Pork export sales rise from recent lows

Pork export sales bounced back last week. The USDA says pork sales recovered after two consecutive weeks of marketing year lows with Mexico buying nearly half of the total. Rice and soybean oil were the only other commodities to see week-to-week improvements in global demand during the week ending March 20th. Export business is influenced by several factors, including seasonal changes in supply, currency prices, and geopolitics. The USDA’s next round of supply and demand estimates is out April 10th.

Physical shipments of corn and soybeans topped what’s needed to meet projections for the current marketing year. The 2024/25 marketing year got underway June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 100,300 tons (3.7 million bushels), a big drop from the week ending March 13th and down 65% from the four-week average. Japan purchased 72,000 tons and Nigeria bought 53,400 tons, but unknown destinations canceled on 125,500 tons. In the final quarter of the 2024/25 marketing year, wheat exports are 767.9 million bushels, compared to 688.3 million in 2023/24. Sales of 11,200 tons (400,000 bushels) for 2025/26 delivery were to Trinidad and Tobago (4,200 tons), Panama (3,500 tons), and Peru (3,500 tons).

Corn was reported at 1,039,600 tons (40.9 million bushels), 31% lower than the previous week and unchanged from the four-week average. Japan picked up 415,300 tons and Mexico purchased 309,900, but unknown destinations canceled on 494,000 tons. Past the halfway point of the marketing year, corn exports are 2.089 billion bushels, compared to 1.689 billion a year ago.