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Soybean export sales at marketing year low

The USDA says U.S. soybean export sales hit a marketing year low during the week ending January 25^th. That’s due to the continued heavy competition from Brazil, which has seen prices move mostly lower in recent weeks as their harvest advances, even if yields have been disappointing in some areas. Pork was a bright spot, with sales up sharply on the week, mainly to Mexico and China. Corn, sorghum, rice, soybean products, and cotton also saw week-to-week improvements. The USDA’s next set of supply and demand estimates is out February 8^th.

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

Wheat came out at 322,500 tons (11.8 million bushels), down 29% from the week ending January 18^th and 9% from the four-week average. The Philippines purchased 97,000 tons and Japan bought 59,500 tons. Nearing the final quarter of the 2023/24 marketing year, wheat exports are 620 million bushels, compared to 594.2 million in 2022/23. Sales of 15,500 tons (600,000 bushels) for 2024/25 delivery were to Peru (14,500 tons) and Panama (1,000 tons).

Corn was reported at 1,206,700 tons (47.5 million bushels), up 26% from the previous week and 58% from the four-week average. Japan picked up 503,800 tons and Mexico purchased 372,300 tons, while unknown destinations canceled on 105,000 tons. For the marketing year to date, corn exports are 1.326 billion bushels, compared to 1.009 billion this time last year. Sales of 144,500 tons (5.7 million bushels) were to Japan (98,500 tons) and Mexico (46,000 tons).

Sorghum sales were 71,200 tons (2.8 million bushels), 18% higher than the week before, but 19% lower than the four-week average, all to China. Sorghum exports ae 170.8 million bushels, compared to 28.8 million a year ago. A net sales reduction of 118,700 tons (-4.7 million bushels) followed a cancelation by China.

Rice sales were 42,100 tons, 46% more than the prior week, but 24% less than the four-week average. Mexico bought 15,700 tons and Japan picked up 13,600 tons. Rice exports are 2,076,300 tons, compared to 1,163,800 last year.

Soybeans were pegged at 164,500 tons (6 million bushels), a decline of 71% on the week and 64% from the four-week average. China purchased 134,800 tons and Egypt bought 123,000 tons, but unknown destinations canceled on 407,400 tons. So far, this marketing year, soybean exports are 1.4 billion bushels, compared to 1.732 billion a year ago. Sales of 1,300 tons for 2024/25 delivery were to Japan.

Soybean meal came out at 494,200 tons, an increase of 93% from the previous week and considerably larger than the four-week average. The Philippines picked up 108,300 tons and unknown destinations purchased 70,000 tons. At this point in the marketing year, soybean meal exports are 8,312,800 tons, compared to 7,035,000 last year. Sales of 700 tons for 2024/25 delivery were to Canada.

Soybean oil was reported at 1,000 tons, a jump from the week before, but a drop from the four-week average. Canada bought 800 tons. Cumulative soybean oil exports are 33,200 tons, compared to 41,400 a year ago.

Upland cotton was pegged at 349,400 bales, 69% above the prior week and 37% greater than the four-week average. China picked up 133,200 bales and Vietnam purchased 82,800 bales. 2023/24 upland cotton exports are 9,862,400 bales, compared to 9,453,200 in 2022/23. Sales of 25,200 bales for 2024/25 delivery were mainly to Pakistan (12,800 bales) and Mexico (10,200 bales).

Net beef sales totaled 16,700 tons. The listed buyers were Japan (5,200 tons), China (3,300 tons), Mexico (2,500 tons), South Korea (1,400 tons), and Taiwan (1,200 tons). Shipments of 15,400 tons were primarily to Japan (4,200 tons), South Korea (4,200 tons), China (2,300 tons), Mexico (1,700 tons), and Taiwan (700 tons).

Net pork sales totaled 42,900 tons. The reported purchasers were Mexico (13,400 tons), China (12,600 tons), Canada (4,200 tons), Japan (3,100 tons), and Colombia (2,600 tons), with a net reduction by Costa Rica (100 tons). Shipments of 30,100 tons were mostly to Mexico (10,700 tons), Japan (3,600 tons), South Korea (3,500 tons), China (3,000 tons), and Colombia (2,800 tons).