April 3, 2024

 

Better US sales of corn, wheat in week ending March 21

 

 

US sales of corn and wheat saw week-to-week improvements in the week ending March 21, while soybeans, soybean meal and rice dipped, according to the US Department of Agriculture.

 

Physical shipments of corn and soybeans were more than what's needed to meet USDA projections for the current marketing year. The 2023/24 marketing year started June 1 for wheat, August 1 for cotton and rice, September 1 for beans, corn and sorghum, and October 1 for soybean products.

 

Wheat came out at 339,600 tonnes (12.5 million bushels). Taiwan purchased 99,200 tonnes and South Korea bought 70,800 tonnes, with a cancellation by unknown destinations (39,000 tonnes).

 

In the final quarter of the 2023/24 marketing year, US wheat exports are 688.3 million bushels, compared to 659.4 million bushels in 2022/23. Sales of 212,800 tonnes (7.8 million bushels) for 2024/25 delivery were mainly due to South Korea (130,000 tonnes) and Mexico (34,700 tonnes).

 

Corn was reported at 1,206,500 tonnes (47.5 million bushels), up 2% from the week ending March 14 and 4% from the four-week average. Mexico picked up 492,000 tonnes and Canada purchased 190,200 tonnes.

 

Early in the back half of the marketing year, US corn exports are 1.689 billion bushels, compared to 1.416 billion bushels this time last year. Sales of 126,400 tonnes (five million bushels) for 2024/25 delivery were primarily to Mexico (90,000 tonnes) and unknown destinations (25,400 tonnes).

 

Soybeans were pegged at 263,900 tonnes (9.7 million bushels), down 47% from the prior week and 26% from the four-week average. China purchased 347,300 tonnes and Germany bought 69,000 tonnes, but unknown destinations canceled on 240,200 tonnes.

 

So far, in this marketing year, US soybean exports are 1.483 billion bushels, compared to 1.828 billion a year ago. Sales of 120,000 tonnes (4.4 million bushels) for 2024/25 delivery were to unknown destinations.

 

Soybean meal came out at 127,300 tonnes, a drop of 48% on the week and 52% from the four-week average. Turkey picked up 33,000 tonnes and Colombia purchased 28,900 tonnes.

 

Nearing the second half of the marketing year, US soybean meal exports are 10,196,700 tonnes, compared to 8,764,500 tonnes last year. Sales of 1,200 tonnes for 2024/25 delivery were to Japan (700 tonnes) and Sri Lanka (500 tonnes).

- Brownfield