Weekly export sales prove lackluster

USDA Weekly Export Sales Report

Week Ended Jan. 4, 2023

Corn

Actual Sales (in MT)

2023-24: 487,600

Expectations (in MT)

2023-24: 400,000-1,000,000

Weekly Sales Details

Net sales of 487,600 MT for 2023/2024 were up 33 percent from the previous week, but down 52 percent from the prior 4-week average. Increases primarily for Colombia (216,100 MT, including 100,000 MT switched from unknown destinations and decreases of 21,000 MT), Japan (152,500 MT, including 146,400 MT switched from unknown destinations and decreases of 2,000 MT), Mexico (121,000 MT, including 63,000 MT switched from unknown destinations and decreases of 60,700 MT), South Korea (68,100 MT), and Guatemala (42,600 MT, including 23,100 MT switched from unknown destinations, 15,700 MT switched from Panama, and decreases of 3,800 MT), were offset by reductions primarily for unknown destinations (138,200 MT), and Costa Rica (4,300 MT).

Weekly Export Details

Exports of 1,037,100 MT were up 52 percent from the previous week and 13 percent from the prior 4-week average. The destinations were primarily to Mexico (401,500 MT), Japan (283,400 MT), Colombia (235,400 MT), Guatemala (35,500 MT), and Canada (35,000 MT).

Comments and Performance Indicators

Export commitments are 37.6% ahead of a year-ago, compared to 37.0% ahead last week. USDA projects exports in 2023-24 at 2.100 billion bu., 26.4% above the previous marketing year.

Wheat

Actual Sales (in MT)

2023-24: 128,100

Expectations (in MT)

2023-24: 200,000-450,000

Weekly Sales Details

Net sales of 128,100 metric tons (MT) for 2023/2024 were down 3 percent from the previous week and 77 percent from the prior 4-week average. Increases primarily for China (137,200 MT, including 130,000 MT switched from unknown destinations), Egypt (70,000 MT), Singapore (20,000 MT), Guatemala (15,700 MT, including 8,300 MT switched from unknown destinations and 5,900 MT switched from Panama), and Thailand (14,500 MT), were offset by reductions for unknown destinations (140,700 MT), Panama (14,000 MT), and Ecuador (10,000 MT).

Weekly Export Details

Exports of 585,600 MT--a marketing-year high--were up noticeably from the previous week and up 87 percent from the prior 4-week average. The destinations were primarily to China (236,900 MT), the Philippines (122,800 MT), Mexico (64,100 MT), Bangladesh (58,100 MT), and South Korea (24,100 MT).

Comments and Performance Indicators

Export commitments are running 2.3% ahead of year-ago, compared to 2.0% ahead last week. USDA projects exports in 2023-24 at 725 million bu., down 4.5% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2023-24: 280,400

Expectations (in MT)

2023-24: 325,000-950,000

Weekly Sales Details

Net sales of 280,400 MT for 2023/2024 were up 39 percent from the previous week, but down 74 percent from the prior 4-week average. Increases primarily for Japan (85,600 MT, including 80,400 MT switched from unknown destinations and decreases of 200 MT), China (81,900 MT, including 66,000 MT switched from unknown destinations and decreases of 80,100 MT), Spain (70,700 MT, including 66,000 MT switched from unknown destinations), Bangladesh (54,200 MT, including decreases of 800 MT), and South Korea (53,800 MT, including 50,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (194,400 MT), Venezuela (3,300 MT), and Costa Rica (3,100 MT).

Weekly Export Details

Exports of 862,300 MT were down 14 percent from the previous week and 27 percent from the prior 4-week average. The destinations were primarily to China (357,300 MT), Mexico (126,400 MT), Japan (97,600 MT), Spain (70,700 MT), and Bangladesh (55,100 MT).

Comments and Performance Indicators

Export commitments are running 16.9% behind a year-ago, compared to 16.2% behind last week. USDA projects exports in 2023-24 at 1.755 billion bu., down 10.9% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2023-24: 65,400

Expectations

2023-24: 75,000-400,000

Weekly Sales Details

Net sales of 65,400 MT for 2023/2024 were down 20 percent from the previous week and 68 percent from the prior 4-week average. Increases primarily for South Korea (50,000 MT switched from unknown destinations), Ireland (21,900 MT, including 20,000 MT switched from unknown destinations), Venezuela (18,100 MT, including 20,100 MT switched from Colombia and decreases of 2,000 MT), Canada (10,500 MT), and Mexico (8,300 MT, including decreases of 3,800 MT), were offset by reductions for unknown destinations (71,600 MT), Indonesia (4,200 MT), Costa Rica (4,100 MT), Honduras (2,400 MT), and Belgium (1,400 MT). Net sales of 800 MT for 2024/2025 were reported for Mexico (700 MT) and Canada (100 MT).

