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China makes up most of week’s soybean export sales

China continues to show up big for U.S. soybeans. The USDA says China bought more than 80% of the new crop U.S. soybean export sales total during the week ending August 6^th, reflecting the recent improvement in demand thanks to favorable pricing. New crop corn sales were down on the week, but still solid, with Mexico leading the way. Wheat and beef both saw week-to-week declines, while pork export sales were above the previous week. The USDA’s next round of supply and demand estimates is out September 11^th.

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

Wheat came out at 255,900 tons (9.4 million bushels), down 14% from the week ending July 30^th and 8% from the four-week average. Mexico purchased 101,100 tons and South Korea bought 66,500 tons, but unknown destinations canceled on 143,000 tons. Nearing the end of the first quarter of the 2026/27 marketing year, wheat exports are 274.6 million bushels, compared to 404.4 million in 2025/26.

Corn was reported at 410,700 tons (16.2 million bushels), up sharply from the previous week and 46% from the four-week average. Spain picked up 257,600 tons and Mexico purchased 74,000 tons, but unknown destinations canceled on 285,000 tons. Late in the 2025/26 marketing year, corn exports are 3.445 billion bushels, compared to 2.777 billion in 2024/25. Sales of 924,500 tons (36.4 million bushels) for 2026/27 delivery were mainly to Mexico (416,400) and unknown destinations (253,700 tons).

Sorghum sales of 3,300 tons (100,000 bushels) were a decline of 64% from the week before and 30% from the four-week average. China bought 55,600 tons and Mexico picked up 7,700 tons, but unknown destinations canceled on 60,000 tons. Sorghum exports are 199.8 million bushels, compared to 70.7 million this time last year.

2026/27 rice sales were 152,200 tons. Mexico purchased 66,900 tons and Colombia bought 15,000 tons. The USDA says 70,900 tons were carried over from 2025/26. The 2025/26 export total of 2,540,500 tons were 12% lower than the 2024/25 total of 2,886,500 tons.

Soybeans were pegged at 75,100 tons (2.8 million bushels), quite a bit more than the prior week, but 48% less than the four-week average. China picked up 65,900 tons and Japan purchased 52,100 tons, but unknown destinations canceled on 128,000 tons. So far, this marketing year, soybean exports are 1.536 billion bushels, compared to 1.876 billion a year ago. Sales of 1,759,900 tons (64.7 million bushels) for 2026/27 delivery were primarily to China (1,446,000 tons) and unknown destinations (272,000 tons).

Soybean meal came out at 69,400 tons, a decrease of 32% on the week and 47% from the four-week average. Vietnam bought 55,700 tons and Morocco picked up 32,400 tons, but unknown destinations canceled on 97,500 tons. Closing in on the final month of the marketing year, soybean meal exports are 17,775,000 tons, compared to 15,551,700 last year. Sales of 149,000 tons for 2026/27 delivery were mostly to the Philippines (48,000 tons) and the Dominican Republic (43,000 tons).

Soybean oil had a net reduction of 6,000 tons. Mexico bought 300 tons, but Canada canceled on 6,300 tons. Cumulative soybean oil exports are 372,900 tons, compared to 1,089,100 a year ago. Sales of 4,400 tons for 2026/27 delivery were to Canada.

2026/27 upland cotton sales were 905,000 bales. Vietnam picked up 222,500 bales and Pakistan purchased 164,200 bales. The USDA says 778,900 bales were carried over from 2025/26. The 2025/26 export total of 11,198,500 bales was up slightly from the 2024/25 total of 11,191,200 bales.

Net beef sales totaled 14,400 tons, 27% lower than the previous week, but 10% higher than the four-week average. The reported buyers were South Korea (5,300 tons), Japan (3,000 tons), Hong Kong (1,100 tons), Taiwan (100 tons), and China (900 tons). Physical shipments of 11,400 tons were a dip of 9% from the week before and 4% from the four-week average, mainly to South Korea (3,300 tons), Japan (2,700 tons), Taiwan (1,600 tons), Mexico (1,300 tons), and Canada (900 tons).

Net pork sales totaled 36,300 tons, rising 33% from the prior week and 29% from the four-week average. The listed purchasers were Mexico (14,200 tons), Japan (6,400 tons), South Korea (4,100 tons), Canada (2,800 tons), and China (2,800 tons). Physical shipments of 30,600 tons were up 9% on the week and 7% from the four-week average, primarily to Mexico (15,100 tons), Japan (3,900 tons), China (3,000 tons), Colombia (2,000 tons), and Canada (1,600 tons). Sales of 100 tons for 2027 delivery were to Japan.