Global: Export sales hit a marketing year high

Cotton export sales shot sharply higher during the week ending June 1st. The USDA says sales of upland cotton hit a marketing year high at more than 480,000 bales, with most of that to China, which will primarily be used to manufacture clothing. Soybean and pork export sales also showed week-to-week improvements, while sales of other major commodities were down on the week. Export trade is driven by several factors including the value of the dollar relative to other currencies and seasonal shifts in demand. The USDA’s next set of supply and demand estimates is out Friday, June 9th at Noon Eastern/11 Central.Physical shipments of corn were more than what’s needed to meet USDA projections for the current marketing year. The 2023/24 marketing year started June 1st, 2023 for wheat, while 2022/23 got underway August 1st, 2022 for cotton and rice, September 1st, 2022 for beans, corn, and sorghum, and October 1st, 2022 for soybean products. The marketing year for beef and pork is the ...