News
Cotton export sales notch marketing year low
The USDA says old crop cotton export sales hit a marketing year low during the week ending July 11th. That low for cotton is partially due to questions over global economic growth, including growth in China, which would impact consumer spending on things like clothing. Pork, corn, sorghum, and soybean oil also posted week-to-week declines, while beef bounced back from the previous week’s marketing year low, with soybeans, soybean meal, wheat, and rice all gaining from their prior weekly totals. The USDA’s next round of supply, demand, and production numbers is out August 12th.
Physical shipments of corn were more than what’s needed to meet USDA projections for the current marketing year. The 2024/25 marketing year began June 1st for wheat, while 2023/24 got underway 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 came out at 578,500 tons (21.3 million bushels), up sharply from the week ending July 4th and 1% from the four-week average. South Korea purchased 119,000 tons and Mexico bought 92,700 tons, but unknown destinations canceled on 92,500 tons. Just over a month into the 2024/25 marketing year, wheat exports are 283.6 million bushels, compared to 190.6 million in 2023/24.
Corn was reported at 437,800 tons (17.2 million bushels), down 19% from the previous week and 10% from the four-week average. Japan picked up 191,200 tons and Mexico purchased 129,400 tons, but unknown destinations canceled on 195,100 tons. In the final quarter of the 2023/24 marketing year, corn exports are 2.154 billion bushels, compared to 1.565 billion in 2022/23. Sales of 485,700 tons (19.1 million bushels) for 2024/25 delivery were mainly to unknown destinations (201,600 tons) and Mexico (118,100 tons).
Sorghum sales of 60,500 tons (2.4 million bushels) were 46% lower than the week before, but 43% higher than the four-week average, all to China. Sorghum exports are 221.6 million bushels, compared to 103.1 million a year ago. Sales of 50,000 tons (2 million bushels) for 2024/25 delivery were to China.
Rice sales of 83,500 tons were a solid increase from both the prior week and the four-week average. South Korea bought 44,400 tons and Turkey picked up 28,000 tons. Rice exports are 3,532,700 tons, compared to 1,943,400 last year. Sales of 44,100 tons for 2024/25 delivery were primarily to Honduras (15,500 tons) and Haiti (9,200 tons).
Soybeans were pegged at 360,100 tons, a jump of 73% on the week and 13% from the four-week average. China purchased 137,000 tons and Egypt bought 92,000 tons. So far, this marketing year, soybean exports are 1.667 billion bushels, compared to 1.932 billion a year ago. Sales of 375,000 tons (13.8 million bushels) for 2024/25 delivery were mostly to unknown destinations (191,000 tons) and Mexico (140,500 tons).
Soybean meal came out at 209,300 tons, quite a bit larger than the previous week and 26% greater than the four-week average. Mexico picked up 75,600 tons and Venezuela purchased 50,000 tons. At this point in the marketing year, soybean meal exports are 13,341,400 tons, compared to 12,070,900 last year. Sales of 99,400 tons for 2024/25 delivery were mainly to Canada (36,600 tons) and Honduras (30,900 tons).
Soybean oil was reported at 3,300 tons, a decrease of 66% from the week before and 64% from the four-week average. Mexico bought 4,000 tons, while Canada canceled on 700 tons. Cumulative soybean oil exports are 201,700 tons, compared to 123,600 a year ago. Sales of 14,900 tons for 2024/25 delivery were to Mexico.
Upland cotton was pegged at 27,200 bales, falling 50% from the prior week and 76% from the four-week average. Vietnam picked up 6,800 bales and China purchased 5,600 bales. 2023/24 upland cotton exports are 13,019,500 bales, compared to 13,977,600 in 2022/23. Sales of 165,600 bales for 2024/25 delivery were primarily to China (32,100 bales) and Malaysia (31,700 bales).
Net beef sales totaled 15,400 tons, a rise of 85% on the week and 11% from the four-week average. The reported buyers were China (4,700 tons), Japan (2,700 tons), Mexico (2,700 tons), South Korea (1,300 tons), and Indonesia (1,200 tons). Shipments of 15,600 tons were 9% more than the previous week, but 2% less than the four-week average, mostly to South Korea (4,100 tons), Japan (3,700 tons), China (2,300 tons), Mexico (1,400 tons), and Taiwan (1,400 tons). Sales of 100 tons for 2025 delivery were to South Korea.
Net pork sales totaled 23,700 tons, down 11% from the week before and 35% from the four-week average. The listed purchasers were Mexico (8,500 tons), Japan (3,000 tons), China (2,800 tons), Colombia (2,100 tons), and South Korea (1,900 tons). Shipments of 31,900 tons were 2% lower than the prior week, but 7% higher than the four-week average, mainly to Mexico (14,100 tons), Japan (4,600 tons), China (3,100 tons), South Korea (2,200 tons), and Canada (1,800 tons).
