PORK EXPORT SALES, SHIPMENTS UP SHARPLY ON WEEK
The week ending February 8th was a big week for pork export sales. The USDA says pork sales were up sharply on the week, with strong demand from two key trading partners – Mexico and China. Physical shipments of pork were also strong. Corn, soybean, and rice export sales were also above the previous week, while sorghum hit a marketing year low. Export trade is driven by several factors, including the value of the dollar relative to other currencies and seasonal changes in supply. The USDA’s next round of supply and demand estimates is out March 8th.
Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2023/24 marketing year kicked off 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 349,300 tons (12.8 million bushels), down 8% from the week ending February 1st and 25% from the four-week average. The Philippines purchased 118,200 tons and Taiwan bought 89,700 tons, while unknown destinations canceled on 79,700 tons. Closing in on the final quarter of the 2023/24 marketing year, wheat exports are 646.8 million bushels, compared to 606.7 million in 2022/23. Sales of 48,000 tons (1.8 million bushels) for 2024/25 delivery were mainly to unknown destinations (41,000 tons).
Corn was reported at 1,306,900 tons (51.5 million bushels), 7% higher than the previous week and 13% above the four-week average. Mexico picked up 421,100 tons and Colombia purchased 351,200 tons. Approaching the back half of the marketing year, corn exports are 1.426 billion bushels, compared to 1.095 billion a year ago. Sales of 2,300 tons (100,000 bushels) for 2024/25 delivery were to Honduras.
Sorghum had a net reduction of 2,100 tons (-100,000 bushels) following a cancelation by China. Sorghum exports are 173.1 million bushels, compared to 35.3 million this time last year. A net reduction of 60,000 tons (-2.4 million bushels) for 2024/25 delivery also followed a cancelation by China.
Rice sales were 154,900 tons, 40% larger than the week before and a solid rise from the four-week average. Colombia bought 88,000 tons and Mexico picked up 22,300 tons. Rice exports are 2,341,800 tons, compared to 1,336,000 a year ago.
Soybeans were pegged at 353,800 tons (13 million bushels), 4% more than the prior week, but 23% less than the four-week average. China purchased 414,100 tons and Spain bought 125,600 tons, but unknown destinations canceled on 463,400 tons. So far, this marketing year, soybean exports are 1.426 billion bushels, compared to 1.763 billion this time last year. Sales of 24,000 tons (900,000 bushels) for 2024/25 delivery were to Japan.
Soybean meal came out at 203,400 tons, a decline of 29% on the week and 41% from the four-week average. Vietnam picked up 66,000 tons and Colombia purchased 48,300 tons, but unknown destinations canceled on 72,000 tons. At this point in the marketing year, soybean meal exports are 8,800,500 tons, compared to 7,487,600 a year ago. Sales of 500 tons for 2024/25 delivery were to Canada.
There were no reported soybean oil sales. Cumulative soybean oil exports are 34,400 tons, compared to 51,600 last year.
Upland cotton was pegged at 160,500 bales, 44% lower than the previous week and 49% below the four-week average. China bought 57,800 bales and Turkey picked up 34,700 bales. 2023/24 upland cotton exports are 10,306,900 bales, compared to 9,932,900 in 2022/23. Sales of 7,700 bales for 2024/25 delivery were to Turkey.
Net beef sales totaled 16,600 tons, a decrease of 19% from the week before and 18% from the four-week average. The reported purchasers were Japan (4,100 tons), China (3,700 tons), South Korea (3,200 tons), Taiwan (1,900 tons), and Mexico (1,200 tons), with a cancelation by Chile (100 tons). Shipments of 16,400 tons were up 2% from the prior week and 4% from the four-week average, primarily to South Korea (4,700 tons), Japan (3,200 tons), China (3,100 tons), Mexico (2,000 tons), and Taiwan (900 tons).
Net pork sales totaled 71,900 tons, an increase of 71,900 tons, an increase of 83% on the week and significantly larger than the four-week average. The listed buyers were Mexico (25,000 tons), China (19,500 tons), Japan (9,100 tons), South Korea (6,000 tons), and the Philippines (4,300 tons). Shipments of 75,900 tons were a jump of 82% from the previous week and a lot more than the four-week average, mostly to Mexico (29,400 tons), China (22,400 tons), South Korea (5,900 tons), the Philippines (4,400 tons), and Japan (3,500 tons).
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