News

Soybean export sales sharply below average

U.S. soybean export sales are taking a hit from global competition. The USDA says soybean sales during the week ending February 6^th were impacted by a big cancelation from unknown destinations, possibly because of high prices relative to Brazil. U.S. soybean sales commitments are ahead of last marketing year but that U.S. premium over Brazil could continue to limit demand as their new crop hits the market. Soybean meal was also down on the week and bean oil hit a marketing year low, while pork and beef had week-to-week declines. Export demand is influenced by several factors, including trade restrictions, the value of the dollar, and geopolitics. The USDA’s next round of supply and demand numbers is out March 11^th.

Physical shipments of corn, soybeans, and wheat were more than what’s needed to meet projections for the current marketing year. The 2024/25 marketing year got underway 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 569,000 tons (20.9 million bushels), up 30% from the week ending January 30^th and 45% from the four-week average. Mexico purchased 127,600 tons and South Korea bought 84,400 tons. Approaching the final quarter of the 2024/25 marketing year, wheat exports are 704 million bushels, compared to 646.2 million in 2023/24. Sales of 36,800 tons (1.4 million bushels) for 2025/26 delivery were mainly to Japan (25,000 tons) and Mexico (10,000 tons).

Corn was reported at 1,649,000 tons (64.9 million bushels), 12% higher than the previous week and 20% greater than the four-week average. Japan picked up 459,400 tons and South Korea purchased 325,400 tons. Closing in on the halfway point of the marketing year, corn exports are 1.827 billion bushels, compared to 1.426 billion a year ago. Sales of 350,100 tons (13.8 million bushels) for 2025/26 delivery were primarily to Mexico (330,000 tons).

Sorghum sales were 53,000 tons (2.1 million bushels), all to Spain. Sorghum exports are 46.3 million bushels, compared to 173.1 million this time last year.

Rice sales were 44,900 tons, considerably more than the week before, but 6% less than the four-week average. Honduras bought 19,300 tons and Colombia picked up 14,000 tons, but unknown destinations canceled on 17,000 tons. Rice exports are 2,124,600 tons, compared to 2,341,800 a year ago.

Soybeans were pegged at 185,500 tons (6.8 million bushels), dropping 52% from the prior week and 74% from the four-week average. China purchased 222,000 tons and Egypt bought 205,200 tons, but unknown destinations canceled on 365,200 tons. So far, this marketing year, soybean exports are 1.589 billion bushels, compared to 1.418 billion last year. Sales of 24,300 tons (900,000 bushels) for 2025/26 delivery were to Japan.

Soybean meal came out at 336,700 tons, a decrease of 37% on the week, but an increase of 4% from the four-week average. Colombia picked up 87,300 tons and unknown destinations purchased 58,000 tons. For the marketing year to date, soybean meal exports are 10,079,800 tons, compared to 8,790,800 a year ago.

Soybean oil had a net reduction of 2,800 tons. Sales of 400 to 3,500 tons were more than offset by cancelations from India (-9,700 tons) and Venezuela (-500 tons). Cumulative soybean oil exports are 671,300 tons, compared to 34,400 last year.

Upland cotton was pegged at 244,700 bales, 30% above the previous week, but 14% below the four-week average. Bangladesh bought 54,100 bales and Vietnam picked up 51,600 bales. 2024/25 upland cotton exports are 9,130,900 bales, compared to 10,306,900 in 2023/24. Sales of 19,100 bales for 2025/26 delivery were mostly to Honduras (10,000 bales) and Mexico (5,000 bales).

Net beef sales totaled 13,100 tons. The reported purchasers were South Korea (7,400 tons), Japan (2,700 tons), Mexico (1,000 tons), Canada (500 tons), and Taiwan (400 tons), with a net reduction by China (500 tons). Shipments of 14,900 tons were mainly to South Korea (4,800 tons), Japan (3,600 tons), China (2,200 tons), Mexico (1,300 tons), and Canada (800 tons).

Net pork sales totaled 24,900 tons. The listed buyers were Japan (6,200 tons), Mexico (5,000 tons), South Korea (3,600 tons), the Dominican Republic (2,300 tons), and Colombia (2,200 tons). Shipments of 31,000 tons were primarily to Mexico (12,000 tons), South Korea (4,000 tons), Japan (3,900 tons), China (3,200 tons), and Colombia (1,700 tons).