Weekly soybean sales continue to climb

USDA Weekly Export Sales Report

Week Ended June 8, 2023

Corn

Actual Sales (in MT)

2022-23:  273,300

Expectations (in MT)

2022-23: (100,000)-550,000

Weekly Sales Details

Net sales of 273,300 MT for 2022/2023 were up 58 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for Japan (173,300 MT, including 160,500 MT switched from unknown destinations and decreases of 7,700 MT), Mexico (157,700 MT, including 31,000 MT switched from unknown destinations and decreases of 2,200 MT), Colombia (113,700 MT, including 91,000 MT switched from unknown destinations and decreases of 17,700 MT), Honduras (60,200 MT, including 7,500 MT switched from Nicaragua and decreases of 5,200 MT), and Guatemala (19,600 MT), were offset by reductions for unknown destinations (279,500 MT), Nicaragua (7,500 MT), the French West Indies (7,300 MT), and China (600 MT). Net sales of 21,100 MT for 2023/2024 were primarily for Honduras (9,800 MT) and Canada (8,200 MT).

Weekly Export Details

Exports of 1,192,600 MT were down 4 percent from the previous week and 10 percent from the prior 4-week average. The destinations were primarily to Mexico (367,000 MT), Japan (304,500 MT), China (204,500 MT), Colombia (139,600 MT), and South Korea (67,600 MT).

Comments and Performance Indicators

Export commitments are 35.3% behind a year-ago compared to 35.6% behind last week. USDA projects exports in 2022-23 at 1.725billion bu., 30.2% below the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 165,000

Expectations (in MT)

2023-24: 200,000-450,000

Weekly Sales Details

Net sales of 165,000 metric tons (MT) for 2023/2024 primarily for Mexico (47,600 MT, including decreases of 400 MT), Vietnam (42,000 MT switched from unknown destinations), Chile (30,000 MT), the Philippines (26,300 MT), and Ecuador (20,000 MT), were offset by reductions for Colombia (10,000 MT), unknown destinations (8,000 MT), and Honduras (6,000 MT).

Weekly Export Details

Exports of 249,700 MT were primarily to Mexico (60,200 MT), Taiwan (57,000 MT), the Philippines (56,600 MT), Yemen (53,800 MT), and Colombia (14,500 MT).

Comments and Performance Indicators

Export commitments are running 17.6% behind a year-ago, compared to 16.9% behind last week. USDA projects exports in 2023-24 at 725 million bu., down 6.5% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2022-23: 478,400

Expectations (in MT)

2022-23: 250,000-550,000

Weekly Sales Details

Net sales of 478,400 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for Spain (218,700 MT, including 50,000 MT switched from unknown destinations), unknown destinations (92,400 MT), Mexico (86,500 MT, including decreases of 200 MT), Indonesia (31,400 MT, including decreases of 900 MT), and Japan (20,100 MT, including decreases of 300 MT), were offset by reductions for South Korea (2,500 MT). Net sales of 48,500 MT for 2023/2024 were reported for Mexico (43,500 MT) and Taiwan (5,000 MT).

Weekly Export Details

Exports of 141,300 MT were down 43 percent from the previous week and 41 percent from the prior 4-week average. The destinations were primarily to Spain (53,700 MT), Mexico (33,900 MT), Indonesia (18,400 MT), Venezuela (11,000 MT), and China (7,600 MT).

Comments and Performance Indicators

Export commitments are running 14.1% behind a year-ago, versus behind 14.6% last week. USDA projects exports in 2022-23 at 2.000 billion bu., down 8.3% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23:  207,700

Expectations

2022-23: 150,000-300,000

Weekly Sales Details

Net sales of 207,700 MT for 2022/2023 were up 17 percent from the previous week, but down 26 percent from the prior 4-week average. Increases primarily for Mexico (51,700 MT, including decreases of 1,900 MT), Canada (33,200 MT), unknown destinations (23,500 MT), Colombia (19,100 MT, including 10,000 MT switched from unknown destinations), and Honduras (17,900 MT, including 6,000 MT switched from El Salvador, 600 MT switched from Costa Rica, and decreases of 8,500 MT), were offset by reductions for Poland (18,800 MT), El Salvador (6,000 MT), Trinidad and Tobago (3,400 MT), Belgium (1,300 MT), and Costa Rica (600 MT). Total net sales of 18,200 MT for 2023/2024 were for Canada.

Weekly Export Details fade lackluster

Exports of 273,800 MT were up 40 percent from the previous week and 13 percent from the prior 4-week average. The destinations were primarily to the Philippines (52,300 MT), Mexico (36,500 MT), Ecuador (31,900 MT), Poland (31,200 MT), and Colombia (25,100 MT).

