News

Strong week for new crop U.S. soybean export sales

New crop soybean export sales were strong during the week ending August 1^st. The USDA says new crop soybean sales were up sharply from the previous week driven by solid demand from China and unknown destinations, which followed a drop in price. Still, those sales could be switched or canceled at any time and won’t be delivered until after the start of the new marketing year, which begins September 1^st. Beef, new crop corn, and wheat export sales were down on the week, while pork saw a week-to-week improvement. Export demand is influenced by several factors including domestic prices, global currency values, and geopolitical issues. The USDA’s next round of supply and demand estimates is out Monday, August 12^th at Noon Eastern/11 Central.

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

Wheat came out at 274,000 tons (10.1 million bushels), a decline of 4% from the week ending July 25^th and 23% from the four-week average. Taiwan purchased 105,700 tons and Japan bought 63,100 tons, while the Philippines canceled on 62,000 tons. A couple of months into the 2024/25 marketing year, wheat exports are 315.6 million bushels, compared to 235.5 million in 2023/24. Sales of 112,000 tons (4.1 million bushels) for 2025/26 delivery were to the Philippines (90,000 tons) and Thailand (22,000 tons).

Corn was reported at 485,400 tons (19.1 million bushels), rising solidly from the previous week and 32% from the four-week average. Mexico picked up 309,400 tons and Spain purchased 143,300 tons. Closing in on the end of the 2023/24 marketing year, corn exports are 2.193 billion bushels, compared to 1.587 billion in 2022/23. Sales of 249,100 tons (9.8 million bushels) for 2024/25 delivery were mainly to unknown destinations (127,100 tons) and Panama (99,100 tons).

Sorghum sales were 54,500 tons (2.1 million bushels), 67% lower than the week before and 36% below the four-week average, all to China. Sorghum exports are 230.2 million bushels, compared to 110 million a year ago. Sales of 93,000 tons (3.7 million bushels) for 2024/25 delivery were to China (63,000 tons) and Eritrea (30,000 tons).

2024/25 rice sales were 19,300 tons. Haiti bought 6,000 tons and El Salvador picked up 5,000 tons. The USDA says 214,900 tons were carried over from 2023/24, putting rice exports for the new marketing year at 578,100 tons, compared to 418,700 this time last year. Sales from July 25^th to 31^st of 56,200 tons took the 2023/24 total to 3,313,100 tons, a jump of 79% from 2022/23.

Soybeans were pegged at 325,400 tons (12 million bushels), an increase of 2% from the prior week and 66% from the four-week average. China purchased 134,500 tons and Indonesia bought 81,100 tons. So far, this marketing year, soybean exports are 1.682 billion bushels, compared to 1.951 billion a year ago. Sales of 985,200 tons (36.2 million bushels) for 2024/25 delivery were primarily to China (400,000 tons) and unknown destinations (245,200 tons).

Soybean meal came out at 102,300 tons, up sharply on the week, but down 27% from the four-week average. Unknown destinations picked up 29,800 tons and the Dominican Republic purchased 17,900 tons. For the marketing year to date, soybean meal exports are 13,735,900 tons, compared to 12,538,400 last year. Sales of 256,500 tons for 2024/25 delivery were mostly to unknown destinations (101,000 tons) and Mexico (54,300 tons).

Soybean oil was reported at 10,900 tons. Mexico bought 9,500 tons, while Canada canceled on 100 tons. Cumulative soybean oil exports are 219,900 tons, compared to 127,300 a year ago. A net reduction of 8,200 tons for the 2024/25 marketing year followed cancelations by Mexico (7,900 tons) and the Dominican Republic (300 tons).

2024/25 upland cotton had a net reduction of 949,600 bales, with sales of 5,000 to 43,600 bales more than offset by cancelations ranging from 111,800 to 603,200 bales. The USDA says 979,900 bales were carried over into the new marketing year, putting the total at 4,101,700 bales, compared to 4,940,200 early in 2023/24. Including exports of 738,100 bales from July 26^th to the 31^st, 2023/24 upland cotton exports were 11,070,400 bales, 6% less than 2022/23.

Net beef sales totaled 10,000 tons, a decrease of 43% from the previous week and 27% from the four-week average. The reported buyers were South Korea (3,900 tons), Japan (1,900 tons), Mexico (1,200 tons), China (700 tons), and Canada (600 tons). Shipments of 15,400 tons were 5% lower than the week before and 2% below the four-week average, mostly to Japan (4,000 tons), South Korea (3,400 tons), China (2,700 tons), Mexico (1,600 tons), and Taiwan (1,200 tons).

Net pork sales totaled 34,600 tons, 10% higher than the prior week and 24% larger than the four-week average. The listed purchasers were Mexico (14,800 tons), China (7,400 tons), Japan (2,900 tons), Colombia (2,500 tons), and Canada (1,700 tons). Shipments of 33,200 tons were up 10% on the week and 4% from the four-week average, mainly to Mexico (14,400 tons), Japan (4,700 tons), China (3,100 tons), South Korea (2,700 tons), and Colombia (2,500 tons). Sales of 200 tons for 2025 delivery were to New Zealand.