World: Beef, soybean export sales hit marketing year lows

The USDA says beef and soybean export sales fell to marketing year lows during the week ending March 2nd. Beef was significantly lower than average following small cancellations by several key customers, while soybeans had a net reduction after big cancellations by unknown destinations and Pakistan. Pork, wheat, and cotton also saw week to week declines. Rice hit a marketing year high, and corn, sorghum, soybean products were all up solidly on the week. The USDA’s next round of supply and demand estimates is out April 11th.Physical shipments of soybeans were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year got underway June 1st, 2022 for wheat, August 1st, 2022 for cotton and rice, September 1st, 2022 for beans, corn, and sorghum, and October 1st, 2022 for soybean products. The marketing year for beef and pork is the calendar year.Wheat came out at 266,700 tons (9.8 million bushels), down 6% from the week ending February ...