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China, Mexico lead the way for pork export sales

Pork export sales were up solidly on the week as beef dipped. The USDA says China bought about a third of the week’s total for pork, just ahead of Mexico. Beef sales during the week ending May 29^th declined due to reductions by some major buyers along with a couple of net cancelations. Old crop grain and oilseed export sales were mostly below average, while new crop sales were mixed. Export demand is influenced by several factors, including the relative value of the dollar, trade barriers, and geopolitical relationships. The USDA’s next round of supply and demand estimates is out Thursday, June 12^th.

Physical shipments of soybeans and corn were more than what’s needed to meet projections for the current marketing year. The 2024/25 marketing year began June 1^st for wheat, August 1^st for cotton and rice, September 1^st for corn, sorghum, and soybeans, and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Old crop wheat had a net reduction of 49,100 tons (-1.8 million bushels) as sales of 7,300 to 65,300 tons were more than offset by cancelations of 6,500 to 81,300 tons. With just a couple of reporting days remaining in the 2024/25 marketing year, wheat exports are 782.2 million bushels, compared to 685.1 million late in 2023/24. Sales of 444,900 tons (16.3 million bushels) for 2025/26 delivery were mainly to unknown destinations (140,500 tons) and Nigeria (131,000 tons).

Corn was reported at 942,300 tons (37.1 million bushels), up 3% from the week ending May 22^nd, but down 31% from the four-week average. Mexico purchased 362,300 tons and Japan bought 173,500 tons, while unknown destinations canceled on 227,800 tons. Approaching the final quarter of the marketing year, corn exports are 2.564 billion bushels, compared to 2.108 billion this time last year. Sales of 160,100 tons (6.3 million bushels) for 2025/26 delivery were primarily to unknown destinations (65,000 tons) and Japan (50,800 tons).

Sorghum had a net reduction of 33,300 tons (-1.3 million bushels) after cancelations by Mexico (20,500 tons) and Spain (12,900 tons). Sorghum exports are 59 million bushels, compared to 207.8 million a year ago.

Rice sales of 58,100 tons were 31% lower than the week before, but 17% higher than the four-week average. South Korea picked up 22,200 tons and unknown destinations purchased 17,500 tons. Rice exports are 2,994,300 tons, compared to 3,228,700 last year.

Soybeans were pegged at 194,300 tons (7.1 million bushels), 33% more than the prior week, but 30% less than the four-week average. Bangladesh bought 57,500 tons and Norway picked up 29,600 tons. So far, this marketing year, soybean exports are 1.788 billion bushels, compared to 1.595 billion a year ago. Sales of 3,500 tons (100,000 bushels) for 2025/26 delivery were to Japan (3,000 tons) and Canada (500 tons).

Soybean meal came out at 254,700 tons, a decline of 40% on the week and 14% from the four-week average. Colombia purchased 98,100 tons and the Philippines bought 52,000 tons. At this point in the marketing year, soybean meal exports are 13,788,800 tons, compared to 12,315,000 last year. Sales of 10,200 tons for 2025/26 delivery were mostly to unknown destinations (7,500 tons) and Japan (2,000 tons).

Soybean oil was reported at 10,300 tons, falling 47% from the previous week and 33% from the four-week average. Unknown destinations picked up 7,500 tons and Mexico purchased 3,500 tons, while Canada canceled on 700 tons. Cumulative soybean oil exports are 1,047,700 tons, compared to 147,300 a year ago. Sales of 1,500 tons for 2025/26 delivery were to Canada.

Upland cotton was pegged at 109,800 bales, 8% under the week before and 2% below the four-week average. Bangladesh bought 34,200 bales and Vietnam picked up 24,700 bales. 2024/25 upland cotton exports are 11,525,300 bales, compared to 12,366,000 in 2023/24. Sales of 39,000 bales for 2025/26 delivery were mainly to Vietnam (17,900 bales) and Mexico (10,200 bales).

Net beef sales totaled 9,000 tons, a decrease of 39% from the prior week and 27% from the four-week average. The reported purchasers were South Korea (4,500 tons), Japan (2,800 tons), Canada (1,000 tons), Taiwan (600 tons), and Mexico (400 tons), with net reductions by China (1,200 tons) and the United Kingdom. Shipments of 10,900 tons dropped 14% on the week and 22% from the four-week average, primarily to Japan (3,300 tons), South Korea (2,900 tons), Mexico (1,200 tons), Taiwan (1,100 tons), and Canada (800 tons).

Net pork sales totaled 36,400 tons, an increase of 19% from the previous week and 25% from the four-week average. The listed buyers were China (12,700 tons), Mexico (12,000 tons), Japan (3,000 tons), South Korea (1,800 tons), and Canada (1,600 tons), with a net reduction by Nicaragua (200 tons). Shipments of 24,100 tons were down 17% from the week before and 12% from the four-week average, mostly to Mexico (10,500 tons), Japan (3,400 tons), South Korea (2,800 tons), China (1,800 tons), and Colombia (1,300 tons).