Beef and wheat export sales hit the lowest level in the marketing year

news

Beef and wheat export sales hit the lowest level in the marketing year

The USDA announced that export sales of several major products hit market year lows in the week ending March 7.^th. Beef and wheat had weaker-than-average price movements due to strong competition from other exporters and the relative strength of the dollar. Corn remains one of the bright spots, with sales increasing this week and exceeding sales needed to meet forecasts for the current marketing year. USDA’s next supply and demand estimates will be released on April 11th.^th.

Physical shipments of corn and soybeans exceeded the criteria to meet USDA’s projections for the 2023/24 marketing year.The current marketing year began on June 1st of his^cent Wheat, August 1st^cent Cotton and Rice, September 1st^cent Beans, corn, sorghum, and oct.^cent For soybean products. The sales year for beef and pork is the calendar year.

Wheat production was 83,800 tons (3.1 million bushels), down 69% from the week ending February 29.^th 71% compared to the four-week average. Mexico purchased 159,100 tons, the Philippines 49,200 tons, but 169,000 tons were shipped to unknown destinations, and China canceled 120,100 tons. Wheat exports in the final quarter of 2023-24 were 679.8 million bushels compared to 651.8 million bushels in 2022-23. Sales of 81,300 tons (3 million bushels) for 2024/25 delivery were primarily to the Philippines (60,000 tons) and Honduras (11,300 tons).

Corn was reported at 1,283,400 tons (50.5 million bushels), an increase of 16% from the previous week and 19% from the four-week average. Japan took over 346,100 tons and Mexico purchased 233,000 tons. Corn exports at the beginning of the second half of the marketing year were 1.595 billion bushels, compared to 1.253 billion bushels at this time last year.

Sorghum sales totaled 5,700 tons (200,000 bushels), down 93% from the previous week and 96% from the four-week average, all of which went to China. Sorghum exports totaled 194.3 million bushels, compared to 59.1 million bushels a year ago.

Rice sales were 43,800 tons, down 48% from the previous week and 46% below the four-week average. Mexico took over 37,600 tons, Saudi Arabia 8,600 tons and Jordan canceled 14,000 tons. The amount of rice exported was 2,555,500 tons (1,553,500 tons last year).

Soybeans pegged at 376,000 tons (13.8 million bushels), down 39% for the week but up 55% compared to the four-week average. China purchased 256,100 tons and Germany 142,700 tons, but an unknown supplier canceled 310,800 tons. Soybean exports so far this marketing year are 1.458 billion bushels, compared to 1.812 billion bushels a year ago. 2024/25 deliveries totaled 94,300 tons (3.5 million bushels), with destinations unknown (60,000 tons) and Mexico (34,300 tons).

Soybean meal was 209,500 tons, up 33% from the previous week but down 18% from the four-week average. Italy bought 77,000 tons and Mexico bought 37,500 tons, but a vendor with an unknown destination canceled 35,000 tons. As the marketing year for soybean products approaches its second half, the export volume of soybean meal is 9,826,000 tons, compared to 8,265,400 tons last year. Sales of 96,300 tonnes for delivery in 2024/25 were to destinations unknown (96,000 tonnes) and Canada (300 tonnes).

Soybean oil was reported at 11,200 tonnes, down 62% from the previous week but up 67% from the four-week average. Mexico purchased 7,000 tonnes and Canada took 4,200 tonnes. The cumulative export volume of soybean oil was 72,600 tons (63,200 tons in the same period last year). Sales of 6,900 tons for delivery in 2024/25 were to Mexico.

Upland cotton was fixed at 85,800 bales, up 65% from the previous week but down 10% from the four-week average. Turkey purchased 30,700 bales and China 28,200 bales. Upland cotton exports in 2023/24 were 10,615,200 bales compared to 10,868,900 bales in 2022/23. Sales of 112,700 bales delivered in 2024/25 were mainly to Guatemala (87,100 bales) and Honduras (25,400 bales).

Net beef sales totaled 11,200 tonnes, down 20% for the week and 19% from the four-week average. Reported purchasing countries were Taiwan (2,300 tons), Japan (2,300 tons), Mexico (1,700 tons), China (1,700 tons), and Canada (1,000 tons). The shipment amount was 16,000 tons, unchanged from the previous week and the four-week average, with the main export destinations being South Korea (4,800 tons), Japan (4,100 tons), China (2,500 tons), Mexico (1,800 tons), and Canada (800 tons). Met. ).

Net sales of pork totaled 24,900 tons, down 32% from the previous week and down 24% from the four-week average. Listed as buyers were Mexico (11,100 tons), Japan (5,700 tons), South Korea (4,100 tons), China (3,900 tons), Colombia (1,000 tons), and Vietnam (4,700 tons) canceled. Shipments totaled 34,500 tons, an 8% increase from the previous week but a 1% decrease from the four-week average, mainly from Mexico (11,700 tons), South Korea (5,600 tons), Japan (5,300 tons), and China (3,800 tons). ) was shipped. , Canada (1,700 tons).