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Pork export sales rise, beef dips

The USDA says U.S. beef export sales notched a marketing year low for the second consecutive week. That was the combination of it being a holiday week and handful of major buyers canceling or reducing their weekly purchases and instead buying beef for 2025 delivery. Pork was up sharply on the week, led by Mexico and South Korea. Corn, soybean, and rice sales were larger than average during the week ending November 28^th, while wheat, sorghum, soybean products, cotton, and rice fell short of their normal paces. 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 USDA projections for the current marketing year. The 2024/25 marketing year kicked off 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 the calendar year.

Wheat came out at 378,200 tons (13.9 million bushels), up 3% from the week ending November 21^st, but down 10% from the four-week average. Mexico purchased 151,900 tons and South Korea bought 136,000 tons. Verging on the halfway point of the 2024/25 marketing year, wheat exports are 571.2 million bushels, compared to 479.3 million in 2023/24.

Corn was reported at 1,732,400 tons (68.2 million bushels), 63% higher than the previous week and 4% above the four-week average. Mexico picked up 392,400 tons and Japan purchased 357,700 tons. Late in the first quarter of the marketing year, corn exports are 1.346 billion bushels, compared to 1.013 billion a year ago. Sales of 22,100 tons (900,000 bushels) for 2025/26 delivery were to Mexico.

Sorghum sales of 4,300 tons (200,000 bushels) were a drop of 96% from both the week before and the four-week average. China bought 2,200 tons and Eritrea picked up 1,500 tons. Sorghum exports are 45.3 million bushels, compared to 141.2 million this time last year.

Rice sales of 83,300 tons were considerably larger than the prior week and 15% greater than the four-week average. South Korea purchased 30,100 tons and Nicaragua bought 27,500 tons. Rice exports are 1,605,300 tons, compared to 1,536,500 a year ago.

Soybeans were pegged at 2,312,700 tons (85 million bushels), a decrease of 7% on the week, but an increase of 17% on the year. China picked up 669,700 tons and unknown destinations purchased 432,700 tons. So far, this marketing year, soybean exports are 1.33 billion bushels, compared to 1.186 billion last year. Sales of 200 tons for 2025/26 delivery were to Japan.

Soybean meal came out at 276,000 tons, falling 43% from the previous week and 25% from the four-week average. Colombia bought 124,000 tons and Mexico picked up 51,400 tons. At this point in the marketing year, soybean meal exports are 7,272,800 tons, compared to 6,314,700 a year ago. Sales of 4,500 tons for 2025/26 delivery were to Mexico.

Soybean oil was reported at 19,500 tons, a decline of 84% from the week before and 72% from the four-week average. Unknown destinations purchased 13,000 tons and Colombia bought 7,500 tons, while China canceled on 13,000 tons. Cumulative soybean oil exports are 416,300 tons, compared to 28,100 tons last year.

Upland cotton was pegged at 170,700 bales, 47% lower than the prior week and 33% below the four-week average. Vietnam purchased 84,300 bales and Pakistan bought 36,700 bales. 2024/25 upland cotton exports are 6,858,900 bales, compared to 1,536,500 in 2023/24.

Net beef sales totaled 100 tons, a drop of 97% on the week and 99% from the four-week average. Sales of 200 to 1,700 tons were almost entirely offset by cancelations of 100 to 3,300 tons. Shipments of 14,400 tons were down 1% from the previous week and 6% from the four-week average, mainly to South Korea (3,900 tons), Japan (3,400 tons), China (2,100 tons), Mexico (1,500 tons), and Taiwan (1,100 tons). Sales of 13,700 tons for 2025 delivery were primarily to South Korea (7,000 tons), China, (3,000 tons), Japan (1,700 tons), Hong Kong (1,200 tons), and Mexico (300 tons).

Net pork sales totaled 35,200 tons, a solid rise from both the week before and the four-week average. The reported buyers were Mexico (15,400 tons), South Korea (9,100 tons), China (3,400 tons), Australia (2,300 tons), and Japan (2,200 tons), with cancelations by Hong Kong (400 tons) and Malaysia (400 tons). Shipments of 32,200 tons were up 14% from the prior week and 2% from the four-week average, mostly to Mexico (12,700 tons), Japan (3,700 tons), South Korea (3,600 tons), China (3,500 tons), and Canada (2,100 tons). Sales of 26,600 tons for 2025 delivery were mainly to China (10,300 tons), Mexico (8,700 tons), South Korea (5,300 tons), Colombia (1,000 tons), and Japan (500 tons).