United States: Pork sales surge while corn hits marketing year low

The USDA says pork export sales showed a big improvement during the week ending February 25th, while corn hit a marketing year low. Pork sales were nearly 60,000 tons, up sharply on the week, with China buying nearly half of the total and Mexico purchasing about a quarter. Corn fell 74% on the week following a cancellation of more than 1.75 million tons by unknown destinations. Soybeans were up solidly from the previous week’s marketing year low but fell below the four-week average with no new sales to China and a cancellation by unknown destinations. Beef, wheat, soybean product, and rice export sales were all up on the week, while cotton declined and sorghum had a net reduction. The USDA’s next set of supply and demand estimates is out on Tuesday the 9th at Noon Eastern/11 Central.Old and new crop corn fell below pre-report expectations, while soybeans, soybean products, and wheat were within analysts’ estimates. Physical shipments of corn and soybeans were more than what’s ...