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Big week for new crop soybean, corn export sales

Export demand for new crop corn and soybeans continues to improve as prices decline. The USDA says new crop sales for both corn and beans during the week ending August 22^nd were up from the previous week, with both commodities more competitive against other exporters, especially Brazil. Old crop corn and soybeans were marketing year lows for the second week in a row, not uncommon as the marketing year draws to a close. Beef, pork, wheat, cotton, and rice also saw week-to-week improvements. The USDA’s next round of supply and demand estimates is out September 12^th.

Physical shipments of corn, soybeans, and wheat were more than what’s needed to meet USDA projections for the current respective marketing years. The 2024/25 marketing year started June 1^st for wheat and August 1^st for cotton and rice, while 2023/24 kicked off September 1^st for beans, corn, and sorghum and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 532,100 tons (19.6 million bushels), up 8% from the week ending August 15^th and 53% from the four-week average. The Philippines purchased 97,000 tons and South Korea bought 93,400 tons. Approaching the second quarter of the 2024/25 marketing year, wheat exports are 365.6 million bushels, compared to 275.8 million in 2023/24. A net reduction of 34,500 tons (-1.3 million bushels) for 2025/26 delivery occurred after the sale of 10,500 tons to Mexico was more than offset by a cancelation on 45,000 tons by the Philippines.

Corn was reported at 15,300 tons (600,000 bushels), a drop of 87% from the previous week and 93% from the four-week average. Spain picked up 106,000 tons and Mexico purchased 53,400 tons, but there were several cancelations with some buyers rolling over to the new marketing year. Late in 2023/24, corn exports are 2.203 billion bushels, compared to 1.598 billion in 2022/23. Sales of 1,494,100 tons (58.8 million bushels) for 2024/25 delivery were mainly to Mexico (419,700 tons) and unknown destinations (391,200 tons).

Sorghum sales of 3,200 tons (100,000 bushels) were down 54% from the week before and 94% from the four-week average, all to China. Sorghum exports are 230.7 million bushels, compared to 109 million a year ago. Sales of 70,000 tons (2.8 million bushels) for 2024/25 delivery were to China.

Rice sales were 24,300 tons. Mexico bought 10,800 tons and Honduras picked up 7,000 tons. Rice exports are 690,000 tons, compared to 514,200 this time last year.

Soybeans had a net reduction of 143,600 tons (-5.3 million bushels), with sales of 5,800 to 84,900 tons more than offset by cancelations of 29,700 to 180,100 tons. So far, this marketing year, soybean exports are 1.678 billion bushels, compared to 1.956 billion a year ago. Sales of 2,615,800 tons (96.1 million bushels) for 2024/25 delivery were primarily to China (870,000 tons) and unknown destinations (845,600 tons).

Soybean meal came out at 21,200 tons, a steep decline from the prior week and 65% lower than the four-week average. Canada purchased 20,300 tons and Mexico bought 16,600 tons, but Germany canceled on 30,000 tons. Nearing the final month of the marketing year, soybean meal exports are 13,850,700 tons, compared to 12,798,000 last year. Sales of 428,900 tons for 2024/25 delivery were mostly to Vietnam (162,500 tons) and Panama (58,000 tons).

Soybean oil was reported at 1,100 tons, a decrease of 90% on the week and 81% from the four-week average, Mexico picked up 800 tons and Canada purchased 300 tons. Cumulative soybean oil exports are 232,200 tons, compared to 131,300 a year ago.

Upland cotton was pegged at 135,200 bales. Pakistan bought 74,500 bales and India picked up 17,800 bales. Less than a month into 2024/25, upland cotton exports are 4,440,800 bales, compared to 5,226,800 in 2023/24. Sales of 700 bales for 2025/26 delivery were to Japan.

Net beef sales totaled 17,200 tons, 8% more than the previous week, but 4% less than the four-week average. The reported buyers were Japan (5,400 tons), China (3,300 tons), South Korea (1,900 tons), Mexico (1,500 tons), and Canada (1,000 tons). Shipments of 14,800 tons were an increase of 18% from the week before and 2% from the four-week average, mainly to South Korea (3,500 tons), Japan (3,100 tons), China (2,700 tons), Mexico (1,400 tons), and Taiwan (1,300 tons). Sales of 200 tons for 2025 delivery were split between Japan and the Philippines.

Net pork sales totaled 42,200 tons, a solid rise from the prior week and 59% above the four-week average. The listed purchasers were Mexico (13,800 tons), China (11,500 tons), South Korea (6,900 tons), Colombia (2,400 tons), and Japan (2,000 tons), with a cancelation of 100 tons by unknown destinations. Shipments of 29,300 tons were up 2% on the week, but down 3% from the four-week average, primarily to Mexico (13,900 tons), Japan (3,600 tons), Colombia (2,400 tons), China (2,100 tons), and Canada (2,000 tons).