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Beef, pork export sales fall to marketing year lows
The USDA says pork and beef export sales hit marketing year lows during the week ending October 31st. Those lower-than-average sales totals for both followed reductions in purchases and a handful of outright cancelations from some key customers. That’s partially seasonal as buyers reevaluate this year’s needs and defer some purchases to next year and partially impacted by a recent rise in wholesale beef and pork prices. Corn, soybean, rice, and cotton sales were above average, while wheat dipped from the previous week. Export demand is influenced several factors, including the relative strength of the dollar and geopolitical issues. The USDA’s next round of supply and demand estimates is out Friday, November 8th at Noon Eastern/11 Central.
Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2024/25 marketing year began 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 374,700 tons (13.8 million bushels), down 9% from the week ending October 24th and 20% from the four-week average. Mexico purchased 105,800 tons and unknown destinations bought 73,000 tons. Approaching the halfway point of the 2024/25 marketing year, wheat exports are 509.7 million bushels, compared to 430.5 million in 2023/24.
Corn was reported at 2,766,500 tons (108.9 million bushels), 18% higher than both the previous week and the four-week average. Mexico picked up 1,395,300 tons and unknown destinations purchased 673,500 tons. At this point in the marketing year, corn exports are 1.125 billion bushels, compared to 759.4 million this time last year. Sales of 65,500 tons (2.6 million bushels) for 2025/26 delivery were to Mexico.
Sorghum sales of 7,000 tons (300,000 bushels), were 24% above the week before, but 70% below the four-week average. China bought 67,000 tons, but unknown destinations canceled on 60,000 tons. Sorghum exports are 30 million bushels, compared to 120.7 million a year ago.
Rice sales of 71,800 tons were a solid improvement from the prior week and 8% greater than the four-week average. Mexico picked up 27,800 tons and Haiti purchased 21,200 tons. Rice exports are 1,302,800 tons, compared to 1,046,200 last year.
Soybeans were pegged at 2,037,200 tons (74.9 million bushels), a decrease of 10% on the week, but an increase of 10% from the four-week average. China bought 1,222,700 tons and unknown destinations picked up 152,100 tons. So far, this marketing year, soybean exports are 1.04 billion bushels, compared to 890.7 million a year ago.
Soybean meal came out at 398,600 tons. Mexico purchased 118,900 tons and Vietnam bought 96,400 tons. Just shy of a month into the marketing year, soybean meal exports are 5,932,100 toons, compared to 1,046,200 last year.
Soybean oil was reported at 114,300 tons. India picked up 30,000 tons and Colombia purchased 16,700 tons. Cumulative soybean oil exports are 233,700 tons, compared to 25,200 a year ago.
Upland cotton was pegged at 229,000 bales, rising 21% from the previous week and 51% from the four-week average. Pakistan bought 72,200 bales and Vietnam picked up 71,800 bales. 2024/25 upland cotton exports are 5,892,400 bales, compared to 6,933,500 in 2023/24.
Net beef sales totaled 8,000 tons, falling 43% from the week before and 45% from the four-week average. The listed purchasers were South Korea (2,100 tons), Japan (2,000 tons), Canada (1,200 tons), Mexico (1,000 tons), and Taiwan (600 tons), with a net cancelation by Vietnam (300 tons). Shipments of 14,400 tons were a cut of 9% from both the prior week and the four-week average, mainly to South Korea (4,100 tons), Japan (3,100 tons), China (2,000 tons), Mexico (1,200 tons), and Taiwan (900 tons). Net sales of 2,300 tons for 2025 delivery were to Mexico (2,200 tons) and Japan (100 tons).
Pork had a net reduction of 14,700 tons, with sales of 100 to 2,300 tons more than offset by cancelations of 1,100 to 7,700 tons. Shipments of 35,000 tons were up 8% on the week and 16% from the four-week average, primarily to Mexico (12,900 tons), Japan (4,200 tons), China (3,600 tons), South Korea (3,300 tons), and Colombia (2,700 tons). Net sales of 200 tons for 2025 delivery were to South Korea (100 tons) and Vietnam (100 tons).
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