Weekly new crop soybean sales prove solid

USDA Weekly Export Sales Report

Week Ended August 10, 2023

Corn

Actual Sales (in MT)

2022-23: 233,500  

Expectations (in MT)

2022-23: 0-250,000

Weekly Sales Details

Net sales of 233,500 MT for 2022/2023 were up 55 percent from the previous week and 16 percent from the prior 4-week average. Increases primarily for unknown destinations (100,000 MT), Mexico (81,600 MT, including decreases of 6,200 MT), Colombia (25,500 MT), Nicaragua (15,000 MT), and Honduras (7,800 MT, including decreases of 16,200 MT), were offset by reductions for Japan (2,100 MT), Guatemala (1,500 MT), Venezuela (900 MT), South Korea (700 MT), and Jamaica (100 MT). Net sales of 704,700 MT for 2023/2024 were primarily for Mexico (381,900 MT), unknown destinations (122,600 MT), Japan (101,700 MT), El Salvador (27,500 MT), and Costa Rica (15,000 MT).

Weekly Export Details

Exports of 444,800 MT were down 7 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to Mexico (234,500 MT), China (70,000 MT), Japan (47,900 MT), Venezuela (42,100 MT), and Canada (36,500 MT).

Comments and Performance Indicators

Export commitments are 33.5% behind a year-ago compared to 33.7% behind last week. USDA projects exports in 2022-23 at 1.625 billion bu., 34.3% below the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 359,500

Expectations (in MT)

2023-24: 0-400,000

Weekly Sales Details

Net sales of 359,500 metric tons (MT) for 2023/2024 were down 37 percent from the previous week, but up 3 percent from the prior 4-week average. Increases primarily for Mexico (142,600 MT, including decreases of 1,400 MT), unknown destinations (82,500 MT), South Korea (25,300 MT), Jamaica (22,000 MT), and Morocco (20,000 MT), were offset by reductions for Japan (17,600 MT).

Weekly Export Details

Exports of 229,400 MT were down 35 percent from the previous week and 38 percent from the prior 4-week average. The destinations were primarily to Vietnam (41,200 MT), South Korea (31,400 MT), Ecuador (31,100 MT), Mexico (27,800 MT), and Panama (24,800 MT).

Comments and Performance Indicators

Export commitments are running 23.2% behind a year-ago, compared to 25.5% behind last week. USDA projects exports in 2023-24 at 700 million bu., down 7.8% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2022-23: 93,600

Expectations (in MT)

2022-23: 0-400,000

Weekly Sales Details

Net sales of 93,600 MT for 2022/2023 were down 77 percent from the previous week and 42 percent from the prior 4-week average. Increases primarily for the Netherlands (200,800 MT, including 202,000 MT switched from unknown destinations and decreases of 9,000 MT), Indonesia (115,400 MT, including 110,000 MT switched from unknown destinations and decreases of 5,500 MT), Canada (22,500 MT), China (21,000 MT, including decreases of 5,000 MT), and Colombia (3,600 MT), were offset by reductions primarily for unknown destinations (144,900 MT), Mexico (78,400 MT), Japan (15,200 MT), Costa Rica (14,000 MT), and Malaysia (11,600 MT). Net sales of 1,407,500 MT for 2023/2024 were primarily for China (940,000 MT), unknown destinations (258,000 MT), Mexico (78,100 MT), Tunisia (30,000 MT), and Taiwan (20,300 MT).

Weekly Export Details

Exports of 434,200 MT were up 14 percent from the previous week and 48 percent from the prior 4-week average. The destinations were primarily to the Netherlands (200,800 MT), Indonesia (124,900 MT), Mexico (34,600 MT), Egypt (33,000 MT), and Taiwan (6,700 MT).

Comments and Performance Indicators

Export commitments are running 10.6% behind a year-ago, versus behind 10.6% 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: 126,400

Expectations

2022-23: 50,000-200,000

Weekly Sales Details

Net sales of 126,400 MT for 2022/2023 were down 12 percent from the previous week and 32 percent from the prior 4-week average. Increases primarily for Colombia (45,000 MT, including 20,000 MT switched from unknown destinations), Ireland (30,000 MT), Mexico (21,300 MT, including decreases of 9,400 MT), Morocco (17,200 MT, including 16,000 MT switched from unknown destinations and decreases of 200 MT), and Canada (12,100 MT, including decreases of 900 MT), were offset by reductions primarily for unknown destinations (26,000 MT) and Indonesia (10,000 MT). Net sales of 220,500 MT for 2023/2024 primarily for Mexico (51,300 MT), Vietnam (42,000 MT), the Philippines (25,300 MT), Ireland (20,000 MT), and Canada (17,500 MT), were offset by reductions for unknown destinations (20,000 MT).

