Soybean, wheat export sales hit marketing year lows

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Soybean, wheat export sales hit marketing year lows

U.S. export business slowed down significantly during the week ending December 26^th. The USDA says soybeans and wheat both hit marketing year lows, with corn, soybean product, cotton, and rice all down from the previous week. Beef and pork for 2024 delivery were bright spots, seeing week-to-week improvements, also seeing solid demand for 2025 delivery. The USDA’s next round of supply and demand numbers is out Friday, January 10^th at Noon Eastern/11 Central.

Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2024/25 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 140,600 tons (5.2 million bushels), down 77% from the week ending December 19^th and 68% from the four-week average. South Korea purchased 35,900 tons and Thailand bought 29,700 tons. More than halfway through the 2024/25 marketing year, wheat exports are 621.1 million bushels, compared to 560.9 million in 2023/24.

Corn was reported at 777,000 tons (30.6 million bushels), 55% lower than the previous week and 44% below the four-week average. Mexico picked up 292,500 tons and Japan purchased 179,100 tons. Just over a quarter into the marketing year, corn exports are 1.528 billion bushels, compared to 1.173 billion this time last year.

Sorghum sales of 18,900 tons (700,000 bushels) were unchanged from the week before and considerably smaller than the four-week average. Unknown bought 10,000 tons and Japan picked up 5,900 tons. Sorghum exports are 44 million bushels, compared to 154.8 million a year ago.

Rice sales of 33,300 tons dropped 64% from the prior week and 59% from the four-week average. Mexico purchased 15,000 tons and Japan bought 7,300 tons. Rice exports are 1,878,000 tons, compared to 1,842,600 last year.

Soybeans were pegged at 484,700 tons (17.8 million bushels), a decrease of 51% on the week and 67% from the four-week average. China picked up 617,700 tons and South Africa purchased 99,500 tons, but unknown destinations canceled on 667,300 tons. So far, this marketing year, soybean exports are 1.476 billion bushels, compared to 1.335 billion a year ago.

Soybean meal came out at 203,800 tons, falling 48% from the previous week and 26% from the four-week average. Mexico bought 76,700 tons and the Philippines picked up 48,300 tons. At this point in the marketing year, soybean meal exports are 8,304,200 tons, compared to 7,138,400 last year.

Soybean oil was reported at 38,100 tons, 6% less than the week before, but 18% more than the four-week average. India purchased 17,000 tons and Colombia bought 8,300 tons. Cumulative soybean oil exports are 564,800 tons, compared to 33,500 a year ago.

Upland cotton was pegged at 128,900 bales, a drop of 54% from the prior week and 35% from the four-week average. Turkey picked up 41,300 bales and Pakistan purchased 30,000 bales. 2024/25 upland cotton exports are 7,614,700 bales, compared to 8,623,400 in 2023/24. Sales of 5,300 bales for 2025/26 delivery were to Honduras.

Net beef sales totaled 1,400 tons, up 29% on the week, but down 71% from the four-week average. The reported buyers were Japan (1,300 tons), China (400 tons), Italy (100 tons), and the United Arab Emirates (100 tons), with net reductions by South Korea (300 tons) and Hong Kong (200 tons). Shipments of 12,200 tons were a decline of 26% from the previous week and 21% from the four-week average, mainly to Japan (3,400 tons), South Korea (3,400 tons), China (2,000 tons), Mexico (1,200 tons), and Taiwan (800 tons). Sales of 11,100 tons for 2025 delivery were primarily to South Korea (3,900 tons), China (1,800 tons), Taiwan (1,800 tons), Canada (1,200 tons), and Mexico (1,000 tons).

Net pork sales totaled 7,500 tons, 6% higher than the week before, but 60% lower than the four-week average. The listed purchasers were Mexico (8,500 tons), Japan (600 tons), the Dominican Republic (400 tons), China (200 tons), and Honduras (100 tons), with net reductions by South Korea (1,400 tons), Australia (400 tons), Colombia (300 tons), Nicaragua (200 tons), and Costa Rica (100 tons). Shipments of 23,700 tons were 27% less than both the prior week and the four-week average, mostly to Mexico (10,100 tons), Japan (2,600 tons), South Korea (2,600 tons), China (2,500 tons), and Canada (1,500 tons). Sales of 13,500 tons for 2025 delivery were mainly to Japan (5,300 tons), Mexico (2,800 tons), South Korea (1,800 tons), Colombia (1,200 tons), and Canada (500 tons), with a net reduction by China (300 tons).