Weekly soybean sales miss expectations

USDA Weekly Export Sales Report

Week Ended Sept. 14, 2023

Corn

Actual Sales (in MT)

2023-24: 566,900

Expectations (in MT)

2023-24: 550,000-1,100,000

Weekly Sales Details

Net sales of 566,900 MT for 2023/2024 primarily for Japan (197,300 MT, including 72,900 MT switched from unknown destinations), Mexico (131,700 MT, including decreases of 119,900 MT), China (71,200 MT, including 71,400 MT switched from unknown destinations and decreases of 200 MT), unknown destinations (57,800 MT), and Colombia (45,000 MT, including decreases of 33,600 MT), were offset by reductions for Jamaica (18,000 MT), El Salvador (3,200 MT), and Costa Rica (1,200 MT).

Weekly Export Details

Exports of 602,500 MT were primarily to Mexico (329,300 MT), Japan (158,000 MT), China (71,200 MT), Guatemala (19,400 MT), and Honduras (10,700 MT).

Comments and Performance Indicators

Export commitments are 6.1% behind a year-ago. USDA projects exports in 2023-24 at 2.050 billion bu., 23.1% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 307,700

Expectations (in MT)

2023-24: 250,000-600,000

Weekly Sales Details

Net sales of 307,700 metric tons (MT) for 2023/2024 were down 30 percent from the previous week and 20 percent from the prior 4-week average. Increases primarily for the Philippines (73,500 MT, including 11,000 MT switched from unknown destinations and decreases of 1,200 MT), South Korea (54,200 MT, including decreases of 100 MT), unknown destinations (49,000 MT, including 19,000 MT - late), Indonesia (28,000 MT), and Japan (20,500 MT), were offset by reductions for Algeria (500 MT). Total net sales of 14,000 MT for 2024/2025 were for Peru.

Weekly Export Details

Exports of 296,000 MT were down 28 percent from the previous week and 17 percent from the prior 4-week average. The destinations were primarily to Indonesia (108,300 MT), Mexico (86,700 MT), Vietnam (32,200 MT), Honduras (24,500 MT), and the Philippines (23,000 MT).

Comments and Performance Indicators

Export commitments are running 17.2% behind a year-ago. USDA projects exports in 2023-24 at 700 million bu., down 7.8% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2023-24: 434,100

Expectations (in MT)

2023-24: 550,000-1,200,000

Weekly Sales Details

Net sales of 434,100 MT for 2023/2024 primarily for China (208,600 MT, including 110,000 MT switched from unknown destinations and decreases of 300 MT), Japan (74,800 MT, including 9,500 MT switched from unknown destinations), the Netherlands (56,300 MT, including 62,000 MT switched from unknown destinations and decreases of 5,700 MT), Indonesia (38,000 MT), and Egypt (33,000 MT, including 30,000 MT switched from unknown destinations).

Weekly Export Details

Exports of 544,900 MT were primarily to China (183,300 MT), Japan (89,200 MT), Mexico (85,200 MT), Indonesia (63,200 MT), and the Netherlands (56,300 MT).

Comments and Performance Indicators

Export commitments are running 33.6% behind a year-ago. USDA projects exports in 2023-24 at 1.790 billion bu., down 10.1% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2022-23: 12,700

Expectations

2022-23: (-200,000)-100,000

Actual Sales (in MT)

2023-24: 439,100

Expectations

2023-24: 235,000-550,000

Weekly Sales Details

Net sales of 12,700 MT for 2022/2023 were down noticeably from the previous week and down 78 percent from the prior 4-week average. Increases primarily for Guatemala (13,500 MT, including 13,100 MT switched from El Salvador), the Philippines (6,800 MT), Canada (6,600 MT, including decreases of 500 MT), Japan (3,400 MT, including 3,000 MT switched from unknown destinations), and Oman (3,000 MT), were offset by reductions for El Salvador (13,100 MT), Honduras (6,300 MT), unknown destinations (3,000 MT), Belgium (2,500 MT), and Ecuador (100 MT). Net sales of 439,100 MT for 2023/2024 primarily for the Philippines (277,300 MT), Mexico (54,700 MT), the Dominican Republic (28,000 MT), Canada (25,500 MT), and Honduras (23,100 MT), were offset by reductions for unknown destinations (105,000 MT).

Weekly Export Details 

Exports of 304,300 MT were up noticeably from the previous week and up 47 percent from the prior 4-week average. The destinations were primarily to the Philippines (102,300 MT), Guatemala (39,500 MT), Mexico (31,900 MT), Ecuador (31,900 MT), and Colombia (30,600 MT).

