Weekly corn, wheat, soybean sales top expectations

USDA Weekly Export Sales Report

Week Ended Oct. 5, 2023

Corn

Actual Sales (in MT)

2023-24: 910,400

Expectations (in MT)

2023-24: 600,000-900,000

Weekly Sales Details

Net sales of 910,400 MT for 2023/2024 were down 50 percent from the previous week and 9 percent from the prior 4-week average. Increases primarily for Mexico (538,300 MT, including decreases of 4,100 MT), China (149,900 MT, including 141,800 MT switched from unknown destinations), Colombia (142,700 MT, including 35,000 MT switched from unknown destinations and decreases of 4,800 MT), Saudi Arabia (52,400 MT, including 50,000 MT switched from unknown destinations), and Japan (19,700 MT), were offset by reductions for unknown destinations (47,200 MT) and Honduras (7,500 MT). Total net sales of 87,400 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 812,900 MT were up 33 percent from the previous week and 22 percent from the prior 4-week average. The destinations were primarily to Mexico (384,400 MT), China (143,900 MT), Colombia (106,800 MT), Japan (95,900 MT), and Saudi Arabia (52,400 MT).

Comments and Performance Indicators

Export commitments are 14.0% ahead a year-ago, compared to 8.9% ahead last week. USDA projects exports in 2023-24 at 2.025 billion bu., 21.9% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 652,000

Expectations (in MT)

2023-24: 300,000-500,000

Weekly Sales Details

Net sales of 652,000 metric tons (MT) for 2023/2024--a marketing-year high-- were up noticeably from the previous week and up 67 percent from the prior 4-week average. Increases primarily for China (220,000 MT), unknown destinations (205,000 MT), the Philippines (81,000 MT), South Korea (33,800 MT), and Japan (30,900 MT), were offset by reductions for Guatemala (3,100 MT). Total net sales reductions of 200 MT for 2024/2025 were reported for South Korea.

Weekly Export Details

Exports of 342,500 MT were down 12 percent from the previous week and 18 percent from the prior 4-week average. The destinations were primarily to Mexico (146,800 MT), South Korea (83,600 MT), Yemen (52,400 MT), Japan (33,600 MT), and Guatemala (10,600 MT).

Comments and Performance Indicators

Export commitments are running 9.3% behind a year-ago, compared to 13.5% 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)

2023-24: 1,056,800

Expectations (in MT)

2023-24: 650,000-1,000,000

Weekly Sales Details

Net sales of 1,056,800 MT for 2023/2024 were up 31 percent from the previous week and 68 percent from the prior 4-week average. Increases primarily for China (884,100 MT, including 490,000 MT switched from unknown destinations and decreases of 68,800 MT), Mexico (173,300 MT, including decreases of 2,100 MT), Germany (107,500 MT), the Netherlands (84,800 MT, including 80,000 MT switched from unknown destinations), and the United Kingdom (67,900 MT, including 60,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (363,700 MT).

Weekly Export Details

Exports of 1,435,900 MT were up noticeably from the previous week and from the prior 4-week average. The destinations were primarily to China (1,012,600 MT), Germany (107,500 MT), Mexico (87,000 MT), the Netherlands (84,800 MT), and the United Kingdom (67,900 MT).

Comments and Performance Indicators

Export commitments are running 30.8% behind a year-ago, compared to 32.4% behind last week. USDA projects exports in 2023-24 at 1.755 billion bu., down 11.9% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 60,200

Expectations

2023-24: 200,000-400,000

Weekly Sales Details

Net sales of 60,200 MT for the 2023/2024 marketing year, which began October 1, primarily for the Philippines (42,700 MT), Vietnam (28,100 MT), Mexico (23,200 MT), Colombia (17,200 MT, including decreases of 10,900 MT), and Indonesia (12,400 MT, including decreases of 100 MT), were offset by reductions for Canada (116,700 MT) and Honduras (10,700 MT). A net sales reductions of 19,000 MT were carried over from the 2022/2023 marketing year, which ended September 30.

Weekly Export Details 

Exports for the period ending September 30, of 61,800 MT brought accumulated exports to 12,457,400 MT, up 6 percent from the prior year’s total of 11,701,100 MT. The primary destinations were to the Philippines (46,600 MT), Mexico (20,000 MT), Malaysia (17,900 MT), Nicaragua (12,100 MT), and Guatemala (10,200 MT).

