The most recent set of sales data highlighted exports of the new soybeans crop.
Exports Of Soybean
According to the USDA, more than 2.6 million tons of the beans were exported for the upcoming marketing year during the week ending 27th July, primarily to China and a few other foreign countries. Buyers are looking to secure supplies for the time after the start of the American harvest and after Brazil exhausts its exportable surplus.
Sales of soybean meal and oil from both old and new crops were strong, and sorghum and wheat both experienced significant week-to-week gains. Sales of beef, pork, and corn exported last week were significantly lower this week. A number of factors, such as currency exchange rates and seasonal supply and demand patterns, influence exports. On Friday, August 11th, the USDA will release its newest set of supply and demand projections.
Physical shipments of wheat and soybeans were higher than what was required to meet USDA forecasts for the corresponding marketing years. The 2023/24 marketing year began on 1st June 2023 for wheat, 1st August 2023 for rice, and 1st September 2022 for beans, corn, and sorghum, along with 1st October 2022 for soybean products.
Wheat Production And Sales
The output of wheat was 421,300 tons (15.5 million bushels), up 40% from the previous four weeks and an increase of 81% from the week ending July 20. While unidentified destinations canceled 116,000 tons, China bought 138,500 tons and Mexico bought 125,100 tons. Wheat exports are 214.7 million bushels at this point in the 2023–24 marketing year, down from 303 million in 2022–23. Sales of 13,400 tons (500,000 bushels) for 2024/24 delivery were made to Mexico (7,000 tons) and Panama (6,400 tons).
U.S. Exports Of Corn & Rice
Corn output was 107,500 tons (4.2 million bushels), a 66% decrease from the previous week and the four-week average. Japan purchased 140,000 tons, Egypt purchased 38,000 tons, and unidentified destinations canceled on 106,700 tons. Corn exports are 1.581 billion bushels with just over a month left in the 2022/23 marketing year, down from 2.388 billion in 2021/22. 349,800 tons (13.7 million bushels) were sold for 2023/24 delivery, with the majority going to Honduras (79,600 tons) and Mexico (67,400 tons).
21,700 tons of old crop rice were sold, far exceeding both the prior week's sales and the four-week average. Saudi Arabia purchased 6,400 tons, while Haiti bought 15, 000 tons. Exports of rice total 1,964,600 tons, down from 2,936,300 tons the year before. 7,300 tons were sold, with 4,300 tons going to Saudi Arabia and 1,000 tons to Honduras for delivery in 2023/24.
Exports Of Soybean, Soybean Meal And Soybean Oil
90,600 tons (3.3 million bushels) of soybeans were estimated to have been estimated, down 54% from the previous week and 16% from the four-week average. Mexico purchased 23,500 tons, while the Netherlands picked up 56,500 tons. Soybean exports have reached 1.942 billion bushels so far this marketing year, down from 2.187 billion the previous year. Sales of 2,630,700 tons (96.7 million bushels) for 2023–2024 delivery went mainly to China (859,000 tons) and unknown destinations (1,574,000 tons).
163,600 tons of soybean meal were estimated, which is 3% more than the four-week average and 2% more than the previous week. Colombia purchased 27,900 tons, while the Philippines purchased 44,400 tons. Soybean meal exports for the marketing year to date are 12,394,300 tons, up from 11,597,300 the previous year. The majority of the 183,300 tons in sales for delivery in 2023–2024 went to the Dominican Republic (51,300 tons) and unidentified countries (45,600 tons).
2,200 tons of soybean oil were reported, an increase of 4% from the previous week but a noticeable decline from the four-week average. 1,200 tons were bought by Canada, and 1,000 tons by Mexico. Exports of soybean oil total 127,900 tons, down from 693,000 tons the previous year. 2,200 tons were sold to Canada for delivery in 2023–2024.
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