Beef export sales surge to marketing year high

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Beef export sales surge to marketing year high

The USDA says beef export sales hit a marketing year high during the week ending August 8^th. That big week-to-week jump in beef sales was led by South Korea, followed by Japan and China, all key global customers. Pork hit a marketing year low as several buyers made some reductions to their weekly purchases. Old crop corn also established a marketing year low, common near the end of the marketing year as some buyers switch from previous purchased old crop to new crop, which is frequently less expensive. New crop soybean export sales were strong, mainly to China and unknown destinations, reflecting the recent spike in demand after a drop in price. Export business is influenced by several factors, including domestic prices, global currency movement, and seasonal changes in supply. The USDA’s next round of supply and demand estimates is out September 12^th.

Physical shipments of corn and wheat were more than what’s needed to meet USDA projections for the current, respective marketing years. The 2024/25 marketing year started June 1^st for wheat and August 1^st for cotton and rice, while 2023/24 got underway September 1^st for corn, sorghum, and soybeans and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 399,900 tons (12.5 million bushels), up 24% from the week ending August 1^st, but down 6% from the four-week average. Mexico purchased 126,000 tons and Yemen bought 50,000 tons, while unknown destinations canceled on 76,600 tons. Almost a quarter into the 2024/25 marketing year, wheat exports are 328.1 million bushels, compared to 248.7 million in 2023/24. A net reduction of 66,800 tons (-2.5 million bushels) occurred after a sale to South Korea (200 tons) was more than offset by cancelations from the Philippines (45,000 tons) and Thailand (22,000 tons).

Corn was reported at 120,500 tons (4.7 million bushels), a decline of 75% from the previous week and 66% from the four-week average. Colombia picked up 173,900 tons and Portugal purchased 51,000 tons, but unknown destinations canceled on 163,500 tons. Nearing the end of the 2023/24 marketing year, corn exports are 2.197 billion bushels, compared to 1.596 billion in 2022/23. Sales of 800,500 tons (31.5 million bushels) for 2024/25 delivery were mainly to unknown destinations (345,000 tons) and Mexico (257,900 tons).

Sorghum sales of 3,700 tons (100,000 bushels), a drop of 93% from the week before and 95% from the four-week average, all to China. Sorghum exports are 230.4 million bushels, compared to 111.6 million this time last year.

Rice sales were 68,000 tons. Iraq bought 40,000 tons and El Salvador picked up 12,500 tons. Just after the start of the marketing year, rice exports are 646,000 tons, compared to 443,400 a year ago.

Soybeans were pegged at 221,700 tons (8.1 million bushels), a decrease of 32% from the prior week and 1% from the four-week average. The Netherlands purchased 84,900 tons and Germany bought 67,300 tons, while China canceled on 38,000 tons. So far, this marketing year, soybean exports are 1.688 billion bushels, compared to 1.949 billion this time last year. Sales of 1,344,200 tons (49.4 million bushels) for 2024/25 delivery were primarily to China (536,000 tons) and unknown destinations (483,000 tons).

Soybean meal came out at 113,700 tons, a rise of 11% on the week, but a dip of 26% from the four-week average. The Philippines picked up 46,900 tons and Honduras purchased 15,000 tons. Late in the marketing year, soybean meal exports are 13,849,600 tons, compared to 12,664,800 a year ago. Sales of 140,100 tons for 2024/25 delivery were mostly to Colombia (99,000 tons) and Canada (29,900 tons).

Soybean oil was reported at 700 tons, falling 93% from the previous week and 86% from the four-week average. Mexico bought 600 tons and Honduras picked up 100 tons. Cumulative soybean oil exports are 220,700 tons, compared to 128,000 last year.

Upland cotton was pegged at 110,900 bales. Pakistan purchased 47,200 bales and India bought 13,000 bales. 2024/25 upland cotton exports are 4,212,600 bales, compared to 5,126,500 in 2023/24. Sales of 400 bales for 2025/26 delivery were to Mexico.

Net beef sales totaled 28,100 tons, a significant improvement from the week before and 99% larger than the four-week average. The listed buyers were South Korea (11,400 tons), Japan (6,300 tons), China (4,400 tons), Taiwan (2,200 tons), and Mexico (1,600 tons). Shipments of 14,100 tons were 8% less than the prior week and 11% below the four-week average, mainly to South Korea (3,600 tons), Japan (3,300 tons), China (1,600 tons), Mexico (1,600 tons), and Taiwan (1,400 tons).

Net pork sales totaled 20,900 tons, down 40% on the week and 30% from the four-week average. The reported purchasers were Japan (8,300 tons), Mexico (3,300 tons), South Korea (1,900 tons), Canada (1,800 tons), and Australia (1,700 tons). Shipments of 28,800 tons were a decline of 13% from the previous week and 10% from the four-week average, primarily to Mexico (12,500 tons), Japan (3,800 tons), China (3,100 tons), Colombia (2,100 tons), and Canada (2,000 tons). Sales of 400 tons for 2025 delivery were primarily to Australia (200 tons).