Beef, pork sales drop in weekly export sales
U.S. meat export sales down significantly from the previous week.
The USDA says beef sales declined 34%. There were increases primarily for Japan, South Korea, China, Mexico, and Hong Kong. Exports were down 27% from the previous week and down 8% from the 4-week average. Destinations were primarily for South Korea, Japan, China, Mexico, and Canada.
Pork sales dropped 29%. Increases were primarily for Mexico, Japan, South Korea, Colombia, and Nicaragua. Exports were down 2% from the previous week, but up 9% from the previous 4-week average.
New crop corn export sales were down slightly from the previous week, with sales destinations primarily for Mexico, unknown destinations, Colombia, China, and Honduras. Exports were down 34% from the prior year’s total.
New crop soybean export sales were higher, and it was the sixth week in a row with bean sales topping a million tons. Primary destinations were unknown, China, Japan, Indonesia, and Taiwan. Exports are down 9% from the prior year’s total. Soybean cake and meal sales were up significantly from the previous week and the prior 4-week average with increases for unknown destinations, Ireland, Portugal, Honduras, and Mexico. Soybean oil sales were down noticeably with decreases for Canada.
Wheat sales were up 13% from the previous week, but down 11% from the prior 4-week average. Increases were for Taiwan, Indonesia, unknown destinations, Mexico, and South Korea. Exports were down 11% on the week.
Cotton sales were primarily to Mexico, Costa Rica, China, Vietnam, and Thailand. There were reductions for Pakistan, South Korea, Macau, Guatemala, and Turkey. Exports were primarily to India, Egypt, Thailand, China, and Malaysia.
Rice export sales were primarily for Canada, Honduras, South Korea, Saudi Arabia, and Iraq. Exports were primarily to Iraq, Mexico, Canada, Saudi Arabia, and the Bahamas.
Export demand is driven by several factors including seasonal trends and currency trade.
The USDA’s next set of supply and demand estimates is out September 12th.