Disappointing weekly corn export sales

( )

USDA Weekly Export Sales Report

Week Ended May 19, 2022

Corn

Actual Sales (in MT)

2021-22: 151,600
2022-23: 58,300

 

Expectations (in MT)

2021-22: 150,000-500,000
2022-23: 200,000-800,000

Weekly Sales Details

Net sales of 151,600 MT for 2021/2022--a marketing-year low--were down 63 percent from the previous week and 73 percent from the prior 4-week average.  Increases primarily for Japan (112,900 MT, including 148,100 MT switched from unknown destinations and decreases of 39,600 MT), Colombia (55,900 MT, including 53,000 MT switched from unknown destinations and decreases of 2,300 MT), Venezuela (20,600 MT, including decreases of 1,100 MT), Canada (20,100 MT, including decreases of 2,500 MT), and Mexico (17,200 MT, including decreases of 11,700 MT), were offset by reductions primarily for South Korea (57,000 MT), unknown destination (54,900 MT), and China (23,000 MT).  Net sales of 58,300 MT for 2022/2023 reported for unknown destinations (36,800 MT) and Costa Rica (32,600 MT), were offset by reductions for Mexico (11,200 MT).

Weekly Export Details

Exports of 1,821,100 MT were up 34 percent from the previous week and 15 percent from the prior 4-week average.  The destinations were primarily to China (793,000 MT), Japan (352,200 MT), Mexico (308,500 MT), Canada (75,500 MT), and South Korea (63,300 MT).

Comments and Performance Indicators

Export commitments are 14% behind year-ago versus 13% behind last week. USDA projects exports in 2021-22 at 2.500 billion bu., 9.2% below the previous marketing year.

Wheat

Actual Sales (in MT)

2021-22: (2,300)
2022-23: 246,300

Expectations (in MT)

2021-22: (50,000)-100,000
2022-23: 100,000-400,000

Weekly Sales Details

Net sales reductions of 2,300 metric tons (MT) for 2021/2022--a marketing-year low--were down noticeably from the previous week and from the prior 4-week average.  Increases primarily for Italy (20,000 MT), Nigeria (8,200 MT), the Philippines (5,500 MT), Canada (2,900 MT), and Japan (1,700 MT, including decreases of 1,100 MT), were more than offset by reductions for Mexico (38,200 MT) and unknown destinations (2,700 MT).  Net sales of 246,300 MT for 2022/2023 primarily for the Philippines (60,000 MT), Japan (59,600 MT), Taiwan (40,000 MT), Mexico (36,800 MT), and Honduras (32,000 MT), were offset by reductions for unknown destinations (1,000 MT) and Nigeria (1,000 MT).

Weekly Export Details

Exports of 298,200 MT were down 14 percent from the previous week and 1 percent from the prior 4-week average.  The destinations were primarily to Japan (110,000 MT), Mexico (84,700 MT), the Philippines (60,500 MT), Nigeria (41,800 MT), and Canada (800 MT).

Comments and Performance Indicators

Export commitments are running 24% behind a year-ago, the same as last week. USDA projects exports in 2021-22 at 805 million bu., down 18.9% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2021-22: 276,800
2022-23: 443,000

Expectations (in MT)

2021-22: 200,000-800,000
2022-23: 100,000-600,000

Weekly Sales Details

Net sales of 276,800 MT for 2021/2022 were down 63 percent from the previous week and 48 percent from the prior 4-week average.  Increases primarily for Egypt (132,600 MT), Japan (123,600 MT, including 20,100 MT switched from unknown destinations and decreases 600 MT), the Netherlands (66,000 MT, including 60,000 MT switched from unknown destinations), Indonesia (58,000 MT, including 55,000 MT switched from unknown destinations and decreases of 500 MT), and Mexico (54,700 MT, including decreases of 3,100 MT), were offset by reductions primarily for China (108,400 MT), Taiwan (54,800 MT), and unknown destinations (6,900 MT).  Net sales of 443,000 MT for 2022/2023 were reported for unknown destinations (284,000 MT), Mexico (95,000 MT), and Taiwan (64,000 MT).

Weekly Export Details

Exports of 539,500 MT were down 44 percent from the previous week and 20 percent from the prior 4-week average.  The destinations were primarily to China (169,700 MT), Mexico (90,300 MT), Egypt (67,600 MT), Indonesia (66,400 MT), and the Netherlands (66,000 MT). 

Comments and Performance Indicators

Export commitments are running 3% behind year-ago versus 4% behind last week. USDA projects exports in 2021-22 at 2.140 billion bu., down 5.4% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2021-22: 159,600
2022-23: 24,200

Expectations

2021-22: 100,000-400,000
2022-23: 0-25,000

Weekly Sales Details

Net sales of 159,600 MT for 2021/2022 were down 46 percent from the previous week and 30 percent from the prior 4-week average.  Increases primarily for Colombia (60,500 MT), the Dominican Republic (23,000 MT), Honduras (17,500 MT, including decreases of 600 MT), Canada (15,100 MT, including decreases of 9,000 MT), and Costa Rica (12,000 MT), were offset by reductions for Morocco (1,200 MT) and Belgium (800 MT).  Net sales of 24,200 MT for 2022/2023 were reported for Costa Rica (14,700 MT), Panama (7,100 MT), and Canada (2,400 MT).

