Weekly corn sales rise notably on the week

USDA Weekly Export Sales Report

Week Ended Nov. 2, 2023

Corn

Actual Sales (in MT)

2023-24: 1,015,300

Expectations (in MT)

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

Weekly Sales Details

Net sales of 1,015,300 MT for 2023/2024 were up 36 percent from the previous week and 4 percent from the prior 4-week average. Increases primarily for Mexico (384,800 MT, including decreases of 3,200 MT), unknown destinations (228,500 MT), Japan (162,900 MT, including 21,100 MT switched from unknown destinations), South Korea (65,800 MT), and Colombia (57,900 MT, including 22,000 MT switched from unknown destinations, 14,200 MT switched from the Dominican Republic, and decreases of 28,900 MT), were offset by reductions for the Dominican Republic (18,000 MT). Total net sales of 140,000 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 824,900 MT--a marketing-year high--were up 63 percent from the previous week and 42 percent from the prior 4-week average. The destinations were primarily to Mexico (526,300 MT), Colombia (109,900 MT), Canada (91,100 MT), Honduras (48,800 MT), and Japan (21,100 MT).

Comments and Performance Indicators

Export commitments are 31.0% ahead of a year-ago, compared to 26.3% 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: 354,300

Expectations (in MT)

2023-24: 250,000-500,000

Weekly Sales Details

Net sales of 354,300 metric tons (MT) for 2023/2024 were up 29 percent from the previous week, but down 26 percent from the prior 4-week average. Increases primarily for South Korea (140,200 MT), unknown destinations (70,000 MT), the Philippines (60,400 MT), Mexico (32,400 MT, including decreases of 7,000 MT), and Japan (25,800 MT), were offset by reductions for Chile (1,100 MT) and Colombia (100 MT).

Weekly Export Details

Exports of 134,300 MT were up 34 percent from the previous week, but down 44 percent from the prior 4-week average. The destinations were primarily to Chile (42,900 MT), Mexico (39,200 MT), Taiwan (32,700 MT), Trinidad and Tobago (9,100 MT), and Colombia (6,900 MT).

Comments and Performance Indicators

Export commitments are running 6.2% behind a year-ago, compared to 2.4% 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: 1,080,200

Expectations (in MT)

2023-24: 800,000-1,500,000

Weekly Sales Details

Net sales of 1,080,200 MT for 2023/2024 were up 7 percent from the previous week, but down 8 percent from the prior 4-week average. Increases primarily for China (692,400 MT, including 264,000 MT switched from unknown destinations and decreases of 140,300 MT), Mexico (230,600 MT, including decreases of 20,500 MT), Spain (137,600 MT, including 87,500 MT switched from unknown destinations), Germany (108,200 MT), and the Netherlands (84,900 MT, including 85,000 MT switched from unknown destinations and decreases of 100 MT), were offset by reductions for unknown destinations (452,200 MT).

Weekly Export Details

Exports of 2,237,200 MT were up 12 percent from the previous week and 16 percent from the prior 4-week average. The destinations were primarily to China (1,588,100 MT), Mexico (139,900 MT), Germany (108,200 MT), the Netherlands (84,900 MT), and Taiwan (80,300 MT).

Comments and Performance Indicators

Export commitments are running 26.3% behind a year-ago, compared to 27.8% 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: 193,500

Expectations

2023-24: 100,000-400,000

Weekly Sales Details

Net sales of 193,500 MT for 2023/2024 primarily for Mexico (55,800 MT, including decreases of 3,900 MT), Ireland (35,100 MT, including 30,000 MT switched from unknown destinations), Morocco (26,500 MT), Venezuela (25,200 MT), and unknown destinations (12,000 MT), were offset by reductions primarily for Honduras (7,000 MT), Colombia (2,000 MT), Belgium (1,200 MT), Ecuador (500 MT), and Oman (300 MT).

Weekly Export Details

Exports of 264,000 MT were primarily to the Philippines (51,200 MT), Mexico (40,900 MT), Colombia (31,700 MT), Ireland (30,100 MT), and Morocco (27,500 MT).

