Soybean export sales drift to new marketing year low

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Soybean export sales drift to new marketing year low

U.S. soybean export sales fell to a marketing year low during the week ending February 5^th. The USDA says that week-to-week drop in soybean export sales occurred after a significant cancelation by unknown destinations. Export demand in general for soybeans this marketing year has been slow because of trade tensions with China and relatively high U.S. prices. Beef, pork, sorghum, and cotton also declined from the previous week. The USDA’s next round of supply and demand numbers is out March 10th.

Physical shipments of soybeans and wheat were more than what’s needed to meet projections for the current marketing year. The 2025/26 marketing year kicked off June 1^st for wheat, August 1^st for cotton and rice, September 1^st for beans, corn, and sorghum, and October 1^st for soybean products. The marketing year for beef and pork is the calendar year.

Wheat came out at 488,000 tons (17.9 million bushels), up 31% from the week ending January 29^th and 14% from the four-week average. The Philippines purchased 127,000 tons and Mexico bought 110,800 tons, while unknown destinations canceled on 49,800 tons. Approaching the final quarter of the 2025/26 marketing year, wheat exports are 819.8 million bushels, compared to 702.7 million in 2024/25. Sales of 13,900 tons (500,000 bushels) for 2026/27 delivery were to the Philippines (9,400 tons) and Colombia (4,500 tons).

Corn was reported at 2,069,600 tons (81.5 million bushels), up 99% from the previous week and 6% from the four-week average. Japan picked up 616,600 tons and South Korea purchased 336,800 tons. Nearing the halfway point of the marketing year, corn exports are 2.394 billion bushels, compared to 1.827 billion this time last year. Sales of 60,000 tons (2.4 million bushels) for 2026/27 delivery were to Japan.

Sorghum sales of 261,300 tons (10.3 million bushels) were 24% lower than the week before and 25% below the four-week average. China bought 139,100 tons and unknown destinations picked up 119,000 tons. Sorghum exports are 155.2 million bushels, compared to 46.3 million a year ago.

Rice sales of 77,100 tons were a big increase from the prior week and 61% above the four-week average. Colombia purchased 27,500 tons and Mexico bought 20,900 tons. Rice exports are 1,685,500 tons, compared to 2,124,600 last year.

Soybeans were pegged at 281,800 tons (10.4 million bushels), a decline of 36% on the week and 80% from the four-week average. China picked up 286,100 tons and Egypt purchased 167,000 tons, but unknown destinations canceled on 340,700 tons. So far, this marketing year, soybean exports are 1.27 billion bushels, compared to 1.58 billion a year ago. Sales of 1,300 tons for 2026/27 delivery were to Japan.

Soybean meal came out at 357,000 tons, 5% under the previous week and down 10% from the four-week average. The Philippines bought 95,700 tons and Colombia picked up 70,000 tons, while unknown destinations canceled on 53,700 tons. For the marketing year to date, soybean meal exports are 11,000,900 tons, compared to 10,079,800 last year.

Soybean oil was reported at 2,100 tons, quite a bit more than the week before, but 82% less than the four-week average. The Dominican Republic purchased 1,000 tons and Mexico bought 600 tons. Cumulative soybean oil exports are 338,600 tons, compared to 671,300 a year ago.

Upland cotton was pegged at 231,000 bales, down 8% from the prior week and 23% from the four-week average. Vietnam picked up 95,400 bales and Turkey purchased 45,800 bales, while China canceled on 53,100 bales. 2025/26 upland cotton exports are 8,034,400 bales, compared to 9,130,900 in 2024/25. Sales of 50,900 bales for 2026/27 delivery were mainly to unknown destinations (22,000 bales) and Indonesia (20,300 bales).

Net beef sales totaled 15,700 tons, a drop of 21% on the week and 1% lower than the four-week average. The reported buyers were South Korea (7,800 tons), Japan (1,900 tons), Mexico (1,800 tons), Hong Kong (1,500 tons), and Taiwan (1,300 tons). Physical shipments of 11,700 tons were a decrease of 10% from the previous week and 12% from the four-week average, primarily to South Korea (3,800 tons), Japan (3,700 tons), Mexico (1,100 tons), Taiwan (1,100 tons), and Hong Kong (800 tons).

Net pork sales totaled 28,600 tons, falling 18% from the week before and 24% from the four-week average. The listed purchasers were Mexico (12,000 tons), Japan (7,100 tons), South Korea (2,200 tons), Colombia (1,700 tons), and the Dominican Republic (1,600 tons). Physical shipments of 37,000 tons were 2% under the prior week and 4% less than the four-week average, mostly to Mexico (16,400 tons), Japan (5,100 tons), South Korea (3,700 tons), China (3,400 tons), and Canada (1,900 tons).