Weekly, corn, soybeans, wheat sales decline on the week

USDA Weekly Export Sales Report

Week Ended Oct. 26, 2023

Corn

Actual Sales (in MT)

2023-24: 748,100

Expectations (in MT)

2023-24: 600,000-1,200,000

Weekly Sales Details

Net sales of 748,100 MT for 2023/2024 were down 45 percent from the previous week and 40 percent from the prior 4-week average. Increases primarily for Mexico (434,300 MT, including decreases of 46,000 MT), unknown destinations (110,500 MT), Japan (70,200 MT, including 49,200 MT switched from unknown destinations and decreases of 155,000 MT), Colombia (61,400 MT, including decreases of 27,700 MT), and Honduras (25,900 MT, including 12,500 MT switched from El Salvador and decreases of 600 MT), were offset by reductions for El Salvador (10,000 MT) and the Dominican Republic (1,000 MT). Total net sales of 12,700 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 505,900 MT were up 5 percent from the previous week, but down 17 percent from the prior 4-week average. The destinations were primarily to Mexico (310,300 MT), Canada (81,900 MT), Japan (49,200 MT), Honduras (27,000 MT), and Guatemala (15,700 MT).

Comments and Performance Indicators

Export commitments are 26.3% ahead of a year-ago, compared to 24.4% 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: 275,600

Expectations (in MT)

2023-24: 300,000-600,000

Weekly Sales Details

Net sales of 275,600 metric tons (MT) for 2023/2024 were down 24 percent from the previous week and 43 percent from the prior 4-week average. Increases were primarily for Thailand (57,000 MT, including decreases of 100 MT), Taiwan (53,200 MT), Italy (31,500 MT), the Philippines (25,000 MT), and Mexico (23,600 MT, including decreases of 900 MT).

Weekly Export Details

Exports of 100,500 MT--a marketing-year low--were down 24 percent from the previous week and 68 percent from the prior 4-week average. The destinations were primarily to Mexico (23,800 MT), Algeria (22,100 MT), Taiwan (22,000 MT), Haiti (15,000 MT), and Colombia (9,600 MT).

Comments and Performance Indicators

Export commitments are running 2.4% behind a year-ago, compared to 6.2% 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: 1,010,000

Expectations (in MT)

2023-24: 900,000-1,500,000

Weekly Sales Details

Net sales of 1,010,000 MT for 2023/2024 were down 27 percent from the previous week and 13 percent from the prior 4-week average. Increases primarily for China (976,800 MT, including 587,000 MT switched from unknown destinations and decreases of 83,900 MT), South Korea (61,000 MT, including 62,000 MT switched from unknown destinations and decreases of 1,100 MT), Japan (58,700 MT, including decreases of 600 MT), Spain (57,700 MT switched from unknown destinations), and Mexico (53,500 MT, including decreases of 13,000 MT), were offset by reductions primarily for unknown destinations (263,000 MT).

Weekly Export Details

Exports of 1,991,400 MT were down 17 percent from the previous week, but up 23 percent from the prior 4-week average. The destinations were primarily to China (1,667,400 MT), Mexico (95,700 MT), South Korea (60,900 MT), Spain (57,700 MT), and Indonesia (24,100 MT).

Comments and Performance Indicators

Export commitments are running 27.8% behind a year-ago, compared to 29.3% 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: 86,400  

Expectations

2023-24: 250,000-550,000

Weekly Sales Details

Net sales of 86,400 MT for 2023/2024 primarily for Mexico (42,000 MT, including decreases of 14,100 MT), Colombia (41,800 MT), Honduras (13,900, including 700 MT switched from Costa Rica and decreases of 1,100 MT ), Jamaica (9,900 MT), and El Salvador (8,500 MT), were offset by reductions for unknown destination (60,000 MT), Nicaragua (1,900 MT), and Vietnam (400 MT). Total net sales of 200 MT for 2024/2025 were for Canada.

