News

Soybean, rice export sales at marketing year lows

Rice
Market & Price Trends
Published Feb 24, 2024

Tridge summary

U.S. soybean export sales have hit a marketing year low due to a large cancelation by unknown destinations, according to the USDA. Other commodities like rice also experienced a drop in sales. However, physical shipments of soybeans were still above the required amount to meet the current marketing year's projections. Meanwhile, net pork sales were down by 14% from the previous week, with Mexico, Japan, Canada, South Korea, and Colombia being the main purchasers. Despite the drop in sales, shipments were 7% higher than the four-week average.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

U.S. soybean export sales hit a marketing year low during the week ending February 15th. The USDA says soybean sales were sharply below the previous week and the four-week average, following a big cancelation by unknown destinations. Rice also hit a marketing year low and sales of all other major commodities were down on the week. Export demand is driven by several factors including the value of the dollar relative to other currencies and seasonal changes in supply. The USDA’s next set of supply and demand estimates is out March 8th.Physical shipments of soybeans were more than what’s needed to meet 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 233,500 tons (8.6 million bushels), down 33% from the week ending February 8th and 38% from ...
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