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Good week for new crop wheat export sales

New crop U.S. wheat export sales are solid. USDA data shows that even with the start of the new marketing year a couple of weeks away, new crop wheat sales are off to a hot start, boosted by a decline in price and the recent lower trend in the dollar. Unknown destinations was the big new crop wheat buyer during the week ending May 8^th and Mexico is in the lead overall. New crop soybean sales were good, even as old crop struggles due to seasonal issues, while old and new crop corn export sales were above the previous week. Beef and pork export sales were also up on the week, even as China remained absent from the U.S. pork market for the sixth week in a row. The USDA’s next round of supply and demand projections is out June 12^th.

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

Wheat came out at 58,600 tons (2.2 million bushels), down 16% from the week ending May 1^st, but up sharply from the four-week average. Morocco purchased 30,000 tons and South Korea bought 27,200 tons, but unknown destinations canceled on 62,000 tons. Late in the 2024/25 marketing year, wheat exports are 789.2 million bushels, compared to 695.0 million in 2023/24. Sales of 746,200 tons (27.4 million bushels) for 2025/26 delivery were mainly to unknown destinations (245,000 tons) and the Philippines (126,000 tons).

Corn was reported at 1,677,200 tons (66 million bushels), 1% higher than the previous week and 24% above the four-week average. South Korea picked up 603,300 tons and Mexico purchased 314,200 tons. Approaching the final quarter of the marketing year, corn exports are 2.444 billion bushels, compared to 1.904 billion this time last year. Sales of 508,900 tons (20 million bushels) for 2025/26 delivery were to Mexico (467,100 tons) and Honduras (41,800 tons).

Sorghum sales of 54,300 tons (2.1 million bushels) were 64% more than the week before and substantially larger than the four-week average. Spain bought 53,000 tons and Japan picked up 1,300 tons. Sorghum exports are 57.7 million bushels, compared to 203 million a year ago.

Rice sales of 29,900 tons were 49% lower than the prior week and 11% under the four-week average. Mexico purchased 26,500 tons and Honduras bought 7,400 tons, while unknown destinations canceled on 15,800 tons. Rice exports are 2,825,800 tons, compared to 3,056,900 last year.

Soybeans were pegged at 282,400 tons (2.1 million bushels), falling 25% on the week and 28% from the four-week average. Egypt picked up 177,100 tons and Indonesia purchased 83,300 tons, but unknown destinations canceled on 184,100 tons. So far, this marketing year, soybean exports are 1.764 billion bushels, compared to 1.565 billion a year ago. Sales of 490,300 tons (18 million bushels) for 2025/26 delivery were to Pakistan (345,000 tons) and Mexico (145,300 tons).

Soybean meal came out at 286,700 tons, a big improvement from the previous week and 53% greater than the four-week average. Unknown destinations bought 100,000 tons and the Philippines picked up 48,500 tons. At this point in the marketing year, soybean meal exports are 12,749,700 tons, compared to 11,653,900 last year. Sales of 32,700 tons for 2025/26 delivery were primarily to Honduras (19,000 tons) and Mexico (10,800 tons).

Soybean oil was reported at 13,600 tons, 7% less than the week before, but 20% more than the four-week average. India purchased 40,000 tons and Colombia bought 10,000 tons, but unknown destinations canceled on 40,000 tons. Cumulative soybean oil exports are 1,004,200 tons, compared to 132,100 a year ago. Sales of 500 tons for 2025/26 delivery were to Canada.

Upland cotton was pegged at 122,200 bales, rising 86% from the prior week and 2% from the four-week average. Vietnam picked up 95,600 bales and Bangladesh purchased 26,200 bales. 2025/26 upland cotton exports are 11,155,500 bales, compared to 11,801,800 in 2023/24. Sales of 34,200 bales for 2025/26 delivery were to Honduras (25,400 bales) and Indonesia (8,800 bales).

Net beef sales totaled 14,600 tons, up 91% on the week and 21% from the four-week average. The reported buyers were South Korea (4,500 tons), Japan (3,400 tons), Mexico (2,600 tons), Taiwan (1,400 tons), and Canada (1,200 tons). Shipments of 13,600 tons were down 10% from the previous week and 7% from the four-week average, mostly to South Korea (4,800 tons), Japan (3,900 tons), Mexico (1,500 tons), Taiwan (1,300 tons), and Hong Kong (900 tons).

Net pork sales totaled 24,600 tons, 2% higher than the week before and 16% more than the four-week average. The listed purchasers were Mexico (10,600 tons), Japan (3,500 tons), Canada (2,800 tons), Colombia (2,300 tons), and Chile (1,000 tons). Shipments of 26,500 tons were 4% above the prior week, but 3% below the four-week average, mainly to Mexico (12,000 tons), Japan (4,100 tons), South Korea (3,100 tons), Colombia (1,800 tons), and Canada (1,300 tons).