Weekly Export Details fade lackluster

Exports of 192,100 MT were down 12 percent from the previous week and 20 percent from the prior 4-week average. The destinations were primarily to the Philippines (48,200 MT), Morocco (31,200 MT), Mexico (29,400 MT), the Dominican Republic (25,800 MT), and Colombia (20,900 MT).

Comments and Performance Indicators

Export commitments are 7.7% ahead of a year-ago, compared to 7.3% ahead a week ago. USDA projects exports in 2022-23 will increase 4.9% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2022-23: 700

Expectations

2022-23: 0-10,000

Weekly Sales Details

Net sales of 700 MT for 2022/2023 were down noticeably from the previous week, but unchanged from the prior 4-week average. Increases were reported for Mexico (500 MT) and Canada (200 MT).

Weekly Export Details

Exports of 600 MT were down 73 percent from the previous week and 84 percent from the prior 4-week average. The destinations were to Canada (300 MT) and Mexico (300 MT).

Comments and Performance Indicators

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

Cotton

Actual Upland Sales (in RB)

2023-24: 186,300

Weekly Sales Details

Net sales of 186,300 RB for 2023/2024 primarily for China (138,400 RB, including decreases of 2,100 RB), Turkey (13,200 RB), El Salvador (10,500 RB), Costa Rica (7,800 RB), and Bangladesh (7,000 RB), were offset by reductions for Vietnam (3,800 RB). Exports of 202,300 RB were primarily to China (125,000 RB), Mexico (12,900 RB), Pakistan (12,000 RB), Turkey (11,700 RB), and Bangladesh (11,000 RB). Net sales of Pima totaling 3,300 RB for 2023/2024 primarily for India (1,900 RB, including decreases of 200 RB), Pakistan (900 RB), Indonesia (400 RB), China (300 RB, including decreases of 100 RB), and Guatemala (100 RB), were offset by reductions for Vietnam (400 RB) and Peru (200 RB).

Weekly Export Details

Exports of 3,100 RB were primarily to India (1,320 RB), Thailand (900 RB), Vietnam (400 RB), and Japan (300 RB).

Comments and Performance Indicators

Export commitments are running 30.4% behind a year-ago vs. 32.5% behind a week ago. USDA forecasts total cotton exports will fall 1.3% from a year ago to 14.65 million bales in 2023-24.

Beef

Actual Sales (in MT)

2023: 15,100

Weekly Sales Details

Net sales of 15,100 MT for 2023 were up 2 percent from the previous week, but down 13 percent from the prior 4-week average. Increases were primarily for South Korea (4,600 MT, including decreases of 400 MT), China (3,200 MT, including decreases of 100 MT), Japan (2,700 MT, including decreases of 300 MT), Mexico (1,600 MT, including decreases of 100 MT), and Taiwan (700 MT, including decreases of 100 MT). Total net sales of 100 MT for 2024 were reported for Japan.

Weekly Export Details

Exports of 15,800 MT were down 2 percent from the previous week and 4 percent from the prior 4-week average. The destinations were primarily to South Korea (4,200 MT), Japan (3,500 MT), China (2,800 MT), Mexico (1,600 MT), and Taiwan (1,100 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 9.3% from a year ago.

Pork

Actual Sales (in MT)

2023: 28,700

Weekly Sales Details

Net sales of 28,700 MT for 2023 were up 29 percent from the previous week and 36 percent from the prior 4-week average. Increases were primarily for Mexico (9,400 MT, including decreases of 300 MT), Japan (4,900 MT, including decreases of 200 MT), China (3,500 MT, including decreases of 100 MT), Canada (3,100 MT, including decreases of 400 MT), and South Korea (3,000 MT, including decreases of 1,000 MT). Total net sales of 2,800 MT for 2024 were for South Korea.

Weekly Export Details

Exports of 28,600 MT were up 7 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Mexico (13,100 MT), China (3,600 MT), Japan (3,300 MT), South Korea (2,400 MT), and Canada (1,700 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 9.2% from last year.