Weekly wheat sales exceed expectations

USDA Weekly Export Sales Report

Week Ended Sept. 21, 2023

Corn

Actual Sales (in MT)

2023-24: 841,800

Expectations (in MT)

2023-24: 475,000-1,200,000

Weekly Sales Details

Net sales of 841,800 MT for 2023/2024 were primarily for Mexico (261,500 MT, including decreases of 800 MT), unknown destinations (138,600 MT), Colombia (124,600 MT, including 65,500 MT switched from unknown destinations and decreases of 82,400 MT), Japan (116,400 MT, including 50,400 MT switched from unknown destinations), and Panama (98,000 MT). Total net sales of 15,200 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 730,000 MT were primarily to Mexico (326,700 MT), Colombia (180,500 MT), China (139,700 MT), Japan (50,400 MT), and Taiwan (18,700 MT).

Comments and Performance Indicators

Export commitments are 3.3% behind a year-ago, compared to 6.1% behind last week. 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: 544,500

Expectations (in MT)

2023-24: 250,000-500,000

Weekly Sales Details

Net sales of 544,500 metric tons (MT) for 2023/2024 were up 77 percent from the previous week and 51 percent from the prior 4-week average. Increases primarily for the Philippines (115,000 MT, including decreases of 2,500 MT), South Korea (90,400 MT), Japan (90,000 MT), China (69,100 MT, including 65,000 MT switched from unknown destinations and decreases of 1,000 MT), and Mexico (46,600 MT, including decreases of 300 MT), were offset by reductions primarily for unknown destinations (6,500 MT), the Dominican Republic (4,500 MT), and Colombia (3,100 MT).

Weekly Export Details

Exports of 584,600 MT--a marketing-year high--were up 98 percent from the previous week and 70 percent from the prior 4-week average. The destinations were primarily to China (129,000 MT), the Philippines (113,000 MT), Taiwan (55,300 MT, including 37,600 MT - late), Thailand (51,700 MT), and Mexico (47,600 MT).

Comments and Performance Indicators

Export commitments are running 14.2% behind a year-ago, compared to 17.2% 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)

2023-24: 672,200

Expectations (in MT)

2023-24: 500,000-1,200,000

Weekly Sales Details

Net sales of 672,200 MT for 2023/2024 primarily for China (581,200 MT, including 311,000 MT switched from unknown destinations and decreases of 1,700 MT), Mexico (147,800 MT, including decreases of 6,100 MT), Japan (101,900 MT, including 50,000 MT switched from unknown destinations and decreases of 500 MT), the Netherlands (51,200 MT, including 55,000 MT switched from unknown destinations and decreases of 3,800 MT), and Egypt (33,000 MT, including 30,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (334,800 MT) and Barbados (800 MT).

Weekly Export Details

Exports of 543,300 MT were primarily to China (327,000 MT), Japan (55,600 MT), the Netherlands (51,200 MT), Egypt (33,000 MT), and Tunisia (30,700 MT).

Comments and Performance Indicators

Export commitments are running 33.6% behind a year-ago, compared to 33.6% behind last week. 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: (16,900)

Expectations

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

Actual Sales (in MT)

2023-24:  375,700

Expectations

2023-24:  225,000-550,000

Weekly Sales Details

Net sales reductions of 16,900 MT for 2022/2023 were down noticeably from the previous week and from the prior 4-week average. Increases primarily for the Philippines (11,400 MT), Mexico (9,100 MT, including decreases of 100 MT), Germany (5,600 MT, including decreases of 100 MT), Honduras (5,300 MT), and Venezuela (4,500 MT, including 3,500 MT switched from Colombia), were more than offset by reductions for Canada (64,800 MT), Colombia (2,200 MT), and South Korea (2,000 MT). Net sales of 375,700 MT for 2023/2024 primarily for Canada (122,300 MT), Guatemala (41,200 MT), Mexico (31,200 MT), Malaysia (30,900 MT), and Japan (30,600 MT), were offset by reductions for Burma (400 MT).

Weekly Export Details fade lackluster

Exports of 179,300 MT were down 41 percent from the previous week and 19 percent from the prior 4-week average. The destinations were primarily to the Philippines (55,900 MT), Mexico (32,100 MT), Venezuela (18,500 MT), Canada (17,300 MT), and Honduras (17,000 MT).

