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Old crop soybean export sales up sharply on week

U.S. export sales were mixed during the week ending June 6th. The USDA says old crop soybean sales were up sharply thanks to renewed interest from China, but new crop sales remain to slow because of relatively high U.S. prices and a big crop in Brazil. Old crop corn, soybean meal, sorghum, rice, and cotton also saw week-to-week improvements. Beef export sales dipped from the previous week, while pork was nearly unchanged. The USDA’s next round of supply and demand estimates is out July 12th.

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

Wheat came out at 223,900 tons (8.2 million bushels). Mexico purchased 79,600 tons and the Philippines bought 54,900 tons, but unknown destinations canceled on 84,600 tons. The USDA says 115,300 tons were carried over from 2023/24 to 2024/25, which along with sales of 7,400 tons on May 31st, put the old crop total at 18,529,700 tons, 4% above the 17,758,500 tons in 2022/23. Sales of 21,600 tons (800,000 bushels) for 2025/26 delivery were to Mexico.

Corn was reported at 1,056,100 tons (41.6 million bushels), down 11% from the week ending May 31st, but up 16% from the four-week average. Japan picked up 414,100 tons and Colombia purchased 184,500 tons. Early in the final quarter of 2023/24, corn exports are 2.06 billion bushels, compared to 1.52 billion in 2022/23. Sales of 69,500 tons (2.7 million bushels) for 2024/25 delivery were mainly to Mexico (42,600 tons) and unknown destinations (20,000 tons).

Sorghum sales were 118,800 tons (4.7 million bushels), a solid rise from both the previous week and the four-week average. China bought 237,800 tons and Eritrea picked up 33,000 tons, but unknown destinations canceled on 151,000 tons. Sorghum exports are 212.5 million bushels, compared to 77 million a year ago.

Rice sales were 62,000 tons, 85% higher than the week before and 26% above the four-week average. Mexico purchased 49,900 tons and the Dominican Republic bought 7,000 tons. Rice exports are 3,290,600 tons, compared to 1,897,900 this time last year. Sales of 10,000 tons for 2024/25 delivery were to Honduras.

Soybeans were pegged at 377,100 tons (13.9 million bushels), a jump of 99% from the prior week and 42% from the four-week average. China picked up 109,100 tons and the Netherlands purchased 56,600 tons. So far, this marketing year, soybean exports are 1.609 billion bushels, compared to 1.898 billion a year ago. Sales of 3,000 tons (100,000 bushels) for 2024/25 delivery were to Taiwan.

Soybean meal came out at 143,300 tons, a decline of 43% on the week and 40% from the four-week average. Mexico bought 64,300 tons and unknown destinations picked up 23,000 tons. For the marketing year to date, soybean meal exports are 12,468,000 tons, compared to 11,354,900 last year. Sales of 27,100 tons for 2024/25 delivery were primarily to Mexico (12,000 tons) and the Dominican Republic.

Soybean oil was reported at 14,600 tons, a solid increase from both the previous week and the four-week average. South Korea purchased 12,000 tons and the Dominican Republic bought 1,000 tons. Cumulative soybean oil exports are 161,900 tons, compared to 128,300 a year ago. Sales of 3,200 tons for 2024/25 delivery were to Mexico (3,700 tons) and Jamaica (500 tons) with a cancelation by the Dominican Republic (1,000 tons).

Upland cotton was pegged at 177,100 bales, 28% more than the week before, but 2% less than the four-week average. China picked up 77,500 bales and Vietnam purchased 28,900 bales. 2023/24 upland cotton exports are 12,543,100 bales, compared to 13,610,000 in 2022/23. Sales of 177,400 bales for 2024/25 delivery were mostly to Vietnam (73,500 bales) and China (67,300 bales).

Net beef sales totaled 12,000 tons, a decrease of 17% from the prior week and 28% from the four-week average. The listed buyers were South Korea (3,300 tons), Japan (3,000 tons), Canada (1,400 tons), China (1,300 tons), and Mexico (800 tons). Shipments of 16,600 tons were up 8% on the week and 3% from the four-week average, mainly to South Korea (4,100 tons), Japan (4,000 tons), China (2,100 tons), Taiwan (1,800 tons), and Canada (1,500 tons).

Net pork sales totaled 30,100 tons, 1% higher than the previous week, but 1% lower than the four-week average. The reported purchasers were Mexico (14,000 tons), Japan (4,200 tons), Colombia (2,600 tons), Canada (2,000 tons), and Australia (1,700 tons). Shipments of 32,800 tons were a dip of 5% from the week before and 4% from the four-week average, primarily to Mexico (14,000 tons), Japan (4,400 tons), China (3,500 tons), South Korea (3,300 tons), and Canada (2,100 tons).

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