Comments and Performance Indicators

Export commitments are 7.4% ahead of a year-ago. USDA projects exports in 2022-23 will increase 6.4% from the previous marketing year 4.9% in 2023-24.

Soyoil

Actual Sales (in MT)

2022-23: 700

Expectations

2022-23: (-10,000)-10,000

Actual Sales (in MT)

2023-24: 0

Expectations

2023-24: 0-10,000

Weekly Sales Details

Net sales of 700 MT for 2022/2023 were down noticeably from the previous week and from the prior 4-week average. Increases were reported for Canada.

Weekly Export Details

Exports of 1,000 MT were down 33 percent from the previous week and 20 percent from the prior 4- week average. The destinations were to Mexico (600 MT) and Canada (400 MT).

Comments and Performance Indicators

Export commitments are running 81.9% behind a year-ago. USDA projects exports will decrease 79.1% this season and 5.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 105,800

Weekly Sales Details

Net sales of 105,800 RB for 2023/2024 were up 57 percent from the previous week and 67 percent from the prior 4-week average. Increases primarily for Vietnam (44,600 RB, including 900 RB switched from South Korea and decreases of 100 RB), China (25,900 RB, including 8,800 RB switched from Singapore and decreases of 100 RB), Mexico (16,900 RB), Bangladesh (12,900 RB), and Turkey (5,400 RB), were offset by reductions for Singapore (8,800 RB) and South Korea (900 RB). Net sales of 5,100 RB for 2024/2025 were reported for Pakistan (2,600 RB) and Mexico (2,500 RB).

Weekly Export Details

 Exports of 150,700 RB were up 28 percent from the previous week, but down 15 percent from the prior 4-week average. The destinations were primarily to China (72,700 RB), Mexico (18,000 RB), Pakistan (16,600 RB), Turkey (10,900 RB), and Bangladesh (10,000 RB). Net sales of Pima totaling 800 RB for 2023/2024 --a marketing-year low--were down 14 percent from the previous week and 66 percent from the prior 4-week average. Increases reported for China (500 RB), India (200 RB), Thailand (200 RB), and Turkey (100 RB), were offset by reductions for Italy (200 RB). Exports of 2,000 RB were down 74 percent from the previous week and 68 percent from the prior 4-week average. The destinations were to Thailand (1,000 RB), India (600 RB), Pakistan (300 RB), and China (100 RB).

Comments and Performance Indicators

Export commitments are running 31.3% behind a year-ago. USDA forecasts total cotton exports will fall 3.7% from a year ago to 14.45 million bales in 2023-24.

Beef

Actual Sales (in MT)

2023: 13,700

Weekly Sales Details

 Net sales of 13,700 MT for 2023 were up noticeably from the previous week and up 15 percent from the prior 4-week average. Increases primarily for Japan (3,700 MT, including decreases of 500 MT), South Korea (3,100 MT, including decreases of 2,200 MT), China (2,500 MT, including decreases of 100 MT), Mexico (1,500 MT, including decreases of 100 MT), and Canada (700 MT, including decreases of 100 MT), were offset by reductions primarily for the United Arab Emirates (100 MT) and Italy (100 MT). Net sales of 500 MT for 2024 were reported for Japan (400 MT) and Taiwan (100 MT).

Weekly Export Details

 Exports of 15,200 MT were up 15 percent from the previous week and 2 percent from the prior 4- week average. The destinations were primarily to South Korea (3,900 MT), Japan (3,300 MT), China (2,800 MT), Mexico (1,700 MT), and Taiwan (800 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 13.8% from a year ago.

Pork

Actual Sales (in MT)

2023: 30,200

Weekly Sales Details

Net sales of 30,200 MT for 2023 were up 31 percent from the previous week and 1 percent from the prior 4-week average. Increases primarily for Mexico (13,500 MT, including decreases of 300 MT), South Korea (3,600 MT, including decreases of 300 MT), Canada (3,300 MT, including decreases of 700 MT), China (2,500 MT, including decreases of 200 MT), and Japan (2,100 MT, including decreases of 1,400 MT), were offset by reductions for Nicaragua (200 MT). Net sales of 200 MT for 2024 were reported for Colombia.

Weekly Export Details

Exports of 25,600 MT were up 23 percent from the previous week, but down 5 percent from the prior 4-week average. The destinations were primarily to Mexico (9,700 MT), Japan (3,700 MT), China (2,700 MT), South Korea (2,600 MT), and Canada (2,400 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 7.2% from last year.