New marketing year lows for pork, wheat export sales

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New marketing year lows for pork, wheat export sales

U.S. pork export sales notched a marketing year low for the second week in a row. The USDA says most of the usual weekly buyers made purchases during the week ending March 17^th, with Mexico leading the way, but there were some reductions to those purchases, and there were no new sales to China. Wheat also hit a marketing year low following big cancelations by Panama and unknown destinations. Corn was the only major commodity with a week-to-week improvement thanks to strong demand from Japan, South Korea, and Mexico. The USDA’s next round of supply and demand estimates is out April 10^th.

The 2024/25 marketing year kicked off June 1^st for wheat, August 1^st for cotton and rice, 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 had a net reduction of 248,800 tons (-9.1 million bushels). Sales of 25,200 to 69,500 tons were more than offset by a handful of cancelations led by Panama at 272,900 tons and unknown destinations at 123,800 tons. In the final quarter of the 2024/25 marketing year, wheat exports are 765.5 million bushels, compared to 675.8 million in 2023/24. Sales of 491,100 tons (18 million bushels) for 2025/26 delivery were mainly to Guatemala (167,000 tons) and Mexico (97,500 tons).

Corn was reported at 1,496,700 tons (58.9 million bushels), up 55% from the week ending March 6^th and 45% from the four-week average. Japan picked up 487,700 tons and South Korea purchased 397,200 tons, but unknown destinations canceled on 383,600 tons. Just over the halfway point of the marketing year, corn exports are 2.048 billion bushels, compared to 1.642 billion a year ago. Sales of 61,400 tons (2.4 million bushels) for 2025/26 delivery were to Mexico (46,300 tons) and Japan (15,500 tons) with a cancelation by China (400 tons).

Sorghum sales of 28,200 tons (1.1 million bushels) were 16% lower than the previous week, but 31% higher than the four-week average, all to Mexico. Sorghum exports are 50.8 million bushels, compared to 194.7 million this time last year.

Rice sales of 23,100 tons were 16% below the week before and 73% under the four-week average. Japan bought 14,600 tons and Honduras picked up 14,400 tons, but unknown destinations canceled on 25,000 tons. Rice exports are 2,491,300 tons, compared to 2,697,700 a year ago.

Soybeans were pegged at 352,600 tons (13 million bushels), falling 53% on the week and 29% from the four-week average. China purchased 269,900 tons and Taiwan bought 60,000 tons, while unknown destinations canceled on 62,900 tons. So far, this marketing year, soybean exports are 1.669 million bushels, compared to 1.473 billion last year. Sales of 200 tons for 2025/26 delivery were to Japan.

Soybean meal came out at 182,200 tons, a decline of 1% from the previous week and 20% from the four-week average. The Philippines picked up 97,500 tons and Vietnam purchased 48,100 tons. Approaching the halfway point of the marketing year, soybean meal exports are 11,176,800 tons, compared to 10,059,600 a year ago.

Soybean oil was reported at 34,200 tons, a drop of 50% from the week before and 15% from the four-week average. Unknown destinations bought 20,000 tons and Mexico picked up 5,900 tons. Cumulative soybean oil exports are 866,600 tons, compared to 74,500 last year.

Upland cotton was pegged at 101,100 bales, a decrease of 63% from the prior week and 59% from the four-week average. Vietnam purchased 73,100 bales and Pakistan bought 18,300 bales, while China canceled on 49,300 bales. 2024/25 upland cotton exports are 10,224,600 bales, compared to 10,706,600 in 2023/24. Sales of 57,900 bales for 2025/26 delivery were primarily to Guatemala (19,200 bales) and Bangladesh (9,900 bales).

Net beef sales totaled 10,200 tons, falling 29% on the week and 40% from the four-week average. The listed buyers were South Korea (3,000 tons), Japan (2,800 tons), Mexico (1,200 tons), Taiwan (1,200 tons), and Hong Kong (600 tons). Shipments of 15,300 tons were 4% less than the previous week, but 6% more than the four-week average, mostly to South Korea (3,900 tons), Japan (3,800 tons), China (2,900 tons), Mexico (1,700 tons), and Taiwan (1,000 tons).

Net pork sales totaled 18,100 tons, 11% lower than the week before and 40% beneath the four-week average. The reported purchasers were Mexico (4,700 tons), Japan (3,500 tons), South Korea (2,300 tons), Colombia (1,400 tons), and Australia (1,100 tons). Shipments of 32,900 tons were down 2% on the week, but up 1% from the four-week average, mainly to Mexico (11,000 tons), South Korea (6,200 tons), Japan (4,300 tons), China (3,400 tons), and Colombia (2,300 tons).