Beef Exports Reach All-Time High in Marketing Year
Published on: May 6, 2024.
Filed under:
Beef Export Sales Reach Highest Point in Marketing Year
In the week ending April 25th, U.S. beef export sales reached the highest point of the marketing year. According to the USDA, beef sales saw a significant increase compared to the previous week and the four-week average. This surge in sales was driven by strong demand from key Asian customers, with South Korea and Japan leading the way. Meanwhile, pork sales also saw an uptick, with Mexico accounting for about two thirds of the total.
In addition to beef and pork, there were also improvements in old crop soybean and rice sales. However, other commodities experienced a decrease, with wheat seeing a net reduction. The export business is influenced by various factors, including the value of the dollar relative to other currencies and seasonal changes in supply.
Looking ahead, the USDA will release its next round of supply and demand estimates on Friday, May 10th.
Meeting Projections and Marketing Years
The physical shipments of corn and wheat surpassed the USDA’s projections for the current marketing year. The marketing year varies for different agricultural products, with wheat starting on June 1st, cotton and rice on August 1st, corn, sorghum, and soybeans on September 1st, and soybean products on October 1st. Meanwhile, the marketing year for beef and pork follows the calendar year.
Wheat, which had a net reduction of 20,300 tons, has seen exports of 690.7 million bushels so far in the 2023/24 marketing year. Corn sales totaled 758,500 tons, with Japan and Mexico being the main buyers. Sorghum sales to China were significantly lower compared to the previous week. Rice sales, on the other hand, increased by 63%, with Haiti and Japan being the top purchasers. Soybean sales showed a significant increase, with Egypt and Indonesia leading the way.
Highlights of Export Sales
Here are some notable highlights of export sales for different commodities:
- Wheat: Sales of 406,900 tons for 2024/25 delivery, mainly to Taiwan and unknown destinations.
- Corn: 33,700 tons sold for 2024/25 delivery, with Mexico and Canada being the buyers.
- Sorghum: 6,500 tons sold, all to China.
- Rice: Sales of 59,800 tons, with Haiti and Japan being the primary purchasers.
- Soybeans: 7,000 tons sold for 2024/25 delivery, with Taiwan and Indonesia being the buyers.
- Soybean Meal: Sales of 3,400 tons for 2024/25 delivery, primarily to Canada.
- Soybean Oil: 7,200 tons sold, with Jamaica and Colombia making significant purchases.
- Upland Cotton: 34,400 bales sold for 2024/25 delivery, primarily to Vietnam and Turkey.
- Beef: Net sales of 22,500 tons, with South Korea, Japan, and Taiwan being the top buyers.
- Pork: Net sales of 33,600 tons, with Mexico and Japan accounting for the majority.
These sales figures demonstrate the strong demand for various agricultural products in international markets.
For more information, please visit the Source.
