The U.S. Department of Agriculture's Foreign Agricultural Service's latest export sales report for the week of October 25-31, 2024, reveals varied trends across key agricultural commodities, with some seeing significant sales increases while others struggle to maintain momentum.
Wheat sales decline
Wheat net sales for the 2024/2025 marketing year totaled 374,700 metric tons (MT), marking a 9% decrease from the previous week and a 20% drop from the four-week average. The primary destinations included Mexico, with 105,800 MT, followed by unknown destinations (73,000 MT) and Thailand (55,000 MT). Notably, exports plummeted to a marketing-year low of 236,900 MT, down 3% from the prior week and 26% from the four-week average. These trends highlight ongoing challenges in the wheat market, particularly as U.S. producers face increasing competition from global suppliers.
Corn sees a surge
In contrast, corn net sales surged to 2,766,500 MT, an 18% increase compared to the previous week. Major buyers included Mexico (1,395,300 MT) and unknown destinations (673,500 MT). This uptick in demand reflects a recovery in corn exports, which totaled 917,600 MT for the week, up 17% from the previous week. This robust performance is particularly beneficial for U.S. farmers as they approach the end of the harvest season, providing a much-needed boost to the agricultural economy.
Soybeans maintain steady demand
Soybean net sales were reported at 2,037,200 MT, down 10% from the previous week but showing a positive 10% increase from the four-week average. Sales were primarily directed towards China (1,222,700 MT) and various unknown destinations (152,100 MT). Soybean exports reached 2,424,200 MT, maintaining a steady pace that underscores the importance of this commodity to U.S. agriculture, especially as international markets seek stable supplies.
Mixed results for rice and sorghum
Rice exports showed a net increase of 71,800 MT, with significant purchases from Mexico and Haiti, while sorghum net sales totaled 7,000 MT, primarily for China. However, while sorghum sales saw a 24% increase from the previous week, it still reflects a downward trend of 70% from the four-week average, indicating fluctuating demand that could affect future pricing and planting decisions.
Barley and hides sales struggle
Barley saw no net sales reported for the week, with a modest export of 1,200 MT primarily to South Korea and Japan. Meanwhile, hides experienced net sales of 356,300 pieces, reflecting a slight decrease from the previous week, indicating challenges in the leather market amidst global economic uncertainties.
Livestock exports decline
In livestock, beef and pork exports faced significant setbacks. Beef net sales hit a marketing-year low of 8,000 MT, while pork experienced net sales reductions of 14,700 MT, underscoring potential concerns regarding U.S. meat competitiveness in international markets.
Overall, while the corn and soybean sectors show resilience in their export markets, the wheat and livestock sectors are experiencing challenges that could have lasting impacts on U.S. agricultural producers. The varied results across commodities highlight the complexities of global trade and the importance of adaptability for American farmers as they navigate these uncertain economic waters. The upcoming weeks will be crucial as farmers and exporters assess market conditions and adjust strategies in response to both domestic and international demand.
