News

Mostly lower week for export sales numbers

Meat export sales bounced back from the previous week’s marketing year lows. The USDA says the week-to-week improvement during the week ending November 7^th for beef was led by Japan and South Korea, while Mexico and Japan led the way for pork. Sorghum notched a marketing year high thanks to solid demand from China and unknown destinations, and wheat and rice sales were also up on the week. The USDA’s next round of supply and demand estimates is out December 10^th.

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

Wheat came out at 380,100 tons (14 million bushels), up 1% from the week ending October 31^st, but down 17% from the four-week average. South Korea purchased 89,100 tons and Japan bought 70,600 tons. Approaching the back half of the 2024/25 marketing year, wheat exports are 523.7 million bushels, compared to 437 million in 2023/24.

Corn was reported at 1,315,100 tons (51.8 million bushels), 53% lower than the previous week and 52% below the four-week average. Unknown destinations picked up 603,500 tons and Mexico purchased 167,600 tons. With about a month remaining in the first quarter of the marketing year, corn exports are 1.177 million bushels, compared to 830.6 million this time last year.

Sorghum sales of 141,300 (5.6 million bushels), a solid increase from both the week before and the four-week average. China bought 74,300 tons and unknown destinations picked up 67,000 tons. Sorghum exports are 35.6 million bushels, compared to 123.7 million a year ago.

Rice sales of 110,500 tons, rising 54% from the prior week and 60% from the four-week average. Iraq purchased 44,000 tons and Mexico bought 29,100 tons. Rice exports are 1,413,400 tons, compared to 1,254,100 last year.

Soybeans were pegged at 1,555,400 tons (57.2 million bushels), a decline of 24% both on the week and the four-week average. China picked up 1,181,100 tons and Egypt purchased 127,700, but with a cancelation of 323,000 tons by unknown destinations. So far, this marketing year, soybean exports 1.097 million bushels, compared to 1.032 billion a year ago.

Soybean meal came out at 302,400 tons, 24% below the previous week, but 19% above the four-week average. Mexico bought 129,600 tons and Colombia picked up 62,100 tons. At this point in the marketing year, soybean meal exports 6,234,500 tons, compared to 5,936,500 tons this time last year.

Soybean oil was reported at 16,500 tons, a drop of 86% from the week before and 57% from the four-week average. Algeria purchased 10,000 tons and India bought 4,000 tons. Cumulative soybean oil exports are 250,100 tons, compared to 28,700 a year ago.

Upland cotton was pegged at 153,300 bales, a decrease of 33% from the prior week and 18% from the four-week average. Turkey picked up 41,500 bales and Pakistan purchased 40,000 bales. 2024/25 upland cotton exports are 6,045,700 bales, compared to 7,261,800 in 2023/24.

Net beef sales totaled 14,200 tons, a rise of 78% on the week and 8% from the four-week average. The reported buyers were Japan (4,300 tons), South Korea (2,500 tons), Mexico (2,200 tons), China (1,400 tons), and Taiwan (1,000 tons). Shipments of 15,800 tons, an increase 10% from the previous week and 3% from the four-week average, mainly to South Korea (4,600 tons), Japan (3,600 tons), China (2,300 tons), Mexico (1,400 tons), and Taiwan (1,200 tons). Sales of 1,700 tons were primarily to South Korea (700 tons), Canada (500 tons), and Japan (400 tons).

Net pork sales totaled 19,800 tons, up quite a bit from the marketing year low established the week before. The listed purchasers were Mexico (9,600 tons), Japan (3,900 tons), Colombia (2,100 tons), Canada (1,200 tons), and the Dominican Republic (700 tons), with a cancelation by China (100 tons). Shipments of 31,100 tons were 11% less than the prior week and 7% under the four-week average, mostly to Mexico (12,600 tons), Japan (3,900 tons), South Korea (2,900 tons), China (2,700 tons), and Colombia (2,200 tons).