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Wheat and rice exports down, corn hits marketing-year high

USDA export report is mixed and shows fluctuating global market dynamics.

Ripe Wheat Field
Ludwig Bickel | Pixabay

In the week ending March 28, 2024, U.S. agricultural export sales revealed diverse trends across different commodities, according to reports from exporters.

  • Wheat Sales Decline: Wheat net sales stood at 16,100 metric tons (MT) for 2023/2024, a significant decrease from both the previous week and the prior 4-week average. China, Mexico, and Venezuela were the leading importers. The report also indicated strong future sales for the 2024/2025 marketing year.
  • Corn Reaches Marketing-Year High: Corn sales amounted to 948,000 MT for 2023/2024, though it represented a decrease from previous figures. Key importers included Japan, Mexico, and Colombia. Notably, corn exports reached a marketing-year high of 1,641,400 MT, showcasing strong international demand.
  • Barley and Sorghum: Barley saw no new sales, while sorghum sales experienced a significant decrease from the previous week. China remained the primary destination for U.S. sorghum.
  • Rice Sales Drop: Rice sales fell to 112,700 MT for 2023/2024, primarily due to lower demand from traditional markets. South Korea and Mexico were notable importers.
  • Soybeans and Related Products: Soybean sales decreased to 194,200 MT for 2023/2024, with China being the major buyer. Soybean cake and meal sales saw an increase, mainly to the Philippines and Costa Rica.
  • Soybean Oil and Cotton: Soybean oil sales dropped, while cotton sales of Upland variety showed a slight decrease from the previous week.
  • Animal Products: The report covered substantial transactions in beef and pork, with notable increases in beef sales and a decrease in pork sales.
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