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U.S. export sales down on week

The USDA reports a down week for U.S. export sales. The week-to-week declines were influenced by several factors, including rising U.S. barge freight rates due to low levels on some rivers, increased prices for some commodities, and the relative strength of the dollar. These bearish sales totals for the week ending September 19^th included a marketing year low for wheat and net reductions for sorghum and old crop soybean meal. The USDA’s next round of supply and demand estimates is out October 11^th.

Physical shipments of wheat were more than what’s needed to meet projections for the current marketing year. The 2024/25 marketing year started June 1^st for wheat, August 1^st for cotton and rice, and September 1^st for corn, sorghum, and soybeans, while 2023/24 kicked off October 1^st, 2023, for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 158,900 tons (5.8 million bushels), down 36% from the week ending September 12^th and 60% from the four-week average. Chile purchased 83,000 tons and the Philippines bought 49,700 tons, but unknown destinations canceled on 156,600 tons. At this point in the 2024/25 marketing year, wheat exports are 410.5 million bushels, compared to 336.8 million in 2023/24. Sales of 10,000 tons (400,000 bushels) for 2025/26 delivery were to Peru.

Corn was reported at 535,100 tons (21.1 million bushels). Colombia picked up 168,200 tons and Mexico purchased 160,700 tons, while unknown destinations canceled on 121,900 tons. Less than a month into the marketing year, corn exports are 580.4 million bushels, compared to 494.8 million a year ago.

Sorghum had a net reduction of 1,000 tons following a cancelation by China. Sorghum exports are 24.2 million bushels, compared to 80.9 million this time last year.

Rice sales of 55,300 tons were 32% lower than the previous week, but 6% higher than the four-week average. Mexico bought 17,400 tons and El Salvador picked up 13,000 tons. Rice exports are 929,000 tons, compared to 706,800 tons a year ago.

Soybeans were pegged at 1,574,700 tons (57.9 million bushels). China purchased 869,700 tons and unknown destinations bought 245,300 tons. So far, this marketing year, soybean exports are 645.2 million bushels, 648.3 million last year.

Old crop soybean meal had a net reduction of 7,900 tons as sales of 3,000 to 17,200 tons were more than offset by cancelations of 2,800 to 23,000 tons. Approaching the end of the 2023/24 marketing year, soybean meal exports are 13,877,800 tons, compared to 12,889,300 late in 2022/23. Sales of 279,000 tons for 2024/25 delivery were mainly to the Philippines (174,900 tons) and Costa Rica (26,300 tons).

Soybean oil was reported at 900 tons, a drop of 98% from the week before and 92% from the four-week average. Canada picked up 700 tons and Mexico purchased 200 tons. Cumulative soybean oil exports are 281,300 tons, compared to 132,000 a year ago. Sales of 3,500 tons for 2025/26 delivery were primarily to the Dominican Republic (2,000 tons) and Honduras (1,200 tons).

Upland cotton was pegged at 87,800 bales, falling 18% from the prior week and 38% from the four-week average. Turkey bought 31,500 bales and Pakistan picked up 31,100 bales. 2024/25 upland cotton exports are 4,959,000 bales, compared to 5,540,500 in 2023/24.

Net beef sales totaled 10,100 tons, a decrease of 35% on the week and 34% from the four-week average. The reported purchasers were China (2,100 tons), Japan (1,700 tons), Mexico (1,600 tons), South Korea (1,400 tons), and Canada (1,200 tons). Shipments of 12,500 tons down 24% from the previous week and 14% from the four-week average, mostly to South Korea (3,100 tons), Japan (2,600 tons), China (1,500 tons), Mexico (1,300 tons), and Taiwan (1,100 tons). Sales of 100 tons for 2025 delivery were to Japan.

Net pork sales of 28,000 tons were a decline of 3% from the week before and 8% from the four-week average. The listed buyers were Mexico (13,000 tons), Canada (3,300 tons), China (2,700 tons), South Korea (2,500 tons), and Colombia (1,900 tons). Shipments of 27,900 tons were 11% lower than the prior week and 3% less than the four-week average, mainly to Mexico (11,800 tons), Japan (3,600 tons), China (3,000 tons), South Korea (2,000 tons), and Colombia (1,900 tons).