WASHINGTON, D.C. (RFD NEWS) — Global buyers stepped back into the corn market last week, but soybean demand cooled while meat exports held steady — a mixed signal for U.S. farm income heading toward spring.
Corn export sales totaled about 81.5 million bushels (2.07 mmt), nearly double the prior week, with Japan, South Korea, Colombia, Mexico, and Taiwan leading purchases. Shipments reached 59.6 million bushels, led by Mexico and Japan, reinforcing continued feed grain demand.
Wheat sales came in at 17.9 million bushels (488,000 mt), and exports hit 21.3 million bushels, driven by the Philippines, Bangladesh, and Mexico. Soybean sales fell sharply to 10.4 million bushels — a marketing-year low — though exports still totaled 41.5 million bushels, mostly to China.
Cotton bookings reached 231,000 bales, with Vietnam and Turkey the primary buyers.
Livestock exports were steady but softer. Beef sales totaled 15,700 mt with exports of 11,700 mt, mainly to South Korea and Japan. Pork sales reached 28,600 mt and exports 37,000 mt, led by Mexico and Japan.
However, the markets are still adjusting to the latest U.S. Department of Agriculture (USDA) World Agricultural Supply and Demand Estimate (WASDE) report for the month of February, which raised its crop projections for South America, bringing them more closely in line with other estimates. One commodity broker called this unusual, noting the department typically takes a more conservative stance on South American crops.
“We were looking for an increase for Brazil in corn and beans, and really no change for Argentina,” explains commodity broker Greg McBride. “We got no change in Argentina for corn and beans, and no change for Brazil’s corn. But on the bean side, they increased by 2 million tons, which was in line with expectations. The USDA being in line with others at 180 million tons is a little different; in past years, they’ve been significantly more conservative.”
Back on the home front, McBride says all eyes are on China, which is “considering” buying an additional 8 million metric tons of soybeans — according to a recent tweet from President Donald Trump — a move that could brighten the U.S. soybean market. However, he cautions that the purchase is not yet guaranteed.
Meanwhile, Brazil is expanding its agricultural dominance, setting up tougher export competition with the U.S. The country is poised to surpass the U.S. as the world’s largest beef producer and recently shipped a record 109 million tons of soybeans, mostly to China.
Lower production costs for beef, corn, and soybeans, along with heavy investment in processing, have boosted exports of corn ethanol byproducts and soybean meal. New trade agreements with China for sorghum and distillers’ grains could further challenge U.S. market share, signaling intensifying global agricultural competition.
