SOLID WEEK FOR BEEF, PORK EXPORT SALES
U.S. meat export sales were strong during the week ending August 24th. The USDA says export sales of beef and pork were both quite a bit larger than average, with China leading the way on beef and Mexico taking the top slot for pork. New crop corn export sales were above a week ago and while new crop soybean export sales were lower, it was the fifth week in a row with bean sales topping a million tons. Export demand is driven by several factors including seasonal trends and currency trade. The USDA’s next set of supply and demand estimates is out September 12th.
The 2023/24 marketing year started June 1st, 2023 for wheat and August 1st, 2023 for cotton and rice, while 2022/23 got underway September 1st, 2022 for beans, corn, and sorghum and October 1st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.
Wheat came out at 329,100 tons (12.1 million bushels), down 19% from the week ending August 17th and 25% from the four-week average. China purchased 110,000 tons and the Philippines bought 77,500 tons. Late in the first quarter of the 2023/24 marketing year, wheat exports are 275.8 million bushels, compared to 360.6 million at this stage of 2022/23. Sales of 15,000 tons (600,000 bushels) for 2024/25 delivery were to unknown destinations.
Corn was reported at 71,700 tons (2.8 million bushels), a drop from the previous week and 39% lower than the four-week average. Colombia picked up 143,400 tons and Spain purchased 58,000 tons, but unknown destinations canceled on 196,500 tons. Very late in the 2022/23 marketing year, corn exports are 1.598 billion bushels, compared to 2.399 billion in 2021/22. Sales of 991,800 tons (39 million bushels) for 2023/24 delivery were mainly to Mexico (644,000 tons) and unknown destinations (111,500 tons).
Sorghum sales were 2,200 tons (100,000 bushels), a significant decline from the week before and 92% below the four-week average. China bought 70,200 tons, while unknown destinations canceled on 68,000 tons. Sorghum exports are 109 million bushels, compared to 275.1 million a year ago. Sales of 251,000 tons (9.9 million bushels) for 2023/24 delivery were to China.
Rice sales were 83,200 tons. Mexico picked up 57,300 tons and Haiti purchased 21,000 tons. Early this marketing year, rice exports are 557,200 tons, compared to 356,800 last year.
Soybeans had a net reduction of 50,700 tons (-1.9 million bushels). Sales ranging from 300 to 105,600 tons were more than offset by cancellations of 800 to 108,000 tons. So far, this marketing year, soybean exports are 1.963 billion bushels, compared to 2.197 billion a year ago. Sales of 1,123,800 tons (41.3 million bushels) for 2023/24 delivery were primarily to unknown destinations (399,400 tons) and China (392,500 tons).
Soybean meal came out at 61,700 tons, a loss of 14% from the prior week and 51% from the four-week average. Mexico bought 30,900 tons and Romania picked up 30,000 tons, but Ireland canceled on 60,000 tons. Approaching the final month of the marketing year, soybean meal exports are 12,798,000 tons, compared to 11,964,000 last year. Sales of 324,900 tons for 2023/24 delivery were mostly to unknown destinations (205,000 tons) and Ireland (60,000 tons).
Soybean oil sales were 1,500 tons, a decrease of 16% on the week, but an increase of 49% from the four-week average. Canada purchased 1,400 tons and Honduras bought 100 tons. Cumulative soybean oil exports are 131,300 tons, compared to 697,500 a year ago.
Upland cotton was reported at 61,400 bales. Costa Rica picked up 23,400 bales and Bangladesh purchased 10,000 bales. 2023/24 upland cotton exports are 5,226,800 bales, compared to 7,625,800 in 2022/23. Sales of 11,000 bales for 2024/24 delivery were to Pakistan.
Net beef sales totaled 18,200 tons, up 59% from the previous week and 35% from the four-week average. The reported buyers were China (6,100 tons), Japan (3,400 tons), South Korea (2,400 tons), Mexico (1,500 tons), and Taiwan (1,500 tons). Shipments of 19,900 tons were gain of 69% from the week before and 31% from the four-week average, mainly to China (4,900 tons), Japan (4,600 tons), South Korea (4,100 tons), Mexico (1,900 tons), and Taiwan (1,300 tons). There was a net reduction of 500 tons for 2024 after a sale to Mexico (200 tons) was more than offset by a cancellation from Japan (600 tons).
Net pork sales totaled 36,900 tons, 12% above the prior week and 45% greater than the four-week average. The listed purchasers were Mexico (12,000 tons), China (7,800 tons), South Korea (5,500 tons), Japan (4,200 tons), and Canada (1,900 tons). Shipments of 31,300 tons were a rise of 24% on the week and 16% from the four-week average, primarily to Mexico (13,000 tons), Japan (4,400 tons), China (3,000 tons), Canada (2,700 tons), and South Korea (2,700 tons). Sales of 400 tons for 2024 delivery were to Japan.