The USDA reports the week ending May 4th was generally bearish for U.S. export sales. Wheat hit a marketing year low with Russia continuing to dominate the global market, and corn, soybean, beef, pork, rice, and soybean oil also saw significant week-to-week declines. Soybean meal and sorghum sales were up sharply on the week, while cotton sales were slightly higher. Export sales are driven by several factors including seasonal supply and demand trends, currency movement, and geopolitics. The USDA’s next supply and demand report is out Friday, May 12th at Noon Eastern/11 Central.
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Physical shipments of soybeans were larger than what’s needed to meet 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 26,300 tons (1 million bushels), down 88% from the week ending April 28th and 86% from the four-week average. Unknown destinations purchased 17,000 tons and Mexico bought 10,500 tons. Nearing the end of the 2022/23 marketing year, wheat exports are 695.5 million bushels, compared to 713.9 million in 2021/22. Sales of 333,600 tons (12.3 million bushels) for 2023/24 delivery were mainly to the Philippines (139,000 tons) and Mexico (91,100 tons).Corn was reported at 257,300 tons (10.1 million bushels), below the previous week, but 11% above the four-week average. Japan picked up 154,500 tons and Mexico ...
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