News

Good week for new crop corn, soybean export sales

New crop U.S. corn and soybean export sales were up on the week. The USDA says Mexico, unknown destinations, and Japan led the pack for corn during the week ending September 12^th, while China purchased more than half of the weekly total for soybeans. Both corn and beans continue to see a lot of competition from other exporters, but sales have improved after a decline in price. Beef and rice sales were also up on the week and soybean oil hit a marketing year high. The USDA’s next round of supply and demand estimates is out October 11^th.

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

Wheat came out at 246,300 tons (9 million bushels), down 48% from the week ending September 5^th and 46% from the four-week average. Mexico purchased 59,600 tons and the Philippines bought 57,600 tons. Early in the second quarter of the 2024/25 marketing year, wheat exports are 404.6 million bushels, compared to 316.8 million in 2023/24. Sales of 11,500 tons (400,000 bushels) for 2025/26 delivery were to Peru.

Corn was reported at 847,400 tons (33.4 million bushels). Mexico picked up 280,800 tons and unknown destinations purchased 183,400 tons. Just after the start of the marketing year, corn exports are 559.4 million bushels, compared to 461.7 million this time last year.

Sorghum sales were 6,600 tons (300,000 bushels), all to China. Sorghum exports are 24.3 million bushels, compared to 78.6 million a year ago.

Rice sales of 81,100 tons were 31% higher than the previous week and a solid improvement from the four-week average. Japan bought 34,700 tons and Haiti picked up 15,300 tons. Rice exports are 873,600 tons, compared to 678,800 tons last year.

Soybeans were pegged at 1,748,100 tons (64.2 million bushels). China purchased 973,900 tons and Mexico bought 166,700 tons. So far, this marketing year, soybean exports are 587.6 million bushels, compared to 625.5 million a year ago. Sales of 8,400 tons (300,000 bushels) for 2025/26 delivery were to Japan (8,300 tons) and Taiwan (100 tons).

Old crop soybean meal had a net reduction of 2,900 tons as sales of 10,000 to 49,700 tons were more than offset by cancelations of 1,000 to 80,600 tons. Nearing the end of the 2023/24 marketing year, soybean meal exports are 13,885,800 tons, compared to 12,906,100 late in 2022/23. Sales of 283,000 tons for 2024/25 delivery were mainly to the Philippines (90,000 tons) and Colombia (64,000 tons).

Soybean oil was reported at 46,700 tons. Mexico picked up 24,400 tons and Canada purchased 13,100 tons. Cumulative soybean oil exports are 280,300 tons, compared to 127,400 last year. Net sales of 300 tons for 2024/25 delivery were to Canada (200 tons) and Honduras (100 tons), with a cancelation by Taiwan (100 tons).

Upland cotton was pegged at 106,800 bales, 8% lower than the week before and 23% below the four-week average. Vietnam bought 51,600 bales and Pakistan picked up 24,500 bales. 2024/25 upland cotton exports are 4,871,200 bales, compared to 5,485,100 in 2023/24. Sales of 10,600 bales for 2025/26 delivery were to Mexico.

Net beef sales totaled 15,500 tons, a gain of 36% from the prior week and 2% from the four-week average. The reported purchasers were South Korea (3,700 tons), China (3,000 tons), Japan (2,900 tons), Canada (1,500 tons), and Mexico (1,400 tons). Shipments of 16,400 tons were an increase of 39% on the week and 22% from the four-week average, primarily to South Korea (4,400 tons), Japan (3,800 tons), China (2,700 tons), Mexico (1,500 tons), and Taiwan (900 tons). Sales of 800 tons for 2025 delivery were to Japan.

Net pork sales totaled 29,000 tons, 3% less than the previous week, but 3% more than the four-week average. The listed buyers were Japan (7,900 tons), Mexico (5,700 tons), Colombia (3,300 tons), Canada (3,200 tons), and South Korea (1,900 tons). Shipments of 31,400 tons were a jump of 22% from the week before and 12% from the four-week average, mostly to Mexico (12,600 tons), Japan (4,600 tons), China (3,800 tons), South Korea (2,400 tons), and Colombia (2,000 tons). Net sales of 100 tons for 2025 delivery were to Australia (200 tons) with a cancelation by the Dominican Republic (100 tons).