Weekly Export Details

Exports of 187,500 MT were down 2 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to the Philippines (48,600 MT), Ecuador (31,700 MT), Mexico (29,200 MT), Colombia (16,900 MT), and Morocco (16,800 MT).

Comments and Performance Indicators

Export commitments are 4% ahead of a year-ago versus 5% ahead last week. USDA projects exports in 2021-22 will increase 1.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2021-22: 6,200
2022-23: 0

Expectations

2021-22: 0-20,000
2022-23: 0-10,000

Weekly Sales Details

Net sales of 6,200 MT for 2021/2022 were up noticeably from the previous week and up 34 percent from the prior 4-week average.  Increases primarily for Jamaica (7,000 MT), were offset by reductions for Canada (1,700 MT).

Weekly Export Details

Exports of 1,800 MT were down 40 percent from the previous week and 86 percent from the prior 4-week average.  The destinations were primarily to Guatemala (800 MT), Mexico (400 MT), and Canada (400 MT).

Comments and Performance Indicators

Export commitments are running 1% ahead of year-ago, compared with equal to year-ago last week. USDA projects exports will increase 0.1% this season.

Cotton

Actual Upland Sales (in RB)

2021-22: 37,000
2022-23: 95,400

Weekly Sales Details

Net sales of 37,000 RB for 2021/2022 were down 67 percent from the previous week and 70 percent from the prior 4-week average.  Increases primarily for India (21,200 RB, including 1,800 RB switched from Honduras and decreases of 200 RB), Vietnam (9,800 RB, including 4,100 RB switched from Nicaragua, 1,700 RB switched from Japan, 1,100 RB switched from South Korea, and decreases of 1,800 RB), China (6,300 RB), Bangladesh (4,200 RB, including 1,800 RB switched from Turkey), and Pakistan (2,000 RB, including decreases of 1,100 RB), were offset by reductions primarily for Nicaragua (4,400 RB), Honduras (1,800 RB), Turkey (1,300 RB), Thailand (1,100 RB), and South Korea (1,100 RB).  Net sales of 95,400 RB for 2022/2023 primarily for El Salvador (22,300 RB), Turkey (19,800 RB), Pakistan (19,100 RB), Guatemala (10,600 RB), and Peru (9,600 RB), were offset by reductions for Costa Rica (1,100 RB). 

Weekly Export Details

Exports of 318,500 RB were down 7 percent from the previous week and 16 percent from the prior 4-week average.  The destinations were primarily to China (90,100 RB), Turkey (50,300 RB), Vietnam (49,500 RB), Pakistan (46,600 RB), and India (18,600 RB).

Comments and Performance Indicators

Export commitments are 4% behind year-ago, compared with 3% behind last week. USDA forecasts total cotton exports will fall 9.9% from a year ago to 14.75 million bales in 2021-22.

Beef

Actual Sales (in MT)

2022: 20,000

Weekly Sales Details

Net sales of 20,000 MT for 2022 were down 14 percent from the previous week, but up 3 percent from the prior 4-week average.  Increases were primarily for Japan (8,400 MT, including decreases of 500 MT), South Korea (3,900 MT, including decreases of 700 MT), China (2,500 MT, including decreases of 100 MT), Hong Kong (1,900 MT, including decreases of 100 MT), and Canada (700 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 17,500 MT were down 12 percent from the previous week and 10 percent from the prior 4-week average.  The destinations were primarily to Japan (5,200 MT), South Korea (4,500 MT), China (2,500 MT), Taiwan (1,500 MT), and Mexico (1,100 MT).  

Comments and Performance Indicators

USDA projects 2022 exports will decline 2.6% from a year ago.

Pork

Actual Sales (in MT)

2022: 36,700
 

Weekly Sales Details

Net sales of 36,700 MT for 2022 were up 52 percent from the previous week and 39 percent from the prior 4-week average.  Increases primarily for Mexico (15,100 MT, including decreases of 400 MT), Canada (5,700 MT, including decreases of 400 MT), China (5,300 MT, including decreases of 300 MT), Japan (3,600 MT, including decreases of 100 MT), and Colombia (2,700 MT, including decreases of 100 MT), were offset by reductions for El Salvador (100 MT).  Total net sales of 100 MT for 2023 were reported for Australia.

Weekly Export Details

Exports of 33,000 MT were up 6 percent from the previous week and 4 percent from the prior 4-week average.  The destinations were primarily to Mexico (13,700 MT), China (5,200 MT), Japan (4,700 MT), South Korea (2,900 MT), and Canada (1,600 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will drop 6.4% from last year.

 

 

Latest News

H&P Report negative compared to pre-report expectations
H&P Report negative compared to pre-report expectations

Nearly every category topped the average pre-report estimates.

After the Bell | March 28, 2024
After the Bell | March 28, 2024

After the Bell | March 28, 2024

Pro Farmer's Daily Advice Monitor
Pro Farmer's Daily Advice Monitor

Pro Farmer editors provide daily updates on advice, including if now is a good time to catch up on cash sales.

PF Report Reaction: Bullish USDA data for corn
PF Report Reaction: Bullish USDA data for corn

Corn planting intentions and March 1 stocks came in lower than expected.

Report Snapshot: USDA shows lighter-than-expected corn acres and stocks
Report Snapshot: USDA shows lighter-than-expected corn acres and stocks

USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.