Weekly soybean sales shy of expectations

USDA Weekly Export Sales Report

Week Ended Jan. 18, 2024

Corn

Actual Sales (in MT)

2023-24: 954,800  

Expectations (in MT)

2023-24: 725,000-1,400,000

Weekly Sales Details

Net sales of 954,800 MT for 2023/2024 were down 24 percent from the previous week, but up 14 percent from the prior 4-week average. Increases primarily for Mexico (563,600 MT, including decreases of 400 MT), unknown destinations (155,500 MT), Colombia (144,900 MT, including 60,000 MT switched from unknown destinations and decreases of 100 MT), Honduras (52,100 MT), and Japan (37,600 MT, including 25,700 MT switched from unknown destinations and decreases of 400 MT), were offset by reductions for the Dominican Republic (30,000 MT) and Costa Rica (5,000 MT). Total net sales of 37,600 MT for 2024/2025 were for Mexico.

Weekly Export Details

Exports of 931,800 MT were down 7 percent from the previous week and from the prior 4-week average. The destinations were primarily to Mexico (566,500 MT), Japan (152,600 MT), China (68,400 MT), Colombia (64,900 MT), and Panama (25,900 MT).

Comments and Performance Indicators

Export commitments are 35.1% ahead of a year-ago, compared to 36.4% 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: 451,400

Expectations (in MT)

2023-24: 200,000-625,000  

Weekly Sales Details

Net sales of 451,400 metric tons (MT) for 2023/2024 were down 36 percent from the previous week, but up 45 percent from the prior 4-week average. Increases primarily for Mexico (171,100 MT, including decreases of 400 MT), the Philippines (95,500 MT, including decreases of 10,000 MT), Japan (69,500 MT), Thailand (56,500 MT), and Bangladesh (55,000 MT switched from unknown destinations), were offset by reductions for unknown destinations (90,500 MT), Egypt (35,000 MT), and China (3,000 MT). Net sales of 59,000 MT for 2024/2025 were reported for Egypt (35,000 MT), Japan (14,000 MT), and Mexico (10,000 MT).

Weekly Export Details

Exports of 323,100 MT were up 32 percent from the previous week, but down 11 percent from the prior 4-week average. The destinations were primarily to China (90,300 MT), Mexico (67,000 MT), Indonesia (66,000 MT), Japan (24,700 MT), and the Dominican Republic (20,400 MT).

Comments and Performance Indicators

Export commitments are running 3.1% ahead of year-ago, compared to 3.7% 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: 560,900

Expectations (in MT)

2023-24: 700,000-1,200,000

Weekly Sales Details

Net sales of 560,900 MT for 2023/2024 were down 28 percent from the previous week, but up 6 percent from the prior 4-week average. Increases primarily for China (563,400 MT, including 253,000 MT switched from unknown destinations and decreases of 5,000 MT), Mexico (151,100 MT, including decreases of 500 MT), Indonesia (48,200 MT, including decreases of 2,100 MT), Japan (19,300 MT, including 19,000 MT switched from unknown destinations and decreases of 400 MT), and Vietnam (9,700 MT, including decreases of 1,100 MT), were offset by reductions primarily for unknown destinations (235,900 MT).

Weekly Export Details

Exports of 1,117,500 MT were down 33 percent from the previous week and 3 percent from the prior 4-week average. The destinations were primarily to China (797,200 MT), Mexico (74,800 MT), Spain (71,500 MT), Portugal (71,500 MT), and Japan (21,900 MT).

Comments and Performance Indicators

Export commitments are running 18.3% behind a year-ago, compared to 17.5% 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: 255,900

Expectations

2023-24:150,000-450,000

Weekly Sales Details

Net sales of 255,900 MT for 2023/2024 were down 27 percent from the previous week, but up 34 percent from the prior 4-week average. Increases primarily for Mexico (50,700 MT, including decreases of 4,300 MT), unknown destinations (50,200 MT), Honduras (27,600 MT, including decreases of 16,700 MT), Colombia (27,300 MT), and the Dominican Republic (19,700 MT), were offset by reductions primarily for Indonesia (29,300 MT) and Ireland (20,000 MT). Total net sales of 900 MT for 2024/2025 were for Canada.

