Weekly corn sales top expectations; soybeans notch marketing-year high

USDA Weekly Export Sales Report

Week Ended Nov. 9, 2023

Corn

Actual Sales (in MT)

2023-24: 1,807,500

Expectations (in MT)

2023-24: 900,000-1,550,000

Weekly Sales Details

Net sales of 1,807,500 MT for 2023/2024 were up 78 percent from the previous week and 81 percent from the prior 4-week average. Increases primarily for Mexico (1,061,100 MT, including decreases of 2,700 MT), Japan (532,900 MT, including 22,600 MT switched from unknown destinations), Colombia (124,000 MT, including 35,200 MT switched from unknown destinations and decreases of 3,700 MT), South Korea (59,000 MT, including decreases of 10,000 MT), and Honduras (50,900 MT, including decreases of 9,900 MT), were offset by reductions for Morocco (35,000 MT), Canada (13,000 MT), El Salvador (7,200 MT), and the Dominican Republic (4,000 MT).

Weekly Export Details

Exports of 683,100 MT were down 17 percent from the previous week, but up 17 percent from the prior 4-week average. The destinations were primarily to Mexico (461,600 MT), Colombia (75,900 MT), Honduras (49,200 MT), Canada (27,700 MT), and Japan (22,600 MT).

Comments and Performance Indicators

Export commitments are 32.7% ahead of a year-ago, compared to 26.3% ahead last week. USDA projects exports in 2023-24 at 2.075 billion bu., 24.9% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 176,300

Expectations (in MT)

2023-24: 250,000-500,000

Weekly Sales Details

Net sales of 176,300 metric tons (MT) for 2023/2024 were down 50 percent from the previous week and 57 percent from the prior 4-week average. Increases primarily for unknown destinations (57,500 MT), Algeria (44,200 MT, including 20,000 MT switched from unknown destinations), South Korea (29,300 MT), Honduras (14,600 MT, including decreases of 2,000 MT), and Haiti (12,100 MT switched from unknown destinations), were offset by reductions for the Netherlands (500 MT) and Barbados (100 MT).

Weekly Export Details

Exports of 310,500 MT were up noticeably from the previous week and up 65 percent from the prior 4-week average. The destinations were primarily to the Philippines (123,400 MT), Mexico (55,600 MT), South Korea (55,600 MT), Algeria (22,200 MT), and Brazil (16,500 MT).

Comments and Performance Indicators

Export commitments are running 7.0% 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: 3,918,400

Expectations (in MT)

2023-24: 2,900,000-4,500,000

Weekly Sales Details

Net sales of 3,918,400 MT 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 (2,614,600 MT, including 198,000 MT switched from unknown destinations and decreases of 5,500 MT), unknown destinations (721,300 MT), the Netherlands (123,500 MT, including 117,000 MT switched from unknown destinations), Vietnam (72,600 MT, including 66,000 MT switched from unknown destinations), and Turkey (72,300 MT, including 66,000 MT switched from unknown destinations), were offset by reductions for Colombia (1,000 MT), Barbados (200 MT), and Costa Rica (100 MT).

Weekly Export Details

Exports of 1,991,300 MT were down 11 percent from the previous week and 7 percent from the prior 4-week average. The destinations were primarily to China (1,221,700 MT), the Netherlands (123,500 MT), Bangladesh (122,500 MT), Mexico (109,100 MT), and Vietnam (79,900 MT).

Comments and Performance Indicators

Export commitments are running 21.4% 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: 144,800

Expectations

2023-24: 50,000-500,000

Weekly Sales Details

Net sales of 144,800 MT for 2023/2024 were down 25 percent for previous week and 53 percent from prior 4-week average. Increases primarily for Ireland (40,000 MT), Mexico (32,500 MT, including decreases of 100 MT), unknown destinations (16,000 MT), Honduras (13,100 MT, including decreases of 300 MT), and Nicaragua (7,500 MT, including 2,600 MT switched from Costa Rica and decreases of 4,600 MT), were offset by reductions primarily for Ecuador (3,200 MT) and Belgium (1,800 MT).

Weekly Export Details

Exports of 246,200 MT were down 7 percent from the previous week, but up 11 percent from the prior 4-week average. The destinations were primarily to Vietnam (58,400 MT), the Philippines (47,500 MT), Honduras (30,600 MT), Ecuador (28,800 MT), and Mexico (17,500 MT).

