Soybean, rice export sales at marketing year lows

U.S. soybean export sales hit a marketing year low during the week ending February 15th. The USDA says soybean sales were sharply below the previous week and the four-week average, following a big cancelation by unknown destinations. Rice also hit a marketing year low and sales of all other major commodities were down on the week. Export demand is driven by several factors including the value of the dollar relative to other currencies and seasonal changes in supply. The USDA’s next set of supply and demand estimates is out March 8th.

Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2023/24 marketing year got underway June 1st for wheat, 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 233,500 tons (8.6 million bushels), down 33% from the week ending February 8th and 38% from the four-week average. Japan purchased 56,400 tons and Mexico bought 41,900 tons. Nearing the final quarter of the 2023/24 marketing year, wheat exports are 655.4 million bushels, compared to 619.2 million in 2022/23. Sales of 46,600 tons (1.7 million bushels) for 2024/25 delivery were mainly to unknown destinations (18,000 tons) and Mexico (16,600 tons).

Corn was reported at 820,400 tons (32.3 million bushels), 37% lower than the previous week and 30% below the four-week average. Mexico picked up 341,100 tons and Colombia purchased 182,800 tons. Approaching the back half of the marketing year, corn exports are 1.458 billion bushels, compared to 1.128 billion this time last year. Sales of 177,700 tons (7 million bushels) for 2024/25 delivery were to Japan (186,100 tons) with a cancelation by Mexico (8,400 tons).

Sorghum sales were 8,800 tons (300,000 bushels), significantly smaller than both the week before and the four-week average, all to China. Sorghum exports are 173.5 million bushels, compared to 39.4 million a year ago.

Rice sales were 24,400 tons, a drop of 84% from the prior week and 71% from the four-week average. Japan bought 16,600 tons and Nicaragua picked up 5,000 tons, while Canada canceled on 6,000 tons. Rice exports are 2,366,200 tons, compared to 1,368,200 last year.

Soybeans were pegged at 55,900 tons (2.1 million bushels), a decrease of 84% on both the week and from the four-week average. China purchased 391,700 tons and Indonesia bought 128,300 tons, but unknown destinations canceled on 591,700 tons. So far, this marketing year, soybean exports are 1.428 billion bushels, compared to 1.778 billion a year ago.

Soybean meal came out at 202,000 tons, a decline of 1% from the previous week and 35% from the four-week average. Colombia picked up 97,900 tons and Vietnam purchased 51,000 tons, while unknown destinations canceled on 54,000 tons. For the marketing year to date, soybean meal exports are 9,002,600 tons, compared to 7,553,200 last year. Sales of 500 tons for 2024/25 delivery were to Canada.

Soybean oil had a net reduction of 5,300 tons. Mexico bought 300 tons, but Canada canceled on 5,600 tons. Cumulative soybean oil exports are 29,200 tons, compared to 50,900 a year ago.

Upland cotton was pegged at 130,500 bales, 19% under the week before and 48% less than the four-week average. Bangladesh picked up 50,600 bales and Turkey purchased 34,300 bales. 2023/24 upland cotton exports are 10,437,400 bales, compared to 10,358,300 in 2022/23. Sales of 58,100 bales for 2024/25 delivery were primarily to Indonesia (22,000 bales) and Turkey (15,400 bales).

Net beef sales totaled 12,600 tons, down 14% on the week and 17% from the four-week average. The listed buyers were Japan (4,300 tons), South Korea (2,700 tons), Mexico (2,100 tons), Canada (1,400 tons), and China (800 tons). Shipments of 15,700 tons were a decrease of 5% from the previous week and 2% from the four-week average, mostly to South Korea (4,100 tons), Japan (3,800 tons), China (2,500 tons), Mexico (1,800 tons), and Taiwan (1,000 tons).

Net pork sales totaled 28,900 tons, 14% below the week before and 17% under the four-week average. The reported purchasers were Mexico (13,200 tons), Japan (4,200 tons), Canada (2,300 tons), South Korea (2,000 tons), and Colombia (1,900 tons). Shipments of 36,800 tons were 2% lower than the prior week, but 7% higher than the four-week average, mainly to Mexico (14,500 tons), South Korea (5,000 tons), China (4,100 tons), Japan (3,700 tons), and Colombia (1,800 tons).

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