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Another solid week for new crop soybean export sales

New crop soybean export sales have topped a million tons for the fourth week in a row. The USDA says the new crop soybean total of 1.2 million tons for the week ending August 17^th was a little bit lower than the prior week, but still reflects improved demand as big buyers like China look to secure supplies. Old crop soybean sales were down on the week, while old crop corn and sorghum both had net reductions. Pork export sales were above a week ago with Mexico buying more than half of the total, but beef was lower, continuing its recent see-saw pattern of gains and losses. The USDA’s next set of supply and demand estimates is out September 12^th.

Physical shipments of soybeans were more than what’s needed to meet projections for the current marketing year. The 2023/24 marketing year started June 1^st, 2023 for wheat and August 1^st, 2023 for cotton and rice, while 2022/23 got underway September 1^st, 2022 for beans, corn, and sorghum, and October 1^st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 406,000 tons (14.9 million bushels), up 13% from the week ending August 10^th and 3% from the four-week average. Chile purchased 94,300 tons and South Korea bought 90,100 tons, while unknown destinations canceled on 76,000 tons. Nearing the end of the first quarter of the 2023/24 marketing year, wheat exports are 263.7 million bushels, compared to 323.8 million in 2022/23.

Corn had a net reduction of 22,700 tons (-900,000 bushels). Sales of 1,200 to 43,100 tons were more than offset by cancellations of 7,000 to 55,000 tons. Late in the 2022/23 marketing year, corn exports are 1.595 billion bushels, compared to 2.4 billion in 2021/22. Sales of 673,500 tons (26.5 million bushels) for 2023/24 were mainly to Mexico (351,400 tons) and unknown destinations (128,000 tons).

Sorghum had a net reduction of 68,600 tons (-2.7 million bushels). That followed cancelations by unknown destinations (68,000 tons) and China (600 tons). Sorghum exports are 108.9 million bushels, compared to 274.6 million this time last year. Sales of 184,000 tons (7.2 million bushels) for 2023/24 delivery were to unknown destinations (126,000 tons) and China (58,000 tons).

Rice sales were 31,400 tons. Nicaragua picked up 25,000 tons and Guatemala purchased 5,900 tons. Rice exports are 474,800 tons, compared to 314,600 tons a year ago.

Soybeans were pegged at 364,900 tons (13.4 million bushels), a big drop from the previous week, but a solid gain from the four-week average. Germany bought 142,200 tons and Spain picked up 108,000 tons. So far, this marketing year, soybean exports are 1.965 billion bushels, compared to 2.188 billion last year. Sales of 1,218,200 tons (44.8 million bushels) for 2023/24 delivery were primarily to unknown destinations (557,200 tons) and China (415,000 tons).

Soybean meal came out at 71,400 tons, 44% under the week before and 52% below the four-week average. Colombia purchased 40,500 tons and Venezuela bought 27,800 tons, but unknown destinations canceled on 52,000 tons. Close to the final month of the marketing year, soybean meal exports are 12,736,200 tons, compared to 11,754,800 a year ago. Sales of 202,600 tons for 2023/24 delivery were mostly to Canada (62,900 tons) and Mexico (41,400 tons).

Soybean oil was reported at 1,800 tons, a quite a bit higher than the prior week and 64% above the four-week average. Mexico picked up 2,000 tons, while Canada canceled on 200 tons. Cumulative soybean oil exports are 129,800 tons, compared to 695,300 last year.

Upland cotton was pegged at 38,900 bales. China purchased 31,700 bales and Vietnam bought 10,800 bales, with a handful of cancelations, led by Pakistan at 14,200 bales. Early in the 2023/24 marketing year, upland cotton exports are 5,165,400 bales, compared to 7,367,700 in 2022/23. Sales of 52,800 bales for 2024/25 delivery were mainly to Malaysia (26,400 bales) and Pakistan (22,000 bales).

Net beef sales totaled 11,400 tons, a decrease of 25% on the week and 28% from the four-week average. The reported buyers were South Korea (4,200 tons), Japan (2,300 tons), Hong Kong (1,300 tons), China (1,000 tons), and Mexico (800 tons), with a cancelation by Chile (200 tons). Shipments of 11,800 tons were down 25% from the previous week and 28% from the four-week average, primarily to South Korea (3,000 tons), Japan (2,500 tons), Mexico (1,600 tons), China (1,400 tons), and Canada (1,100 tons).

Net pork sales totaled 33,000 tons, an increase of 15% from the week before and 40% from the four-week average. The listed purchasers were Mexico (18,000 tons), South Korea (5,800 tons), Colombia (3,300 tons), Japan (1,800 tons), and Canada (1,300 tons). Shipments of 25,200 tons were a decline of 12% from the prior week and 5% from the four-week average, mostly to Mexico (12,100 tons), China (3,100 tons), South Korea (2,300 tons), Japan (1,900 tons), and Canada (1,500 tons). Sales of 100 tons for 2024 delivery were to Chile.