Comments and Performance Indicators

Export commitments are 2.3% ahead of a year-ago, compared to 2.7% ahead a week ago. USDA projects exports in 2022-23 will increase 3.5% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23:  2,000

Expectations

2022-23: 0-10,000  

Weekly Sales Details

Net sales of 2,000 MT for 2022/2023 were down noticeably from the previous week and down 6 percent from the prior 4-week average. Increases reported for Mexico (1,100 MT) and Canada (1,000 MT), were offset by reductions for Sri Lanka (100 MT). Total net sales reductions of 100 MT for 2023/2024 were for Mexico.

Weekly Export Details

Exports of 9,600 MT were up noticeably from the previous week and up 99 percent from the prior 4- week average. The destinations were to Mexico (9,100 MT) and Canada (500 MT).

Comments and Performance Indicators

Export commitments are running 81.2% behind a year-ago, compared to 81.3% behind last week. USDA projects exports will decrease 74.6% this season.

Cotton

Actual Upland Sales (in RB)

2022-23:  98,900

Weekly Sales Details

 Net sales of 98,900 RB for 2022/2023 were down 79 percent from the previous week and 61 percent from the prior 4-week average. Increases primarily for China (70,500 RB, including decreases of 1,000 RB), Bangladesh (11,700 RB), Vietnam (9,900 RB, including 3,600 RB switched from Macau, 500 RB switched from Japan, 300 RB switched from China, and decreases of 800 RB), Indonesia (4,500 RB, including 300 RB switched from Japan), and Taiwan (2,900 RB), were offset by reductions for Macau (3,600 RB) and Pakistan (500 RB). Net sales of 65,700 RB for 2023/2024 were primarily for China (63,800 RB) and Turkey (1,800 RB).

Weekly Export Details

Exports of 244,800 RB were down 23 percent from the previous week and 19 percent from the prior 4-week average. The destinations were primarily to Turkey (64,000 RB), Vietnam (39,100 RB), Pakistan (38,000 RB), China (25,400 RB), and Bangladesh (16,400 RB). Net sales of Pima totaling 2,000 RB for 2022/2023 were down 4 percent from the previous week and 48 percent from the prior 4-week average. Increases primarily for Egypt (1,300 RB), Pakistan (400 RB), and Brazil (200 RB), were offset by reductions for Colombia (100 RB). Exports of 300 RB were down 98 percent from the previous week and from the prior 4-week average. The destinations were to India (200 RB) and China (100 RB).

Comments and Performance Indicators

Export commitments are running 12.4% behind a year-ago, versus 12.9% behind last week. USDA forecasts total cotton exports will fall 11.1% from a year ago to 13.00 million bales in 2022-23.

Beef

Actual Sales (in MT)

2023:  12,800

Weekly Sales Details

Net sales of 12,800 MT for 2023 were unchanged from the previous week, but down 23 percent from the prior 4-week average. Increases primarily for China (4,700 MT, including decreases of 100 MT), Japan (3,200 MT, including decreases of 400 MT), Mexico (1,200 MT), Taiwan (1,200 MT, including decreases of 100 MT), and South Korea (1,100 MT, including decreases of 700 MT), were offset by reductions for the United Kingdom (100 MT). Total net sales of 200 MT for 2024 were for Japan.

Weekly Export Details

Exports of 16,000 MT were up 4 percent from the previous week, but down 3 percent from the prior 4-week average. The destinations were primarily to South Korea (4,200 MT), Japan (4,000 MT), China (2,200 MT), Mexico (1,300 MT), and Taiwan (1,300 MT).

Comments and Performance Indicators

USDA projects 2022 exports will fall 11.3% from a year ago.

Pork

Actual Sales (in MT)

2023:  26,700

Weekly Sales Details

Net sales of 26,700 MT for 2023 were up 5 percent from the previous week, but down 2 percent from the prior 4-week average. Increases were primarily for Mexico (10,700 MT, including decreases of 300 MT), Japan (4,700 MT, including decreases of 600 MT), Australia (1,900 MT, including decreases of 100 MT), China (1,900 MT, including decreases of 300 MT), and Canada (1,600 MT, including decreases of 500 MT).

Weekly Export Details

Exports of 36,000 MT were up 44 percent from the previous week and 7 percent from the prior 4-week average. The destinations were primarily to Mexico (14,400 MT), China (5,100 MT), Japan (3,900 MT), South Korea (3,200 MT), and Canada (1,800 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 0.7% from last year.