USA: Soybean export sales at marketing year low

Published 2024년 2월 1일

Tridge summary

The USDA has reported a marketing year low for U.S. soybean export sales due to stiff competition from Brazil. However, there has been an increase in pork sales, primarily to Mexico and China. Other commodities such as corn, sorghum, rice, soybean products, and cotton have seen week-to-week improvements. Net pork sales amounted to 42,900 tons, with Mexico, China, Canada, Japan, and Colombia being the main buyers. Despite a net reduction by Costa Rica, the majority of shipments, totaling 30,100 tons, were sent to Mexico, Japan, South Korea, China, and Colombia.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The USDA says U.S. soybean export sales hit a marketing year low during the week ending January 25th. That’s due to the continued heavy competition from Brazil, which has seen prices move mostly lower in recent weeks as their harvest advances, even if yields have been disappointing in some areas. Pork was a bright spot, with sales up sharply on the week, mainly to Mexico and China. Corn, sorghum, rice, soybean products, and cotton also saw week-to-week improvements. The USDA’s next set of supply and demand estimates is out February 8th.Physical shipments of soybeans were above what’s needed weekly to meet USDA projections for the current marketing year. The 2023/24 marketing year got underway June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. The marketing year for beef and pork is the calendar year.Wheat came out at 322,500 tons (11.8 million bushels), down 29% from the week ending January 18th and ...

Source: Brownfield Ag