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Pork export sales record market year high
Pork export sales surge to market year high in week ending March 21cent. Pork sales were driven by strong demand from Mexico, which accounted for most of this week's total sales, followed by Japan and Australia, the Agriculture Department said. Sales of beef, corn, wheat, sorghum, soybean oil, and cotton also improved weekly, but sales of soybeans, soybean meal, and rice fell. Export demand is determined by several factors, including the value of the dollar relative to other currencies, seasonal changes in supply, and geopolitical relationships. USDA's next supply and estimates will be released on April 11thth.
Physical shipments of corn and soybeans 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 Beans, corn, sorghum, and oct.cent For soybean products. The sales year for beef and pork is the calendar year.
Wheat was 339,600 tons (12.5 million bushels). Taiwan purchased 99,200 tons, South Korea purchased 70,800 tons, and there were cancellations due to unknown destination (39,000 tons). Wheat exports in the final quarter of 2023/24 were 688.3 million bushels, compared to 659.4 million bushels in 2022/23. Sales of 212,800 tons (7.8 million bushels) for delivery in 2024/25 were primarily to South Korea (130,000 tons) and Mexico (34,700 tons).
Corn was reported at 1,206,500 tons (47.5 million bushels), an increase of 2% from the week ending March 14.th That's 4% from the four-week average. Mexico bought 492,000 tonnes and Canada 192,000 tonnes. Corn exports at the beginning of the second half of the marketing year were 1,689 million bushels, compared to 1,416 million bushels at this time last year. Sales of 126,400 tons (5 million bushels) for 2024/25 deliveries were primarily to Mexico (90,000 tons) and unknown destinations (25,400 tons).
Sorghum sales totaled 77,900 tons (3.1 million bushels), a significant increase from the previous week but 42% below the four-week average, all of which went to China. Sorghum exports totaled 197.8 million bushels, compared to 59 million bushels a year ago.
Rice sales amounted to 62,100 tons, down 56% from the previous week and 25% from the four-week average. Honduras purchased 24,200 tons and Mexico took 15,800 tons. The export volume of rice was 2,759,700 tons (1,584,800 tons last year). Sales of 12,000 tonnes for delivery in 2024/25 were to Honduras.
Soybean production was pegged at 263,900 tons (9.7 million bushels), down 47% from the previous week and down 26% from the four-week average. China purchased 347,300 tons and Germany 69,000 tons, but 240,200 tons whose destination was unknown were cancelled. Soybean exports so far this marketing year are 1.483 billion bushels, compared to 1.828 billion bushels a year ago. The sale of 120,000 tons (4.4 million bushels) for delivery in 2024/25 was to an unknown destination.
Soybean meal was 127,300 tonnes, down 48% for the week and 52% from the four-week average. Turkey took over 33,000 tonnes and Colombia purchased 28,900 tonnes. Nearing the second half of the marketing year, soybean meal exports stood at 10,196,700 tons, compared to 8,764,500 tons last year. Sales of the 1,200 tons delivered in 2024/25 were in Japan (700 tons) and Sri Lanka (500 tons).
Soybean oil was reported at 6,000 tonnes, a significant increase from the previous week but 48% below the four-week average. Colombia purchased 2,500 tonnes, 2,000 tonnes were picked up by an unknown vendor and Canada canceled 1,100 tonnes. Cumulative exports of soybean oil totaled 80,400 tons, compared to 76,000 tons a year ago.
Upland cotton was fixed at 98,200 bales, up 8% from the previous week and 46% above the four-week average. Turkey purchased 20,500 bales and China 13,400 bales. Upland cotton export volume in 2023/24 was 10,804,700 bales compared to 11,460,400 bales in 2022/23. Sales of 72,200 bales delivered in 2024/25 were mainly to Bangladesh (18,500 bales) and Turkey (17,600 bales).
Net sales of beef totaled 12,700 tons, an increase of 15% from the previous week and an increase of 4% from the four-week average. The purchasing countries are 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 mainly shipped 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 were 55,300 tons, up 64% from the previous week and 74% from the four-week average. Reported purchasing countries were Mexico (32,800 tons), Japan (5,700 tons), Australia (5,400 tons), Canada (5,000 tons), South Korea (2,800 tons), and the net decrease was Vietnam (1,300 tons). Shipments totaled 34,200 tons, an increase of 6% from the previous week and 4% from the four-week average, mainly from Mexico (13,100 tons), Japan (5,500 tons), South Korea (4,800 tons), China (3,300 tons), and Colombia ( 2,000 tons).