Comments and Performance Indicators

Export commitments are 48.3% ahead of a year-ago. USDA projects exports in 2022-23 will increase 5.2% from the previous marketing year in 2023-24.

Soyoil

Actual Sales (in MT)

2023-24: 5,300

Expectations

2023-24: 0-3,000

Weekly Sales Details

Total net sales of 5,300 MT for the 2023/2024 marketing year, which began October 1, were for Canada. A total net sales reduction of 300 MT was carried over from the 2022/2023 marketing year, which ended September 30.

Weekly Export Details

Exports for the period ending September 30, of 200 MT brought accumulated exports to 116,000 MT, down 8 percent from the prior year’s total of 678,400 MT, with Mexico (200 MT) being the primary destination.

Comments and Performance Indicators

Export commitments are running 14.5% behind a year-ago. USDA projects exports will decrease 5.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 43,400

Weekly Sales Details

Net sales of 43,400 RB for 2023/2024 were down 82 percent from the previous week and 63 percent from the prior 4-week average. Increases primarily for China (21,700 RB, including decreases of 1,700 RB), Indonesia (16,700 RB), Mexico (5,000 RB), Bangladesh (4,000 RB, including decreases of 2,800 RB), and Guatemala (3,000 RB), were offset by reductions for Pakistan (8,600 RB), Turkey (1,100 RB), and South Korea (300 RB).

Weekly Export Details

Exports of 104,000 RB--a marketing-year low--were down 31 percent from the previous week and 28 percent from the prior 4-week average. The destinations were primarily to China (35,600 RB), Pakistan (17,700 RB), Mexico (14,900 RB), Vietnam (11,100 RB), and Bangladesh (11,100 RB). Net sales of Pima totaling 2,500 RB for 2023/2024 were down 49 percent from the previous week and 56 percent from the prior 4- week average. Increases were reported for India (1,900 RB), Colombia (200 RB), South Korea (200 RB), Japan (100 RB), and China (100 RB). Exports of 3,400 RB were down 32 percent from the previous week and 17 percent from the prior 4-week average. The destinations were to China (2,200 RB), Vietnam (400 RB), Pakistan (400 RB), India (300 RB), and Thailand (100 RB).  

Comments and Performance Indicators

Export commitments are running 29.7% behind a year-ago, compared to 29.0% behind last week. USDA forecasts total cotton exports will fall 4.5% from a year ago to 14.35 million bales in 2023-24.

Beef

Actual Sales (in MT)

2023: 9,000

Weekly Sales Details

Net sales of 9,000 MT for 2023 were down 32 percent from the previous week and 29 percent from the prior 4-week average. Increases were primarily for South Korea (2,400 MT, including decreases of 400 MT), Japan (1,900 MT, including decreases of 200 MT), Mexico (1,800 MT, including decreases of 100 MT), Taiwan (700 MT, including decreases of 100 MT), and Canada (500 MT).

Weekly Export Details

Exports of 15,600 MT were up 3 percent from the previous week and 6 percent from the prior 4-week average. The destinations were primarily to South Korea (3,700 MT), Japan (2,900 MT), China (2,900 MT), Mexico (1,700 MT), and Taiwan (1,100 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 6.2% from a year ago.

Pork

Actual Sales (in MT)

2023: 21,100

Weekly Sales Details

Net sales of 21,100 MT for 2023 were down 51 percent from the previous week and 32 percent from the prior 4-week average. Increases were primarily for Mexico (8,700 MT, including decreases of 600 MT), Japan (3,500 MT, including decreases of 300 MT), Colombia (2,600 MT), Australia (1,200 MT), and Honduras (1,100 MT, including decreases of 100 MT). Net sales of 200 MT for 2024 were reported for South Korea (100 MT) and Japan (100 MT).

Weekly Export Details

Exports of 28,000 MT were down 1 percent from the previous week, but up 7 percent from the prior 4-week average. The destinations were primarily to Mexico (11,300 MT), China (3,500 MT), Japan (3,400 MT), South Korea (2,700 MT), and Colombia (2,000 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 2.8% from last year.