Weekly Export Details 

Exports of 191,400 MT were primarily to the Philippines (52,200 MT), Mexico (41,000 MT), Canada (18,300 MT), Nicaragua (12,900 MT), and Honduras (12,500 MT).

Comments and Performance Indicators

Export commitments are 41.3% ahead of a year-ago, compared to 43.5% ahead last week. 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: 1,900

Expectations

2023-24: 0-10,000

Weekly Sales Details

Net sales of 1,900 MT for 2023/2024 were primarily for Canada (1,800 MT).

Weekly Export Details

Exports of 800 MT were primarily to Canada (600 MT) and Honduras (100 MT).

Comments and Performance Indicators

Export commitments are running 23.1% behind a year-ago, compared to 34.8% behind last week. USDA projects exports will decrease 5.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 457,100

Weekly Sales Details

Net sales of 457,100 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 China (324,000 RB, including decreases of 100 RB), Mexico (108,200 RB), Peru (11,200 RB), South Korea (8,400 RB), and Vietnam (7,000 RB), were offset by reductions for Pakistan (8,400 RB), Honduras (3,100 RB), and Turkey (400 RB). Net sales of 87,800 RB were reported for Mexico (75,200 RB), Pakistan (11,000 RB), and Japan (1,600 RB).

Weekly Export Details

Exports of 132,200 RB were up 35 percent from the previous week and 15 percent from the prior 4-week average. The destinations were primarily to China (59,900 RB), Pakistan (17,900 RB), Mexico (16,500 RB), Bangladesh (12,100 RB), and Vietnam (5,000 RB). Net sales of Pima totaling 25,800 RB for 2023/2024--a marketing[1]year high--were up 83 percent from the previous week and up noticeably from the prior 4-week average. Increases primarily for China (14,500 RB), India (4,900 RB), Pakistan (3,100 RB), Vietnam (2,700 RB), and Thailand (2,200 RB), were offset by reductions for Mexico (5,000 MT). Exports of 2,600 RB were down 41 percent from the previous week and 25 percent from the prior 4-week average. The destinations were to India (1,700 RB), China (500 RB), and South Korea (400 RB).

Comments and Performance Indicators

Export commitments are running 24.2% behind a year-ago, compared to 27.9% 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: 17,100

Weekly Sales Details

Net sales of 17,100 MT for 2023 were down 2 percent from the previous week, but up 71 percent from the prior 4-week average. Increases were primarily for China (6,600 MT, including decreases of 200 MT), Japan (4,100 MT, including decreases of 300 MT), Taiwan (1,700 MT, including decreases of 100 MT), South Korea (1,500 MT, including decreases of 400 MT), and Canada (1,300 MT). Net sales of 1,700 MT for 2024 were primarily for Japan (1,400 MT) and the Philippines (200 MT).

Weekly Export Details

Exports of 14,300 MT were up 4 percent from the previous week, but down 2 percent from the prior 4-week average. The destinations were primarily to South Korea (3,700 MT), Japan (3,200 MT), China (1,900 MT), Mexico (1,400 MT), and Taiwan (900 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023: 31,100

Weekly Sales Details

Net sales of 31,100 MT for 2023 were up 10 percent from the previous week and 1 percent from the prior 4-week average. Increases primarily for Mexico (9,700 MT, including decreases of 200 MT), South Korea (7,300 MT, including decreases of 200 MT), Japan (2,900 MT, including decreases of 200 MT), Colombia (2,500 MT), and Australia (1,700 MT), were offset by reductions for Nicaragua (400 MT). Net sales of 500 MT for 2024 were primarily for South Korea.

Weekly Export Details

Exports of 28,800 MT were up 4 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to Mexico (10,400 MT), Japan (3,300 MT), South Korea (3,100 MT), China (2,500 MT), and Colombia (2,200 MT).

Comments and Performance Indicators

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