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Soybean, corn export sales see week-to-week decline
Soybean and corn export sales were down on the week. The USDA says the week-to-week decline for corn followed a slower week of business with Mexico, while soybean sales were impacted by a cancelation from unknown destinations. Pork, wheat, rice, cotton, and soybean meal sales for the week ending December 5th were also down on the week. Beef sales did see a slight improvement from the previous week’s marketing year low. Export trade is affected by a number of factors like the value of the dollar against other currencies, international political relations, and seasonal changes in global supplies. The USDA’s next round of supply and demand estimates is out January 10th.
Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2024/25 marketing year began 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 290,200 tons (10.7 million bushels), down 23% from the week ending November 28th and 31% from the four-week average. The Philippines purchased 92,000 tons and Mexico bought 73,700 tons. Just over the halfway point of the 2024/25 marketing year, wheat exports are 581.9 million bushels, compared to 534 million in 2023/24.
Corn was reported at 946,900 tons (37.3 million bushels), 45% lower than the previous week and 32% under the four-week average. Colombia picked up 257,900 tons and Mexico purchased 194,900 tons. Early in the second quarter of the marketing year, corn exports are 1.383 billion bushels, compared to 1.07 billion this time last year.
Sorghum sales of 6,300 tons (200,000 bushels) were a rise of 46% from the week before, but a drop of 94% from the four-week average, all to China. Sorghum exports are 45.6 million bushels, compared to 144.3 million a year ago.
Rice sales of 44,700 tons were a decline of 46% from the prior week and 41% from the four-week average. Unknown destinations bought 17,000 tons and Mexico picked up 10,000 tons. Rice exports of 1,650,200 tons, compared to 1,657,500 last year.
Soybeans were pegged at 1,173,800 tons (43.1 million bushels), a decrease of 49% on the week and 42% from the four-week average. China purchased 705,000 tons and Spain bought 245,800 tons, while unknown destinations canceled on 518,600 tons. So far, this marketing year, soybean exports are 1.37 billion bushels, compared to 1.223 billion a year ago.
Soybean meal came out at 176,300 tons, 36% below the previous week and 47% less than the four-week average. Mexico picked up 130,500 tons and Venezuela purchased 51,800 tons, while there were a handful of net reductions, led by Canada, which canceled on 57,500 tons. Just over two thirds into the first quarter of the marketing year, soybean meal exports are 7,449,100 tons, compared to 6,640,600 last year.
Soybean oil was reported at 63,800 tons, a big improvement from the week before and 40% larger than the four-week average. South Korea bought 31,000 tons and India picked up 10,000 tons. Cumulative soybean oil exports are 480,200 tons, compared to 28,300 a year ago.
Upland cotton was pegged at 153,000 bales, down 10% from the prior week and 37% from the four-week average. Vietnam purchased 75,800 bales and Pakistan picked up 50,700 bales. 2024/25 upland cotton exports are 7,011,900 bales, compared to 7,975,900 in 2023/24. Sales of 3,300 bales for 2025/26 delivery were to Japan.
Net beef sales totaled 11,000 tons, a sharp increase on the week and 32% more than the four-week average. The reported buyers were Japan (3,400 tons), South Korea (3,400 tons), Mexico (1,400 tons), Canada (800 tons), and China (700 tons), with cancelations by El Salvador (100 tons) and the Philippines (100 tons). Shipments of 15,100 tons were 5% higher than the previous week, but 1% lower than the four-week average, mainly to South Korea (4,500 tons), Japan (2,900 tons), China (2,200 tons), Mexico (1,800 tons), and Taiwan (1,300 tons). Sales of 5,400 tons for 2025 delivery were primarily to Japan (3,000 tons), South Korea (1,500 tons), China (200 tons), the Philippines (200 tons), and Taiwan (200 tons).
Net pork sales totaled 22,500 tons, 36% below the week before and 1% under the four-week average. The listed purchasers were Mexico (9,100 tons), Japan (4,500 tons), China (2,700 tons), Colombia (2,000 tons), and South Korea (1,000 tons), with a cancelation by Australia (300 tons). Shipments of 33,800 tons were 5% above the prior week and 10% greater than the four-week average, mostly to Mexico (14,700 tons), South Korea (3,900 tons), Japan (3,700 tons), China (3,100 tons), and Australia (2,000 tons). Sales of 4,600 tons for 2025 delivery were mainly to South Korea (2,400 tons), Japan (1,100 tons), Canada (500 tons), Mexico (300 tons), and Honduras (200 tons), with a cancelation by China (500 tons).
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