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Pork export sales rise from recent lows

Pork export sales bounced back last week. The USDA says pork sales recovered after two consecutive weeks of marketing year lows with Mexico buying nearly half of the total. Rice and soybean oil were the only other commodities to see week-to-week improvements in global demand during the week ending March 20^th. Export business is influenced by several factors, including seasonal changes in supply, currency prices, and geopolitics. The USDA’s next round of supply and demand estimates is out April 10^th.

Physical shipments of corn and soybeans topped 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 the calendar year.

Wheat came out at 100,300 tons (3.7 million bushels), a big drop from the week ending March 13^th and down 65% from the four-week average. Japan purchased 72,000 tons and Nigeria bought 53,400 tons, but unknown destinations canceled on 125,500 tons. In the final quarter of the 2024/25 marketing year, wheat exports are 767.9 million bushels, compared to 688.3 million in 2023/24. Sales of 11,200 tons (400,000 bushels) for 2025/26 delivery were to Trinidad and Tobago (4,200 tons), Panama (3,500 tons), and Peru (3,500 tons).

Corn was reported at 1,039,600 tons (40.9 million bushels), 31% lower than the previous week and unchanged from the four-week average. Japan picked up 415,300 tons and Mexico purchased 309,900, but unknown destinations canceled on 494,000 tons. Past the halfway point of the marketing year, corn exports are 2.089 billion bushels, compared to 1.689 billion a year ago.

Sorghum sales of 11,200 tons (400,000 bushels) were a decline of 60% from the week before and 52% from the four-week average, all to Mexico. Sorghum exports are 51.3 million bushels, compared to 197.8 million this time last year.

Rice sales of 101,700 tons were a solid improvement from the prior week and up 39% from the four-week average. Honduras bought 28,000 tons and Mexico picked up 23,300 tons, while unknown destinations canceled on 22,000 tons. Rice exports are 2,593,000 tons, compared to 2,759,700 a year ago.

Soybeans were pegged at 338,500 tons (12.4 million bushels), a decrease of 4% on the week and 28% from the four-week average. Mexico purchased 260,900 tons and China bought 202,300 tons, but unknown destinations canceled on 361,400 tons. So far, this marketing year, soybean exports are 1.681 billion bushels, compared to 1.483 billion last year. A net reduction of 21,900 tons (-800,000 bushels) for 2025/26 delivery occurred as sales to unknown destinations (66,000 tons) and Japan (6,300 tons) were offset from a cancelation by Mexico (94,200 tons).

Soybean meal came out at 165,600 tons, 9% below the previous week and 15% under the four-week average. The Netherlands picked up 60,000 tons and Colombia purchased 30,500 tons. Approaching the second half of the marketing year, soybean meal exports are 11,342,500 tons, compared to 10,186,900 a year ago. Sales of 400 tons for 2025/26 delivery were to Mexico (300 tons) and Colombia (100 tons).

Soybean oil was reported at 44,500 tons, rising 30% from the week before and 1% from the four-week average. Colombia bought 16,300 tons and the Dominican Republic picked up 9,100 tons. Cumulative soybean oil exports are 911,100 tons, compared to 80,400 last year.

Upland cotton was pegged at 84,400 bales, falling 17% from the prior week and 57% from the four-week average. Pakistan purchased 35,300 bales and Vietnam bought 18,900 bales, while China canceled on 27,000 bales. 2024/25 upland cotton exports are 10,309,000 bales, compared to 10,804,700 in 2023/24. Sales of 41,600 bales for 2025/26 delivery were mainly to Malaysia (17,600 bales) and Thailand (12,300 bales).

Net beef sales totaled 8,000 tons, a drop of 22% on the week and 43% from the four-week average. The listed purchasers were South Korea (3,300 tons), Japan (1,800 tons), Mexico (1,200 tons), Taiwan (800 tons), and Hong Kong (300 tons), with a net reduction by the United Kingdom (100 tons). Shipments of 14,100 tons were down 8% from the previous week and 5% from the four-week average, primarily to South Korea (4,000 tons), Japan (3,500 tons), China (2,400 tons), Mexico (1,500 tons), and Canada (700 tons).

Net pork sales totaled 31,900 tons, a decrease of 77% from the week before and 13% from the four-week average. The reported buyers were Mexico (14,400 tons), Colombia (3,700 tons), Canada (3,300 tons), South Korea (3,200 tons), and Japan (2,900 tons). Shipments of 31,600 tons were 4% less than the prior week and 5% lower than the four-week average, mostly to Mexico (11,900 tons), Japan (4,100 tons), South Korea (4,100 tons), China (3,600 tons), and Colombia (2,000 tons).