Old crop soybean export sales up sharply on week

Published Jun 14, 2024

Tridge summary

U.S. export sales for the week ending June 6th showed mixed results. Old crop soybean sales surged due to renewed Chinese interest, while new crop sales lagged because of high U.S. prices and a large Brazilian crop. Improvements were seen in old crop corn, soybean meal, sorghum, rice, and cotton sales. Beef export sales decreased, and pork sales remained nearly unchanged. Notable purchases included wheat by Mexico and the Philippines, corn by Japan and Colombia, and sorghum by China. Soybean sales saw a significant increase driven by China and the Netherlands. Beef sales totaled 12,000 tons, down 17% from the previous week, while pork sales reached 30,100 tons, slightly higher than the previous week. The USDA's next supply and demand estimates are due on July 12th.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

U.S. export sales were mixed during the week ending June 6th. The USDA says old crop soybean sales were up sharply thanks to renewed interest from China, but new crop sales remain to slow because of relatively high U.S. prices and a big crop in Brazil. Old crop corn, soybean meal, sorghum, rice, and cotton also saw week-to-week improvements. Beef export sales dipped from the previous week, while pork was nearly unchanged. The USDA’s next round of supply and demand estimates is out July 12th.Physical shipments of corn were more than what’s needed to meet USDA projections for the current respective marketing years. The 2024/25 marketing year for wheat started June 1st, while 2023/24 got underway 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 223,900 tons (8.2 million bushels). Mexico purchased 79,600 tons and the Philippines bought 54,900 ...
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