Weekly Export Details

Exports of 199,400 MT were down 24 percent from the previous week and 30 percent from the prior 4-week average. The destinations were primarily to the Philippines (54,200 MT), Colombia (31,600 MT), Ireland (21,900 MT), Venezuela (18,100 MT), and Mexico (17,100 MT).

Comments and Performance Indicators

Export commitments are 16.3% ahead of a year-ago, compared to 15.3% 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: (1500)

Expectations

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

Weekly Sales Details

Net sales reductions of 1,500 MT for 2023/2024 were down noticeably from the previous week and from the prior 4-week average. The destination was Canada, including decreases of 1,600 MT.

Weekly Export Details

Exports of 600 MT were up 5 percent from the previous week and 62 percent from the prior 4-week average. The destinations were to Canada (500 MT) and Mexico (100 MT).

Comments and Performance Indicators

Export commitments are running 15.1% behind a year-ago, compared 9.5% behind a year ago last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 262,500

Weekly Sales Details

Net sales of 262,500 RB for 2023/2024 were up noticeably from the previous week and up 49 percent from the prior 4-week average. Increases primarily for China (117,900 RB, including decreases of 3,100 RB), Vietnam (117,900 RB, including 1,000 RB switched from South Korea, 900 RB switched from Macau, 700 RB switched from Japan, and decreases of 2,900 RB), Bangladesh (18,000 RB), Pakistan (11,300 RB), and South Korea (4,300 RB), were offset by reductions for Turkey (13,100 RB). Total net sales of 22,000 RB for 2024/2025 were for Turkey.

Weekly Export Details

Exports of 228,100 RB were up 7 percent from the previous week and 12 percent from the prior 4-week average. The destinations were primarily to China (142,000 RB), Vietnam (21,200 RB), Bangladesh (11,400 RB), Indonesia (7,500 RB), and Turkey (7,200 RB). Net sales of Pima totaling 2,000 RB for 2023/2024 were down 5 percent from the previous week and 59 percent from the prior 4- week average. Increases were reported for India (1,700 RB), China (200 RB), and Turkey (100 RB). Exports of 26,700 RB--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. The destinations were primarily to China (19,100 RB), Vietnam (2,400 RB), Egypt (2,100 RB), Thailand (1,000 RB), and Pakistan (900 RB).

Comments and Performance Indicators

Upland cotton export commitments are running % behind a year-ago, compared to % behind last week. USDA forecasts total cotton exports will fall 4.5% from a year ago to 12.20 million bales in 2023-24.

Beef

Actual Sales (in MT)

2024: 12,200

Weekly Sales Details

Net sales for 2024 marketing year, which began January 1st, totaled 12,200 MT were primarily for Japan (3,300 MT, including decreases of 200 MT), South Korea (2,400 MT, including decreases of 400 MT), China (2,300 MT, including decreases of 100 MT), Taiwan (1,300 MT, including decreases of 100 MT), and Mexico (1,300 MT, including decreases of 100 MT). Net sales reductions of 900 MT were carried over from the 2023 marketing year, which ended December 31st.
 

Weekly Export Details

Exports for the period ending December 31st of 6,600 MT brought accumulated exports to 810,200 MT, down 14 percent from the prior year total of 942,000 MT. The primary destinations were to South Korea (1,800 MT), Japan (1,400 MT), Taiwan (900 MT), China (800 MT), and Mexico (700 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 14.5% from a year ago.

Pork

Actual Sales (in MT)

2024: 23,300

Weekly Sales Details

Net sales for 2024 marketing year, which began January 1st, totaled 23,300 MT were primarily for Mexico (7,400 MT, including decreases of 200 MT), Japan (4,300 MT, including decreases of 200 MT), South Korea (4,100 MT, including decreases of 900 MT), Canada (2,000 MT, including decreases of 600 MT), and Colombia (1,400 MT, including decreases of 100 MT). Net sales reductions of 73,500 MT were carried over from the 2023 marketing year, which ended December 31st.

Weekly Export Details

Exports of the period ending December 31st of 10,500 MT brought accumulated exports to 1,580,000 MT, up 5 percent from the prior year total of 1,502,900 MT. The primarily destinations were to Mexico (5,300 MT), South Korea (1,200 MT), Japan (900 MT), China (700 MT), and Colombia (700 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 6.4% from last year.