News

Pork, rice export sales notch marketing year lows

The USDA’s reporting generally slow U.S. export sales during the week ending April 11^th. Pork hit a marketing year low with decent demand from the usual buyers, but with several of those buyers also making small reductions in their purchases, chipping away at the weekly total. Rice also hit a marketing year low, and wheat and sorghum had net reductions. Corn and soybeans were up on the week, but continue to reflect heavy competition from other sellers, while beef and cotton showed week to week improvements. The USDA’s next round of supply and demand estimates is out April 18^th.

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

Wheat had a net reduction of 93,600 tons (-3.4 million bushels). Sales of 8,900 to 27,000 tons were more than offset by cancelations of 700 to 123,700 tons, led by China. With about a month and a half remaining in the 2023/24 marketing year, wheat exports are 688.4 million bushels, compared to 381.1 million in 2022/23. Sales of 222,000 tons (8.2 million bushels) for 2024/25 delivery were mainly to Mexico (74,200 tons) and unknown destinations (65,000 tons).

Corn was reported at 501,200 tons (19.7 million bushels), up 54% from the week ending April 4^th, but down 45% from the four-week average. Colombia purchased 273,700 tons and Mexico bought 87,700 tons, while unknown destinations canceled on 78,300 tons. In the back half of the marketing year, corn exports are 1.759 billion bushels, compared to 1.498 billion a year ago. Sales of 65,000 tons (2.6 million bushels) for 2024/25 delivery were to unknown destinations.

Sorghum had a net reduction of 1,800 tons (-100,000 bushels), as Mexico picked up 8,000 tons, but China canceled on 9,800 tons. Sorghum exports are 198.4 million bushels, compared to 62.8 million this time last year.

Rice sales were 5,900 tons, a drop of 88% from the previous week and 94% from the four-week average. Mexico purchased 1,700 tons and Guatemala bought 1,000 tons. Rice exports are 7,926,300 tons, compared to 1,733,400 a year ago. Sales of 9,500 tons for 2024/25 delivery were to Mexico.

Soybeans were pegged at 485,800 tons (17.9 million bushels), 59% higher than the week before and 62% above the four-week average. China picked up 131,000 tons and Mexico purchased 84,500 tons. So far, this marketing year, soybean exports are 1.517 billion bushels, compared to 1.841 billion last year. Sales of 263,200 tons (9.7 million bushels) for 2024/25 delivery were primarily to unknown destinations (254,000 tons) and Taiwan (9,000 tons).

Soybean meal came out at 129,800 tons, a decline of 31% from the prior week and 32% from the four-week average. Mexico bought 64,600 tons and Ireland picked up 19,500 tons, while unknown destinations canceled on 21,900 tons. Just starting the second half of the marketing year, soybean meal exports are 10,716,600 tons, compared to 9,409,500 a year ago. Sales of 1,000 tons for 2024/25 delivery were to Canada.

Soybean oil was reported at 100 tons, falling 97% on the week and 96% from the four-week average. Mexico purchased 400 tons and Canada canceled on 200 tons. Cumulative soybean oil exports this marketing year are 88,000 tons, compared to 103,300 last year.

Upland cotton was pegged at 146,100 bales, a rise of 79% from the previous week and 64% from the four-week average. China bought 92,600 bales and Pakistan picked up 9,600 bales. 2023/24 upland cotton exports are 11,117,200 bales, compared to 11,826,100 in 2022/23. Sales of 80,100 bales for 2024/25 delivery were mostly to Honduras (45,100 bales) and Peru (10,500 bales).

Net beef sales totaled 17,700 tons, an increase of 30% from the week before and 27% from the four-week average. The reported purchasers were South Korea (5,400 tons), China (3,600 tons), Japan (2,800 tons), Taiwan (2,100 tons), and Mexico (1,800 tons). Shipments of 16,700 tons were a marketing year high, up 21% from the prior week and 20% from the four-week average, mainly to Japan (4,700 tons), South Korea (4,600 tons), China (2,800 tons), Mexico (1,400 tons), and Taiwan (900 tons).

Net pork sales totaled 21,800 tons, a decrease of 54% on the week and 47% from the four-week average. The listed buyers were Mexico (8,500 tons), China (3,000 tons), Japan (2,900 tons), Colombia (1,400 tons), and South Korea (1,200 tons). Shipments of 41,700 tons were 18% larger than the previous week and 22% greater than the four-week average, primarily to Mexico (16,200 tons), Japan (6,500 tons), South Korea (5,600 tons), China (3,600 tons), and Canada (1,900 tons).