Weekly Export Details

Exports of 385,700 MT--a marketing-year high--were up 93 percent from the previous week and 61 percent from the prior 4-week average. The destinations were primarily to the Philippines (103,200 MT), Japan (62,900 MT), South Korea (52,500 MT), Guatemala (40,700 MT), and Mexico (37,800 MT).

Comments and Performance Indicators

Export commitments are 13.8% ahead of a year-ago, compared to 15.2% 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: 100

Expectations

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

Weekly Sales Details

Net sales of 100 MT for 2023/2024 were up 42 percent from the previous week, but down 28 percent from the prior 4-week average. Increases were for Mexico.

Weekly Export Details

Exports of 300 MT were down 18 percent from the previous week and 39 percent from the prior 4-week average. The destination was Canada.

Comments and Performance Indicators

Export commitments are running 20.7% behind a year-ago, compared 16.2% behind a year ago last week. USDA projects exports will decrease 7.4% in 2023-24.

Cotton

Actual Upland Sales (in RB)

2023-24: 207,000

Weekly Sales Details

Net sales of 207,000 RB for 2023/2024 were down 51 percent from the previous week and 30 percent from the prior 4-week average. Increases primarily for China (103,300 RB, including decreases of 8,800 RB), Vietnam (33,800 RB, including 4,400 RB switched from China, 1,700 RB switched from Macau, and 400 RB switched from Japan), Bangladesh (21,700 RB, including 4,200 RB switched from Pakistan), Pakistan (15,100 RB), and Turkey (11,000 RB, including decreases of 600 RB), were offset by reductions for Macau (1,700 RB).

Weekly Export Details

Exports of 142,200 RB were down 45 percent from the previous week and 39 percent from the prior 4-week average. The destinations were primarily to China (53,400 RB), Vietnam (23,200 RB), Mexico (11,900 RB), Indonesia (9,300 RB), and Bangladesh (8,100 RB). Net sales of Pima totaling 4,700 RB for 2023/2024 were up 35 percent from the previous week and 64 percent from the prior 4-week average. Increases were primarily for Peru (2,000 RB), India (1,000 RB), China (900 RB), Colombia (500 RB), and Indonesia (200 RB). Exports of 3,700 RB were down 21 percent from the previous week and 62 percent from the prior 4-week average. The destinations were primarily to China (1,300 RB), India (1,100 RB), Vietnam (600 RB), and Thailand (400 RB).

Comments and Performance Indicators

Upland cotton export commitments are running 2.5% ahead of a year ago, compared to 2.6% ahead 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: 22,400

Weekly Sales Details

Net sales of 22,400 MT for 2024 were primarily for South Korea (9,600 MT, including decreases of 400 MT), China (3,100 MT, including decreases of 200 MT), Japan (2,800 MT, including decreases of 600 MT), Mexico (2,400 MT, including decreases of 200 MT), and Taiwan (1,200 MT, including decreases of 100 MT).
 

Weekly Export Details

Exports of 16,200 MT were primarily to South Korea (4,700 MT), Japan (4,500 MT), China (2,500 MT), Mexico (1,800 MT), and Taiwan (700 MT).

Comments and Performance Indicators

USDA projects 2023 exports will fall 8.1% from a year ago.

Pork

Actual Sales (in MT)

2024: 24,100

Weekly Sales Details

Net sales of 24,100 MT for 2024 were primarily for Mexico (9,700 MT, including decreases of 400 MT), Japan (3,100 MT, including decreases of 100 MT), Australia (2,200 MT, including decreases of 100 MT), Canada (1,800 MT, including decreases of 700 MT), and Colombia (1,700 MT).

Weekly Export Details

Exports of 28,400 MT were primarily to Mexico (9,800 MT), Japan (5,300 MT), South Korea (3,100 MT), China (2,600 MT), and Colombia (2,100 MT).

Comments and Performance Indicators

USDA projects exports in 2023 will rise 1.5% from last year.