News

Sorghum, cotton sales hit marketing year highs

The USDA’s reporting a mixed export sales for the major commodities during the week ending October 26^th. Sorghum and upland cotton both notched new marketing year highs, with China leading the way for both, while pork, rice, and soybean oil also saw solid week-to-week improvements. Beef, corn, soybean, wheat, and soybean meal sales were below a week ago. The USDA’s next set of supply and demand projections is out November 9^th.

The 2023/24 marketing year started June 1^st for wheat, August 1^st for cotton and rice, September 1^st for beans, corn, and sorghum, and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 275,600 tons (10.1 million bushels), down 24% from the week ending October 19^th and 43% from the four-week average. Thailand purchased 57,000 tons and Taiwan bought 53,200 tons. At this point in the 2023/24 marketing year, wheat exports are 417.5 million bushels, compared to 447.2 million in 2022/23.

Corn was reported at 748,100 tons (29.5 million bushels), 45% lower than the previous week and 40% below the four-week average. Mexico picked up 434,300 tons and unknown destinations purchased 110,500 tons. For the marketing year to date, corn exports are 719.5 million bushels, compared to 569.4 million this time last year. Sales of 12,700 tons (500,000 bushels) for 2024/25 delivery were to Mexico.

Sorghum sales were 379,500 tons (14.9 million bushels), a surge of 99% from the week before and considerably larger than the four-week average. China bought 311,500 tons and unknown destinations picked up 68,000 tons. Sorghum exports are 115.2 million bushels, compared to 12.8 million a year ago.

Rice sales were 93,500 tons, 44% above the prior week and 78% greater than the four-week average. Mexico purchased 33,600 tons and Colombia bought 27,500 tons. Rice exports are 1,053,100 tons, compared to 600,900 last year.

Soybeans were pegged at 1,010,000 tons (37.1 million bushels), a decline of 27% on the week and 13% from the four-week average. China picked up 976,800 tons and South Korea purchased 61,000 tons, while unknown destinations canceled on 263,000 tons. So far, this marketing year, soybean exports are 855 million bushels, compared to 1.184 billion a year ago.

Soybean meal came out at 86,400 tons. Mexico bought 42,000 tons and Colombia picked up 41,800 tons, but unknown destinations canceled on 60,000 tons. Early in the marketing year, soybean meal exports are 5,608,000 tons, compared to 3,970,100 last year. Sales of 200 tons for 2024/25 delivery were to Canada.

Soybean oil was reported at 1,900 tons. Canada purchased 1,800 tons. Cumulative soybean oil exports are 22,700 tons, compared to 29,600 a year ago.

Upland cotton was pegged at 457,100 bales, a big increase on both the week and from the four-week average. China bought 324,000 bales and Mexico picked up 108,200 bales. 2023/24 upland cotton exports are 6,538,300 bales, compared to 8,630,100 in 2022/23. Sales of 87,800 bales for 2024/25 delivery were mainly to Mexico (75,200 bales) and Pakistan (11,000 bales).

Net beef sales totaled 17,100 tons, 2% less than the previous week, but 71% more than the four-week average. The reported purchasers were China (6,600 tons), Japan (4,100 tons), Taiwan (1,700 tons), South Korea (1,500 tons), and Canada (1,300 tons). Shipments of 14,300 tons were 4% higher than the week before, but 2% lower than the four-week average, primarily to South Korea (3,700 tons), Japan (3,200 tons), China (1,900 tons), Mexico (1,400 tons), and Taiwan (900 tons). Sales of 1,700 tons for 2024 delivery were mostly to Japan (1,400 tons) and the Philippines (200 tons).

Net pork sales totaled 31,100 tons, a rise of 10% from the prior week and 1% from the four-week average. The listed buyers were Mexico (9,700 tons), South Korea (7,300 tons), Japan (2,900 tons), Colombia (2,500 tons), and Australia (1,700 tons), with a cancelation by Nicaragua (400 tons). Shipments of 28,800 tons were up 4% on the week and 5% from the four-week average, mainly to Mexico (10,400 tons), Japan (3,300 tons), South Korea (3,100 tons), China (2,500 tons), and Colombia (2,200 tons). Sales of 500 tons for 2024 delivery were primarily to South Korea.