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Mixed results in US agricultural exports

While wheat and corn sales saw declines, rice and soybeans reported increases.

Ripe Wheat Field

 The U.S. Department of Agriculture (USDA) Foreign Agricultural Service's Weekly  U.S. Export Sales Report in the week of April 19-25, 2024, U.S. agricultural exports saw varied movements across different commodities, according to the latest reports from exporters.

Wheat experienced net sales reductions of 20,300 metric tons for the 2023/2024 period, a noticeable decline from both the previous week and the prior four-week average. Despite some sales increases to Nigeria, Colombia, Italy, Indonesia, and Mexico, substantial reductions from unknown destinations and other countries offset these gains. Looking ahead to 2024/2025, wheat net sales reached 406,900 metric tons, with Taiwan and Colombia being significant buyers. Wheat exports for the week totaled 508,600 metric tons, primarily destined for China, Vietnam, Mexico, Japan, and Italy.

Corn sales also decreased to 758,500 metric tons for 2023/2024, marking a 42% drop from the previous week and a slight 1% decrease from the four-week average. Japan, Mexico, and South Korea were the largest importers. The total corn exports amounted to 1,382,300 metric tons, with Mexico and Japan as the top destinations.

Sorghum sales plummeted by 83% from the previous week to just 6,500 metric tons, all destined for China. Sorghum exports also fell, totaling 75,400 metric tons to China.

Rice saw a positive uptick in net sales, which jumped 63% from the previous week to 59,800 metric tons, driven by significant purchases from Haiti, Japan, South Korea, Colombia, and Canada. Rice exports remained robust at 85,600 metric tons.

Soybeans had a strong week with net sales of 414,000 metric tons for 2023/2024, an increase of 96% from the previous week, led by significant purchases by Egypt, Indonesia, and Japan. However, soybean exports dropped to a marketing-year low of 269,100 metric tons.

The soybean derivatives market reflected mixed results. Soybean cake and meal sales were down 57% from the previous week at 131,000 metric tons, with the Dominican Republic and Morocco as notable buyers. Soybean oil sales decreased by 56%, totaling 7,200 metric tons, mainly sold to Jamaica and Colombia.

In the cotton market, net sales of Upland cotton totaled 97,400 running bales for 2023/2024, a decrease from previous figures, with Vietnam, Pakistan, and China as key markets. Cotton exports were also down, totaling 180,000 running bales.

Overall, the week showed a mixed bag of results across various agricultural commodities, highlighting the dynamic nature of global agricultural trade.

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