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Pork, soybean export sales up on week

The USDA’s reporting a solid week for soybean and pork export sales. Soybeans saw a modest week-to-week improvement during the week ending October 24th thanks to solid demand from China and unknown destinations, while pork sales were sharply higher, led by Mexico and China. Soybean meal and cotton were also up on the week and while corn sales dipped, they were still above average. Rice sales fell to a marketing year low. Export demand is driven by several factors including the relative value of the dollar, seasonal changes in supply, and geopolitical factors. The USDA’s next round of supply and demand estimates is out November 8th.

Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2024/25 marketing year started 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 411,400 tons (15.1 million bushels), down 23% from the week ending October 17th and 14% from the four-week average. Mexico purchased 169,900 tons and the Philippines bought 79,500 tons, while unknown destinations canceled on 61,500 tons. At this point in the 2024/25 marketing year, wheat exports are 495.9 million bushels, compared to 417.5 million in 2023/24.

Corn was reported at 2,341,700 tons (92.2 million bushels), 35% lower than the previous week, but 7% higher than the four-week average. Unknown destinations picked up 771,300 tons and Mexico purchased 596,000 tons. Nearly two months into the marketing year, corn exports are 1.017 billion bushels, compared to 719.5 million this time last year.

Sorghum sales of 5,700 tons (200,000 bushels), a drop of 92% from the week before and the four-week average, all to China. Sorghum exports are 29.8 million bushels, compared to 115.2 million a year ago.

Rice sales of 12,700 tons fell 81% from the prior week and 82% from the four-week average. Mexico bought 11,200 tons and Japan picked up 9,300 tons, while Haiti canceled on 11,000 tons. Rice exports are 1,231,000 tons, compared to 1,010,200 last year.

Soybeans were pegged at 2,273,300 tons (83.5 million bushels), an increase of 6% on the week and 39% from the four-week average. China purchased 715,000 tons and unknown destinations bought 446,900 tons. So far, this marketing year, soybean exports are 965.1 million bushels, compared to 851 million a year ago.

Soybean meal came out at 208,400 tons. Colombia picked up 50,300 tons and Canada bought 39,900 tons, but unknown destinations canceled on 52,200 tons. Just about a month into the marketing year, soybean meal exports are 5,533,500 tons, compared to 5,598,300 last year. Sales of 100 tons for 2025/26 delivery were to Canada.

Soybean oil was reported at 10,400 tons. The Dominican Republic purchased 3,000 tons and Canada bought 2,200 tons. Cumulative soybean oil exports are 119,300 tons, compared to 22,700 a year ago.

Upland cotton was pegged at 189,400 bales, up 12% from the previous week and 47% from the four-week average. Vietnam picked up 91,200 bales and China purchased 32,600 bales. 2024/25 upland cotton exports are 5,663,400 bales, compared to 6,538,300 in 2023/24.

Net beef sales totaled 13,900 tons, 17% below both the week before and the four-week average. The reported buyers were South Korea (4,900 tons), China (3,200 tons), Japan (2,500 tons), Taiwan (1,000 tons), and Mexico (700 tons). Shipments of 15,700 tons were 2% less than the prior week and 3% under the four-week average, mainly to South Korea (4,800 tons), Japan (2,900 tons), China (2,400 tons), Mexico (1,600 tons), and Taiwan (1,200 tons). Sales of 5,700 tons for 2025 delivery were primarily to Japan (3,700 tons) and South Korea (1,800 tons).

Net pork sales totaled 44,800 tons, a big gain on the week and 16% above the four-week average. The listed purchasers were Mexico (17,700 tons), China (10,400 tons), Japan (4,800 tons), South Korea (3,800 tons), and Canada (2,900 tons). Shipments of 32,300 tons were 1% more than the previous week and 13% larger than the four-week average, mostly to Mexico (11,400 tons), Japan (4,100 tons), China (3,600 tons), South Korea (2,900 tons), and Colombia (2,700 tons). Sales of 200 tons for 2025 delivery were to New Zealand.

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