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Beef export sales soar to market year high
Week ending April 25th, U.S. beef export sales hit market year highth. The USDA said beef sales were up significantly from the previous week and the average of the past four weeks, driven by strong demand from several major customers in Asia, primarily South Korea and Japan. Pork prices also rose this week, with Mexico buying about two-thirds of the total. Sales of old crops soybeans and rice improved weekly, but other commodities, including a net decline in wheat, fell. Export business depends on several factors, primarily seasonal fluctuations in the value and supply of the dollar relative to other currencies. USDA's next supply and demand estimates will be released on Friday, May 10th.th Noon Eastern/11 Central.
Physical shipments of corn and wheat exceeded the quantities needed to meet USDA projections for the current marketing year. The 2023/24 marketing year started on June 1st hecent 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 20,300 tons (-700,000 bushels). Subsequent sales of 6,500 to 33,000 tonnes were offset by cancellations of 100 to 115,000 tonnes. With about a month left in the 2023/24 marketing year, wheat exports totaled 690.7 million bushels, compared to 694.5 million bushels at the end of 2022/23. . Deliveries in 2024/25 were 406,900 tons (15 million bushels), mainly to Taiwan (106,700 tons) and destination unknown (95,000 tons).
Corn was reported at 758,500 tons (29.9 million bushels), down 42% from the week ending April 18.th 1% from the four-week average. Japan purchased 267,400 tons and Mexico 190,800 tons. As the final quarter of the marketing year approaches, corn exports are at his 1.84 billion bushels, down from his 1.51 billion bushels a year earlier. Deliveries in 2024/25 were 33,700 tonnes (1.3 million bushels), sold to Mexico (30,000 tonnes) and Canada (3,700 tonnes).
Sorghum sales totaled 6,500 tons (300,000 bushels), down 83% from the previous week and 51% below the four-week average, all of which went to China. Sorghum exports totaled 201 million bushels, compared to 62.8 million bushels at this time last year.
Rice sales amounted to 59,800 tons, an increase of 63% from the previous week and an 18% increase from the four-week average. Haiti took over 22,400 tons and Japan purchased 14,000 tons, but 7,000 tons with unknown destinations were cancelled. Rice exports totaled 3,022,800 tons, compared to 1,831,500 tons a year ago.
Soybeans were fixed at 414,000 tons (15.2 million bushels), up 96% from the previous week and 45% above the four-week average. Egypt purchased 146,000 tonnes and Indonesia took over 112,000 tonnes. Soybean exports so far this marketing year are 1.54 billion bushels, compared to 1.863 billion bushels last year. Deliveries in 2024/25 were 7,000 tons (300,000 bushels), sold to Taiwan (5,000 tons) and Indonesia (2,000 tons).
Soybean meal was 131,000 tonnes, down 57% for the week and 37% compared to the four-week average. The Dominican Republic bought 40,400 tonnes, Morocco 19,900 tonnes, while countries with unknown destinations canceled 20,000 tonnes. Marketing At this point in the year, soybean meal export volume is 11,155,500 tons, compared with 9,742,600 tons a year ago. Deliveries in 2024/25 amounted to 3,400 tonnes and were destined for Canada.
Soybean oil was reported at 7,200 tonnes, down 56% from the previous week but up 21% from the four-week average. Jamaica took over 3,500 tonnes and Colombia purchased 2,900 tonnes. The cumulative export volume of soybean oil was 111,400 tons (117,500 tons last year).
Upland cotton was fixed at 97,400 bales, down 45% from the previous week and 20% from the four-week average. Vietnam purchased 29,600 bales and Pakistan took over 17,400 bales. Upland cotton exports in 2023/24 were 11,391,700 bales compared to 12,252,400 bales in 2022/23. Sales of 34,400 bales delivered in 2024/25 were mainly to Vietnam (9,200 bales) and Turkey (7,500 bales).
Net beef sales totaled 22,500 tonnes, an increase of 48% for the week and 38% compared to the four-week average. Reported purchasing countries were South Korea (9,600 tons), Japan (5,200 tons), Taiwan (2,500 tons), China (1,600 tons), and Mexico (1,100 tons). Shipments totaled 14,600 tons, up 6% from the previous week and 1% from the four-week average, mainly from Japan (3,800 tons), South Korea (3,400 tons), China (2,300 tons), Taiwan (1,400 tons), and Mexico ( 1,200 tons).
Net pork sales totaled 33,600 tonnes, 17% higher than the previous week and 6% higher than the four-week average. Listed buyers were Mexico (21,600 tonnes), Japan (4,200 tonnes), Canada (1,300 tonnes), Colombia (1,100 tonnes) and South Korea (900 tonnes). Shipments amounted to 36,200 tons, down 10% from the previous week and 5% below the four-week average, mainly from Mexico (14,200 tons), South Korea (5,300 tons), Japan (4,800 tons), China (3,600 tons), and Canada ( 1,900 tons).