Comments and Performance Indicators

Export commitments are 34.9% ahead of a year-ago, compared to 41.3% ahead last week. USDA projects exports in 2022-23 will increase 4.3% from the previous marketing year in 2023-24.

Soyoil

Actual Sales (in MT)

2023-24: 3,400

Expectations

2023-24: 0-10,000

Weekly Sales Details

Net sales of 3,400 MT for 2023/2024 were up 31 percent for previous week and 67 percent from prior 4-week average. Increases were reported for Canada (3,200 MT) and Mexico (200 MT). Total net sales reductions of 400 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 700 MT were down 1 percent for previous week, but up 11 percent from prior 4-week average. The destinations were to Canada (500 MT) and Mexico (200 MT).

Comments and Performance Indicators

Export commitments are running 12.0% behind a year-ago, compared to 23.1% behind last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 328,300

Weekly Sales Details

Net sales of 328,300 RB for 2023/2024 were down 17 percent from the previous week, but up 18 percent from the prior 4-week average. Increases primarily for China (176,200 RB, including 900 RB switched from Macau), Mexico (35,000 RB), Vietnam (32,600 RB, including 4,800 RB switched from Macau and decreases of 100 RB), Bangladesh (23,500 RB), and Turkey (22,900 RB), were offset by reductions for Macau (5,600 RB). Net sales of 30,400 RB for 2024/2025 were reported for Mexico (11,200 RB), Guatemala (7,100 RB), Honduras (5,500 RB), Costa Rica (5,000 RB), and El Salvador (1,600 RB).

Weekly Export Details

Exports of 112,900 RB were up 25 percent from the previous week and 5 percent from the prior 4-week average. The destinations were primarily to China (24,900 RB), Vietnam (20,800 RB), Pakistan (17,600 RB), Mexico (14,100 RB), and Bangladesh (13,700 RB). Net sales of Pima totaling 13,900 RB for 2023/2024 were down 32 percent from the previous week and 18 percent from the prior 4-week average. Increases were primarily for India (11,100 RB), Vietnam (1,800 RB), Thailand (400 RB), Turkey (300 RB), and China (200 RB). Exports of 4,500 RB were up 11 percent from the previous week and 49 percent from the prior 4-week average. The destinations were to India (2,100 RB), China (1,600 RB), Thailand (400 RB), Peru (300 RB), and Turkey (100 RB).

Comments and Performance Indicators

Export commitments are running 17.5% 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: 8,900

Weekly Sales Details

Net sales of 8,900 MT for 2023 were down 35 percent from the previous week and 27 percent from the prior 4-week average. Increases were primarily for South Korea (2,900 MT, including decreases of 300 MT), Mexico (1,700 MT, including decreases of 100 MT), China (1,300 MT, including decreases of 100 MT), Japan (800 MT, including decreases of 1,400 MT), and Taiwan (600 MT, including decreases of 100 MT). Net sales of 1,600 MT for 2024 reported for South Korea (1,500 MT), Taiwan (100 MT), and Mexico (100 MT), were offset by reductions for Japan (100 MT).

Weekly Export Details

Exports of 13,500 MT were down 7 percent from the previous week and 4 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 (1,200 MT), and Taiwan (800 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 14.4% from a year ago.

Pork

Actual Sales (in MT)

2023: 24,300

Weekly Sales Details

Net sales of 24,300 MT for 2023 were down 51 percent from the previous week and 30 percent from the prior 4-week average. Increases were primarily for Mexico (8,500 MT, including decreases of 300 MT), Japan (5,400 MT, including decreases of 400 MT), South Korea (2,100 MT, including decreases of 1,200 MT), Colombia (1,700 MT, including decreases of 300 MT), and Honduras (1,400 MT). Net sales of 400 MT for 2024 were reported for South Korea (300 MT) and Colombia (100 MT).

Weekly Export Details

Exports of 30,900 MT were down 13 percent from the previous week, but up 5 percent from the prior 4-week average. The destinations were primarily to Mexico (10,500 MT), Japan (4,300 MT), South Korea (3,900 MT), China (3,200 MT), and Colombia (2,400 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 6.1% from last year.