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News:

Solid Week for Pork Export Sales

The United States Department of Agriculture (USDA) has reported that the week ending June 20th saw strong sales in pork exports. Pork sales experienced a significant increase from the previous week, with Mexico being the largest buyer, followed by Japan and Canada. Other commodities, including beef, corn, and soybean meal, also saw improvements in week-to-week sales. However, soybean oil sales reached a marketing year low. The USDA will release its next round of supply and demand estimates on July 12th.

Strong Corn and Soybean Shipments

Physical shipments of corn and soybeans surpassed the USDA’s projections for the current marketing year. The marketing year for wheat began on June 1st for 2024/25, while cotton and rice began on August 1st for 2023/24. Beans, corn, and sorghum had a marketing year kickoff on September 1st, and soybean products started on October 1st. Beef and pork follow the calendar year as their marketing year.

Highlights from Export Sales:

• Wheat: Wheat exports reached 667,200 tons (24.5 million bushels). 148,000 tons were purchased by unknown destinations, and the Philippines bought 102,000 tons. So far, wheat exports for the 2024/25 marketing year have reached 223.9 million bushels, compared to 154.9 million in the previous year.
• Corn: Corn sales stood at 542,200 tons (21.3 million bushels), marking a 6% increase from the previous week. Mexico bought 453,700 tons, and Japan purchased 137,800 tons. However, unknown destinations canceled on 277,700 tons. The last quarter of the 2023/24 marketing year saw corn exports reach 2.101 billion bushels, compared to 1.527 billion in the previous year. Additionally, sales of 139,300 tons (5.5 million bushels) have been made for the 2024/25 delivery, mainly to Mexico (112,600 tons).
• Sorghum: Sorghum sales dropped by 94% to 3,200 tons (100,000 bushels) from the previous week and 96% from the four-week average. China bought 11,200 tons, but Mexico canceled on 8,000 tons. So far, sorghum exports have reached 214.8 million bushels, compared to 83.7 million in the previous year.
• Rice: Rice sales declined by 80% to 17,100 tons from the previous week and 76% from the four-week average. Japan purchased 13,000 tons, and Mexico bought 4,100 tons, but Venezuela canceled on 3,800 tons. Rice exports reached 3,393,300 tons, compared to 1,930,700 in the same period last year. Sales of 5,000 tons have been made for the 2024/25 delivery, with Honduras being the buyer.
• Soybeans: Soybean sales were pegged at 282,900 tons (10.4 million bushels), representing a 49% decrease from the previous week and a 19% decrease from the four-week average. China bought 77,700 tons, and the Netherlands purchased 58,200 tons. This marketing year, soybean exports have reached 1.637 billion bushels, compared to 1.923 billion in the previous year. Sales of 101,800 tons (3.7 million bushels) for the 2024/25 delivery have mainly been made to unknown destinations (86,000 tons).
• Soybean Meal: Soybean meal sales totaled 219,300 tons, showcasing a 23% increase from the week before and a 5% increase from the four-week average. The Philippines purchased 157,400 tons, and Honduras bought 32,400 tons. However, unknown destinations canceled on 93,000 tons. Soybean meal exports for this marketing year have reached 12,866,200 tons, compared to 11,595,100 tons in the previous year. Sales of 24,400 tons have been made for the 2024/25 delivery, with El Salvador and Costa Rica being the main buyers.
• Soybean Oil: Soybean oil experienced a net reduction of 10,600 tons. Canada bought 800 tons, but Mexico canceled on 11,400 tons. Cumulative soybean oil exports have reached 172,200 tons, compared to 129,500 tons in the previous year. Sales of 300 tons have been made for the 2024/25 delivery, primarily to Venezuela and Honduras.
• Cotton: Upland cotton sales reached 90,600 bales, which represented a 52% decrease from the previous week and a 50% decrease from the four-week average. China bought 20,000 bales, and Pakistan purchased 16,700 bales. Upland cotton exports for the 2023/24 marketing year totaled 12,822,800 bales, compared to 13,778,200 in the previous year. Sales of 67,600 bales have been made for the 2024/25 delivery, with China and Guatemala being the main buyers.
• Beef: Net beef sales reached 16,700 tons, demonstrating a 13% increase from the previous week and a 17% increase from the four-week average. The reported buyers were China, Japan, South Korea, Canada, and Mexico. Shipments totaled 16,400 tons, which was 2% less than the prior week but 1% more than the four-week average. The main destinations for these shipments were Japan, South Korea, China, Canada, and Taiwan.
• Pork: Net pork sales recorded an impressive total of 39,200 tons, experiencing an 83% increase from the previous week and a 25% increase from the four-week average. The listed buyers were Mexico, Japan, Canada, South Korea, and Australia. However, the Dominican Republic canceled on 1,700 tons. Shipments of 28,300 tons were 2% lower than the previous week and 14% below the four-week average, mainly going to Mexico, Japan, South Korea, China, and Canada.

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