Global Rice News

Soybean Product Exports Surge While Meats Experience a Dip

In the week ending May 2nd, U.S. export sales showed a mixed performance. The USDA reported a significant increase in sales of old soybean products, partially driven by harvest delays and crop quality issues in Argentina, the usual leader in soybean meal and oil exports worldwide. Additionally, there were improvements in sales of old crop corn, soybeans, sorghum, and cotton. However, beef sales dropped from the previous week’s high, and sales of pork, rice, and old crop wheat were also lower. Export demand is influenced by various factors, including the strength of the U.S. dollar relative to other currencies.

Notably, corn shipments exceeded the weekly requirement to meet USDA projections for the current marketing year. The marketing year varies for different commodities – beginning on June 1st for wheat, August 1st for cotton and rice, September 1st for corn, sorghum, and soybeans, and October 1st for soybean products. Meanwhile, the marketing year for beef and pork aligns with the calendar year.

Positive Figures for Wheat Exports

Wheat exports reached 41,100 tons (equivalent to 1.5 million bushels), surpassing both the net reduction experienced during the week ending April 25th and the four-week average. Notably, South Korea purchased 22,000 tons, and Brazil bought 16,500 tons. With less than a month remaining in the 2023/24 marketing year, wheat exports totaled 692.2 million bushels, slightly lower than the 695.5 million bushels exported in the previous year. Sales of 406,000 tons (14.9 million bushels) for delivery in 2024/25 were primarily made to Mexico (123,200 tons) and Panama (121,900 tons).

Increase in Corn Sales

Corn sales totaled 889,200 tons (35 million bushels), representing a 17% increase from the previous week and a 23% increase from the four-week average. Notably, Mexico purchased 193,400 tons, while Japan bought 118,200 tons. As the marketing year enters its final quarter, corn exports have reached 1.875 billion bushels, surpassing the 1.512 billion bushels exported in the previous year. Additionally, sales of 49,100 tons (1.9 million bushels) were mainly made to Mexico (42,200 tons).

Strong Performance for Sorghum Exports

Sorghum sales showed a solid increase of 61,500 tons (2.4 million bushels) compared to the previous week and the four-week average. Notably, China made a significant purchase of 126,500 tons, while there were cancellations from unknown destinations for 65,000 tons. Overall, sorghum exports have reached 202.6 million bushels, significantly higher than the 64.7 million bushels exported in the previous year.

Decline in Rice Sales

Rice sales experienced a decline, totaling 8,300 tons, which is 86% lower than the previous week and 78% lower than the four-week average. Haiti purchased 14,200 tons, while Canada bought 1,000 tons. However, the overall volume of rice exports for the marketing year remains at 3,031,100 tons, surpassing the 1,861,100 tons exported in the previous year. Sales of 7,800 tons for delivery in 2024/25 were made to South Korea.

Steady Soybean Exports

The export figures for soybeans showed a 4% increase in sales, reaching 428,900 tons (equivalent to 15.8 million bushels), compared to the four-week average. Notably, unknown destinations purchased 168,800 tons, while Egypt bought 70,800 tons. So far in the marketing year, soybean exports have reached 1.556 billion bushels, slightly lower than the 1.863 billion bushels exported in the previous year. Additionally, sales of 4,600 tons (200,000 bushels) for delivery in 2024/25 were made to Japan (2,600 tons) and Taiwan (2,000 tons).

Significant Increase in Soybean Meal Exports

The export volume for soybean meal saw a substantial increase, totaling 209,300 tons, which is 60% higher than the previous week and 11% higher than the four-week average. Notably, Algeria and Saudi Arabia each purchased 30,000 tons. During this marketing year, soybean meal exports have reached 11,364,700 tons, exceeding the 10,020,400 tons exported in the previous year. Sales of 19,200 tons for delivery in 2024/25 were made to Canada (16,800 tons) and the Philippines (2,400 tons).

Rise in Soybean Oil Exports

Exports of soybean oil totaled 11,600 tons, showing a significant increase of 61% compared to the previous week and a 66% increase from the four-week average. Jamaica purchased 7,000 tons, while Canada picked up 3,800 tons. Cumulatively, soybean oil exports have reached 123,000 tons, slightly higher than the 117,700 tons exported in the previous year. Additionally, sales of 4,600 tons for delivery in 2024/25 were made to Canada.

Upland Cotton Exports on the Rise

Upland cotton exports performed well, with shipments totaling 253,700 bales, significantly higher than both the volume from the previous week and the four-week average. Notably, China purchased 119,000 bales, while Pakistan bought 36,300 bales. Upland cotton exports for the 2023/24 marketing year have reached 11,645,300 bales, slightly lower than the 12,499,200 bales exported in the previous year. Sales of 158,900 bales for delivery in 2024/25 were primarily made to Honduras (44,600 bales) and South Korea (31,700 bales).

Decrease in Beef and Pork Sales

Net sales of beef reached 12,300 tons, declining by 45% from the previous week and 29% from the four-week average. The notable buyers were Japan (4,400 tons), South Korea (1,900 tons), Mexico (1,700 tons), Taiwan (900 tons), and Canada (600 tons). Shipments totaled 16,200 tons, showing an 11% increase from the previous week and a 10% increase from the four-week average. Primary destinations for the shipments were South Korea (4,200 tons), Japan (3,600 tons), China (2,700 tons), Mexico (1,600 tons), and Taiwan (1,400 tons).

Net pork sales reached 24,400 tons, a decline of 27% compared to the previous week and 26% compared to the four-week average. China (6,900 tons), Japan (3,900 tons), Canada (3,700 tons), Mexico (2,600 tons), and Colombia (2,100 tons) were the main purchasers. Shipments totaled 35,000 tons, a decrease of 3% from the previous week and 9% from the four-week average. The primary destinations for the shipments were Mexico (12,900 tons), South Korea (5,400 tons), Japan (5,000 tons), China (3,300 tons), and Canada (1,800 tons).

Source: Brownfield Ag News