U.S. soybean export sales hit a new low for the year ended Jan. 25, the USDA said. This is due to continued fierce competition from Brazil, which has seen **mostly** in recent weeks as the harvest progresses, although yields have been disappointing in some areas. Pork was a bright spot, with a significant increase in sales this week, mainly to Mexico and China. Corn, sorghum, rice, soy products and cotton also improved week by week.
Actual shipments of soybeans were higher than required each week to meet USDA's ** for the current marketing year. Wheat 2023 24 MARKETING year is June 1, cotton and rice are August 1, beans, corn and sorghum are September 1, and soy products are October 1.
Wheat production was 322,500 tonnes (11.8 million bushels), down 29% from the week ended Jan. 18 and down 9% from the four-week average. The Philippines bought 970,000 tons, Japan bought 5950,000 tons. Towards the last quarter of the 2023 marketing year, wheat exports were 6200 million bushels, compared to 5 in 2022 2394.2 billion bushels. Sales for 2024 25 deliveries are 15,500 tons (600,000 bushels), sold to Peru (14,500 tons) and Panama (1,000 tons).
Corn production was reported at 1,206,700 tonnes (47.5 million bushels), up 26% from the previous week and 58% from the four-week average. Japan procured 503,800 tons, Mexico purchased 372,300 tons, and unknown destinations canceled 105,000 tons. So far in the marketing year, corn exports are 132.6 billion bushels, compared to 100.9 billion bushels. 144,500 tons (5.7 million bushels) were sold to Japan (98,500 tons) and Mexico (46,000 tons).
Sorghum sales were 71,200 tonnes (2.8 million bushels), up 18% from the previous week but down 19% from the four-week average, all to China. The volume of sorghum exports is 170.8 billion bushels, compared to 28.8 million bushels in the same period last year. Net sales fell by 118,700 tonnes (-4.7 million bushels) after the cancellation in China.
Rice sales stood at 42,100 tonnes, up 46% from the previous week but 24% below the four-week average. Mexico bought 15,700 tons and Japan 13,600 tons. The volume of rice exports was 207630,000 tons, compared to 116 last year380,000 tons.
Soybean production was set at 164,500 tonnes (6 million bushels), down 71% for the week and 64% on the four-week average. China bought 134,800 tons, Egypt bought 123,000 tons, but the destination was unknown and 407,400 tons were canceled. So far, soybean exports in this marketing year are 1.4 billion bushels, compared to 173.2 billion bushels. Sales of 1300 tons delivered in 2024 25 were sold to Japan.
Soybean meal production 49420,000 tons, an increase of 93% from the previous week and well above the four-week average. The Philippines procured 108,300 tonnes and unknown destinations purchased 70,000 tonnes. At this time in the marketing year, soybean meal exports were 8,312,800 tonnes, compared to 7,035,000 tonnes last year. Sales of 2024 25 tons delivered in 700 were sold to Canada.
Soybean oil production was reported at 1,000 tonnes, up from the previous week but down from the four-week average. Canada bought 800 tons. Cumulative soybean oil exports were 33,200 tons, compared to 41,400 tons in the same period last year.
Upland cotton was traded at 349,400 bales, 69% higher than the previous week and 37% higher than the four-week average. China bought 133,200 packs and Vietnam bought 82,800 packs. The export volume of upland cotton in 2023 24 is 9,862,400 bales, compared to 9,453,200 bales in 2022 23. Sales of the 25,200 packs delivered in 2024 25 were mainly sold to Pakistan (12,800 packs) and Mexico (10,200 packs).
Net beef sales totalled 16,700 tonnes. Buyers listed include Japan (5,200 tons), China (3,300 tons), Mexico (2,500 tons), South Korea (1,400 tons) and Taiwan (1,200 tons). The 15,400 tonnes shipped were mainly to Japan (4,200 tonnes), South Korea (4,200 tonnes), China (2,300 tonnes), Mexico (1,700 tonnes) and Taiwan (700 tonnes).
Net pork sales of 4290,000 tons. Buyers were reported as Mexico (13 400 tonnes), China (12 600 tonnes), Canada (4 200 tonnes), Japan (3 100 tonnes) and Colombia (2 600 tonnes), with a net decrease of 100 tonnes. The 30,100 tonnes shipped were mainly to Mexico (10,700 tonnes), Japan (3,600 tonnes), South Korea (3,500 tonnes), China (3,000 tonnes) and Colombia (2,800 tonnes).
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