Another week of notable corn sales

USDA Weekly Export Sales Report

Week Ended Nov. 30, 2023

Corn

Actual Sales (in MT)

2023-24: 1,288,900

Expectations (in MT)

2023-24: 725,000-1,500,000

Weekly Sales Details

Net sales of 1,288,900 MT for 2023/2024 were down 33 percent from the previous week and 17 percent from the prior 4-week average. Increases primarily for Japan (443,400 MT, including 65,200 MT switched from unknown destinations and decreases of 2,300 MT), China (274,500 MT, including 272,000 MT switched from unknown destinations and decreases of 2,400 MT), Mexico (230,000 MT, including decreases of 900 MT), Panama (81,000 MT), and Colombia (78,200 MT, including decreases of 3,800 MT), were offset by reductions for Nicaragua (1,300 MT). Total net sales of 22,900 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 1,086,100 MT--a marketing-year high--were up noticeably from the previous week and up 65 percent from the prior 4-week average. The destinations were primarily to Mexico (307,800 MT), China (276,600 MT), Colombia (181,000 MT), Japan (114,900 MT), and Taiwan (76,600 MT).

Comments and Performance Indicators

Export commitments are 35.2% ahead of a year-ago, compared to 33.3% 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: 356,400

Expectations (in MT)

2023-24: 250,000-800,000

Weekly Sales Details

Net sales of 356,400 metric tons (MT) for 2023/2024 were down 43 percent from the previous week, but up 8 percent from the prior 4-week average. Increases primarily for Taiwan (109,300 MT), China (65,000 MT switched from unknown destinations), Bangladesh (55,000 MT switched from unknown destinations), the Philippines (54,700 MT), and Indonesia (52,500 MT, including 2,500 MT switched from unknown destinations), were offset by reductions primarily for unknown destinations (107,600 MT) and Italy (22,500 MT). Net sales reductions of 9,500 MT for 2024/2025 reported for Mexico (2,500 MT), were more than offset by reductions for Peru (12,000 MT).

Weekly Export Details

Exports of 198,900 MT were down 42 percent from the previous week and 27 percent from the prior 4-week average. The destinations were primarily to the Philippines (52,700 MT), Japan (50,600 MT), Mexico (24,900 MT), Jamaica (22,000 MT), and Egypt (20,300 MT - late).

Comments and Performance Indicators

Export commitments are running 4.4% behind a year-ago, compared to 5.7% 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: 1,517,600

Expectations (in MT)

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

Weekly Sales Details

Net sales of 1,517,600 MT for 2023/2024 were down 20 percent from the previous week and 21 percent from the prior 4-week average. Increases primarily for China (565,200 MT, including 110,000 MT switched from unknown destinations and decreases of 115,400 MT), Spain (240,600 MT, including 227,000 MT switched from unknown destinations and 66,000 MT switched from China), the Netherlands (182,400 MT, including 184,000 MT switched from unknown destinations and decreases of 8,800 MT), Japan (116,000 MT, including 45,800 MT switched from unknown destinations and decreases of 6,300 MT), and Mexico (91,300 MT, including decreases of 1,700 MT), were offset by reductions for unknown destinations (700 MT), Portugal (600 MT), and Morocco (400 MT).

Weekly Export Details

Exports of 1,335,300 MT were down 10 percent from the previous week and 26 percent from the prior 4-week average. The destinations were primarily to China (444,300 MT), Spain (240,600 MT), the Netherlands (182,400 MT), Mexico 84,200 MT), and Germany (68,000 MT).

Comments and Performance Indicators

Export commitments are running 16.5% behind a year-ago, compared to 16.5% 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: 110,000

Expectations

2023-24: 50,000-250,000

Weekly Sales Details

Net sales of 110,000 MT for 2023/2024 were up 70 percent from the previous week, but down 27 percent from the prior 4-week average. Increases primarily for Belgium (54,000 MT, including 45,000 MT switched from unknown destinations), Morocco (35,900 MT, including 31,000 MT switched from Ireland), Japan (33,800 MT), the Dominican Republic (30,200 MT, including decreases of 400 MT), and Colombia (19,800 MT, including decreases of 600 MT), were offset by reductions for unknown destinations (65,000 MT), Ireland (31,000 MT), Ecuador (27,700 MT), and Other Pacific Islands (400 MT). Total net sales of 500 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 373,100 MT--a marketing-year high--were up 38 percent from the previous week and 40 percent from the prior 4-week average. The destinations were primarily to Ecuador (62,300 MT), the Philippines (54,400 MT), Morocco (53,900 MT), Belgium (49,500 MT), and New Zealand (31,800 MT).

