The USDA's Foreign Agricultural Service latest weekly export sales report from July 19-25, 2024, reveals a varied performance across major agricultural commodities, according to data from U.S. exporters.
Wheat sales experienced a decline, totaling 286,600 metric tons (MT), which is 7 percent lower than the previous week and 41 percent below the four-week average. Notable purchases were made by Indonesia, the Philippines, and Chile, among others. However, exports surged by 67 percent compared to the previous week, with significant shipments to the Philippines, South Korea, and Mexico.
Corn saw its lowest sales of the marketing year at 167,900 MT, a 49 percent decrease from last week and 60 percent from the four-week average, with primary buyers including Mexico and South Korea. Exports, however, showed a slight increase of 1 percent over the four-week average, led by shipments to Mexico and Japan.
Sorghum sales stood out with a notable increase to 163,400 MT, predominantly to China, contrasting with a slight decrease in exports.
Rice transactions marked a marketing-year low, with net reductions of 45,300 MT, driven by significant cutbacks from South Korea and Nicaragua. Despite the downturn in sales, rice exports saw a decrease of 26 percent from the prior four-week average, mainly to Honduras and Japan.
Soybeans showed a robust performance with sales up significantly to 376,400 MT for the week, led by strong demand from Germany, the Netherlands, and Egypt. Soybean exports also rose by 54 percent over the previous week, primarily to Germany and Mexico.
In terms of soybean products, soybean cake and meal sales dropped to a new low for the marketing year, while soybean oil sales decreased dramatically. Cotton sales also declined, with net reductions totaling over one million running bales, mainly due to significant reductions for China and Pakistan.
This mixed performance highlights the fluctuating nature of agricultural exports influenced by global market conditions and buying patterns.
