News

U.S. export sales mostly below average

The USDA is reporting generally bearish export business during the week ending July 2^nd. Old crop corn, soybean, soybean product, cotton, and rice were all below average, with beef and pork sales seeing week-to-week declines. New crop soybean sales were a bright spot thanks to unknown destinations, which could turn out to be China when it’s time for delivery.
Global demand for U.S. ag commodities is influenced by several factors, including domestic prices, the value of the dollar, and seasonal trends.

Physical shipments of corn and soybeans were above what’s needed to meet USDA projections. The 2025/26 marketing year began August 1^st for cotton and rice, September 1^st for beans, corn, and sorghum, and October 1^st for soybean products, while 2026/27 got underway June 1^st for wheat. The marketing year for beef and pork is the calendar year.

Wheat came out at 313,100 tons (11.5 million bushels). South Korea purchased 101,000 tons and Nigeria bought 100,000 tons, while unknown destinations canceled on 32,000 tons. About a month into the 2026/27 marketing year, wheat exports are 224.5 million bushels, compared to 284.6 million in 2025/26.

Corn was reported at 565,800 tons (22.3 million bushels), down 23% from the week ending June 25^th and 38% from the four-week average. Mexico picked up 168,900 tons and Japan purchased 162,900 tons, but unknown destinations canceled on 194,500 tons. In the final quarter of the 2025/26 marketing year, corn exports are 3.384 billion bushels, compared to 2.731 billion in 2024/25. Sales of 401,700 tons (15.8 million bushels) for 2026/27 delivery were mainly to South Korea (136,000 tons) and Japan (112,000 tons).

There were no new sorghum sales. Sorghum exports are 199 million bushels, compared to 66.4 million this time last year.

Rice sales of 23,900 tons were 17% higher than the week before, but 48% lower than the four-week average. Haiti bought 13,500 tons and Saudi Arabia picked up 5,000 tons. Rice exports are 2,634,900 tons, compared to 3,073,000 a year ago.

Soybeans were pegged at 54,300 tons (2 million bushels), 30% more than the prior week, but 81% less than the four-week average. China purchased 202,100 tons and Japan bought 60,500 tons, but unknown destinations canceled on 351,300 tons. So far, this marketing year, soybean exports are 1.512 billion bushels, compared to 1.851 billion last year. Sales of 408,300 tons (15 million bushels) for 2026/27 delivery were primarily to unknown destinations (338,000 tons) and Colombia (54,000 tons).

Soybean meal came out at 225,500 tons, a decline of 6% on the week and 165 from the four-week average. Mexico picked up 72,300 tons, while the Netherlands and Poland both purchased 67,100 tons, but there were several cancelations led by unknown destinations at 79,000 tons. At the start of the final quarter of the marketing year, soybean meal exports are 17,245,800 tons, compared to 14,771,400 a year ago. Sales of 96,000 tons for 2026/27 delivery were mostly to Mexico (46,100 tons) and Canada (43,900 tons).

Soybean oil was reported at 900 tons. Canada bought 4,400 tons, while Mexico canceled on 3,500 tons. Cumulative soybean oil exports are 375,700 tons, compared to 1,071,600 last year.

Upland cotton was pegged at 66,400 bales, up 36% from the previous week, but down 49% from the four-week average. Vietnam picked up 23,500 bales and India purchased 23,400 bales. Approaching the end of the 2025/26 marketing year, upland cotton exports are 11,916,600 bales, compared to 11,719,700 in 2024/25. Sales of 87,000 bales for 2026/27 delivery were mainly to Vietnam (48,700 bales) and Turkey (30,800 bales).

Net beef sales totaled 14,000 tons. The reported buyers were Japan (4,200 tons), South Korea (3,200 tons), Taiwan (1,400 tons), Mexico (1,000 tons), and the United Arab Emirates (900 tons). Physical shipments of 14,500 tons were primarily to South Korea (4,500 tons), Japan (4,200 tons), Mexico (1,500 tons), Taiwan (1,300 tons), and Canada (1,000 tons).

The USDA did lower last week’s surprising record large beef export sales total, cutting what was initially reported as an all-time high for any week by 113,998 tons to 12,102 tons.

Net pork sales totaled 17,700 tons, a decrease of 53% from the week before and 32% from the four-week average. The listed purchasers were Mexico (7,500 tons), Japan (4,600 tons), Canada (1,300 tons), Colombia (1,300 tons), and South Korea (1,000 tons). Physical shipments of 30,200 tons fell 5% from the prior week and 6% from the four-week average, mostly to Mexico (15,000 tons), Japan (4,200 tons), China (2,800 tons), South Korea (1,900 tons), and Colombia (1,600 tons).