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Pork export sales set marketing year low

Pork export sales fell to a marketing year low during the week ending May 9th. The USDA says that week-to-week dip for pork followed reductions by several key customers including Japan, Mexico, and South Korea. Old crop corn, soybean, soybean oil, sorghum, and cotton sales were also below the previous week, while wheat, soybean meal, and beef saw improvements. Export business is influenced by several factors, including the value of the dollar relative to other currencies, domestic price movement, and seasonal changes in supply. The USDA’s next round of supply and demand projections is out June 12th.

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

Wheat came out at 78,500 tons (2.9 million bushels), 91% higher than the week ending May 2nd and considerably larger than the four-week average. Mexico purchased 60,400 tons and South Korea bought 9,000 tons. With less than a month left in 2023/24, wheat exports are 695 million bushels, compared to 694 million in 2022/23. Sales of 304,300 tons (11.2 million bushels) for 2024/25 delivery were mainly to the Philippines (122,000 tons) and Yemen (50,000 tons).

Corn was reported at 742,200 tons (29.2 million bushels), down 17% from the previous week and 14% from the four-week average. Mexico picked up 244,400 tons and Japan purchased 241,300 tons, while unknown destinations canceled on 91,000 tons. Approaching the final quarter of the marketing year, corn exports are 1.904 billion bushels, compared to 1.498 billion this time last year. Sales of 128,200 tons (5 million bushels) for 2024/25 delivery were to Mexico.

Sorghum sales were 11,900 tons (500,000 bushels), 81% lower than the week before and 54% smaller than the four-week average, all to China. Sorghum exports are 203 million bushels, compared to 64.6 million a year ago.

Rice sales were 25,800 tons, a lot more than the prior week, but 7% less than the four-week average. Mexico bought 15,600 tons and Honduras picked up 5,000 tons. Rice exports are 3,056,900 tons, compared to 1,830,400 last year.

Soybeans were pegged at 265,700 tons (9.8 million bushels), a decline of 38% on the week and 31% from the four-week average. Egypt purchased 90,400 tons and Indonesia bought 87,900 tons, while unknown destinations canceled on 64,800 tons. So far, this marketing year, soybean exports are 1.565 billion bushels, compared to 1.864 billion a year ago. Sales of 25,200 tons (900,000 bushels) for 2024/25 delivery were primarily to Taiwan (29,000 tons) and Malaysia (5,600 tons), with a cancelation by Thailand (10,000 tons).

Soybean meal came out at 300,400 tons, up 44% from the previous week and 55% from the four-week average. Unknown destinations picked up 121,600 tons and the Philippines purchased 39,500 tons. For the marketing year to date, soybean meal exports are 11,663,600 tons, compared to 10,223,000 last year. Sales of 31,100 tons for 2024/25 delivery were mostly to Colombia (18,000 tons) and Canada (6,500 tons).

Soybean oil was reported at 9,100 tons, 21% below the week before, but 4% above the four-week average. Jamaica bought 8,000 tons and Colombia picked up 2,000 tons, while Canada canceled on 1,200 tons. Cumulative soybean oil exports are 132,100 tons, compared to 118,600 a year ago. Sales of 1,000 tons for 2024/25 delivery were to the Dominican Republic.

Upland cotton was pegged at 156,600 bales, a decrease of 38% from the prior week and 7% from the four-week average. China purchased 63,600 bales and Vietnam bought 27,600 bales. 2023/24 upland cotton exports are 11,801,800 bales, compared to 12,631,600 in 2022/23. Sales of 140,600 bales for 2024/25 delivery were mainly to El Salvador (90,800 bales) and Mexico (16,100 bales).

Net beef sales totaled 15,100 tons, up 23% on the week, but down 11% from the four-week average. The listed buyers were Japan (6,600 tons), China (1,900 tons), Mexico (1,700 tons), Taiwan (1,700 tons), and South Korea (1,300 tons). Shipments of 15,600 tons were 4% less than the previous week, but 2% more than the four-week average, primarily to Japan (4,100 tons), South Korea (3,500 tons), China (2,600 tons), Mexico (1,600 tons), and Taiwan (1,300 tons).

Net pork sales totaled 21,100 tons, a decrease of 14% from the week before and 22% from the four-week average. The reported purchasers were Japan (4,900 tons), Mexico (4,500 tons), South Korea (3,200 tons), Colombia (1,700 tons), and Canada (1,400 tons). Shipments of 33,200 tons were 5% less than the prior week and 13% under the four-week average, mostly to Mexico (12,700 tons), Japan (5,000 tons), South Korea (4,300 tons), China (2,800 tons), and Colombia (2,400 tons).

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