Global Rice News

Demand from China Propels Soybean and Pork Exports

During the week ending November 2nd, China played a crucial role in driving export sales of soybeans and pork. According to the USDA, both commodities saw increases in export sales, with China leading the way. Additionally, China emerged as the largest buyer of cotton, although sales were down compared to the previous week. On the other hand, corn, wheat, and soybean product exports experienced improvements, while sales of beef, sorghum, and rice declined. The export business is influenced by various factors, including seasonal changes in supply and currency trade.

More soybeans were physically shipped than necessary to meet projections for the current marketing year. The marketing year differs for various commodities – June 1st for wheat, August 1st for cotton and rice, September 1st for beans, corn, and sorghum, and October 1st for soybean products. Beef and pork follow the calendar year as their marketing year.

Wheat exports reached 354,300 tons (13 million bushels), a 29% increase from the week ending October 26th. However, this figure is 26% lower than the four-week average. South Korea purchased 140,200 tons, while unknown destinations bought 70,000 tons. Thus far in the 2023/24 marketing year, wheat exports stand at 430.5 million bushels, compared to 459.1 million bushels in 2022/23.

Corn sales totaled 1,015,300 tons (40 million bushels), marking a 36% rise from the previous week and a 4% increase from the four-week average. Mexico acquired 384,800 tons, and unknown destinations purchased 228,500 tons. Corn exports for the marketing year to date reached 759.4 million bushels, compared to 579.9 million bushels the previous year. Sales of 140,000 tons (5.5 million bushels) for delivery in 2024/25 were made to Mexico.

Sorghum sales amounted to 139,000 tons (5.5 million bushels), a 63% decrease from the previous week and a 12% decline from the four-week average. Notably, all sales were to China. Sorghum exports currently stand at 120.7 million bushels, compared to 13.9 million bushels at the same time last year.

Rice sales reached 36,000 tons, a significant drop of 62% from the prior week and 43% from the four-week average. Venezuela purchased 20,000 tons, while Mexico acquired 4,700 tons. Rice exports for this year total 1,089,100 tons, compared to 637,600 tons the previous year.

Soybean sales amounted to 1,080,200 tons (39.7 million bushels), reflecting a 7% increase from the week before, but an 8% decrease from the four-week average. China purchased 692,400 tons, and Mexico bought 230,600 tons, while unknown destinations canceled 452,200 tons. So far, soybean exports for this marketing year have reached 890.7 million bushels, compared to 1.208 billion bushels last year.

Soybean meal sales stood at 193,500 tons, with Mexico purchasing 55,800 tons and Ireland acquiring 35,100 tons. Approximately one month into the marketing year, soybean meal exports reached 5,801,500 tons, compared to 4,140,200 tons the previous year.

Soybean oil sales amounted to 2,600 tons, with Mexico purchasing 2,400 tons and Canada acquiring 200 tons. Cumulative soybean oil exports stand at 25,200 tons, compared to 32,300 tons last year.

Upland cotton sales reached 395,200 bales, which is 14% lower than the previous week, but significantly higher than the four-week average. China purchased 260,000 bales, and Vietnam acquired 54,500 bales. Upland cotton exports for the 2023/24 marketing year total 6,933,500 bales, compared to 8,775,900 bales in 2022/23. Sales of 44,500 bales for delivery in 2024/25 were made to Pakistan (44,000 bales) and Japan (500 bales).

Net beef sales totaled 13,600 tons, indicating a 21% decline from the previous week, but a 24% increase from the four-week average. The main purchasers were Japan (4,500 tons), South Korea (2,600 tons), Mexico (1,400 tons), Taiwan (1,300 tons), and China (1,200 tons). Shipments of 14,500 tons increased by 2% from the prior week and 1% from the four-week average, with significant shipments to South Korea (3,800 tons), Japan (3,400 tons), China (2,400 tons), Mexico (1,500 tons), and Canada (900 tons). Sales of 7,000 tons for delivery in 2024 were primarily made to South Korea (4,100 tons), Mexico (1,600 tons), Japan (1,100 tons), and Guatemala (100 tons).

Net pork sales amounted to 49,000 tons, marking a 58% increase from the previous week and a 77% rise from the four-week average. China was the leading buyer, acquiring 13,100 tons. Other notable purchasers included Mexico (11,300 tons), Japan (9,300 tons), South Korea (6,800 tons), and Colombia (2,300 tons). Shipments of 35,500 tons were 23% higher than the previous week and 29% above the four-week average, primarily to Mexico (15,000 tons), Japan (5,100 tons), South Korea (3,300 tons), China (2,900 tons), and Colombia (2,800 tons). Sales of 2,300 tons for delivery in 2024 were made to South Korea (1,700 tons) and Japan (600 tons).

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