The latest report from the USDA's Foreign Agricultural Service of the , covering the week ending August 22, 2024, shows notable shifts in U.S. agricultural exports, particularly in wheat and soybeans.
Wheat exports surge: Wheat net sales reached 532,100 metric tons (MT) for the 2024/2025 marketing year, marking an 8 percent increase from the previous week and a substantial 53 percent jump from the four-week average. Major buyers included the Philippines, South Korea, and Guatemala, with significant sales switches from unknown destinations enhancing Guatemala's purchases. Export volumes for the week stood impressively at 576,800 MT, primarily destined for Japan, Mexico, and Vietnam.
Challenges in corn trade: Corn sales, however, experienced a downturn, with net sales for 2023/2024 at a marketing-year low of 15,300 MT, plummeting by 87 percent from the previous week and 93 percent from the four-week average. Despite robust trading adjustments favoring Spain and Mexico, reductions from other key markets such as South Korea and Japan dampened overall figures. The 2024/2025 corn sales looked more promising, totaling 1,494,100 MT with Mexico leading the purchases.
Sorghum and rice maintain steady flow: Sorghum sales stood at 3,200 MT for 2023/2024, primarily to China, reflecting a decrease from previous figures. However, the 2024/2025 sorghum bookings were robust at 70,000 MT. Rice exports for the week totaled 21,100 MT, with Haiti and Mexico as top destinations.
Soybean market faces volatility: Soybean transactions showed a significant reduction of 143,600 MT for the 2023/2024 marketing year, although this was an improvement from the previous week. The 2024/2025 sales forecast was more optimistic, with net sales amounting to 2,615,800 MT. China and Mexico were prominent in the soybean trade, highlighting ongoing demand in these major markets.
Pork and beef exports on the rise: The pork sector witnessed a surge in sales, with 42,200 MT reported for 2024, showing a strong recovery from prior averages. Beef also saw an increase, with net sales of 17,200 MT for 2024, pointing to robust demand in Japan and China among other markets.
These figures reflect a dynamic landscape in U.S. agricultural exports, influenced by changing global market demands and domestic production shifts. The detailed statistics underscore the vital role of agricultural trade in the U.S. economy and the significant impact of international consumer trends on American agriculture.
