The USDA Foreign Agricultural Service released its weekly export sales report for the period of October 4-10, 2024, showing notable gains in wheat, corn, soybeans, and rice. Several key commodities, such as wheat and corn, experienced a significant uptick in net sales, reflecting strong international demand despite varying market challenges.
Wheat exports climb
Wheat net sales totaled 504,100 metric tons (MT) for the 2024/25 marketing year, a 16% increase from the previous week and a substantial 57% rise from the four-week average. Mexico led the purchases with 135,000 MT, followed by the Philippines (70,000 MT), Italy (66,500 MT), Japan (58,200 MT), and Egypt (35,000 MT). However, there were reductions from the Leeward and Windward Islands, Panama, and Spain. Export shipments also increased to 393,100 MT, with Mexico, Japan, and Taiwan as primary destinations.
Corn sales surge
Corn exports saw a dramatic increase, with net sales hitting 2.23 million MT, an 82% surge compared to the previous week and a noticeable rise from the prior four-week average. The largest purchases came from unknown destinations (902,900 MT) and Japan (452,700 MT), along with solid demand from Colombia, Mexico, and Honduras. Despite strong sales, exports dipped to 501,800 MT, primarily going to Mexico, Colombia, and Saudi Arabia. U.S. corn's competitiveness against global suppliers, such as Brazil and Argentina, has been a key factor in this surge.
Soybeans in high demand
Soybeans also saw robust demand, with net sales totaling 1.7 million MT, up 35% from the previous week and 16% above the four-week average. China led purchases with nearly 1 million MT, along with significant contributions from Egypt, the Netherlands, and Mexico. Exports rose 9% to 1.85 million MT, with China accounting for the bulk of shipments. This demonstrates the continued global reliance on U.S. soybeans amid fluctuating market conditions.
Record rice sales
U.S. rice sales for 2024/25 hit a marketing-year high of 126,800 MT, driven by strong demand from Venezuela, which purchased 72,600 MT. Additional sales were made to unknown destinations, Haiti, Mexico, and Nicaragua. Exports were slightly lower at 64,900 MT, with Iraq and Haiti being the top recipients.
Other key sales
- Sorghum sales reached 9,400 MT, primarily driven by China and Japan.
- Cotton net sales of 159,800 bales for 2024/25 marked a 78% increase from the previous week, with Vietnam and Pakistan leading purchases.
- Pork exports surged 49%, totaling 34,000 MT, with Mexico as the primary destination, while beef sales remained steady at 14,100 MT.
Optional origin sales and export shifts
In optional origin sales, corn sales to Mexico reached 155,000 MT, while large soybean sales included 166,000 MT to China and 304,500 MT to unknown destinations, showcasing flexibility in sourcing and strong demand for U.S. agricultural products.
Overall, the U.S. continues to demonstrate strong export activity across a range of agricultural commodities, reinforcing its position as a key global supplier despite market fluctuations and international competition.
