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Pork export sales surge to marketing year high

Pork export sales shot to a marketing year high during the week ending June 27th. The USDA says pork sales were up on the week and considerably larger than average, with Mexico, China, and Japan taking the top slots. That reflects the continued strong global demand for U.S. pork. Wheat, rice, and cotton sales also saw week to week improvements. The USDA’s next round of supply and demand estimates is out July 12th.

The 2024/25 marketing year got underway June 1st for wheat, while 2023/24 began 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 805,300 tons (29.6 million bushels). Mexico purchased 154,700 tons and the Philippines bought 154,400 tons. Just under a month into the 2024/25 marketing year, wheat exports are 253.5 million bushels, compared to 169.8 million in 2023/24.

Corn was reported at 357,200 tons (14.1 million bushels), down 34% from the week ending June 20th and 57% from the four-week average. Unknown destinations picked up 138,400 tons and Colombia purchased 78,800 tons. Roughly one third of the way through the final quarter of 2023/24, corn exports are 2.116 billion bushels, compared to 1.537 billion in 2022/23. Sales of 311,500 tons (12.3 million bushels) for 2024/25 delivery were mainly to Mexico.

Sorghum had a net reduction of 800 tons following a cancelation by China. Sorghum exports are 214.8 million bushels, compared to 88.6 million this time last year.

Rice sales were 28,000 tons, 63% higher than the previous week, but 44% lower than the four-week average. The Dominican Republic bought 8,000 tons and Haiti picked up 7,200 tons. Rice exports are 3,421,400 tons, compared to 1,936,500 a year ago. Sales of 71,000 tons for 2024/25 delivery were to Mexico (48,000 tons) and Honduras (23,000 tons).

Soybeans were pegged at 228,400 tons (8.4 million bushel), a decline of 19% from the prior week and 32% from the four-week average. China purchased 66,500 tons and the Netherlands bought 58,500 tons. So far, this marketing year, soybean exports are 1.646 billion bushels, compared to 1.928 billion last year. Sales of 150,300 tons (5.5 million bushels) for 2024/25 delivery were primarily to unknown destinations (120,000 tons).

Soybean meal came out at 212,900 tons, 3% less than the week before, but 8% more than the four-week average. Guatemala picked up 73,300 tons and Colombia purchased 53,800 tons. At this point in the marketing year, soybean meal exports are 13,079,000 tons, compared to 11,743,900 a year ago. Sales of 288,600 tons for 2024/25 delivery were mostly to the Philippines (231,000 tons).

Soybean oil was reported at 16,500 tons. Mexico bought 7,900 tons and Venezuela picked up 6,000 tons. Cumulative soybean oil exports are 188,600 tons, compared to 123,200 last year. A net reduction of 4,800 tons for 2024/25 occurred after sales to Canada (2,700 tons) were more than offset by a handful of cancelations led by Venezuela.

Upland cotton was pegged at 115,400 bales, an increase of 27% on the week, but a decrease of 23% from the four-week average. China purchased 63,600 bales and Vietnam bought 27,600 bales. 2023/24 upland cotton exports are 12,938,200 bales, compared to 13,887,400 in 2022/23. Sales of 56,900 bales for 2024/25 were mainly to China (30,800 bales).

Net beef sales totaled 15,500 tons, 8% below the previous week, but 6% above the four-week average. The reported purchasers were China (4,000 tons), Japan (3,900 tons), Mexico (1,800 tons), Taiwan (1,700 tons), and South Korea (1,200 tons). Shipments of 16,100 tons were down 2% from the week before and 1% from the four-week average, primarily to Japan (4,300 tons), South Korea (3,000 tons), China (2,400 tons), Canada (1,500 tons), and Taiwan (1,300 tons).

Net pork sales totaled 59,100 tons, a jump of 51% from the prior week and 96% from the four-week average. The listed buyers were Mexico (34,600 tons), China (9,500 tons), Japan (3,700 tons), South Korea (2,100 tons), and Colombia (2,000 tons). Shipments of 30,000 tons were a rise of 6% on the week, but a drop of 4% from the four-week average, mostly to Mexico (12,600 tons), Japan (4,600 tons), China (2,700 tons), South Korea (2,600 tons), and Canada (1,900 tons).

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