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Export sales of soybeans and rice are at their lowest level in the year of release.
For the week ending February 15, U.S. soybean export sales hit the lowest in the market year.th. Soybean sales were significantly lower than the previous week and four-week average due to large-scale cancellations due to unknown destinations, according to the USDA. Rice also hit its lowest market price in a year, and sales of other major products also fell this week. Export demand is determined by several factors, including the value of the dollar relative to other currencies and seasonal fluctuations in supply. USDA's next supply and demand estimates will be released on March 8th.th.
Physical soybean shipments exceeded what was needed to meet expectations for the current marketing year. The 2023/24 marketing year began on June 1st of hiscent Wheat, August 1stcent Cotton and Rice, September 1stcent Beans, corn, sorghum, and oct.cent For soybean products. The sales year for beef and pork is the calendar year.
Wheat production was 233,500 tons (8.6 million bushels), down 33% from the week ending February 8.th That's 38% from the four-week average. Japan purchased 56,400 tons and Mexico 41,900 tons. As the final quarter of the 2023/24 fiscal year approaches, wheat exports stand at 655.4 million bushels, compared to 619.2 million bushels in 2022/23. Sales of 46,600 tons (1.7 million bushels) for 2024/25 delivery were primarily to destinations unknown (18,000 tons) and Mexico (16,600 tons).
Corn was reported at 820,400 tons (32.3 million bushels), down 37% from the previous week and 30% below the four-week average. Mexico took over 341,100 tonnes and Colombia purchased 182,800 tonnes. As we approach the second half of the marketing year, corn exports are at 1.458 billion bushels, compared to 1.128 billion bushels at this time last year. Sales of 177,700 tons (7 million bushels) for delivery in 2024/25 were to Japan (186,100 tons) and Mexico (8,400 tons) were canceled.
Sorghum sales were 8,800 tons (300,000 bushels), well below the previous week and four-week average, all going to China. Sorghum exports totaled 173.5 million bushels, compared to 39.4 million bushels a year ago.
Rice sales amounted to 24,400 tons, down 84% from the previous week and 71% from the four-week average. Japan purchased 16,600 tonnes, Nicaragua took back 5,000 tonnes and Canada canceled 6,000 tonnes. The amount of rice exported was 2,366,200 tons (1,368,200 tons last year).
Soybeans settled at 55,900 tons (2.1 million bushels), down 84% from both the weekly and four-week averages. China purchased 391,700 tons and Indonesia 128,300 tons, but 591,700 tons with unknown destinations were cancelled. Soybean exports so far this marketing year are 1.428 billion bushels, compared to 1.778 billion bushels a year ago.
Soybean meal was 202,000 tons, down 1% from the previous week and 35% from the four-week average. Colombia took 97,900 tonnes, Vietnam bought 51,000 tonnes, but a vendor with an unknown destination canceled 54,000 tonnes. The export volume of soybean meal in the marketing year so far is 9,002,600 tons compared to 7,553,200 tons last year. The sale of 500 tons for delivery in 2024/25 was to Canada.
Soybean oil had a net reduction of 5,300 tons. Mexico purchased 300 tons, but Canada canceled 5,600 tons. The cumulative export volume of soybean oil was 29,200 tons (50,900 tons in the same period last year).
Upland cotton was fixed at 130,500 bales, down 19% from the previous week and down 48% from the four-week average. Bangladesh took over 50,600 bales and Turkey purchased 34,300 bales. Upland cotton exports in 2023/24 were 10,437,400 bales compared to 10,358,300 bales in 2022/23. Sales of the 58,100 bales delivered in 2024/25 were mainly in Indonesia (22,000 bales) and Turkey (15,400 bales).
Net beef sales totaled 12,600 tonnes, down 14% for the week and 17% compared to the four-week average. The listed buyers were Japan (4,300 tonnes), South Korea (2,700 tonnes), Mexico (2,100 tonnes), Canada (1,400 tonnes) and China (800 tonnes). Shipments were 15,700 tons, down 5% from the previous week and 2% from the four-week average, mainly to South Korea (4,100 tons), Japan (3,800 tons), China (2,500 tons), and Mexico (1,800 tons). was. , Taiwan (1,000 tons).
Net pork sales totaled 28,900 tonnes, down 14% from the previous week and 17% below the four-week average. Reported purchasing countries were Mexico (13,200 tons), Japan (4,200 tons), Canada (2,300 tons), South Korea (2,000 tons), and Colombia (1,900 tons). Shipments totaled 36,800 tons, down 2% from the previous week but up 7% from the four-week average, mainly from Mexico (14,500 tons), South Korea (5,000 tons), China (4,100 tons), and Japan (3,700 tons). ) was directed towards. , Colombia (1,800 tons).
