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Solid week for pork export sales

The USDA says the week ending June 20th was strong for pork export sales. Pork sales were up sharply from the previous week with Mexico buying more than half of the total, followed by Japan and Canada. Beef, corn, and soybean meal sales also saw week-to-week improvements while other commodities fell, including a marketing year low for soybean oil. The USDA’s next round of supply and demand estimates is out July 12th.

Physical shipments of corn and soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2024/25 marketing year kicked off June 1st for wheat, while 2023/24 got underway 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 667,200 tons (24.5 million bushels). Unknown destinations purchased 148,000 tons and the Philippines bought 102,000 tons. A few weeks into the 2024/25 marketing year, wheat exports are 223.9 million bushels, compared to 154.9 million in 2023/24.

Corn was reported at 542,200 tons (21.3 million bushels), up 6% from the week ending June 13th, but down 39% from the four-week average. Mexico picked up 453,700 tons and Japan purchased 137,800 tons, but unknown destinations canceled on 277,700 tons. In the final quarter of the 2023/24 marketing year, corn exports are 2.101 billion bushels, compared to 1.527 billion in 2022/23. Sales of 139,300 tons (5.5 million bushels) for 2024/25 delivery were mainly to Mexico (112,600 tons).

Sorghum sales were 3,200 tons (100,000 bushels), a drop of 94% from the previous week and 96% from the four-week average. China bought 11,200 tons and Mexico canceled on 8,000 tons. Sorghum exports are 214.8 million bushels, compared to 83.7 million a year ago.

Rice sales were 17,100 tons, a decline of 80% from the week before and 76% from the four-week average. Japan picked up 13,000 tons and Mexico purchased 4,100 tons, but Venezuela canceled on 3,800 tons. Rice exports are 3,393,300 tons, compared to 1,930,700 this time last year. Sales of 5,000 tons for 2024/25 delivery were to Honduras.

Soybeans were pegged at 282,900 tons (10.4 million bushels), 49% under the week before and 19% below the four-week average. China bought 77,700 tons and the Netherlands picked up 58,200 tons. So far, this marketing year, soybean exports are 1.637 billion bushels, compared to 1.923 billion a year ago. Sales of 101,800 tons (3.7 million bushels) for 2024/25 delivery were primarily to unknown destinations (86,000 tons).

Soybean meal came out at 219,300 tons, an increase of 23% on the week and 5% from the four-week average. The Philippines purchased 157,400 tons and Honduras bought 32,400 tons, but unknown destinations canceled on 93,000 tons. At this point in the marketing year, soybean meal exports are 12,866,200 tons, compared to 11,595,100 last year. Sales of 24,400 tons for 2024/25 delivery were mostly to El Salvador (15,000 tons) and Costa Rica (6,000 tons).

Soybean oil had a net reduction of 10,600 tons. Canada picked up 800 tons, but Mexico canceled on 11,400 tons. Cumulative soybean oil exports are 172,200 tons, compared to 129,500 a year ago. Sales of 300 tons for 2024/25 delivery were to Venezuela (200 tons) and Honduras (100 tons).

Upland cotton was pegged at 90,600 bales, a decrease of 52% from the previous week and 50% from the four-week average. China purchased 20,000 bales and Pakistan bought 16,700 bales. 2023/24 upland cotton exports are 12,822,800 bales, compared to 13,778,200 in 2022/23. Sales of 67,600 bales for 2024/25 delivery were mainly to China (35,600 bales) and Guatemala (10,700 bales).

Net beef sales totaled 16,700 tons, a rise of 13% from the week before and 17% from the four-week average. The reported buyers were China (4,000 tons), Japan (4,000 tons), South Korea (3,500 tons), Canada (1,300 tons), and Mexico (1,100 tons). Shipments of 16,400 tons were 2% less than the prior week, but 1% more than the four-week average, mainly to Japan (4,700 tons), South Korea (3,900 tons), China (1,900 tons), Canada (1,600 tons), and Taiwan (1,500 tons).

Net pork sales totaled 39,200 tons, a jump of 83% on the week and 25% from the four-week average. The listed purchasers were Mexico (20,200 tons), Japan (5,900 tons), Canada (4,200 tons), South Korea (3,900 tons), and Australia (3,100 tons), with a cancelation by the Dominican Republic (1,700 tons). Shipments of 28,300 tons were 2% lower than the previous week and 14% below the four-week average, primarily to Mexico (11,300 tons), Japan (4,100 tons), South Korea (2,700 tons), China (2,600 tons), and Canada (2,000 tons).

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