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Solid week for beef, soybean meal export sales

U.S. export sales were mostly down on the week, aside from a couple of key exceptions. Beef export sales for the week ending March 28th were up and significantly larger than average thanks to good purchases by South Korea and Japan, while soybean meal popped higher with strong demand from the Philippines, the leading buyer of U.S. bean meal. Export demand is influenced by several factors, including the value of the dollar relative to other currencies, domestic cash prices, futures markets, and seasonal changes in supply. The USDA’s next round of supply and demand numbers is out Thursday, April 11th at Noon Eastern/11 Central.

Physical shipments of corn, soybeans, and wheat topped what’s needed to meet 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 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 16,100 tons (600,000 bushels), down 95% from the week ending March 21st and 89% from the four-week average. China purchased 74,800 tons and Mexico bought 19,500 tons, while South Korea canceled on 60,600 tons and unknown destinations canceled on 52,700 tons. In the final quarter of the 2023/24 marketing year, wheat exports are 688.9 million bushels, compared to 666.6 million in 2022/23. Sales of 262,000 tons (9.6 million bushels) for 2024/25 delivery were mainly to South Korea (82,000 tons) and the Philippines (63,000 tons).

Corn was reported at 948,000 tons (37.3 million bushels), a decrease of 21% from both the previous week and four-week average. Japan picked up 339,900 tons and Mexico bought 216,500 tons, while unknown destinations canceled on 258,400 tons. Past the halfway point of the marketing year, corn exports are 1.726 billion bushels, compared to 1.465 billion this time last year. Sales of 11,400 tons (400,000 bushels) for 2024/25 delivery were to Mexico.

Sorghum sales were 11,400 tons (400,000 bushels), 85% lower than the week before and 74% below the four-week average, all to China. Sorghum exports are 198.2 million bushels, compared to 59 million a year ago.

Rice sales were 112,700 tons, a drop of 82% from the week before and 36% from the four-week average. South Korea picked up 50,000 tons and Mexico purchased 47,000 tons. Rice exports are 2,872,400 tons, compared to 1,687,200 last year. Sales of 16,700 tons for 2024/25 delivery were to South Korea.

Soybeans were pegged at 194,200 tons (7.1 million bushels), a decline of 26% on the week and 54% on the year. China bought 153,900 tons and Egypt picked up 97,000 tons, but unknown destinations canceled on 235,000 tons. So far, this marketing year, soybean exports are 1.49 billion bushels, compared to 1.834 billion a year ago.

Soybean meal came out at 202,200 tons, an increase of 59% from the previous week and 10% from the four-week average. The Philippines purchased 93,200 tons and Costa Rica bought 19,900 tons. At roughly the midpoint of the marketing year, soybean meal exports are 10,398,800 tons, compared to 9,009,900 last year. Sales of 32,600 tons for 2024/25 delivery were to Canada (30,200 tons) and Mexico (2,400 tons).

Soybean oil was reported at 3,100 tons, down 48% from the week before and 74% from the four-week average. Mexico picked up 2,300 tons and Canada purchased 700 tons. Cumulative soybean oil exports are 83,600 tons, compared to 103,600 a year ago.

Upland cotton was pegged at 84,900 bales, 14% less than the prior week, but 4% more than the four-week average. China bought 35,300 bales and Turkey picked up 19,400 bales. 2023/24 upland cotton exports are 10,889,500 bales, compared to 11,620,900 in 2022/23. Sales of 22,900 bales for 2024/25 delivery were primarily to Honduras (16,900 bales) and Bangladesh (5,800 bales).

Net beef sales totaled 18,700 tons, up 48% on the week and 53% from the four-week average. The listed purchasers were South Korea (6,100 tons), Japan (5,000 tons), Canada (1,700 tons), Taiwan (1,500 tons), and Mexico (1,400 tons). Shipments of 13,300 tons were 3% lower than the previous week and 12% below the four-week average, mostly to South Korea (3,800 tons), Japan (3,300 tons), China (2,500 tons), Mexico (1,100 tons), and Taiwan (1,000 tons).

Net pork sales totaled 28,700 tons, a loss of 48% from the week before and 24% from the four-week average. The reported buyers were Mexico (23,000 tons), South Korea (3,000 tons), Canada (1,200 tons), Costa Rica (1,000 tons), and China (800 tons), with net reductions by Australia (3,900 tons) and Japan (600 tons). Shipments of 34,900 tons were a gain of 2% on the week and 5% from the four-week average, mainly to Mexico (11,600 tons), South Korea (5,900 tons), Japan (4,600 tons), China (3,600 tons), and Canada (2,000 tons).

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