News

Mostly bearish week for U.S. export sales

The USDA says export sales during the week ending January 2^nd were generally bearish, largely due to it being a holiday week. Corn, soybeans, wheat, and rice all hit marketing year lows, with sorghum seeing a net reduction and soybean products also down on the week. Cotton did see a week-to-week improvement. Pork sales for 2025 delivery were solid, while 2025 beef sales were lower. Cumulative 2024 pork sales were up from 2023, but total beef sales saw a decline on the year. Export demand is driven by several factors, including the value of the dollar relative to other currencies and seasonal supply changes.

Physical shipments of 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 111,300 tons (4.1 million bushels), down 21% from the week ending December 26^th and 70% from the four-week average. South Korea purchased 68,100 tons and the Philippines bought 35,300 tons, but unknown destinations canceled on 89,000 tons. For the 2024/25 marketing year to date, wheat exports are 625.2 million bushels, compared to 565.6 million in 2023/24.

Corn was reported at 445,000 tons (17.5 million bushels), 43% lower than the previous week and 61% below the four-week average. Colombia picked up 177,100 tons and Japan purchased 91,100 tons. Nearing the midpoint of the second quarter of the marketing year, corn exports are 1.545 billion bushels, compared to 1.192 billion this time last year.

Sorghum had a net reduction of 100 tons following a cancelation by China. Sorghum exports are 44 million bushels, compared to 160.1 million a year ago.

Rice sales were 10,700 tons, dropping 68% from the week before and 84% from the four-week average. Honduras bought 12,000 tons and Japan picked up 8,200 tons, but El Salvador canceled on 13,400 tons. Rice exports are 1,888,700 tons, compared to 1,865,300 last year.

Soybeans were pegged at 288,700 tons (10.6 million bushels), a decrease of 40% from the prior week and 72% from the four-week average. The Netherlands purchased 205,400 tons and China bought 171,800 tons, but unknown destinations canceled on 696,100 tons. So far, this marketing year, soybean exports are 1.484 billion bushels, compared to 1.345 billion a year ago. Sales of 400 tons for 2025/26 delivery were to Japan.

Soybean meal came out at 144,900 tons, falling 29% on the week and 44% from the four-week average. Honduras picked up 30,300 tons and Nicaragua purchased 26,600 tons. At this point in the marketing year, soybean meal exports are 8,449,000 tons, compared to 7,203,700 last year. Sales of 1,100 tons for 2025/26 delivery were to Japan.

Soybean oil was reported at 34,600 tons, 9% under the previous week and 7% below the four-week average. India bought 23,000 tons and Venezuela picked up 10,100 tons. Cumulative soybean oil exports are 599,400 tons, compared to 32,000 a year ago. Sales of 100 tons for 2025/26 delivery were to Canada.

Upland cotton was pegged at 137,400 bales, 7% more than the week before, but 27% less than the four-week average. Turkey purchased 62,000 bales and Pakistan bought 25,500 bales. 2024/25 upland cotton exports are 7,752,100 bales, compared to 8,885,900 in 2023/24.

Net beef sales for 2025 totaled 5,600 tons. The listed buyers were Mexico (2,400 tons), South Korea (1,300 tons), Japan (900 tons), China (500 tons), and Canada (300 tons), with net reductions for the Dominican Republic (200 tons) and Indonesia (200 tons). Including exports of 10,400 tons for the week ending December 31^st, cumulative beef exports for 2024 were 797,700 tons, down 2% from the 2023 total of 810,200 tons.

Net pork sales for 2025 totaled 31,000 tons. The reported purchasers were Mexico (20,600 tons), Japan (3,000 tons), Colombia (2,400 tons), South Korea (1,800 tons), and Canada (1,200 tons). Including exports of 20,500 tons for the week ending December 31^st, cumulative pork exports for 2024 were 1,677,600 tons, up 6% from the 2023 total of 1,580,000 tons.