News

Unknown, China boost new crop U.S. soybean export sales

New crop soybean export sales were solid during the week ending June 18^th. The USDA says those new crop soybean sales were led by unknown destinations and China, signs that Beijing might be ramping up purchases of U.S. beans, even as Brazil maintains a hold over the global market due to price. Old crop soybeans, new crop wheat, and beef and pork sales also saw week-to-week improvements. Export demand is influenced by several factors, including domestic prices, the relative value of the dollar, and geopolitics. The USDA’s next round of supply and demand numbers is out July 10^th.

Physical shipments of wheat were more than what’s needed to meet projections for the current marketing year. 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 kicked off June 1^st for wheat. The marketing year for beef and pork is the calendar year.

Wheat came out at 504,500 tons (18.5 million bushels). Mexico purchased 204,400 tons and Japan bought 118,700 tons. Early in the 2026/27 marketing year, wheat exports are 202 million bushels, compared to 242.2 million in 2025/26.

Corn was reported at 743,100 tons (29.3 million bushels), down 36% from the week ending June 11^th and 27% from the four-week average. Mexico picked up 307,300 tons and Japan purchased 161,700 tons. In the final quarter of the 2025/26 marketing year, corn exports are 3.333 billion bushels, compared to 2.66 billion in 2024/25. Sales of 735,900 tons (29 million bushels) were mainly to Mexico (295,500 tons) and Japan (250,000 tons).

Sorghum sales of 36,200 tons (1.4 million bushels) were 47% lower than the previous week and 53% below the four-week average. Unknown destinations bought 30,000 tons and Mexico picked up 3,900 tons. Sorghum exports are 198 million bushels, compared to 62.9 million this time last year.

Rice sales of 22,100 tons were a drop of 78% from the week before and 46% from the four-week average. El Salvador purchased 17,100 tons and Mexico bought 12,500 tons, while unknown destinations canceled on 12,000 tons. Rice exports are 2,590,500 tons, compared to 3,052,500 a year ago. Sales of 30,000 tons for 2026/27 delivery were to Japan (24,000 tons) and unknown destinations (6,000 tons).

Soybeans were pegged at 455,400 tons (16.7 million bushels), up 7% from the prior week and 50% from the four-week average. Unknown destinations picked up 263,100 tons and Algeria purchased 89,000 tons. So far, this marketing year, soybean exports are 1.508 billion bushels, compared to 1.816 billion last year. Sales of 902,200 tons (33.1 million bushels) were primarily to unknown destinations (529,000 tons) and China (200,000 tons).

Soybean meal came out at 153,100 tons, a decline of 46% on the week and 47% from the four-week average. Colombia bought 31,000 tons and Panama picked up 30,500 tons. Closing in on the final quarter of the marketing year, soybean meal exports are 16,781,200 tons, compared to 14,257,500 a year ago. Sales of 29,200 tons for 2026/27 delivery were mostly to Honduras (13,900 tons) and Mexico (6,700 tons).

Soybean oil was reported at 900 tons, falling 62% from the previous week and 47% from the four-week average. Mexico purchased 700 tons and Canada bought 100 tons. Cumulative soybean oil exports are 376,400 tons, compared to 1,055,900 last year.

Upland cotton was pegged at 83,900 bales, a decrease of 53% from the week before and 54% from the four-week average. Vietnam picked up 31,300 bales and India purchased 14,300 bales. Just over a month outside of the new marketing year, 2025/26 upland cotton exports are 11,801,200 bales, compared to 11,668,700 in 2024/25. Sales of 67,100 bales for 2026/27 delivery were mainly to China (13,500 bales) and Guatemala (12,800 bales).

Net beef sales totaled 21,300 tons, a big rise from the prior week and an increase of 88% from the four-week average. The reported buyers were South Korea (7,100 tons), Japan (3,400 tons), Taiwan (3,400 tons), Hong Kong (1,200 tons, and Mexico (1,200 tons). Physical shipments of 13,000 tons were unchanged on the week and 2% lower than the four-week average, primarily to South Korea (3,800 tons), Japan (3,300 tons), Taiwan (1,500 tons), Mexico (1,200 tons), and Hong Kong (800 tons).

Net pork sales totaled 26,200 tons, 63% more than the previous week, but 6% less than the four-week average. The listed purchasers were Mexico (9,700 tons), Japan (3,700 tons), South Korea (2,800 tons), Colombia (2,400 tons), and Canada (2,100 tons). Physical shipments of 32,000 tons were 7% above the week before and steady with the four-week average, mostly to Mexico (15,900 tons), Japan (4,400 tons), China (3,400 tons), South Korea (2,200 tons), and Colombia (1,500 tons). Sales of 200 tons for 2027 delivery were to Australia.