Comments and Performance Indicators

Export commitments are 18.5% ahead of a year-ago, compared to 21.6% 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: (1,600)

Expectations

2023-24: (5,000)-10,000

Weekly Sales Details

Total net sales reductions of 1,600 MT for 2023/2024 were down noticeably from the previous week and from the prior 4-week average. The reductions include decreases of 1,800 MT for Canada.

Weekly Export Details

Exports of 1,300 MT--a marketing-year high-- were up noticeably from the previous week and from the prior 4-week average. The destinations were to Canada (1,200 MT) and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 8.5% behind a year-ago, compared to 2.4% behind last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 116,400

Weekly Sales Details

Net sales of 116,400 RB for 2023/2024 were down 47 percent from the previous week and 63 percent from the prior 4-week average. Increases primarily for China (59,100 RB), Macau (17,900 RB), Bangladesh (16,900 RB), Vietnam (11,000 RB, including 2,200 RB switched from Macau), and Guatemala (10,100 RB), were offset by reductions for Turkey (13,300 RB), Mexico (11,100 RB), and Japan (200 RB). Net sales of 29,600 RB for 2024/2025 were reported for Turkey (13,200 RB), Guatemala (8,100 RB), Thailand (5,300 RB), and El Salvador (3,000 RB).

Weekly Export Details

Exports of 139,200 RB were up 57 percent from the previous week and 50 percent from the prior 4-week average. The destinations were primarily to China (60,500 RB), Bangladesh (14,300 RB), Vietnam (9,800 RB), Pakistan (9,500 RB), and Mexico (8,500 RB). Net sales of Pima totaling 3,200 RB for 2023/2024 were up 95 percent from the previous week, but down 66 percent from the prior 4-week average. Increases were primarily for China (2,300 RB), India (500 RB), and Thailand (400 RB). Exports of 4,000 RB were down 55 percent from the previous week and 21 percent from the prior 4-week average. The destinations were to India (1,900 RB), China (1,400 RB), Pakistan (400 RB), Turkey (200 RB), and Thailand (100 RB).

Comments and Performance Indicators

Export commitments are running 9.3% behind a year-ago, compared to 10.3% 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: 200

Weekly Sales Details

Net sales of 200 MT for 2023--a marketing-year low--were down 98 percent from the previous week and from the prior 4-week average. Increases primarily for Japan (1,800 MT, including decreases of 1,100 MT), Mexico (1,300 MT, including decreases of 100 MT), China (900 MT, including decreases of 700 MT), Canada (800 MT), and Taiwan (200 MT, including decreases of 300 MT), were offset by reductions for South Korea (4,400 MT) and Hong Kong (1,200 MT). Net sales of 18,400 MT for 2024 were primarily for South Korea (9,100 MT), Japan (5,300 MT), Hong Kong (1,500 MT), China (1,100 MT), and Mexico (500 MT).

Weekly Export Details

Exports of 13,700 MT were up 7 percent from the previous week, but down 2 percent from the prior 4-week average. The destinations were primarily to South Korea (3,900 MT), Japan (3,000 MT), China (1,900 MT), Mexico (1,300 MT), and Taiwan (1,100 MT).

Comments and Performance Indicators

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

Pork

Actual Sales (in MT)

2023: 25,900

Weekly Sales Details

Net sales of 25,900 MT for 2023 were up 23 percent from the previous week, but down 14 percent from the prior 4-week average. Increases primarily for South Korea (10,100 MT, including decreases of 500 MT), Mexico (7,800 MT, including decreases of 1,000 MT), Japan (2,700 MT, including decreases of 700 MT), Colombia (1,700 MT, including decreases of 100 MT), and Australia (1,300 MT), were offset by reductions for Costa Rica (200 MT) and China (200 MT). Net sales of 10,100 MT for 2024 were primarily for Mexico (3,700 MT), South Korea (3,200 MT), Canada (1,100 MT), Colombia (700 MT), and Honduras (300 MT).

Weekly Export Details

Exports of 32,300 MT were up 16 percent from the previous week and 2 percent from the prior 4-week average. The destinations were primarily to Mexico (12,700 MT), South Korea (4,500 MT), Japan (3,800 MT), China (2,500 MT), and Canada (2,000 MT).

Comments and Performance Indicators

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