Comments and Performance Indicators

Export commitments are 6.5% ahead of a year-ago, compared to 7.4% ahead last week. 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:  4,700

Expectations

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

Actual Sales (in MT)

2023-24: 100

Expectations

2023-24: 0-10,000

Weekly Sales Details

Net sales of 4,700 MT for 2022/2023 were up noticeably from the previous week, but down noticeably from the prior 4-week average. Increases reported for Canada (4,800 MT), were offset by reductions for Honduras (100 MT). Total net sales 100 MT for 2023/2024 were for Honduras.

Weekly Export Details

Exports of 1,000 MT were down 8 percent from the previous week and 30 percent from the prior 4-week average. The destinations were to Canada (900 MT) and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 81.1% behind a year-ago, compared to 81.9% behind last week. USDA projects exports will decrease 79.1% this season and 5.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 55,300

Weekly Sales Details

Net sales of 55,300 RB for 2023/2024 were down 48 percent from the previous week and 31 percent from the prior 4-week average. Increases primarily for Vietnam (15,700 RB, including 400 RB switched from South Korea and 300 RB switched from Japan), China (13,100 RB, including decreases of 100 RB), Indonesia (5,400 RB, including 400 RB switched from Japan), El Salvador (4,000 RB), and Macau (3,500 RB), were offset by reductions for Pakistan (3,500 RB). Net sales of 11,000 RB for 2024/2025 were reported for Malaysia (8,800 RB) and Thailand (2,200 RB).

Weekly Export Details

  Exports of 159,400 RB were up 6 percent from the previous week, but down 3 percent from the prior 4-week average. The destinations were primarily to China (73,300 RB), Bangladesh (18,300 RB), Pakistan (15,000 RB), Mexico (14,000 RB), and Vietnam (9,100 RB). Net sales of Pima totaling 15,600 RB for 2023/2024--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Increases primarily for Vietnam (4,000 RB), China (3,700 RB), India (3,500 RB), Egypt (2,700 RB), and Pakistan (900 RB), were offset by reductions for the United Arab Emirates (400 RB). Exports of 2,100 RB were up 5 percent from the previous week, but down 51 percent from the prior 4-week average. The destinations were to China (600 RB), Honduras (400 RB), India (300 RB), Indonesia (300 RB), and Thailand (100 RB).

Comments and Performance Indicators

Export commitments are running 30.9% behind a year-ago, compared to 31.3% behind last week. 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: 17,700

Weekly Sales Details

  Net sales of 17,700 MT for 2023 were up 29 percent from the previous week and 42 percent from the prior 4-week average. Increases were primarily for Japan (3,900 MT, including decreases of 900 MT), South Korea (3,500 MT, including decreases of 300 MT), China (3,200 MT, including decreases of 100 MT), Canada (2,400 MT), and Mexico (1,300 MT, including decreases of 100 MT). Net sales of 200 MT for 2024 were reported for Taiwan (100 MT) and Japan (100 MT).

Weekly Export Details

Exports of 15,200 MT were unchanged from the previous week, but down 3 percent from the prior 4-week average. The destinations were primarily to Japan (3,800 MT), South Korea (3,600 MT), China (1,800 MT), Mexico (1,700 MT), and Canada (1,300 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023: 27,400

Weekly Sales Details

Net sales of 27,400 MT for 2023 were down 9 percent from the previous week and 6 percent from the prior 4-week average. Increases primarily for Mexico (11,600 MT, including decreases of 200 MT), Japan (4,500 MT, including decreases of 300 MT), South Korea (3,900 MT, including decreases of 100 MT), Colombia (1,900 MT), and China (1,500 MT, including decreases of 100 MT), were offset by reductions for Vietnam (200 MT).

Weekly Export Details

Exports of 30,000 MT were up 17 percent from the previous week and 11 percent from the prior 4-week average. The destinations were primarily to Mexico (12,800 MT), China (3,600 MT), Japan (3,400 MT), South Korea (3,200 MT), and Canada (2,200 MT).

Comments and Performance Indicators

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