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Export sales of pork and rice hit the lowest level in the marketing year
U.S. export sales were weak overall for the week ending April 11, USDA reportsth. Pork hit the lowest price of the marketing year as there was decent demand from regular buyers, but some of those buyers also reduced their purchases slightly, nudging their weekly totals. Rice also hit its lowest market price of the year, and wheat and sorghum also experienced net declines. Corn and soybeans rose on the week but continued to reflect strong competition from other sellers, while beef and cotton showed weekly improvements. USDA's next supply and demand estimates will be released on April 18th.th.
Physical shipments of corn, soybeans, and wheat exceeded the amounts needed to meet USDA projections for the current marketing year. The 2023/24 marketing year began on June 1st of hiscent Wheat, August 1stcent Cotton and Rice, September 1stcent Corn, sorghum, soybean, and Oct.cent For soybean products. The sales year for beef and pork is the calendar year.
Wheat had a net decrease of 93,600 tons (-3.4 million bushels). Sales of 8,900-27,000 tonnes were offset by cancellations of 700-123,700 tonnes led by China. With about a month and a half left in the 2023-24 marketing year, wheat exports are 688.4 million bushels compared to 381.1 million bushels in 2022-23. Deliveries in 2024/25 were 222,000 tons (8.2 million bushels), mainly to Mexico (74,200 tons) and destinations unknown (65,000 tons).
Corn was reported at 501,200 tons (19.7 million bushels), an increase of 54% from the week ending April 4.th, but it was down 45% from the four-week average. Colombia bought 273,700 tons and Mexico 87,700 tons, but a vendor with an unknown destination canceled 78,300 tons. Corn exports for the second half of the marketing year were 1.759 billion bushels, compared to 1.498 billion bushels a year ago. Sales of 65,000 tons (2.6 million bushels) for 2024/25 delivery were to unknown destinations.
Mexico withdrew 8,000 tons of sorghum, resulting in a net loss of 1,800 tons (-100,000 bushels), but China canceled 9,800 tons. Sorghum exports totaled 198.4 million bushels, compared to 62.8 million bushels at this time last year.
Rice sales amounted to 5,900 tons, down 88% from the previous week and 94% from the four-week average. Mexico purchased 1,700 tons and Guatemala 1,000 tons. Rice exports totaled 7,926,300 tons, compared to 1,733,400 tons a year ago. Sales of 9,500 tons for delivery in 2024/25 were to Mexico.
Soybeans settled at 485,800 tons (17.9 million bushels), up 59% from the previous week and 62% above the four-week average. China bought 131,000 tons and Mexico 84,500 tons. Soybean exports so far this marketing year are 1.517 billion bushels, compared to 1.841 billion bushels last year. Sales of 263,200 tons (9.7 million bushels) for 2024/25 deliveries were primarily to destinations unknown (254,000 tons) and Taiwan (9,000 tons).
Soybean meal was 129,800 tons, down 31% from the previous week and 32% from the four-week average. Mexico picked up 64,600 tons, Ireland 19,500 tons, but a vendor with an unknown destination canceled 21,900 tons. With the second half of the marketing year just beginning, soybean meal exports amounted to 10,716,600 tonnes, compared to 9,409,500 tonnes a year ago. The 2024/25 delivery was 1,000 tonnes, destined for Canada.
Soybean oil was reported at 100 tonnes, down 97% for the week and 96% compared to the four-week average. Mexico purchased 400 tons and Canada canceled 200 tons. The cumulative export volume of soybean oil this year was 88,000 tons, compared to 103,300 tons last year.
Upland cotton was fixed at 146,100 bales, an increase of 79% from the previous week and 64% from the four-week average. China purchased 92,600 bales and Pakistan took over 9,600 bales. Upland cotton exports in 2023/24 were 11,117,200 bales compared to 11,826,100 bales 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 sales of beef totaled 17,700 tons, up 30% from the previous week and 27% from the four-week average. Reported purchasing countries were South Korea (5,400 tons), China (3,600 tons), Japan (2,800 tons), Taiwan (2,100 tons), and Mexico (1,800 tons). The shipment amount was 16,700 tons, an increase of 21% from the previous week and 20% from the four-week average, the highest in the market year, mainly from Japan (4,700 tons), South Korea (4,600 tons), China (2,800 tons), and Mexico (1,400 tons). ), Taiwan (900 tons).
Net pork sales totaled 21,800 tonnes, down 54% for the week and 47% compared to the four-week average. The listed buyers were Mexico (8,500 tonnes), China (3,000 tonnes), Japan (2,900 tonnes), Colombia (1,400 tonnes) and South Korea (1,200 tonnes). Shipments totaled 41,700 tons, an 18% increase from the previous week and a 22% increase from the four-week average, mainly from Mexico (16,200 tons), Japan (6,500 tons), South Korea (5,600 tons), China (3,600 tons), and Canada ( 1,900 tons).
