The U.S. Department of Agriculture's Foreign Agricultural Service (FAS) released its latest export sales report for the week ending July 18, 2024. The report highlights notable decreases in net sales for several key agricultural commodities, including wheat, corn, and soybeans.
Wheat: Net sales of 309,300 metric tons (MT) for 2024/2025 were down 47 percent from the previous week and 46 percent from the prior four-week average. Key buyers included South Korea (105,000 MT), Nigeria (58,800 MT), Japan (50,500 MT), Italy (42,300 MT), and Brazil (33,000 MT). However, these gains were offset by reductions for unknown destinations (54,000 MT), the Dominican Republic (5,000 MT), Nicaragua (2,000 MT), and China (100 MT). Wheat exports totaled 271,500 MT, primarily destined for Mexico (64,700 MT), Nigeria (58,800 MT), Japan (47,300 MT), Brazil (33,000 MT), and Guatemala (22,400 MT).
Corn: Net sales of 331,400 MT for 2023/2024 saw a decrease of 24 percent from the previous week and 29 percent from the prior four-week average. Primary buyers included Japan (122,400 MT), Mexico (106,900 MT), South Korea (81,200 MT), Colombia (68,800 MT), and Ireland (20,000 MT). Offsetting reductions were noted for unknown destinations (71,300 MT), Costa Rica (27,700 MT), Honduras (8,300 MT), Guatemala (6,400 MT), and Morocco (1,000 MT). Corn exports reached 1,209,800 MT, up 10 percent from the previous week, with shipments mainly to Mexico (518,500 MT), South Korea (275,100 MT), Japan (208,400 MT), Colombia (95,800 MT), and Guatemala (31,100 MT).
Soybeans: Net sales of 88,600 MT for 2023/2024 were down 61 percent from the previous week and 63 percent from the prior four-week average. Major buyers were the Netherlands (114,500 MT), Indonesia (76,300 MT), Japan (19,500 MT), China (19,400 MT), and Vietnam (14,200 MT). Reductions were noted for unknown destinations (188,900 MT), Costa Rica (14,800 MT), and Mexico (300 MT). Soybean exports increased to 368,500 MT, primarily destined for the Netherlands (114,500 MT), Mexico (97,600 MT), Indonesia (95,000 MT), Vietnam (13,200 MT), and Malaysia (12,300 MT).
Other commodities:
- Sorghum: Net sales of 1,500 MT for 2023/2024 were down 98 percent from the previous week. Exports of 67,500 MT were up 12 percent, all destined for China.
- Rice: Net sales of 13,400 MT for 2023/2024 were down 84 percent from the previous week. Major buyers included Mexico (15,800 MT) and South Korea (5,600 MT). Exports totaled 57,300 MT, mainly to Mexico (37,100 MT) and Japan (14,400 MT).
- Soybean Cake and Meal: Net sales of 258,100 MT for 2023/2024 were up 23 percent from the previous week. Primary buyers included the Philippines (92,700 MT) and Colombia (54,000 MT). Exports totaled 185,800 MT, primarily to Morocco (45,100 MT) and Guatemala (28,100 MT).
- Soybean Oil: Net sales of 6,900 MT for 2023/2024 increased noticeably from the previous week. Major buyers were Venezuela (6,000 MT) and Canada (600 MT). Exports reached 11,200 MT, mainly to Venezuela (5,000 MT) and Mexico (2,700 MT).
- Cotton: Net sales reductions of 74,200 RB for 2023/2024 marked a marketing-year low. Reductions were primarily for Vietnam (42,400 RB) and Turkey (10,700 RB). Net sales of 285,900 RB for 2024/2025 were primarily for Mexico (64,500 RB) and Vietnam (58,200 RB). Exports of 131,300 RB were up 16 percent, with the primary destinations being China (32,600 RB) and Vietnam (27,800 RB).
Hides and Skins: Net sales of 443,800 pieces for 2024 were down 7 percent from the previous week. Exports of 384,800 pieces were up 7 percent, mainly to China (265,100 pieces) and Mexico (38,200 pieces).
Beef and pork:
- Beef: Net sales of 13,400 MT for 2024 were down 13 percent from the previous week. Major buyers were South Korea (4,400 MT) and Japan (2,200 MT). Exports reached 16,300 MT, primarily to Japan (4,300 MT) and South Korea (3,500 MT).
- Pork: Net sales of 30,200 MT for 2024 increased by 28 percent from the previous week. Major buyers included Mexico (7,700 MT) and South Korea (6,400 MT). Exports totaled 32,900 MT, mainly to Mexico (13,200 MT) and Japan (5,000 MT).
