U.S. pork export sales shot higher during the week ending July 28th. The USDA says sales of 31,000 tons were up more than 40% on the week, with significant purchases by China and Mexico. Soybean meal also saw an improvement with the Philippines picking up more than half of the weekly total. All other major commodities were down, including a net reduction for old crop soybeans after a cancellation by unknown destinations and marketing year lows for cotton and rice. Export sales are influenced by a variety of factors, including currency trade, seasonal demand factors, and international politics. The USDA’s next set of supply and demand estimates is out Friday, August 12th at Noon Eastern/11 Central.
Physical shipments of corn matched what’s needed to meet projections for the current marketing year. The 2021/22 marketing year started August 1st, 2021 for cotton and rice, September 1st, 2021 for beans, corn, and sorghum, and October 1st, 2021 for soybean products, while 2022/23 got underway June 1st, 2022 for wheat.
Wheat came out at 249,900 tons (9.2 million bushels), down 39% from the week ending July 21st and 55% from the four-week average. Unknown destinations purchased 80,000 tons and Indonesia bought 70,000 tons. For the 2022/23 marketing year to date, wheat exports are 303 million bushels, compared to 309.1 million in 2021/22.
Corn was reported at 57,900 tons (2.3 million bushels), a drop of 62% from the previous week, but a rise of 31% from the four-week average. Japan picked up 53,800 tons and Mexico purchased 36,200 tons, while unknown destinations canceled on 51,600 tons. In the final month of the 2021/22 marketing year, corn exports are 2.388 billion bushels, compared to 2.745 billion in 2020/21. Sales of 256,700 tons (10.1 million bushels) for 2022/23 delivery were mainly to Mexico (213,000 tons) and unknown destinations (28,800 tons).
Sorghum sales were 1,200 tons, a decline of 66% from the week before and 92% from the four-week average. China bought 66,100 tons and Mexico picked up 3,000 tons, but unknown destinations canceled on 68,000 tons. Sorghum exports are 274.3 million bushels, compared to 282.8 million a year ago. Sales of 68,000 tons (2.7 million bushels) for 2022/23 delivery were to unknown destinations.
Rice sales were 3,000 tons, a decrease of 87% from the prior week and 88% from the four-week average. Canada purchased 1,700 tons and Mexico bought 600 tons. Rice exports are 2,936,300 tons, compared to 3,430,600 this time last year. Sales of 1,000 tons for 2022/23 delivery were primarily to Mexico (800 tons) and Guatemala (300 tons) with a cancellation by El Salvador (300 tons).
Soybeans had a net reduction of 11,000 tons (-400,000 bushels). China picked up 124,800 tons and Mexico purchased 64,800 tons, but unknown destinations canceled on 229,500 tons. So far, this marketing year, soybean exports are 2.187 billion bushels, compared to 2.275 billion a year ago. Sales of 410,600 tons (15.1 million bushels) for 2022/23 delivery were mostly to unknown destinations (154,000 tons) and China (144,000 tons).
Soybean meal was reported at 186,600 tons, up sharply on the week and considerably larger than the four-week average. The Philippines bought 95,800 tons and Colombia picked up 55,800 tons. In the final quarter of the marketing year, soybean meal exports are 11,597,300 tons, compared to 11,812,200 last year. Sales of 48,800 tons for 2022/23 delivery were mainly to the Dominican Republic (16,000 tons) and El Salvador (14,300 tons).
Soybean oil came out at 1,300 tons, 71% under the previous week and 15% below the four-week average. Honduras purchased 800 tons and Guatemala bought 300 tons. Cumulative soybean oil exports are 693,000 tons, compared to 682,600 a year ago.
Upland cotton had a net reduction of 112,400 bales. Sales of 200 to 1,200 bales were more than offset by cancellations of 800 to 95,000 bales. 2021/22 upland cotton exports are 15,588,200 bales, compared to 16,206,400 late in 2020/21. Sales of 71,400 bales for 2022/23 delivery were primarily to Vietnam (40,400 bales) and Pakistan (24,700 bales).
Net beef sales totaled 12,000 tons, a decrease of 52% from the week before and 30% from the four-week average. The reported buyers were South Korea (2,900 tons), Japan (2,400 tons), Canada (1,800 tons), Taiwan (1,100 tons), and the Philippines (900 tons). Shipments of 18,500 tons were down 9% from the prior week and 5% from the four-week average, mostly to Japan (5,600 tons), South Korea (4,900 tons), China (2,600 tons), Mexico (1,200 tons), and Taiwan (1,100 tons). Sales of 200 tons for 2023 delivery were to Japan.
Net pork sales totaled 31,000 tons, an increase of 43% on the week and 35% from the four-week average. The listed purchasers were China (16,800 tons), Mexico (8,600 tons), Japan (1,800 tons), South Korea (1,700 tons), and Canada (600 tons). Shipments of 26,000 tons fell 4% from the previous week and 5% from the four-week average, mainly to Mexico (12,600 tons), China (4,200 tons), Japan (3,300 tons), Colombia (1,600 tons), and South Korea (1,400 tons).