Corn export sales were solid during the week ending January 26th. The USDA says corn sales of nearly 1.6 million tons were significantly larger than average, driven by demand from unknown destinations, Mexico, and China. Global corn demand is turning to the U.S. with Brazil nearly out of old crop and reduced movement out of Ukraine due to slower inspections by Russian officials under the Black Sea Grain Initiative. Beef and sorghum sales also saw week-to-week improvements. The USDA’s next set of supply and demand estimates is out February 8th.
Physical shipments of soybeans and wheat 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 136,400 tons (5 million bushels), down 73% from the week ending January 19th and 51% from the four-week average. Egypt purchased 60,000 tons and Jamaica bought 22,000 tons, with a handful of cancellations ranged from 1,500 to 19,600 tons. For the 2022/23 marketing year to date, wheat exports are 594.2 million bushels, compared to 634.3 million in 2021/22. Sales of 32,500 tons (1.2 million bushels) for 2023/24 delivery were primarily to Mexico (23,000 tons) and Japan (9,100 tons).
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