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Corn export sales fall to market year low
Week ending April 4, U.S. corn export sales hit year-lowth.
The new low, just past the midpoint of the market year, follows significant cancellations due to unknown destinations, according to the USDA. Export demand for corn is strong, but there is competition from Brazil and Ukraine, especially in business with China. Soybeans, wheat, soybean oil, and pork all showed weekly improvements, while soybean meal, sorghum, rice, cotton, and beef were below last week's levels. Export trade depends on several factors, including the value of the dollar relative to other currencies, geopolitical issues, and seasonal fluctuations in supply.
Physical shipments of corn, soybeans, and wheat exceeded what was needed to meet expectations for the current marketing year. The 2023/24 season started on June 1st.cent 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 production was 80,700 tons (3 million bushels), a significant increase from the week ending March 28.thHowever, it was down 2% from the 4-week average. The Philippines purchased 62,600 tons and Algeria 19,000 tons, but there were also several cancellations due to unknown destinations. With just under two months left in the 2023-24 marketing year, wheat exports totaled 691.8 million bushels, compared to 671.5 million bushels in 2022-23. Sales of 274,400 tons (10.1 million bushels) for delivery in 2024/25 were primarily to Japan (90,900 tons) and South Korea (62,500 tons).
Corn was reported at 325,500 tons (12.8 million bushels), down 66% from the previous week and down 72% from the four-week average. Japan purchased 221,100 tons and Mexico 191,400 tons, but an unknown supplier canceled 261,700 tons. At the midpoint of the marketing year, corn exports totaled 1.739 billion bushels (compared to 1.486 billion bushels at this time last year). For 2024/25 deliveries, 9,500 tons (400,000 bushels) were sold to Nicaragua (6,000 tons) and Honduras (3,500 tons).
Sorghum sales were 5,200 tons (200,000 bushels), down 55% from the previous week and 80% from the four-week average. China purchased 73,200 tons, but an unknown supplier canceled 68,000 tons. Sorghum exports totaled 198.5 million bushels, compared to 61.6 million bushels a year ago.
Rice sales amounted to 48,000 tons, down 57% from the previous week and 47% from the four-week average. Haiti took over 16,200 tons and Panama purchased 10,000 tons. The export volume of rice was 2,924,000 tons (1,722,900 tons last year). Sales of 500 tons for delivery in 2024/25 were to Taiwan.
Soybeans pegged at 305,300 tons (11.2 million bushels), up 57% for the week but down 3% from the four-week average. Mexico took over 172,600 tons and Egypt 85,200 tons, but 117,200 tons with unknown destinations were cancelled. Soybean exports so far this marketing year are 1.51 billion bushels, compared to 1.842 billion bushels a year ago.
Soybean meal was 187,900 tons, down 7% from the previous week and 4% from the four-week average. Tunisia bought 30,000 tons and Costa Rica 26,600 tons. Soybean meal exports at the beginning of the second half of the market year amounted to 10,586,800 tons, compared to 9,265,000 tons last year. Sales of 53,400 tonnes for delivery in 2024/25 were due to sales of 60,000 tonnes to unknown destinations, partially offset by a cancellation of 6,600 tonnes by Canada.
Soybean oil was reported at 4,300 tonnes, up 39% from the previous week but down 22% from the four-week average. Mexico took back 4,700 tonnes and Canada canceled 400 tonnes. The cumulative export volume of soybean oil was 87,800 tons (103,100 tons in the same period last year).
Upland cotton exports were pegged at 81,500 bales, down 4% from the previous week and 10% from the four-week average. China purchased 50,200 bales and Pakistan 23,900 bales. Upland cotton exports in 2023/24 were 10,971,100 bales compared to 11,764,100 bales in 2022/23. Sales of 35,700 bales delivered in 2024/25 were mainly to Turkey (24,400 bales), Indonesia (4,400 bales) and Vietnam (4,400 bales).
Net beef sales totaled 13,200 tonnes, down 27% for the week but up 2% compared to the four-week average. Reported purchasing countries were South Korea (3,700 tons), Japan (2,700 tons), China (1,800 tons), Taiwan (1,600 tons), and Mexico (1,200 tons). Shipments totaled 13,900 tons, up 4% from the previous week, but down 4% from the four-week average, mainly from Japan (3,700 tons), South Korea (3,600 tons), China (2,200 tons), and Mexico ( 1,200 tons). , Taiwan (800 tons).
Net pork sales totaled 47,400 tons, up 65% from the previous week and 33% from the four-week average. Listed as buyers were Mexico (19,700 tonnes), South Korea (9,200 tonnes), China (7,200 tonnes), Japan (6,900 tonnes), Colombia (1,700 tonnes), Canada (500 tonnes) and Australia (200 tonnes). has been canceled. , Chile (200 tons), New Zealand (100 tons), Taiwan (100 tons). Shipments totaled 35,500 tons, an increase of 2% from the previous week and 5% above the four-week average, mainly from Mexico (12,500 tons), Japan (5,400 tons), South Korea (5,200 tons), China (3,600 tons), and Canada. (2,000 tons).
