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US export sales surge amid strong demand for corn and soybeans

Corn sales surged 62%, driven by strong demand from Mexico and other key markets.

Corn Being Harvested Pixabay
Pixabay

The latest export sales report for the week of October 11-17, 2024, shows a significant boost in U.S. agricultural exports, particularly in corn, soybeans and wheat. According to data released by the U.S. Department of Agriculture’s Foreign Agricultural Service, U.S. farmers and exporters continue to benefit from increased global demand for American grains and oilseeds, with several key markets driving the surge in sales.

Corn exports lead the way

Corn exports led the week's activity, with net sales of 3.6 million metric tons (MT) for the 2024/2025 marketing year—a remarkable 62% increase from the previous week. The surge in demand was driven primarily by Mexico, which purchased more than 1.6 million MT, and unknown destinations, which accounted for over 1.1 million MT. South Korea and Japan also contributed to the increased sales, purchasing 135,000 MT and 243,800 MT, respectively. Additionally, Mexico locked in future supply with a significant purchase of 579,120 MT for the 2025/2026 marketing year. Exports of corn during the week reached 999,000 MT, nearly double the volume from the previous week, with Mexico receiving the largest share at 584,300 MT.

Soybean sales on the rise

Soybean exports also saw a sharp increase, with net sales of 2.15 million MT for 2024/2025, up 26% from the previous week. China was the largest buyer, securing 1.29 million MT, including 396,000 MT switched from unknown destinations. Mexico, Japan, and Taiwan were also significant buyers. Total exports of soybeans amounted to 2.44 million MT, up 32% from the prior week, with China receiving the bulk of shipments at 1.8 million MT. This increase in soybean sales highlights the sustained global demand for U.S. oilseeds, particularly for China, which remains a key market.

Wheat and other grains maintain steady demand

Wheat exports for the 2024/2025 marketing year also saw a moderate uptick, with net sales of 532,900 MT, marking a 6% increase from the previous week. Mexico was again a top buyer, securing 169,600 MT, followed by South Korea and Taiwan. Exports of wheat during the period reached 276,500 MT, with Japan, Mexico, and Chile receiving the largest shares. Additionally, barley and sorghum saw steady demand, with Canada purchasing 1,300 MT of barley and China securing 17,000 MT of sorghum.

Soybean oil and cotton also see positive movement

In other commodities, soybean oil exports reached 29,000 MT for the week, primarily driven by sales to Mexico, which purchased 21,400 MT. Cotton exports also experienced strong demand, with net sales of 169,700 running bales (RB) for the 2024/2025 marketing year. Vietnam, Pakistan, and China were the top buyers of U.S. cotton, helping to push cotton exports up 70% from the previous week.

Outlook for US agricultural exports

These robust sales figures highlight the ongoing global demand for U.S. agricultural products, particularly grains, oilseeds, and cotton. Key markets such as Mexico, China, South Korea, and Japan continue to rely on U.S. exports to meet their domestic needs, and the strong sales numbers underscore the competitiveness of U.S. agricultural products on the world stage. As markets stabilize and logistical challenges ease, U.S. exporters are well-positioned to meet growing global food and biofuel demands.

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