In the ever-changing landscape of global trade, the week ending September 14 brought some notable developments in U.S. meat exports. According to the USDA, there was a significant increase in meat export sales, particularly for beef and pork. These two meat categories rebounded impressively from the previous week's dip in demand. Notably, Japan and South Korea emerged as the leading importers of beef, while Mexico took the lion's share of pork, accounting for nearly half of the weekly total.
In contrast to the thriving meat sector, however, export sales of grains and oilseeds faced a more pessimistic outlook. While corn and cotton showed positive trends, other commodities such as soybeans, soybean products, sorghum, wheat, and rice showed declines.
It's worth noting that the USDA is scheduled to release its next set of supply and demand estimates on October 12th, which could provide further insight into our market dynamics.
Shifting our focus back to the meat industry, net beef sales posted a notable increase to 17,300 metric tons. This figure represents a significant increase from the previous week and is 15% higher than the four-week average. The major buyers in this segment were Japan (3,700 mt), South Korea (3,100 mt), China (2,500 mt), Mexico (1,500 mt), and Canada (700 mt). However, there were some cancellations from Italy (100 tons) and the United Arab Emirates (100 tons). Shipments were also robust, with 15,200 tons shipped during the week, up 15% from the previous week and up 2% from the four-week average. Shipments were primarily to South Korea (3,900 tons), Japan (3,300 tons), China (2,800 tons), Mexico (1,700 tons), and Taiwan (800 tons). There were also sales of 500 metric tons for delivery in 2024, with Japan (400 metric tons) and Taiwan (100 metric tons) being the main recipients.
In the pork sector, net sales totaled an impressive 30,200 metric tons, up a substantial 31% from the previous week and up 1% from the four-week average. Major buyers in this category were Mexico (13,500 mt), South Korea (3,600 mt), Canada (3,300 mt), China (2,500 mt), and Japan (2,100 mt). However, there was a cancellation of 200 tons by Nicaragua. Pork shipments also showed strength with 25,600 tons shipped during the week. This number marked a 23% increase from the previous week, although it represented a 5% decrease from the four-week average. Major destinations for these shipments included Mexico (9,700 tons), Japan (3,700 tons), China (2,700 tons), South Korea (2,600 tons), and Canada (2,400 tons). Sales of 200 tons for delivery in 2024 were also recorded, with Colombia as the recipient.
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