Soybean meal sales hit marketing year high

News

Soybean meal sales hit marketing year high

The USDA is reporting a big week of export sales for a couple of key commodities. Soybean meal during the week ending January 30^th hit a marketing year high on strong global demand for that feedstuff, while pork was up sharply on the week with big sales to Mexico. Corn, sorghum, and beef export sales were also above the previous week. Export demand is influenced by several factors, including the value of the dollar, seasonal changes in supply, and geopolitics. The USDA’s next round of supply and demand numbers is out Tuesday, February 11^th at Noon Eastern/11 Central.

Physical shipments of corn and soybeans were more than what’s needed to meet projections for the current marketing year. The 2024/25 marketing year got underway 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 438,900 tons (16.1 million bushels), down 4% from the week ending January 23^rd, but up 41% from the four-week average. Mexico purchased 122,000 tons and unknown destinations bought 111,000 tons. Approaching the final quarter of the 2024/25 marketing, wheat exports are 683 million bushels, compared to 633.9 million in 2023/24. Sales of 47,300 tons (1.7 million bushels) for 2025/26 delivery were mainly to Mexico (23,100 tons) and unknown destinations (12,000 tons).

Corn was reported at 1,477,200 tons (58.2 million bushels), 9% higher than the previous week and 32% above the four-week average. Mexico picked up 251,700 tons and Japan purchased 214,000 tons, while unknown destinations canceled on 169,000 tons. At this point in the marketing year, corn exports are 1.762 billion bushels, compared to 1.374 billion this time last year. Sales of 50,000 tons (2 million bushels) for 2025/26 delivery were primarily to Japan (37,900 tons) and Mexico (8,100 tons).

Sorghum sales of 6,500 tons (300,000 bushels) were to China (6,300 tons) and Haiti (200 tons). Sorghum exports are 44.2 million bushels, compared to 173.2 million a year ago.

Rice sales of 17,100 tons were 84% lower than the week before and 63% below the four-week average. Mexico bought 19,000 tons and El Salvador picked up 4,900 tons, while Venezuela canceled on 10,000 tons. Rice exports are 2,079,600 tons, compared to 2,186,900 last year.

Soybeans were pegged at 387,700 tons (14.2 million bushels), a decline of 12% from the prior week and 40% from the four-week average. China purchased 208,700 tons and the Netherlands bought 125,200 tons, but unknown destinations canceled on 262,800 tons. So far, this marketing year, soybean exports are 1.583 billion bushels, compared to 1.408 billion a year ago.

Soybean meal came out at 530,600 tons, a gain of 29% on the week and considerably larger than the four-week average. The Philippines picked up 98,800 tons and Guatemala purchased 81,600 tons. In the second quarter of the marketing year, soybean meal exports are 9,743,100 tons, compared to 8,587,400 last year. Sales of 2,000 tons for 2025/26 delivery were mostly to Mexico.

Soybean oil was reported at 2,200 tons, dropping 82% from the previous week and 92% from the four-week average. Colombia bought 3,700 tons and Costa Rica picked up 3,500 tons, but India canceled on 13,000 tons. Cumulative soybean oil exports are 674.2 million bushels, compared to 34.5 million a year ago.

Upland cotton was pegged at 188,900 bales, a decrease of 33% from the week before and 30% from the four-week average. Turkey purchased 49,700 bales and Pakistan bought 44,300 bales, 2024/25 upland cotton exports are 8,886,200 bales, compared to 10,146,500 in 2023/24. Sales of 14,900 bales for 2025/26 delivery were mainly to Malaysia (13,200 bales) and Japan (1,200 bales).

Net beef sales totaled 24,900 tons. The reported purchasers were South Korea (3,900 tons), Japan (3,300 tons), China (2,500 tons), the Dominican Republic (1,800 tons), and Ecuador (1,800 tons), with a net reduction by the United Kingdom (100 tons). Shipments of 19,800 tons were primarily to South Korea (5,700 tons), Japan (5,000 tons), China (3,700 tons), Mexico (1,500 tons), and Taiwan (1,400 tons).

Net pork sales totaled 50,700 tons. The listed buyers were Mexico (21,000 tons), South Korea (7,200 tons), Japan (6,500 tons), the Bahamas (4,700 tons), and Colombia (3,600 tons). Shipments of 37,800 tons were mostly to Mexico (13,900 tons), Japan (5,500 tons), South Korea (4,000 tons), China (3,600 tons), and Canada (2,700 tons).