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Strong week for pork export sales

U.S. pork export sales surged during the week ending May 23rd. The USDA says pork sales were up sharply from both the previous week and the four-week average thanks to continued solid demand from Mexico, which purchased more than half of the weekly total. Old crop soybean, soybean meal, sorghum, rice, and cotton futures also showed week-to-week improvements, while beef, corn, wheat, and soybean oil were down. Export demand is driven by several factors, including domestic prices, the value of the dollar, and seasonal changes in supply. The USDA’s next round of supply and demand estimates is out June 12th.

Physical shipments of corn were more than 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 had a net reduction of 60,900 tons (-2.2 million bushels). Sales of 1,800 to 17,500 tons were more than offset by cancelations ranging from 7,900 to 55,500 tons. With just a few reporting days remaining in the 2023/24 marketing year, wheat exports are 693.5 million bushels, compared to 684.6 million late in 2022/23. Sales of 381,700 tons (14 million bushels) for 2024/25 delivery were mainly to unknown destinations (82,100 tons) and Brazil (60,000 tons).

Corn was reported at 810,100 tons (31.9 million bushels), down 11% from the week ending May 16th and 2% from the four-week average. Mexico purchased 382,500 tons and Spain bought 165,000 tons, while unknown destinations canceled on 45,100 tons. Approaching the final quarter of the marketing year, corn exports are 1.972 billion bushels, compared to 1.503 billion a year ago. Sales of 187,800 tons (7.4 million bushels) for 2024/25 delivery were to Mexico (185,200 tons) and Honduras (2,600 tons).

Sorghum sales were 61,600 tons (2.4 million bushels), up sharply from both the previous week and the four-week average, all to China. Sorghum exports are 205.6 million bushels, compared to 70 million this time last year.

Rice sales were 105,200 tons, a solid increase from both the week before and the four-week average. Panama picked up 53,000 tons and Mexico purchased 39,700 tons. Rice exports are 3,195,100 tons, compared to 1,877,500 a year ago. Sales of 6,800 tons for 2024/25 delivery were to El Salvador (5,000 tons) and Japan (1,800 tons).

Soybeans were pegged at 329,400 tons (12.1 million bushels), 18% more than the prior week, but 5% less than the four-week average. Unknown destinations bought 147,800 tons and China picked up 71,100 tons. So far, this marketing year, soybean exports are 1.588 billion bushels, compared to 1.873 billion last year. Sales of 6,900 tons (300,000 bushels) for 2024/25 delivery were primarily to Indonesia (4,000 tons) and Taiwan (1,500 tons).

Soybean meal came out at 265,500 tons, a jump of 83% on the week and 35% from the four-week average. Colombia purchased 50,500 tons and Vietnam bought 50,000 tons, but unknown destinations canceled on 68,000 tons. At this point in the marketing year, soybean meal exports are 12,074,500 tons, compared to 10,969,600 a year ago. Sales of 20,200 tons for 2024/25 delivery were to the Dominican Republic (13,500 tons) and Mexico (6,700 tons).

Soybean oil was reported at 10,200 tons, a big drop from the previous week, but a rise of 53% from the four-week average. Mexico picked up 11,400 tons and Colombia purchased 300 tons, while the Dominican Republic canceled on 1,500 tons. Cumulative soybean oil exports are 141,300 tons, compared to 126,600 last year.

Upland cotton was pegged at 222,600 bales, 10% higher than the week before and 25% above the four-week average. China bought 191,900 bales and Vietnam picked up 8,500 bales. 2023/24 upland cotton exports are 12,227,300 bales, compared to 13,030,600 in 2022/23. Sales of 78,100 bales for 2024/25 delivery were mostly to Turkey (26,400 bales) and El Salvador (20,900 bales).

Net beef sales totaled 15,700 tons, a decline of 27% from the prior week and 12% from the four-week average. The listed purchasers were Japan (4,500 tons), China (2,800 tons), Mexico (1,500 tons), Hong Kong (1,300 tons), and Taiwan (1,300 tons). Shipments of 16,100 tons were down 7% on the week, but up 1% from the four-week average, mainly to South Korea (4,200 tons), Japan (3,700 tons), China (2,800 tons), Mexico (1,500 tons), and Taiwan (1,300 tons).

Net pork sales totaled 44,400 tons, 69% higher than both the previous week and the four-week average. The reported buyers were Mexico (23,200 tons), Australia (6,100 tons), Japan (3,600 tons), Canada (2,600 tons), and China (2,400 tons). Shipments of 34,700 tons were 1% above the week before and steady with the four-week average, primarily to Mexico (14,600 tons), Japan (4,100 tons), South Korea (4,000 tons), China (3,100 tons), and Colombia (2,300 tons). Sales of 100 tons for 2025 delivery were to Australia.

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