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China continues to drive 26/27 soybean export sales

Global demand for new crop U.S. soybeans continues to be strong thanks largely to one key buyer. The USDA says new crop soybean sales during the week ending August 13^th were nearly steady with the week before that and China purchased about two thirds of the total. Unknown destinations took the second spot and that could turn out to be China when it’s time for delivery. Demand for U.S. beans from China has picked up steam over the last couple of months due to more favorable pricing. New crop corn sales were down on the week, but still solid, and wheat was above a week ago, while beef and pork were below average. The USDA’s next round of supply and demand numbers is out September 11^th.

Physical shipments of corn and wheat were more than what’s needed to meet projections for the current respective marketing years. The 2025/26 marketing year began September 1^st for beans, corn, and sorghum, and October 1^st for soybean products, while 2026/27 got underway June 1^st for wheat and August 1^st for cotton and rice. The marketing year for beef and pork is the calendar year.

Wheat came out at 393,700 tons (14.5 million bushels), up 54% from the week ending August 6^th and 40% from the four-week average. Mexico purchased 105,000 tons and Taiwan bought 97,200 tons. Late in the first quarter of the 2026/27 marketing year, wheat exports are 289.1 million bushels, compared to 423.5 million in 2025/26.

Corn was reported at 232,900 tons (9.2 million bushels), down 43% from the previous week and 24% from the four-week average. Japan picked up 192,700 tons and Spain purchased 121,200 tons, but unknown destinations canceled on 417,700 tons. Approaching the end of the 2025/26 marketing year, corn exports are 3.454 billion bushels, compared to 2.775 billion late in 2024/25. Sales of 816,100 tons (32.1 million bushels) for 2026/27 delivery were mainly to Mexico (305,400 tons) and Japan (184,000 tons).

Sorghum sales of 7,700 tons (300,000 bushels) were a solid improvement from the week before and 19% above the four-week average. Mexico bought 7,400 tons and China picked up 200 tons. Sorghum exports are 200.1 million bushels, compared to 70.7 million this time last year. Sales of 13,500 tons (500,000 bushels) for 2026/27 delivery were to China.

Rice sales were 38,800 tons. Mexico purchased 30,600 tons and Guatemala bought 9,900 tons, while unknown destinations canceled on 11,000 tons. New crop rice exports are 38,000 tons, compared to 31,000 a year ago.

Soybeans were pegged at 85,000 tons (3.1 million bushels), 13% more than the prior week, but 27% less than the four-week average. The Netherlands picked up 86,300 tons and Indonesia purchased 45,100 tons, but unknown destinations canceled on 147,100 tons. So far, this marketing year, soybean exports are 1.539 billion bushels, compared to 1.874 billion last year. Sales of 1,723,000 tons (63.3 million bushels) for 2026/27 delivery were mostly to China (1,131,000 tons) and unknown destinations (222,000 tons).

Soybean meal came out at 92,800 tons, rising 34% on the week, but falling 12% from the four-week average. Spain bought 60,000 tons and unknown destinations picked up 40,000 tons, while Ecuador canceled on 41,700 tons. At this point in the marketing year, soybean meal exports are 17,867,800 tons, compared to 15,597,400 a year ago. Sales of 386,000 tons for 2026/27 delivery were mainly to the Philippines (229,700 tons) and Mexico (73,200 tons).

Soybean oil was reported at 1,200 tons. Canada purchased 1,100 tons and Mexico bought 100 tons. Cumulative soybean oil exports are 374,100 tons, compared to 1,091,700 last year.

Upland cotton was pegged at 209,400 bales. Vietnam picked up 55,400 bales and Pakistan purchased 51,900 bales. Early in the 2026/27 marketing year, upland cotton exports are 341,700 bales, compared to 236,500 in 2025/26. Sales of 64,900 bales for 2027/27 delivery were primarily to El Salvador (35,100 bales) and Guatemala (15,400 bales).

Net beef sales totaled 9,300 tons, a decrease of 36% from the previous week and 37% from the four-week average. The reported buyers were Mexico (1,600 tons), South Korea (1,400 tons), Taiwan (1,400 tons), Japan (1,000 tons), and China (900 tons). Physical shipments of 12,600 tons were an increase of 11% from the week before and 4% from the four-week average, mostly to South Korea (3,600 tons), Japan (3,200 tons), Taiwan (1,700 tons), Mexico (1,300 tons), and Canada (700 tons).

Net pork sales totaled 27,300 tons, a decline of 25% from the prior week and 15% from the four-week average. The listed purchasers were Mexico (10,700 tons), South Korea (3,500 tons), Japan (2,900 tons), Canada (2,700 tons), and Colombia (2,400 tons). Physical shipments of 27,800 tons were down 9% on the week and 8% from the four-week average, primarily to Mexico (13,000 tons), Japan (3,200 tons), China (2,500 tons), Colombia (2,100 tons), and South Korea (1,700 tons).