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Feed demand fuels 26/27 corn, soybean meal export sales

New crop corn and soybean meal sales were up on the week. The USDA says those new crop corn and bean meal sales during the week ending August 27^th both saw solid week-to-week improvements thanks to good global demand for livestock feed usage. New crop soybean sales were below the previous week, but still strong because of the recent business with China. Global ag trade is influenced by several factors, including the relative value of the dollar, seasonal changes in supply, and geopolitics. The USDA’s next round of supply and demand estimates is out September 11^th.

Physical shipments of wheat were more than what’s needed to meet USDA projections for the current marketing year. The 2025/26 marketing year began 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 and August 1^st for cotton and rice. The marketing year for beef and pork is the calendar year.

Wheat came out at 313,500 tons (11.5 million bushels), down 22% from the week ending August 20^th and 7% from the four-week average. Mexico purchased 80,400 tons and the Philippines bought 57,100 tons. Late in the first quarter of the 2026/27 marketing year, wheat exports are 315.4 million bushels, compared to 456.3 million in 2025/26.

Old crop corn had a net reduction of 829,600 tons (-32.7 million bushels) as sales of 26,700 to 138,400 tons were more than offset by cancelations of 32,600 to 721,400 tons. With just a few reporting days left in the 2025/26 marketing year, corn exports are 3.422 billion bushels, compared to 2.763 billion near the end of 2024/25. Sales of 1,986,400 tons (78.2 million bushels) for 2026/27 delivery were mainly to Mexico (665,000 tons) and Japan (371,800 tons).

Old crop sorghum had a net reduction of 2,600 tons (-100,000 bushels). China picked up 92,200 tons and Mexico purchased 4,200 tons, but unknown destinations canceled on 99,000 tons. Sorghum exports are 200.6 million bushels, compared to 70.3 million this time last year. Sales of 600 tons for 2026/27 delivery were to Japan.

Rice sales were 57,400 tons. Haiti bought 22,500 tons and Japan picked up 13,000 tons. Rice exports are 680,600 tons, compared to 659,200 a year ago.

Old crop soybeans had a net reduction of 94,200 tons (-3.5 million bushels). Sales of 800 to 42,000 tons were more than offset by cancelations of 700 to 59,600 tons. So far, this marketing year, soybean exports are 1.538 billion bushels, compared to 1.866 billion last year. Sales of 1,948,900 tons (71.6 million bushels) for 2026/27 delivery were primarily to China (972,000 tons) and unknown destinations (669,000 tons).

Old crop soybean meal was a marketing year low at 29,400 tons, a decline of 72% from the previous week and 68% from the four-week average. Colombia purchased 26,000 tons and Guatemala bought 8,200 tons, but there were several cancelations, led by unknown destinations with 33,600 tons. With just over a month left in the marketing year, soybean meal exports are 18,001,900 tons, compared to 15,640,400 a year ago. Sales of 701,900 tons for 2026/27 delivery were mostly to unknown destinations (108,000 tons), along with Germany and the Netherlands, each with 100,000 tons.

Old crop soybean oil was reported at 1,300 tons. Canada picked up 900 tons and Mexico purchased 400 tons. Cumulative soybean oil exports are 375,800 tons, compared to 1,102,900 last year. Sales of 4,000 tons for 2026/27 delivery were to Canada.

Upland cotton was pegged at 27,500 bales. India and Vietnam both bought 10,800 bales, while Bangladesh picked up 5,200 bales. 2026/27 upland cotton exports are 4,359,000 bales, compared to 3,657,100 in 2025/26.

Net beef sales totaled 12,900 tons, 41% higher than the week before, but 2% lower than the four-week average. The reported purchasers were South Korea (4,700 tons), Hong Kong (1,700 tons), Japan (1,600 tons), and Mexico (1,100 tons). Physical shipments of 12,000 tons were 2% more than the prior week, but 1% less than the four-week average, mainly to South Korea (3,400 tons), Japan (3,000 tons), Mexico (1,200 tons), Taiwan (1,000 tons), and Hong Kong (800 tons).

Net pork sales totaled 35,000 tons, a decrease of 10% on the week, but an increase of 8% from the four-week average. The listed buyers were Mexico (17,800 tons), China (5,900 tons), Japan (2,700 tons), South Korea (2,400 tons), and Colombia (1,800 tons). Physical shipments of 30,000 tons were steady with the previous week and 3% larger than the four-week average, primarily to Mexico (13,800 tons), Japan (3,900 tons), China (2,500 tons), South Korea (2,400 tons), and Canada (2,000 tons). Sales of 100 tons for 2027 delivery were to Japan.