The USDA’s weekly export sales report for the period of September 13-19, 2024, revealed mixed results for U.S. agricultural exports, with declines in several categories and a few bright spots in others. This summary, based on exporter reports, highlighted fluctuating demand for key U.S. crops and livestock products.
Wheat sales hit marketing-year low
Wheat sales took a significant hit this week, with net sales of 158,900 metric tons (MT) marking a marketing-year low. Sales were down 36% from the previous week and 60% from the four-week average, reflecting reduced global demand. While sales to Chile (83,000 MT), the Philippines (49,700 MT), and Japan (44,100 MT) helped support overall figures, large reductions to unknown destinations (156,600 MT) dampened the outlook. Despite the lower sales, wheat exports reached a marketing-year high of 710,500 MT, with shipments primarily to Ecuador, South Korea, and Vietnam.
Corn exports remain strong, but sales slip
Corn exports remained strong at 1.1 million MT, primarily driven by Mexico (471,100 MT) and Colombia (197,200 MT). However, net sales dropped to 535,100 MT, a decrease attributed to reductions for unknown destinations and China. Sales to Colombia (168,200 MT) and Mexico (160,700 MT) were the largest contributors, but these gains were offset by cancellations and decreased interest.
Soybeans show resilience
Soybeans had a relatively positive week, with net sales reaching 1.57 million MT, largely due to strong demand from China (869,700 MT) and unknown destinations (245,300 MT). Exports totaled 518,000 MT, primarily destined for China, the Netherlands, and Mexico. The continued high demand from key buyers suggests a stable outlook for the U.S. soybean market as the harvest season progresses.
Mixed results for other grains and oilseeds
Rice sales dropped by 32% to 55,300 MT but saw a slight uptick from the prior four-week average. Mexico remained the largest buyer, followed by El Salvador and the United Kingdom. Meanwhile, sorghum sales posted a net reduction of 1,000 MT, reflecting weak demand from China.
Declines in cotton and soybean oil
Cotton sales faced a downturn, with net sales of 87,800 running bales (RB), down 18% from the previous week. Exports were also down by 39%, with significant shipments to Pakistan and India. Soybean oil sales plummeted by 98% to just 900 MT, while exports fell sharply to 6,300 MT, primarily to Jamaica and Canada.
Beef and pork sales slip amid global demand concerns
Beef sales fell 35% to 10,100 MT, with lower purchases from China, Japan, and South Korea. Pork sales also slipped, decreasing by 3% to 28,000 MT. Mexico remained the top buyer, accounting for nearly half of the week’s total sales, followed by Canada and China.
