Soybean oil export sales hit the highest in the market year

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Soybean oil export sales hit the highest in the market year

U.S. export sales were mixed for the week ending Feb. 29^th. Global trade in most major goods continues to be affected by the strength of the dollar against the currencies of other major exporters, large crops from South America and Russia, and trade barriers. Soybean oil did indeed hit this year’s highest price on the market, and sales of corn, soybeans, beef, pork, and rice increased weekly, while sales of wheat, sorghum, soybean meal, and cotton decreased weekly. USDA supply and demand updates for March will be released on Friday.

Physical shipments of corn and soybeans exceeded what was needed to meet expectations for the current marketing year. The 2023/24 marketing year began on June 1st of his^cent Wheat, August 1st^cent Cotton and Rice, September 1st^cent Beans, corn, sorghum, and oct.^cent For soybean products. The sales year for beef and pork is the calendar year.

Wheat production was 271,100 tons (10 million bushels), down 17% from the week ending February 22.^n.d. That’s 16% from the four-week average. The Philippines purchased 107,000 tons and South Korea 91,500 tons. Wheat exports as of the last reporting date for the third quarter of the 2023/24 marketing year were 677.3 million bushels, compared to 639.4 million bushels in 2022/23. For 2024/25 deliveries, 64,000 tons (2.4 million bushels) were sold to Mexico (34,000 tons) and Nicaragua (30,000 tons).

Corn was reported at 1,109,600 tons (43.7 million bushels), up 3% from the previous week and unchanged from the four-week average. Japan took over 498,900 tons and Mexico purchased 281,700 tons. Entering the second half of the marketing year, corn exports totaled 1.544 billion bushels (compared to 1.207 billion bushels a year ago).

Sorghum sales were 79,500 tons (3.1 million bushels), down 82% from the previous week and 38% below the four-week average. China purchased 134,500 tons, but an unknown supplier canceled 55,000 tons. Sorghum exports totaled 194.1 million bushels, compared to 47.6 million bushels at this time last year.

Rice sales amounted to 84,600 tons, 39% higher than the previous week but 4% lower than the four-week average. Japan took over 17,900 tons and Mexico purchased 15,400 tons. The amount of rice exported was 2,511,700 tons (1,527,700 tons in the same period last year).

Soybeans pegged at 613,500 tons (22.5 million bushels), a solid increase from the weekly and four-week average. China took over 269,100 tons and Germany 204,300 tons, but a vendor with an unknown destination canceled 108,200 tons. Soybean exports so far this marketing year are 1.449 billion bushels, compared to 1.788 billion bushels last year. Deliveries for 2024/25 were 66,000 tons (2.4 million bushels) to an unknown destination.

Soybean meal was 157,700 tons, down 65% from the previous week and 45% from the four-week average. Colombia purchased 41,100 tons and Ireland 22,300 tons, but 41,900 tons were canceled due to unknown destination. Soybean meal exports in the second half of the first half of the marketing year amounted to 9,616,500 tons compared to 8,045,300 tons a year ago. Sales of 64,700 tonnes for delivery in 2024/25 were to Canada.

Soybean oil was reported at 29,200 tons. Colombia took over 14,500 tonnes and Mexico purchased 7,000 tonnes. The cumulative export volume of soybean oil was 61,400 tons, compared to 59,300 tons last year.

Upland cotton was fixed at 52,000 bales, up 30% from the previous week but down 66% from the four-week average. Bangladesh purchased 34,300 bales, Vietnam 24,300 bales, while China canceled 30,300 bales. Upland cotton export volume in 2023/24 was 10,529,400 bales compared to 10,643,400 bales in 2022/23. Sales of 15,100 bales for delivery in 2024/25 were mainly to Indonesia (13,200 bales) and South Korea (5,300 bales).

Net beef sales totaled 14,000 tonnes, up 14% from the previous week but down 10% from the four-week average. Reported purchasing countries were South Korea (4,300 tons), Japan (2,300 tons), Taiwan (1,700 tons), China (1,500 tons), and Mexico (1,100 tons). Shipments totaled 16,000 tons, up 1% for the week and maintaining the four-week average, mainly from South Korea (4,300 tons), Japan (4,100 tons), China (2,000 tons), Mexico (1,900 tons), and Taiwan (1,300 tons).

Net pork sales totaled 36,400 tons, up 12% from the previous week and 9% from the four-week average. Listed buyers were China (12,600 tonnes), Mexico (11,200 tonnes), Vietnam (5,000 tonnes), Japan (1,700 tonnes) and South Korea (1,300 tonnes). Shipments were 32,000 tons, down 4% from the previous week and 15% from the four-week average, mainly from Mexico (10,800 tons), South Korea (5,200 tons), Japan (4,400 tons), and China (3,600 tons). ). , Canada (1,400 tons).