Comments and Performance Indicators

Export commitments are 40.1% ahead of a year-ago, compared to 41.3% 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: 2,600

Expectations

2023-24: 0-6,000

Weekly Sales Details

Net sales of 2,600 MT for 2023/2024 were reported for Mexico (2,400 MT) and Canada (200 MT).

Weekly Export Details

Exports of 700 MT were to Canada (400 MT) and Mexico (300 MT).

Comments and Performance Indicators

Export commitments are running 21.7% behind a year-ago, compared to 23.1% behind last week. USDA projects exports will decrease 5.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 395,200

Weekly Sales Details

Net sales of 395,200 RB for 2023/2024 were down 14 percent from the previous week, but up noticeably from the prior 4-week average. Increases primarily for China (260,000 RB), Vietnam (54,500 RB, including 100 RB switched from Macau), Pakistan (27,200 RB), Bangladesh (14,500 RB), and Mexico (14,100 RB, including 2,200 RB switched from China), were offset by reductions for Macau (100 RB). Net sales of 44,500 RB for 2024/2025 were reported for Pakistan (44,000 RB) and Japan (500 RB).

Weekly Export Details

Exports of 90,600 RB--a marketing-year low--were down 31 percent from the previous week and 18 percent from the prior 4-week average. The destinations were primarily to China (21,400 RB), Vietnam (18,900 RB), Bangladesh (17,400 RB), Mexico (11,600 RB), and Pakistan (9,700 RB). Net sales of Pima totaling 20,300 RB for 2023/2024 were down 21 percent from the previous week, but up 64 percent from the prior 4-week average. Increases were primarily for China (13,100 RB), India (3,800 RB), Pakistan (1,500 RB), Thailand (900 RB), and the United Arab Emirates (700 RB). Exports of 4,000 RB were up 53 percent from the previous week and 40 percent from the prior 4-week average. The destinations were primarily to India (2,700 RB), Pakistan (900 RB), China (200 RB), and South Korea (200 RB).

Comments and Performance Indicators

Export commitments are running 21.0% behind a year-ago, compared to 24.2% 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: 13,600

Weekly Sales Details

Net sales of 13,600 MT for 2023 were down 21 percent from the previous week, but up 24 percent from the prior 4-week average. Increases were primarily for Japan (4,500 MT, including decreases of 300 MT), South Korea (2,600 MT, including decreases of 500 MT), Mexico (1,400 MT, including decreases of 100 MT), Taiwan (1,300 MT, including decreases of 100 MT), and China (1,200 MT, including decreases of 200 MT). Net sales of 7,000 MT for 2024 were primarily for South Korea (4,100 MT), Mexico (1,600 MT), Japan (1,100 MT), and Guatemala (100 MT).

Weekly Export Details

Exports of 14,500 MT were up 2 percent from the previous week and 1 percent from the prior 4-week average. The destinations were primarily to South Korea (3,800 MT), Japan (3,400 MT), China (2,400 MT), Mexico (1,500 MT), and Canada (900 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023: 49,000

Weekly Sales Details

Net sales of 49,000 MT for 2023 were up 58 percent from the previous week and 77 percent from the prior 4-week average. Increases were primarily for China (13,100 MT, including decreases of 100 MT), Mexico (11,300 MT, including decreases of 600 MT), Japan (9,300 MT, including decreases of 300 MT), South Korea (6,800 MT, including decreases of 600 MT), and Colombia (2,300 MT, including decreases of 100 MT). Net sales of 2,300 MT for 2024 were reported for South Korea (1,700 MT) and Japan (600 MT).

Weekly Export Details

Exports of 35,500 MT were up 23 percent from the previous week and 29 percent from the prior 4-week average. The destinations were primarily to Mexico (15,000 MT), Japan (5,100 MT), South Korea (3,300 MT), China (2,900 MT), and Colombia (2,800 MT).

Comments and Performance Indicators

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