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Soybean export sales notch marketing year high

The USDA says soybean export sales hit a marketing year high during the week ending October 19^th. The soybean sales total of nearly 1.4 million tons was mainly to China, which has stepped up purchases of U.S. soybeans recently partially due to the mixed planting conditions in Brazil. Corn sales were also nearly 1.4 million tons with Mexico leading the way. Wheat was below a week ago, but with the confirmation to some recent rumors that China was buying U.S. wheat. Beef sales rebounded from the previous week’s marketing year low, while pork was down on the week. Export business is driven by several factors, including seasonal shifts in supply and the value of the U.S. dollar against other currencies. The USDA’s next set of supply and demand estimates is out November 9^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 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 363,700 tons (13.4 million bushels), down 43% from the week ending October 12^th and 31% from the four-week average. Mexico purchased 130,000 tons and Japan bought 69,500 tons. At this point in the 2023/24 marketing year, wheat exports are 407.4 million bushels, compared to 434.4 million in 2022/23. Sales of 17,200 tons (600,000 bushels) for 2024/25 delivery were to Panama.

Corn was reported at 1,351,100 tons (53.2 million bushels), up 53% from the previous week and 22% from the four-week average. Mexico picked up 762,400 tons and Colombia purchased 241,900 tons. For the marketing year to date, corn exports are 690 million bushels, compared to 554.8 million a year ago. Sales of 16,000 tons (600,000 bushels) for 2024/25 delivery were to Mexico.

Sorghum sales were 191,000 tons (7.5 million bushels), significantly larger than both the week before and the four-week average. Unknown destinations bought 123,000 tons and China picked up 68,000 tons. Sorghum exports are 100.3 million bushels, compared to 12.3 million this time last year.

Rice sales were 65,100 tons, a solid jump from the prior week and 51% above the four-week average. Haiti purchased 22,700 tons and Japan bought 13,000 tons. Rice exports are 959,600 tons, compared to 560,700 a year ago.

Soybeans were pegged at 1,378,200 tons (50.6 million bushels), an increase of 1% on the week and 43% from the four-week average. China picked up 1,167,000 tons and Mexico purchased 215,900 tons, but unknown destinations canceled on 425,200 tons. So far, this marketing year, soybean exports are 817.9 million bushels, compared to 1.156 billion last year.

Soybean meal came out at 507,500 tons. The Philippines bought 208,700 tons and Guatemala picked up 63,700 tons. Early in the marketing year, soybean meal exports are 5,521,600 tons, compared to 3,847,900 a year ago. Sales of 100 tons for 2024/25 delivery were to Canada.

Soybean oil had a net reduction of 100 tons following a cancelation by Canada. Soybean oil exports are 20,800 tons, compared to 31,900 last year.

Upland cotton was pegged at 186,100 bales, up quite a bit from the previous week and 82% greater than the four-week average. China purchased 98,500 bales and Bangladesh bought 44,900 bales. 2023/24 upland cotton exports are 6,081,200 bales, compared to 8,438,300 in 2022/23.

Net beef sales totaled 17,400 tons, a considerable improvement from the week before and 72% more than the four-week average. The reported buyers were South Korea (9,300 tons), China (3,200 tons), Japan (2,200 tons), Hong Kong (1,000 tons), and Taiwan (600 tons), with a cancelation by Indonesia (100 tons). Shipments of 13,800 tons were 1% higher than the prior week, but 8% lower than the four-week average, mainly to South Korea (4,200 tons), Japan (3,200 tons), China (1,700 tons), Mexico (1,100 tons), and Taiwan (900 tons). Sales of 3,900 tons for 2024 delivery were primarily to South Korea (2,200 tons), Japan (1,400 tons), Hong Kong (200 tons), and Taiwan (100 tons).

Net pork sales totaled 28,200 tons, a decline of 8% both on the week and from the four-week average. The listed purchasers were Mexico (10,200 tons), China (3,400 tons), Canada (3,200 tons), Japan (2,900 tons), and South Korea (2,600 tons). Shipments of 27,700 tons were up 7% from the previous week, but down 1% from the four-week average, mostly to Mexico (10,200 tons), Japan (3,500 tons), South Korea (3,000 tons), China (2,900 tons), and Colombia (2,200 tons). Sales of 400 tons for 2024 delivery were mainly to Australia (200 tons) and South Korea (100 tons).