Pork exports notch marketing year high
Pork export sales hit a marketing year high during the week ending April 20th. The USDA says Mexico was the biggest buyer of U.S. pork, picking up 60% of the weekly total, followed by Japan and Canada. Corn, soybeans, soybean meal, wheat, cotton, and rice also saw week-to-week improvements. Beef export sales were half of the previous week’s total, soybean oil sales were down, and sorghum had a net reduction. Export demand is driven by several factors, including seasonal trends, currency trade, and geopolitical activity. The USDA’s next set of supply and demand estimates is out May 12th.
Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year started June 1st, 2022 for wheat, August 1st, 2022 for cotton and rice, 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 155,700 tons (5.7 million bushels), down 40% from the week ending April 13th and 7% from the four-week average. Japan purchased 119,200 tons and unknown destinations bought 67,000 tons, while the Philippines canceled on 54,100 tons. With just over a month remaining in the 2022/23 marketing year, wheat exports are 686.8 million bushels, compared to 709 million in 2021/22. Sales of 202,100 tons (7.4 million bushels) for 2023/24 delivery were mainly to the Philippines (82,000 tons) and South Korea (45,000 tons).
Corn was reported at 400,000 tons, 28% higher than the previous week, but 49% lower than the four-week average. Japan picked up 177,200 tons and Mexico purchased 141,200 tons, with a cancellation on 64,300 tons by China. Approaching the final quarter of the marketing year, corn exports are 1.514 billion bushels, compared to 2.264 billion a year ago.
Sorghum had a net reduction of 1,000 tons following a cancellation by China. Sorghum exports are 62.7 million bushels, compared to 264.4 million last year.
Rice sales were 51,500 tons, quite a bit above the week before and 25% greater than the four-week average. Panama bought 29,800 tons and Haiti picked up 8,000 tons. Rice exports are 1,785,000 tons, compared to 2,604,900 a year ago.
Soybeans were pegged at 311,300 tons (11.4 million bushels), a solid increase from the prior week and a gain of 38% from the four-week average. Mexico purchased 76,200 tons and Japan bought 75,300 tons. So far, this marketing year, soybean exports are 1.86 billion bushels, compared to 2.116 billion last year.
Soybean meal came out at 153,400 tons, up 6% on the week, but down 40% from the four-week average. Colombia picked up 40,100 tons and Venezuela purchased 30,000 tons. Early in the second half of the marketing year, soybean meal exports are 9,563,000 tons, compared to 9,654,100 a year ago.
Soybean oil was reported at 100 tons, a drop of 34% from the previous week and 98% from the four-week average, all to Canada. Cumulative soybean oil exports are 103,400 tons, compared to 650,400 last year.
Upland cotton was pegged at 194,900 bales, a strong improvement from the week before and 21% more than the four-week average. Turkey bought 63,300 bales and China picked up 45,200 bales. 2022/23 upland cotton exports are 12,021,100 bales, compared to 14,491,000 in 2021/22. Sales of 19,100 bales for 2023/24 delivery were primarily to South Korea (13,200 bales) and Vietnam (4,400 bales).
Net beef sales totaled 9,500 tons, a decline of 50% from the prior week and 28% from the four-week average. The reported purchasers were Japan (2,400 tons), South Korea (2,200 tons), Canada (1,600 tons), China (500 tons), and Mexico (500 tons). Shipments of 16,000 tons were unchanged on the week and 3% less than the four-week average, mostly to South Korea (4,100 tons), Japan (3,700 tons), China (3,000 tons), Mexico (1,300 tons), and Taiwan (1,300 tons).
Net pork sales totaled 54,000 tons, a jump of 50% from the week before and 47% from the four-week average. The listed buyers were Mexico (32,400 tons), Japan (6,400 tons), Canada (4,700 tons), Colombia (3,100 tons), and China (1,700 tons), with cancellations by Malaysia (100 tons) and Nicaragua (100 tons). Shipments of 38,000 tons were 11% higher than the prior week and 12% above the four-week average, mainly to Mexico (14,600 tons), China (6,000 tons), South Korea (4,700 tons), Japan (4,100 tons), and Canada (1,500 tons).