Weekly new crop corn sales exceed expectations

USDA Weekly Export Sales Report

Week Ended August 3, 2023

Corn

StActual Sales (in MT)

2022-23:  150,400

Expectations (in MT)

2022-23: 75,000-600,000

Weekly Sales Details

Net sales of 150,400 MT for 2022/2023 were up 40 percent from the previous week, but down 47 percent from the prior 4-week average. Increases primarily for Colombia (57,000 MT), Saudi Arabia (55,000 MT switched from unknown destinations), Mexico (46,800 MT, including decreases of 900 MT), Venezuela (17,000 MT), and Canada (13,200 MT, including decreases of 500 MT), were offset by reductions for unknown destinations (55,000 MT), Guatemala (1,100 MT), Thailand (1,000 MT), Costa Rica (400 MT), and El Salvador (100 MT). Net sales of 758,400 MT for 2023/2024 were primarily for Mexico (420,100 MT), unknown destinations (218,900 MT), Canada (55,100 MT), Jamaica (19,800 MT), and Taiwan (15,000 MT).

Weekly Export Details

Exports of 478,400 MT were down 24 percent from the previous week, but unchanged from the prior 4-week average. The destinations were primarily to Mexico (281,900 MT), Japan (102,600 MT), Saudi Arabia (55,000 MT), Canada (11,600 MT), and Taiwan (11,400 MT).

Comments and Performance Indicators

Export commitments are 33.7% behind a year-ago compared to 33.8% behind last week. USDA projects exports in 2022-23 at 1.650billion bu., 33.3% below the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 567,600

Expectations (in MT)

2023-24: 200,000-500,000

Weekly Sales Details

Net sales of 567,600 metric tons (MT) for 2023/2024--a marketing-year high-- were up 35 percent from the previous week and 86 percent from the prior 4-week average. Increases primarily for the Philippines (160,900 MT, including decreases of 2,100 MT), Japan (159,100 MT), Indonesia (70,000 MT), Thailand (48,600 MT, including decreases of 200 MT), and Ecuador (45,400 MT, including 38,200 MT switched from unknown destinations and decreases of 2,900 MT), were offset by reductions for Chile (25,000 MT), Costa Rica (100 MT), and the Dominican Republic (100 MT). Total net sales reductions of 6,400 MT for 2024/2025 were for Panama.

Weekly Export Details

Exports of 351,800 MT were down 31 percent from the previous week and 8 percent from the prior 4-week average. The destinations were primarily to Mexico (101,600 MT), the Philippines (57,900 MT), Taiwan (52,700 MT), Ecuador (35,300 MT), and South Korea (35,200 MT).

Comments and Performance Indicators

Export commitments are running 25.5% behind a year-ago, compared to 29.2% 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: 406,600

Expectations (in MT)

2022-23: 0-300,000

Weekly Sales Details

Net sales of 406,600 MT for 2022/2023 were up noticeably from the previous week and from the prior 4-week average. Increases primarily for unknown destinations (119,500 MT), Germany (109,600 MT), the Netherlands (70,300 MT, including 66,000 MT switched from unknown destinations), Indonesia (67,800 MT, including 55,900 MT switched from unknown destinations), and China (14,800 MT, including decreases of 200 MT), were offset by reductions primarily for Costa Rica (1,300 MT), Mexico (1,100 MT), and Burma (500 MT). Net sales of 1,096,400 MT for 2023/2024 were primarily for China (753,000 MT), unknown destinations (314,000 MT), Taiwan (12,000 MT), Vietnam (5,900 MT), and Indonesia (5,300 MT).

Weekly Export Details

Exports of 381,200 MT were up 32 percent from the previous week and 40 percent from the prior 4-week average. The destinations were primarily to Germany (109,600 MT), Indonesia (75,600 MT), the Netherlands (70,300 MT), Mexico (54,500 MT), and Japan (44,800 MT).

Comments and Performance Indicators

Export commitments are running 10.6% behind a year-ago, versus behind 11.2% last week. USDA projects exports in 2022-23 at 1.980 billion bu., down 8.0% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 144,100

Expectations

2022-23: 50,000-300,000

Weekly Sales Details

Net sales of 144,100 MT for 2022/2023 were down 12 percent from the previous week and 11 percent from the prior 4-week average. Increases primarily for the Philippines (45,700 MT), Mexico (30,100 MT), Canada (30,000 MT, including decreases of 1,100 MT), Spain (21,100 MT switched from Poland), and Ireland (14,700 MT, including 12,200 MT switched from unknown destinations), were offset by reductions primarily for Poland (19,800 MT), unknown destinations (4,200 MT), and Trinidad and Tobago (4,100 MT). Net sales of 285,800 MT for 2023/2024 were primarily for the Philippines (229,000 MT), the Dominican Republic (28,000 MT), Ecuador (6,000 MT), Indonesia (6,000 MT), and Honduras (4,400 MT).

