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Corn, soybean export sales up on week, below average

The USDA says corn and soybean export sales were up during the week ending December 12th. The week-to-week increases for beans, corn, and a few other key commodities were due to some buyers trying to get ahead of the holiday slowdown. Beef and pork were down on the week, typical for this time of year as most meat buyers start to step up purchases for 2025 delivery. Sorghum hit a marketing year low following a big cancelation by unknown destinations.
Export demand is influenced by several factors, including the value of the dollar relative to other currencies and seasonal supply changes. The USDA’s next round of supply and demand estimates is out January 10th.

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 corn, sorghum, and soybeans, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 457,900 tons (16.8 million bushels), up 58% from the week ending December 5th and 16% from the four-week average. The Philippines purchased 83,000 tons and Venezuela bought 80,800 tons. Early in the back half of the 2024/25 marketing year, wheat exports are 593.5 million bushels, compared to 545.9 million in 2023/24.

Corn was reported at 1,174,600 tons (46.2 million bushels), 24% higher than the previous week, but 10% lower than the four-week average. Mexico picked up 395,500 tons and Japan purchased 273,100 tons, while unknown destinations canceled on 192,100 tons. In the second quarter of the marketing year, corn exports are 1.43 billion bushels, compared to 1.109 billion this time last year. Sales of 2,500 tons (100,000 bushels) for 2025/26 delivery were to Nicaragua.

Sorghum had a net reduction of 59,200 tons (-2.3 million bushels). China bought 7,800 tons, but unknown destinations canceled on 67,000 tons. Sorghum exports are 43.2 million bushels, compared to 153.6 million a year ago.

Rice sales of 103,000 tons were quite a bit larger than the week before and 74% greater than the four-week average. Mexico picked up 30,800 tons and Panama purchased 26,000 tons. Rice exports are 1,753,200 tons, compared to 1,755,400 last year.

Soybeans were pegged at 1,424,200 tons (52.3 million bushels), 21% more than the prior week, but 27% less than the four-week average. China bought 648,200 tons and unknown destinations picked up 374,500 tons. So far, this marketing year, soybean exports are 1.422 billion bushels, compared to 1.296 billion a year ago.

Soybean meal came out at 261,000 tons, an increase of 48% on the week, but a decrease of 14% from the four-week average. Canada purchased 65,500 tons and the Philippines bought 54,300 tons, while Vietnam canceled on 43,800 tons. At this point in the marketing year, soybean meal exports are 7,710,700 tons, compared to 6,788,300 last year.

Soybean oil was reported at 6,000 tons, a drop of 91% from the previous week and 90% from the four-week average. Mexico picked up 4,800 tons and the Dominican Republic purchased 1,400 tons. Cumulative soybean oil exports are 486,300 tons, compared to 31,500 a year ago. Sales of 300 tons for 2025/26 delivery were to Mexico.

Upland cotton was pegged at 194,900 bales, rising 27% from the week before, but falling 19% from the four-week average. Vietnam bought 42,400 bales and Pakistan picked up 37,000 bales. 2024/25 upland cotton exports are 7,206,800 bales, compared to 8,122,500 in 2023/24. Sales of 6,900 bales for 2025/26 delivery were to Mexico.

Net beef sales totaled 7,200 tons, down 35% from the prior week and 5% from the four-week average. The listed purchasers were South Korea (2,200 tons), Japan (1,200 tons), Taiwan (800 tons), China (600 tons), and Mexico (600 tons), with a net reduction by Indonesia (100 tons). Shipments of 15,900 tons were an increase of 6% both on the week and from the four-week average, mainly to South Korea (4,400 tons), Japan (3,200 tons), China (2,800 tons), Taiwan (1,500 tons), and Mexico (1,400 tons). Sales of 4,400 tons for 2025 delivery were primarily to Mexico (1,100 tons), South Korea (1,000 tons), Canada (500 tons), China (500 tons), and Japan (500 tons).

Net pork sales totaled 11,200 tons, 50% below the previous week and 52% under the four-week average. The reported buyers were Mexico (2,800 tons), Japan (2,300 tons), Canada (2,100 tons), South Korea (1,300 tons), and China (900 tons), with net reductions by Colombia (100 tons) and Hong Kong (100 tons). Shipments of 31,600 tons were 7% lower than the week before and unchanged from the four-week average, mostly to Mexico (12,800 tons), Japan (3,800 tons), South Korea (3,700 tons), China (3,100 tons), and Colombia (2,000 tons). Sales of 5,800 tons for 2025 delivery were mainly to South Korea (2,100 tons), Colombia (1,400 tons), Mexico (1,300 tons), Japan (500 tons), and Canada (400 tons), with a net reduction by China (900 tons).

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