The U.S. Department of Agriculture (USDA) released its latest weekly export sales report for the period ending August 15, 2024, with significant fluctuations noted across several commodity markets.
Wheat sales surge
Wheat exports demonstrated strong growth, registering 492,700 metric tons (MT), a 45 percent increase from the previous week and 63 percent from the prior 4-week average. The Philippines and Mexico led the buying, with notable purchases also made by Vietnam, Colombia, and Panama.
Corn exports dip to yearly low
Corn export sales dropped to a marketing-year low of 119,100 MT, marking a slight decrease from the previous week and a 57 percent drop from the four-week average. Japan and South Korea were the top buyers, despite overall sales slowing significantly.
Soybean adjustments
Soybean sales saw net reductions, falling sharply to a marketing-year low of 43,700 MT. Although the Netherlands and Japan increased their purchases, massive reductions for unknown destinations and China overshadowed these gains.
Sorghum and rice
Sorghum sales increased slightly with China being the sole buyer. Meanwhile, rice exports were primarily to Guatemala, Honduras, and Mexico.
Other commodities
Barley reported no sales or exports, whereas soybean oil and soybean cake saw varied success in securing international markets, with soybean oil exports notably increasing.
This mixed bag of export data reflects a complex global agricultural trade environment, impacted by fluctuating demand, geopolitical tensions, and evolving market conditions. The USDA continues to monitor these trends closely to provide timely data to farmers and global buyers.
