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China drives new crop U.S. soybean export sales

The USDA’s reporting a strong week for new crop soybean export sales. The week ending July 9^th was one of the largest weeks for new crop U.S. soybean sales in months, led by solid demand from China and unknown destinations. That bump up in demand from China was at least partially due to more competitive U.S. prices against Brazil.

Old crop soybean and pork sales were both up on the week, but lower than average. Old crop corn and cotton both notched marketing year lows, while beef and wheat had week-to-week declines.

The USDA’s next round of supply and demand estimates is August 12^th.

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

Wheat came out at 235,100 tons (8.6 million bushels), down 25% from the week ending July 2^nd and 38% from the four-week average. Japan purchased 66,600 tons and Mexico bought 45,100 tons. Just over a month into the 2026/27 marketing year, wheat exports are 233.2 million bushels, compared to 302.8 million in 2025/26.

Corn was reported at 315,000 tons (12.4 million bushels), 44% lower than the previous week and 61% below the four-week average. Japan picked up 137,100 tons and Colombia purchased 135,200 tons, but unknown destinations canceled on 452,500 tons. In the final quarter of the 2025/26 marketing year, corn exports are 3.397 billion bushels, compared to 2.735 billion in 2024/25. Sales of 311,200 tons (12.3 million bushels) for 2026/27 delivery were mainly to Colombia (132,600 tons) and Mexico (87,100 tons).

Sorghum had a net reduction of 3,600 tons (-100,000 bushels). Mexico bought 4,400 tons and China picked up 2,000 tons, but unknown destinations canceled on 10,000 tons. Sorghum exports are 198.8 million bushels, compared to 66.9 million this time last year.

Rice sales of 18,100 tons declined 24% from the week before and 57% from the four-week average. Haiti purchased 7,200 tons and Jordan bought 3,400 tons. Rice exports are 2,652,900 tons, compared to 3,089,300 a year ago. Sales of 36,000 tons for 2026/27 delivery were to Japan.

Soybeans were pegged at 188,300 tons (6.9 million bushels), quite a bit more than the prior week, but 23% less than the four-week average. China picked up 133,900 tons and Egypt purchased 51,100 tons, but unknown destinations canceled on 174,600 tons. So far, this marketing year, soybean exports are 1.518 billion bushels, compared to 1.861 billion last year. Sales of 1,769,600 tons (65 million bushels) for 2026/27 delivery were primarily to China (1,056,000 tons) and unknown destinations (624,600 tons).

Soybean meal came out at 177,000 tons, falling 22% on both the week and from the four-week average. Colombia bought 151,900 tons and Mexico picked up 49,300 tons, while unknown destinations canceled on 73,000 tons. At this point in the marketing year, soybean meal exports are 17,422,900 tons, compared to 15,127,900 a year ago. Sales of 51,200 tons for 2026/27 delivery were mostly to the Netherlands (30,000 tons) and Mexico (14,100 tons).

Soybean oil had a net reduction of 300 tons. Mexico purchased 700 tons, but Canada canceled on 1,000 tons. Cumulative soybean oil exports are 375,400 tons, compared to 1,079,500 last year. Sales of 200 tons for 2026/27 delivery were to Mexico.

Upland cotton was reported at 34,400 bales, a decrease of 48% from the previous week and 64% from the four-week average. Bangladesh bought 10,600 bales and Vietnam picked up 5,800 bales. Close to the end of the 2025/26 marketing year, upland cotton exports are 11,951,000 bales, compared to 11,794,800 in 2024/25. Sales of 4,100 bales for 2026/27 delivery were mainly to Pakistan (4,200 bales) and Peru (3,800 bales), with a handful of cancelations led by Mexico (4,700 bales).

Net beef sales totaled 8,000 tons, a decline of 43% from the week before and 45% from the four-week average. The reported purchasers were Japan (2,400 tons), Canada (1,900 tons), Mexico (1,200 tons), Taiwan (1,100 tons), and Qatar (200 tons). Physical shipments of 10,400 tons were 29% lower than the prior week and 25% under the four-week average, primarily to South Korea (3,200 tons), Japan (2,900 tons), Mexico (1,400 tons), Taiwan (700 tons), and Hong Kong (600 tons).

Net pork sales totaled 21,600 tons, up 22% on the week, but down 12% from the four-week average. The listed buyers were Mexico (9,100 tons), Japan (7,100 tons), Canada (1,400 ton), Colombia (1,100 tons), and Honduras (600 tons). Physical shipments of 25,200 tons were a cut of 15% from the previous week and 19% from the four-week average, mostly to Mexico (11,900 tons), Japan (4,500 tons), China (2,500 tons), South Korea (1,800 tons), and Canada (1,300 tons).