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Pork export sales hit marketing year high

Pork export sales surged to a marketing year high during the week ending March 21^st. The USDA says pork sales were driven by strong demand from Mexico, which picked up most of the week’s total, followed by Japan and Australia. Beef, corn, wheat, sorghum, soybean oil, and cotton sales also saw week-to-week improvements, while soybeans, soybean meal, and rice dipped. Export demand is driven by several factors including the value of the dollar relative to other currencies, seasonal changes in supply, and geopolitical relationships. The USDA’s next set of supply and estimates is out April 11^th.

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

Wheat came out at 339,600 tons (12.5 million bushels). Taiwan purchased 99,200 tons and South Korea bought 70,800 tons, with a cancelation by unknown destinations (39,000 tons). In the final quarter of the 2023/24 marketing year, wheat exports are 688.3 million bushels, compared to 659.4 million in 2022/23. Sales of 212,800 tons (7.8 million bushels) for 2024/25 delivery were mainly to South Korea (130,000 tons) and Mexico (34,700 tons).

Corn was reported at 1,206,500 tons (47.5 million bushels), up 2% from the week ending March 14^th and 4% from the four-week average. Mexico picked up 492,000 tons and Canada purchased 190,200 tons. Early in the back half of the marketing year, corn exports are 1.689 billion bushels, compared to 1.416 billion this time last year. Sales of 126,400 tons (5 million bushels) for 2024/25 delivery were primarily to Mexico (90,000 tons) and unknown destinations (25,400 tons).

Sorghum sales were 77,900 tons (3.1 million bushels), substantially larger than the previous week, but 42% under the four-week average, all to China. Sorghum exports are 197.8 million bushels, compared to 59 million a year ago.

Rice sales were 62,100 tons, a decline of 56% from the week before and 25% from the four-week average. Honduras bought 24,200 tons and Mexico picked up 15,800 tons. Rice exports are 2,759,700 tons, compared to 1,584,800 last year. Sales of 12,000 tons for 2024/25 delivery were to Honduras.

Soybeans were pegged at 263,900 tons (9.7 million bushels), down 47% from the prior week and 26% from the four-week average. China purchased 347,300 tons and Germany bought 69,000 tons, but unknown destinations canceled on 240,200 tons. So far, this marketing year, soybean exports are 1.483 billion bushels, compared to 1.828 billion a year ago. Sales of 120,000 tons (4.4 million bushels) for 2024/25 delivery were to unknown destinations.

Soybean meal came out at 127,300 tons, a drop of 48% on the week and 52% from the four-week average. Turkey picked up 33,000 tons and Colombia purchased 28,900 tons. Nearing the second half of the marketing year, soybean meal exports are 10,196,700 tons, compared to 8,764,500 tons last year. Sales of 1,200 tons for 2024/25 delivery were to Japan (700 tons) and Sri Lanka (500 tons).

Soybean oil was reported at 6,000 tons, quite a bit more than the previous week, but 48% less than the four-week average. Colombia bought 2,500 tons and unknown destinations picked up 2,000 tons, while Canada canceled on 1,100 tons. Cumulative soybean oil exports are 80,400 tons, compared to 76,000 a year ago.

Upland cotton was pegged at 98,200 bales, 8% higher than the week before and 46% above the four-week average. Turkey purchased 20,500 bales and China bought 13,400 bales. 2023/24 upland cotton exports are 10,804,700 bales, compared to 11,460,400 in 2022/23. Sales of 72,200 bales for 2024/25 delivery were mostly to Bangladesh (18,500 bales) and Turkey (17,600 bales).

Net beef sales totaled 12,700 tons, an increase of 15% from the prior week and 4% from the four-week average. The listed purchasers were Japan (3,400 tons), South Korea (3,400 tons), China (2,000 tons), Mexico (1,000 tons), and Taiwan (1,000 tons). Shipments of 14,100 tons were a decrease of 3% on the week and 10% from the four-week average, mainly to Japan (3,500 tons), South Korea (3,500 tons), China (2,300 tons), Mexico (1,400 tons), and Taiwan (1,100 tons).

Net pork sales totaled 55,300 tons, a gain of 64% from the previous week and 74% from the four-week average. The reported buyers were Mexico (32,800 tons), Japan (5,700 tons), Australia (5,400 tons), Canada (5,000 tons), and South Korea (2,800 tons), with a net reduction by Vietnam (1,300 tons). Shipments of 34,200 tons were up 6% from the week before and 4% from the four-week average, primarily to Mexico (13,100 tons), Japan (5,500 tons), South Korea (4,800 tons), China (3,300 tons), and Colombia (2,000 tons).