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China buys U.S. pork, cotton

The USDA says China bought U.S. pork during the week ending May 15th. That was first purchase of U.S. pork by China since late March, when trade tensions between the two countries began to escalate. Both parties recently announced an agreement to temporarily reduce tariffs and engage in trade negotiations. Total pork sales were up sharply on the week, thanks to that renewed interest from China and strong demand by Mexico. China also bought U.S. cotton for the first time in several weeks, but no soybeans, continuing to purchase primarily from Brazil. New crop wheat and old crop soybean product sales were above the previous week, and beef sales were larger than average. The USDA’s next round of supply and demand estimates is out June 12th.

Physical shipments of corn were more than what was needed to meet USDA projections for the current marketing year. The 2024/25 marketing year got underway 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.

Old crop wheat had a net reduction of 13,400 tons (-500,000 bushels), as sales of 2,200 to 35,300 tons were more than offset by cancelations of 200 to 37,900 tons. Nearing the end of the 2024/25 marketing year, wheat exports are 788.7 million bushels, compared to 695.7 million in 2023/24. Sales of 882,200 tons (32.4 million bushels) for 2025/26 delivery were mainly to unknown destinations (153,300 tons) and the Philippines (137,000 tons).

Corn was reported at 1,190,800 tons (46.9 million bushels), down 29% from the week ending May 8th and 14% from the four-week average. Japan purchased 370,900 tons and Mexico bought 219,300 tons, while unknown destinations canceled on 91,200 tons. Approaching the fourth quarter of the marketing year, corn exports are 2.491 billion bushels, compared to 1.94 billion a year ago. Sales of 218,400 tons (8.6 million bushels) for 2025/26 delivery were primarily to Colombia (100,000 tons) and Costa Rica (74,500 tons).

Sorghum sales of 32,800 tons (1.3 million bushels) were 40% lower than the previous week, but 21% higher than the four-week average. Mexico picked up 30,400 tons and Taiwan purchased 2,000 tons. Sorghum exports are 58.9 million bushels, compared to 203.2 million this time last year.

Rice sales of 26,600 tons were 11% below the week before and 29% under the four-week average. Haiti bought 15,200 tons and Honduras picked up 3,700 tons. Rice exports are 2,852,400 tons, compared to 3,090,000 a year ago.

Soybeans were pegged at 307,900 tons (11.3 million bushels), 9% more than the prior week, but 10% less than the four-week average. Mexico purchased 134,100 tons and unknown destinations bought 43,000 tons. So far, this marketing year, soybean exports are 1.775 billion bushels, compared to 1.576 billion last year. Sales of 15,000 tons (600,000 bushels) for 2025/26 delivery were to Costa Rica.

Soybean meal came out at 359,600 tons, rising 25% on the week and 61% from the four-week average. Mexico picked up 63,300 tons and Japan purchased 59,600 tons. At this point in the marketing year, soybean meal exports are 13,109,400 tons, compared to 11,799,200 a year ago. Sales of 23,100 tons for 2025/26 delivery were mostly to Costa Rica (16,700 tons) and Honduras (2,700 tons).

Soybean oil was reported at 13,700 tons, up 1% from the previous week and 12% from the four-week average. Mexico bought 9,400 tons and Canada picked up 3,200 tons. Cumulative soybean oil exports are 1,017,900 tons, compared to 131,100 last year.

Upland cotton was pegged at 141,400 bales, 16% above the week before and 41% larger than the four-week average. Vietnam purchased 61,800 bales and Turkey bought 19,400 bales. 2024/25 upland cotton exports are 11,296,900 bales, compared to 12,004,700 in 2023/24. Sales of 7,400 bales for 2025/26 delivery were to Honduras (5,500 bales) and Vietnam (1,900 bales).

Net beef sales totaled 12,300 tons, down 16% from the prior week, but up 8% from the four-week average. The reported purchasers were Japan (3,600 tons), South Korea (2,800 tons), Taiwan (1,800 tons), Mexico (1,600 tons), and Canada (600 tons). Shipments of 14,800 tons jumped 9% on the week and 3% from the four-week average, mainly to South Korea (5,400 tons), Japan (4,100 tons), Taiwan (1,600 tons), Mexico (1,500 tons), and Canada (800 tons).

Net pork sales totaled 37,400 tons, an increase of 52% from the previous week and 68% from the four-week average. The listed buyers were Mexico (14,400 tons), China (7,800 tons), Japan (3,300 tons), South Korea (3,300 tons), and Colombia (2,100 tons), Shipments of 28,500 tons were 8% higher than the week before and 9% more than the four-week average, primarily to Mexico (12,800 tons), Japan (4,400 tons), South Korea (3,400 tons), Colombia (1,800 tons), and Canada (1,600 tons).

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