News
Beef export sales surge to marketing year high
U.S. beef export sales hit a marketing year high during the week ending April 25th. The USDA says beef sales were up sharply from both the previous week and the four-week average, driven by solid demand from several key customers in Asia led by South Korea and Japan. Pork was also up on the week, with Mexico buying about two thirds of the total. Old crop soybean and rice sales saw week-to-week improvements, while other commodities dipped, including a net reduction for wheat. Export business is driven by several factors, primarily the value of the dollar relative to other currencies and seasonal changes in supply. The USDA’s next round of supply and demand estimates is out Friday, May 10th at Noon Eastern/11 Central.
Physical shipments of corn 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 1st for wheat, August 1st for cotton and rice, September 1st for corn, sorghum, and soybeans, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.
Wheat had a net reduction of 20,300 tons (-700,000 bushels). That followed sales of 6,500 to 33,000 tons being offset by cancelations of 100 to 115,000 tons. With roughly a month remaining in the 2023/24 marketing year, wheat exports are 690.7 million bushels, compared to 694.5 million late in 2022/23. Sales of 406,900 tons (15 million bushels) for 2024/25 delivery were mainly to Taiwan (106,700 tons) and unknown destinations (95,000 tons).
Corn was reported at 758,500 tons (29.9 million bushels), down 42% from the week ending April 18th and 1% from the four-week average. Japan purchased 267,400 tons and Mexico bought 190,800 tons. Getting closer to the final quarter of the marketing year, corn exports are 1.84 billion bushels, compared to 1.501 billion a year ago. Sales of 33,700 tons (1.3 million bushels) for 2024/25 delivery were to Mexico (30,000 tons) and Canada (3,700 tons).
Sorghum sales were 6,500 tons (300,000 bushels), 83% lower than the previous week and 51% below the four-week average, all to China. Sorghum exports are 200.1 million bushels, compared to 62.8 million this time last year.
Rice sales were 59,800 tons, up 63% from the week before and 18% from the four-week average. Haiti picked up 22,400 tons and Japan purchased 14,000 tons, while unknown destinations canceled on 7,000 tons. Rice exports are 3,022,800 tons, compared to 1,831,500 a year ago.
Soybeans were pegged at 414,000 tons (15.2 million bushels), 96% higher than the prior week and 45% above the four-week average. Egypt bought 146,000 tons and Indonesia picked up 112,000 tons. So far, this marketing year, soybean exports are 1.54 billion bushels, compared to 1.863 billion last year. Sales of 7,000 tons (300,000 bushels) for 2024/25 delivery were to Taiwan (5,000 tons) and Indonesia (2,000 tons).
Soybean meal came out at 131,000 tons, a decrease of 57% on the week and 37% from the four-week average. The Dominican Republic purchased 40,400 tons and Morocco bought 19,900 tons, while unknown destinations canceled on 20,000 tons. At this point in the marketing year, soybean meal exports are 11,155,500 tons, compared to 9,742,600 a year ago. Sales of 3,400 tons for 2024/25 delivery were to Canada.
Soybean oil was reported at 7,200 tons, 56% less than the previous week, but 21% more than the four-week average. Jamaica picked up 3,500 tons and Colombia purchased 2,900 tons. Cumulative soybean oil exports are 111,400 tons, compared to 117,500 last year.
Upland cotton was pegged at 97,400 bales, a decline of 45% from the week before and 20% from the four-week average. Vietnam bought 29,600 bales and Pakistan picked up 17,400 bales. 2023/24 upland cotton exports are 11,391,700 bales, compared to 12,252,400 in 2022/23. Sales of 34,400 bales for 2024/25 delivery were primarily to Vietnam (9,200 bales) and Turkey (7,500 bales).
Net beef sales totaled 22,500 tons, an increase of 48% on the week and 38% from the four-week average. The reported buyers were South Korea (9,600 tons), Japan (5,200 tons), Taiwan (2,500 tons), China (1,600 tons), and Mexico (1,100 tons). Shipments of 14,600 tons were up 6% from the previous week and 1% from the four-week average, mostly to 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 tons, 17% larger than the week before and 6% greater than the four-week average. The listed buyers were Mexico (21,600 tons), Japan (4,200 tons), Canada (1,300 tons), Colombia (1,100 tons), and South Korea (900 tons). Shipments of 36,200 tons were 10% lower than the prior week and 5% less than the four-week average, mainly to Mexico (14,200 tons), South Korea (5,300 tons), Japan (4,800 tons), China (3,600 tons), and Canada (1,900 tons).
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