News

US: Soybean export sales up, several others down

Wheat
Soybean
Published Jun 3, 2023

Tridge summary

The USDA is reporting another mixed week for U.S. export sales. For the week ending May 25th, old crop soybean, soybean meal, cotton, and sorghum sales were up, while corn, rice, and soybean oil were down with another marketing year low for wheat. Reported new crop sales for those commodities were routine. Pork export sales fell from the previous week and beef was modestly lower. Export demand is influenced by several factors including the strength of the dollar relative to other currencies and seasonal trends in demand. The USDA’s next set of supply and demand estimates are Friday, June 9th at Noon Eastern/11 Central.

Original content

Physical shipments of corn were more than what’s needed to meet USDA projections for the current marketing year. The 2022/23 marketing year started 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 had a net reduction of 210,500 tons (-7.7 million bushels). Sales of 200 to 31,800 tons were more than offset by cancellations ranging from 23,200 to 91,000 tons. With just a few reporting days remaining in 2022/23, wheat exports are 684.6 million bushels, compared to 714.2 million late in 2021/22. Sales of 466,500 tons (17.1 million bushels) for 2023/24 delivery were mainly to unknown destinations (115,000 tons) and South Korea (108,000 tons).Corn was reported at 186,700 tons (4.5 million bushels), quite a bit lower than both the week ending May 18th and the four-week average. Mexico purchased 172,400 tons and ...
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