Beef and wheat export sales fall to market year lows

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Beef and wheat export sales fall to market year lows

The USDA announced that wheat and beef export sales hit their lowest levels of the market year for the second week in a row. Both of these products face intense competition from other exporters in the global market due to relatively high prices in the United States and the strength of the dollar relative to other currencies. Sales of soybeans, soybean meal, pork, rice, sorghum and cotton for the week ending March 14^th Both showed weekly improvement, with corn showing below the previous week but still above the four-week average. USDA’s next supply and demand estimates will be released on April 11th.^th.

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 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 had a net decrease of 109,600 tons (-4 million bushels). Japan purchased 62,200 tons and Mexico 50,100 tons, but there were some cancellations, led by China’s 262,700 tons. Wheat exports in the final quarter of the 2023/24 marketing year were 675.8 million bushels, compared to 656.4 million bushels in 2022/23. Sales of 285,900 tons (10.5 million bushels) for delivery in 2024/25 were primarily to the Philippines (94,000 tons) and South Korea (65,000 tons).

Corn was reported at 1,185,800 tons (46.7 million bushels), down 8% from the week ending March 7.^th, but 10% more than the four-week average. Japan bought 545,600 tons and Mexico 246,000 tons, but a vendor with an unknown destination canceled 132,300 tons. Marketing Corn exports at this stage of the year are 1.642 billion bushels, compared to 1.375 million bushels at this time last year.

Sorghum sales were 9,800 tons (400,000 bushels), up 71% from the previous week but down 93% from the four-week average. Japan purchased 10,000 tons, but China canceled 200 tons. Sorghum exports totaled 194.7 million bushels, compared to 59 million bushels a year ago.

Rice sales amounted to 142,100 tons, a solid increase from the previous week and the four-week average. Colombia took over 44,000 tonnes and Mexico purchased 31,100 tonnes. The amount of rice exported was 2,697,700 tons (1,568,400 tons last year).

Soybeans pegged at 494,000 tons (18.2 million bushels), up 31% from the previous week and 86% from the four-week average. China took delivery of 304,400 tons and Mexico 90,000 tons, but an unknown supplier canceled 47,200 tons. Soybean exports so far this marketing year are 1.476 billion bushels, compared to 1.816 billion bushels a year ago. The sale of 300 tons to be delivered in 2024/25 was to South Korea.

Soybean meal was 243,400 tonnes, up 16% for the week but down 5% from the four-week average. Vietnam bought 53,500 tonnes and unspecified countries bought 50,000 tonnes. Nearing the halfway point of the soybean product marketing year, soybean meal exports totaled 10,069,400 tons, compared to 8,386,500 tons last year. Sales of the 42,300 tonnes delivered in 2024/25 were to Canada (41,800 tonnes) and Sri Lanka (500 tonnes).

Soybean oil was reported at 1,900 tonnes, down 83% from the previous week and 80% from the four-week average, all destined for Mexico. The cumulative export volume of soybean oil was 74,500 tons (74,100 tons in the same period last year).

Upland cotton was fixed at 92,600 bales, up 8% from the previous week and 20% from the four-week average. Turkey purchased 23,800 bales and Peru 13,700 bales. Upland cotton exports in 2023/24 were 10,707,900 bales compared to 11,179,100 bales in 2022/23. Sales of 40,500 bales delivered in 2024/25 were mainly to Bangladesh (26,400 bales) and Turkey (8,800 bales).

Net beef sales totaled 11,000 tons, down 2% from the previous week and 12% from the four-week average. Reported purchasing countries were South Korea (4,300 tons), China (2,100 tons), Japan (2,000 tons), Taiwan (700 tons), and Mexico (400 tons). Shipments totaled 14,400 tons, down 10% for the week and 9% from the four-week average, with major export destinations being South Korea (3,900 tons), Japan (3,700 tons), China (2,700 tons), and Mexico ( 1500 tons), Taiwan. (900 tons).

Net pork sales totaled 33,800 tonnes, up 36% from the previous week and 10% above the four-week average. The purchasing countries included Mexico (9,200 tons), Canada (8,900 tons), Japan (5,500 tons), South Korea (1,900 tons), and Vietnam (1,600 tons). Shipments totaled 32,100 tonnes, down 7% from the previous week and 6% below the four-week average. The main export destinations are Mexico (11,200 tons), South Korea (5,000 tons), Japan (4,700 tons), China (3,000 tons), and Canada (1,900 tons).