Weekly Export Details fade lackluster

Exports of 217,400 MT were up 1 percent from the previous week, but down 11 percent from the prior 4-week average. The destinations were primarily to Poland (30,200 MT), Morocco (26,300 MT), Canada (23,100 MT), Mexico (22,100 MT), and Spain (21,100 MT).

Comments and Performance Indicators

Export commitments are 7.3% ahead of a year-ago, compared to 6.9% ahead a week ago. USDA projects exports in 2022-23 will increase 3.4% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: (700)

Expectations

2022-23: 0-10,000

Weekly Sales Details

Net sales reductions of 700 MT for 2022/2023 were down noticeably from the previous week and from the prior 4-week average. Increases reported for Canada (300 MT, including decreases of 600 MT and 800 MT - late), were more than offset by reductions for Guatemala (1,000 MT).

Weekly Export Details

Exports of 2,000 MT were down 81 percent from the previous week and 37 percent from the prior 4-week average. The destinations were to Canada (1,300 MT, including 800 MT - late) and Mexico (700 MT).

Comments and Performance Indicators

Export commitments are running 81.6% behind a year-ago, compared to 81.5% behind last week. USDA projects exports will decrease 77.4% this season.

Cotton

Actual Upland Sales (in RB)

2023-24: 277,700

Weekly Sales Details

Net sales for 2023/2024, which began August 1, totaled 277,700 RB. Increases primarily for China (154,100 RB, including decreases of 1,200 RB), Pakistan (132,800 RB, including decreases of 300 RB), Vietnam (13,900 RB, including 1,300 RB switched from South Korea and decreases of 100 RB), Honduras (11,900 RB, including decreases of 100 RB), and Turkey (5,200 RB, including decreases of 8,800 RB), were offset by reductions primarily for Bangladesh (50,200 RB) and El Salvador (3,100 RB). For 2024/2025, total net sales of 3,000 RB were for El Salvador. A total of 2,152,500 RB in sales were carried over from the 2023/2024 marketing year, which ended July 31.

Weekly Export Details

Exports for the period ending July 31 of 195,800 RB brought accumulated exports to 11,777,500 RB, down 11 percent from the prior years’ total of 13,179,100 RB. The destinations were primarily to China (136,900 RB), Bangladesh (21,300 RB), Pakistan (10,000 RB), Turkey (9,700 RB), and Vietnam (7,400 RB). Exports for August 1-3 totaled 129,000 RB, with China (67,800 RB), Bangladesh (14,700 RB), Pakistan (6,300 RB), Turkey (6,100 RB), and El Salvador (5,200 RB) being the primary destinations. Net sales of Pima for 2023/2024 totaled 900 RB. Increases were primarily for India (300 RB) and China (300 RB). A total of 31,400 RB in sales were carried over from the 2022/2023 marketing year, which ended July 31. Exports for the period ending July 31 of 2,100 RB brought accumulated exports to 305,000 RB, down 32 percent from the prior years’ total of 448,300 RB. The destinations were India (1,700 RB) and Pakistan (140 RB). Exports for August 1-3 totaled 1,000 RB, with India (900 RB) and Japan (100 RB) being the primary destinations.

Comments and Performance Indicators

Export commitments are running 32.5% behind a year-ago. USDA forecasts total cotton exports will rise 6.5% from a year ago to 13.75 million bales in 2023-24.

Beef

Actual Sales (in MT)

2023: 14,800

Weekly Sales Details

Net sales of 14,800 MT for 2023 were up 19 percent from the previous week, but down 8 percent from the prior 4-week average. Increases were primarily for South Korea (5,300 MT, including decreases of 400 MT), Japan (2,600 MT, including decreases of 300 MT), China (2,400 MT, including decreases of 100 MT), Mexico (1,500 MT, including decreases of 100 MT), and Hong Kong (800 MT, including decreases of 100 MT).

Weekly Export Details

Exports of 16,000 MT were down 7 percent from the previous week, but up 1 percent from the prior 4-week average. The destinations were primarily to South Korea (3,700 MT), Japan (3,700 MT), China (2,600 MT), Mexico (1,600 MT), and Taiwan (1,200 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 8.2% from a year ago.

Pork

Actual Sales (in MT)

2023: 22,300

Weekly Sales Details

Net sales of 22,300 MT for 2023 were up 25 percent from the previous week and 3 percent from the prior 4-week average. Increases were primarily for Mexico (6,000 MT, including decreases of 300 MT), Japan (4,500 MT, including decreases of 100 MT), China (3,000 MT, including decreases of 100 MT), Colombia (2,500 MT, including decreases of 300 MT), and South Korea (1,700 MT, including decreases of 400 MT).

Weekly Export Details

Exports of 26,800 MT were down 1 percent from the previous week, but up 12 percent from the prior 4-week average. The destinations were primarily to Mexico (13,000 MT), China (3,800 MT), Japan (3,100 MT), Canada (2,000 MT), and South Korea (1,500 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 2.6% from last year.