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Export sales mostly up on week

U.S. pork export sales bounced back during the week ending May 16th. The USDA says pork sales showed a solid improvement from the previous week’s marketing year low thanks to solid demand from Mexico and Japan, but sales were still below average. Corn, soybean, beef, rice, and cotton sales also saw week-to-week improvements. Old crop wheat fell sharply, continuing to coast into the end of the marketing year, with soybean products and sorghum all down from the week before. Export demand is influenced by several factors including geopolitics, the value of the dollar relative to other currencies, and seasonal changes in supply. The USDA’s next set of supply and demand estimates is out June 12th.

Physical shipments of corn were more than what’s needed to meet USDA projections for the current marketing year. The 2023/24 marketing year got underway 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 17,900 tons (700,000 bushels), down 77% from the week ending May 9th and 61% from the four-week average. Haiti purchased 12,100 tons and unknown destinations bought 11,000 tons, while the French West Indies canceled on 11,000 tons. Approaching the end of the 2023/24 marketing year, wheat exports are 695.7 million bushels, compared to 692.3 million late in 2022/23. Sales of 224,900 tons (8.3 million bushels) for 2024/25 delivery were mainly to Mexico (129,300 tons).

Corn was reported at 911,200 tons (35.9 million bushels), 23% higher than the previous week, but 1% lower than the four-week average. Mexico picked up 350,300 tons and China purchased 273,800 tons, while unknown destinations canceled on 263,100 tons. Nearing the final quarter of the marketing year, corn exports are 1.94 billion bushels, compared to 1.495 billion this time last year. Sales of 305,000 tons (12 million bushels) for 2024/25 delivery were primarily to Mexico (286,000 tons).

Sorghum sales were 4,400 tons (200,000 bushels), a drop of 63% from the week before and 85% from the four-week average, all to China. Sorghum exports are 203.2 million bushels, compared to 64.8 million a year ago.

Rice sales were 33,100 tons, a rise of 28% from the week prior and 1% from the four-week average. Mexico bought 23,400 tons and Honduras picked up 6,000 tons. Rice exports are 3,090,000 tons, compared to 1,860,700 last year.

Soybeans were pegged at 279,400 tons (10.3 million bushels), an increase of 5% on the week, but a decrease of 15% from the four-week average. Japan purchased 73,500 tons and unknown destinations bought 70,700 tons. So far, this marketing year, soybean exports are 1.576 billion bushels, compared to 1.868 billion a year ago. Sales of 65,500 tons (2.4 million bushels) for 2024/25 delivery were mostly to unknown destinations (60,000 tons).

Soybean meal came out at 145,300 tons, a decline of 52% from the previous week and 39% from the four-week average. Venezuela picked up 37,000 tons and the Dominican Republic purchased 24,800 tons. For the marketing year to date, soybean meal exports are 11,809,000 tons, compared to 10,564,300 last year. Sales of 51,400 tons for 2024/25 delivery were to Canada (41,900 tons) and Mexico (9,500 tons).

Soybean oil had a net reduction of 1,000 tons. Sales of 200 to 11,500 tons were more than offset by a cancelation on 15,000 tons by Jamaica. Cumulative soybean oil exports are 131,100 tons, compared to 124,800 a year ago. Sales of 4,000 tons for 2024/25 delivery were to Venezuela.

Upland cotton was pegged at 202,900 bales, a gain of 30% from the week before and 19% from the four-week average. China bought 104,400 bales and Pakistan picked up 42,000 bales. 2023/24 upland cotton exports are 12,004,700 bales, compared to 12,762,900 in 2022/23. Sales of 47,900 bales for 2024/25 delivery were mainly to China (13,200 bales) and India (12,900 bales), with a cancelation by South Korea (3,500 bales).

Net beef sales totaled 21,500 tons, up 42% from the prior week and 32% from the four-week average. The reported purchasers were China (5,800 tons), South Korea (5,100 tons), Mexico (2,900 tons), Japan (2,500 tons), and Taiwan (1,600 tons). Shipments were a marketing year high at 17,300 tons, climbing 11% on the week and 15% from the four-week average, primarily to South Korea (5,100 tons), Japan (3,300 tons), China (3,100 tons), Taiwan (1,500 tons), and Mexico (1,300 tons).

Net pork sales totaled 26,300 tons, a rise of 24% from the previous week, but a dop of 3% from the four-week average. The listed buyers were Mexico (10,300 tons), Japan (4,100 tons), South Korea (2,600 tons), Canada (2,000 tons), and Colombia (1,900 tons). Shipments of 34,300 tons were 3% above the week before, but 5% below the four-week average, mostly to Mexico (13,900 tons), Japan (4,700 tons), South Korea (4,300 tons), China (3,200 tons), and Canada (1,700 tons).

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