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Soybean, rice export sales hit marketing year highs

U.S. soybean export sales surged to a marketing year high during the week ending November 9^th. The USDA says soybean sales were nearly 4 million tons, led by strong demand from China as Beijing tries to shore up supplies in the face of planting delays and probable replanting in parts of Brazil. Corn topped 1.8 million tons, mainly to Mexico, and rice also hit a new high for the marketing year. Beef, pork, and wheat were down on the week and below average. The USDA’s next set of supply and demand estimates is out December 8^th.

Wheat came out at 176,300 tons (6.5 million bushels), down 50% from the week ending November 2^nd and 57% from the four-week average. Unknown destinations purchased 57,500 tons and Algeria bought 44,200 tons. Closing in on the end of the first half of the 2023/24 marketing year, wheat exports are 437 million bushels, compared to 469.7 million in 2022/23.

Corn was reported at 1,807,500 tons (71.2 million bushels), up 78% from the previous week and 81% from the four-week average. Mexico picked up 1,061,100 tons and Japan purchased 532,900 tons. At this point in the marketing year, corn exports are 830.6 million bushels, compared to 625.9 million bushels this time last year.

Sorghum sales were 76,400 tons (3 million bushels, 45% lower than the week before and 60% below the four-week average. China bought 144,400 tons but unknown destinations canceled on 68,000 tons. Sorghum exports are 123.7 million bushels, compared to 13.9 million a year ago.

Rice sales were 207,900 tons, a solid improvement from both the prior week and the four-week average. Mexico picked up 60,300 tons and South Korea purchased 47,100 tons. Rice exports are 1,297,000 tons, compared to 654,300 last year.

Soybeans were pegged at 3,918,400 tons (144 million bushels), a big increase on both the week and from the four-week average. China bought 2,614,600 tons and unknown destinations picked up 721,300 tons. So far, this marketing year, soybean exports are 1.035 billion bushels, compared to 1.317 billion a year ago.

Soybean meal came out at 144,800 tons, a decrease of 25% from the previous week 53% from the four-week average. Ireland purchased 40,000 tons and Mexico bought 32,500 tons. For the marketing year to date, soybean meal exports are 5,946,300 tons, compared to 4,407,300 last year.

Soybean oil was reported at 3,400 tons, 31% larger than the week before and 67% greater than the four-week average. Canada picked up 3,200 tons and Mexico purchased 200 tons. Cumulative soybean oil exports are 28,700 tons, compared to 32,600 a year ago. A net reduction of 400 tons for 2024/25 followed a cancelation by Canada.

Upland cotton was pegged at 328,300 bales, 17% less than the prior week, but 18% more than the four-week average. China bought 176,200 bales and Mexico picked up 35,000 bales. 2023/24 upland cotton exports are 7,261,800 bales, compared to 8,800,900 in 2022/23. Sales of 30,400 bales for 2024/25 delivery were mainly to Mexico (11,200 bales) and Guatemala (7,100 bales).

Net beef sales totaled 8,900 tons, a decline of 35% on the week and 27% from the four-week average. The reported buyers were South Korea (2,900 tons), Mexico (1,700 tons), China (1,300 tons), Japan (800 tons), and Taiwan (600 tons). Shipments of 13,500 tons were down 7% from the previous week and 4% from the four-week average, primarily to South Korea (3,900 tons), Japan (3,300 tons), China (2,800 tons), Mexico (1,200 tons), and Taiwan (800 tons). Sales of 1,600 tons for 2024 delivery were to South Korea (1,500 tons), Mexico (100 tons), and Taiwan (100 tons), with a cancelation by Japan (100 tons).

Net pork sales totaled 24,300 tons, 51% lower than the week before and 30% under the four-week average. The listed purchasers were Mexico (8,500 tons), Japan (5,400 tons), South Korea (2,100 tons), Colombia (1,700 tons), and Honduras (1,400 tons). Shipments of 30,900 tons were 13% below the prior week, but 5% above the four-week average, mostly to Mexico (10,500 tons), Japan (4,300 tons), South Korea (3,900 tons), China (3,200 tons), and Colombia (2,400 tons). Sales of 400 tons for 2024 delivery were to South Korea (300 tons) and Colombia (100 tons).