The U.S. Department of Agriculture's Foreign Agricultural Service released its latest weekly export report for the period of April 12-18, 2024, revealing mixed results across various agricultural commodities.
Wheat exports saw a decrease, totaling 82,000 metric tons (MT), down from the previous week and 4 percent below the prior four-week average. Notable transactions included 72,200 MT to China and 21,100 MT switched from El Salvador to Guatemala. However, these were offset by significant reductions for unknown destinations and other regions. Looking ahead, wheat net sales for 2024/2025 are primarily for the Philippines, South Korea, and Mexico.
Corn exports, however, experienced a robust increase, with net sales of 1,299,900 MT for 2023/2024, up 74 percent from the prior four-week average. This surge was led by substantial purchases by Mexico, South Korea, and Japan. This week marked a marketing-year high with exports of 1,709,200 MT.
Sorghum sales declined from the previous week but were up 64 percent over the four-week average, with significant purchases by unknown destinations and China. Sorghum exports stood at 144,900 MT, primarily to China.
Rice saw net sales of 36,700 MT for 2023/2024, which, while up from last week, marked a 36 percent decrease from the four-week average. Mexico and Haiti were the leading buyers. Rice exports totaled 85,600 MT, with Mexico receiving the largest share.
Soybean net sales dropped to 210,900 MT for 2023/2024, a decrease of 57 percent from the previous week, primarily due to reductions for unknown destinations and lower purchases by China and Mexico. Export volume also fell, with China, Indonesia, and Mexico as top destinations.
The soybean cake and meal markets showed a positive trend with net sales of 307,900 MT, an increase of 90 percent from the four-week average. Colombia, Mexico, and the Philippines were key buyers. However, exports decreased significantly from the previous week.
Soybean oil sales improved, with net sales of 16,200 MT for 2023/2024. The Dominican Republic and Colombia were significant buyers. Exports increased to 3,000 MT, primarily to Venezuela and Mexico.
Cotton exports recorded 177,100 running bales (RB) for Upland cotton, marking a 21 percent increase from the previous week. China and Pakistan were the main buyers. Pima cotton also saw a rise in sales, mainly to Vietnam and China.
This report highlights the volatile nature of agricultural exports, influenced by global market conditions, international relations, and seasonal trends.
