and sorghum, while 2022/23 kicked off October 1st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out 437,900 tons (16.1 million bushels), up 18% from the week ending August 31st and 20% from the four-week average. Mexico purchased 112,800 tons and Thailand bought 58,000 tons. Just over a quarter into the 2023/24 marketing year, wheat exports are 305.5 million bushels, compared to 375.6 million in 2022/23.

Corn was reported at 753,300 tons (29.7 million bushels). China picked up 173,900 tons and Colombia purchased 147,400 tons. At the outset of the marketing year, corn exports are 439.3 million bushels, compared to 484.3 million a year ago. Sales of 25,400 tons (1 million bushels) for 2024/25 delivery were to unknown destinations.

Sorghum sales were 67,500 tons (2.7 million bushels). China bought 135,500 tons, while unknown destinations canceled on 68,000 tons. Sorghum exports are 78.6 million bushels, compared to 9.4 million last year.

Rice sales were 67,200 tons, sharply higher than the previous week and 58% above the four-week average. Mexico picked up 23,400 tons and Haiti purchased 15,200 tons. Rice exports are 655,900 tons, compared to 422,300 a year ago.

Soybeans were pegged a 703,900 tons (25.9 million bushels). China bought 295,500 tons and unknown destinations picked up 180,100 tons. So far, this marketing year, soybean exports are 611.6 million bushels, compared to 928.9 million last year.

Old crop soybean meal had a net reduction of 201,600 tons. Sales of 2,700 to 12,800 tons were more than offset by cancellations of 2,800 to 165,000 tons. Nearing the end of the 2022/23 marketing year, soybean meal exports are 12,893,400 tons, compared to 12,037,000 late in 2021/22. Sales of 454,700 tons for 2023/24 delivery were mainly to unknown destinations (225,000 tons) and Colombia (60,000 tons).

Old crop soybean oil had a net reduction of 3,900 tons. Mexico purchased 200 tons, but Canada canceled on 4,100 tons. Cumulative soybean oil exports are 126,600 tons, compared to 703,300 a year ago.

Upland cotton came out at 67,400 bales, a decline of 21% from the week before and 27% from the four-week average. Vietnam bought 25,900 bales and Mexico picked up 25,200 bales, while Turkey canceled on 25,300 bales. At the midway point of the first quarter of the current marketing year, cotton exports are 5,379,300 bales, compared to 7,956,700 last year. Sales of 25,300 bales for 2024/25 delivery were primarily to Turkey (19,800 bales) and Pakistan (4,400 bales).

Net beef sales totaled 6,200 tons, a drop of 48% from the prior week and 56% from the four-week average. The listed buyers were China (2,000 tons), Mexico (1,300 tons), Japan (600 tons), Guatemala (400 tons), and Hong Kong (400 tons), with a net reduction for the United Kingdom (100 tons). Physical shipments of 13,200 tons were down 12% on the week and 15% from the four-week average, mostly to South Korea (3,700 tons), China (2,600 tons), Japan (2,100 tons), Mexico (1,000 tons), and Hong Kong (900 tons).

Net pork sales totaled 23,100 tons, a decrease of 12% from the previous week and 26% from the four-week average. The reported purchasers were Mexico (6,300 tons), Canada (4,500 tons), Japan (4,200 tons), South Korea (2,100 tons), and Colombia (1,500 tons), with a net reduction by Nicaragua (1,400 tons). Physical shipments of 20,700 tons were 32% under the week before and 28% lower than the four-week average, mainly to Mexico (7,200 tons), China (3,200 tons), Japan (2,400 tons), South Korea (2,200 tons), and Canada (1,800 tons).