Good week for new crop soybean, corn export sales in the US

Published Jul 25, 2024

Tridge summary

The USDA reported strong new U.S. corn and soybean export sales for the week ending July 18th, with Japan and unknown destinations leading purchases. However, old crop sales for corn, soybeans, wheat, and beef declined, and cotton hit a marketing year low for the second week. Soybean product and pork sales improved, with physical corn shipments exceeding USDA projections. For 2022/23, sales reached 13,958,800 bales, with significant deliveries for 2024/25 to Mexico and Vietnam. Net beef and pork sales saw mixed results, with beef sales decreasing but shipments increasing, while pork sales and shipments both rose. The USDA's next supply and demand estimates are due on August 12th.

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

Original content

The USDA reports solid new U.S. corn and soybean export sales for the week ending July 18th. New crop sales for both corn and beans were up from the previous week, with unknown destinations taking the top slot for soybeans and Japan leading the pack for corn. Old crop sales for both were below a week ago. Wheat and beef also saw week-to-week declines and old crop cotton hit a marketing year low for the second consecutive week, while soybean product and pork sales improved. The USDA’s next round of supply and demand estimates is out August 12th.Physical shipments of corn were more than what’s needed to meet USDA projections for the current marketing year. The 2024/25 marketing year started June 1st for wheat, while 2023/24 kicked off 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 309,300 tons (11.4 million bushels), down 47% from the week ...

Source: Brownfield Ag